Post
- 20 Oct 2021
THERE HAS NEVER BEEN A BETTER NEWS FOR HOME BUYERS – THE GOVERNMENT IS GIVING YOU $25,000
<p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;">by <span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Sekou Shaquille Seasay</span> <span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"><a style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px; color: #25458d; outline: 0px; transition: all 0.3s ease 0s; text-decoration-line: none !important; box-shadow: none !important;" href="http://www.financialplanningmagazine.com.au/article/CFP-pathways/214928.aspx" target="_blank" rel="noreferrer noopener">CFP®</a> M. Fin ,</span>Chartered Tax Adviser™, AIPA, Registered Tax Agent, GradDip Adv Tax Law B Bus Admin</p> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;">The Australian government has today announced an ambitious housing assistance package designed to help more Australian buy their own home, create jobs in the construction sector and stay off or emaciate the impact of economic recession. In this article, we examine:</p> <ul style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px 11px; padding: 0px 0px 0px 10px; list-style-position: inside; list-style-image: initial; color: #25458d; background-color: #ffffff;"> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">What is the homebuilder’s grant?</li> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">What are the eligibility criteria?</li> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">What it looks like when combined with First Home Owner Grant and stamp duty concessions as well as the Commonwealth’s First Home Loan Deposit Scheme?</li> </ul> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">What is the Homebuilder grant?</span></p> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;">The Homebuilder grant is an uncapped grant, meaning there is no limit to how many people can apply. it is tax free and time limited, designed to help the residential construction market to get through the Coronavirus pandemic. It provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. The grant will be available for building contracts signed between 4 June 2020 and 31 December 2020, where construction or renovation commences within three months of the contract date. Where eligibility criteria is met, the grant is accessible in addition to all the following other State grants:</p> <ul style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px 11px; padding: 0px 0px 0px 10px; list-style-position: inside; list-style-image: initial; color: #25458d; background-color: #ffffff;"> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">First Homeowner Grant</li> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Stamp duty concessions</li> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Commonwealth’s First Home Loan Deposit Scheme</li> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">First Home Super Saver Scheme</li> </ul> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Eligibility criteria</span></p> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;"> To access Homebuilder, you must meet the following eligibility criteria:</p> <ul style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px 11px; padding: 0px 0px 0px 10px; list-style-position: inside; list-style-image: initial; color: #25458d; background-color: #ffffff;"> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">you are an owner occupier</li> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">you are a natural person (not a company or trust);</li> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">you are aged 18 years or older;</li> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">you are an Australian citizen;</li> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">you meet one of the following two income caps: <ul style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px 0px 20px 11px; padding: 0px 0px 0px 10px; list-style: inside disc;"> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">$125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or</li> </ul> <ul style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px 0px 20px 11px; padding: 0px 0px 0px 10px; list-style: inside disc;"> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">$200,000 per annum for a couple based on both 2018-19 tax returns or later;</li> </ul> </li> </ul> <ul style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px 11px; padding: 0px 0px 0px 10px; list-style-position: inside; list-style-image: initial; color: #25458d; background-color: #ffffff;"> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">you enter into a building contract between 4 June 2020 and 31 December 2020 to either: <ul style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px 0px 20px 11px; padding: 0px 0px 0px 10px; list-style: inside disc;"> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">build a new home as a principal place of residence, where the property value does not exceed $750,000; or</li> </ul> <ul style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px 0px 20px 11px; padding: 0px 0px 0px 10px; list-style: inside disc;"> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million;</li> </ul> </li> </ul> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;">• construction must commence within three months of the contract date.</p> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;">The programme will be accessed through your Local State Revenue Office like NSW office of State Revenue.</p> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">What would it looks like to get the grant in addition to other assistance packages?</span></p> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Case study 1 – John Smith – owner occupier</span></p> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;">John has previously owned a home which had to be sold because of divorce. Since then, he has struggled to buy another home. The combination of stamp duty, lender’s mortgage insurance and requirement to pay a deposit, meant that for a purchase price of $710,000, he had to find a whopping $94,000 to be able to buy a new home. On his income of $90,000 a year, it has been impossible to come up with a deposit. In fact, he only has $50,000 saved up and does not qualify for the First Home Deposit Scheme.</p> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;">Because of the homebuilder grant, John now has a total of $75,000 at his disposal to buy a new home, being his own savings of $50,000 plus $25,000 government grant. John can now afford to buy his idea home with the right advice. After getting advice from his real estate agent, John decides to execute a contract on a house and land package on 5 June 2020 for a total price of $710,000, funded with a loan of $674,500 and cash of about $75,000. The table below provides a summary of how the acquisition is funded:</p> <figure class="wp-block-table" style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 1em; padding: 0px; overflow-x: auto; color: #25458d; background-color: #ffffff;"> <table style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px; border-spacing: 0px; width: 796.188px;"> <tbody style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Loan as percentage of purchase price – LVR</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">95%</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Purchase price <span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">A</span></td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 710,000.00</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"><em style="border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Less</em></span> loan <span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">B</span></td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"><em style="border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> $ 674,500.00</em></span></td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> = Deposit A – B = C</span></td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> $ 35,500.00</span></td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"><em style="border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Add</em></span>: other purchase costs</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"><em style="border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> </em></span></td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Stamp duty</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 14,044.00</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Registration fee</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 286.00</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Your own legal cost</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 1,200.00</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Bank fee</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ – </td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Estimated settlement charges</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 600.00</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Lenders mortgage insurance</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 23,296.00</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Total other costs D</span></td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> $ 39,426.00</span></td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Total amounts to be funded by John C + D</span></td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> $ 74,926.00</span></td> </tr> </tbody> </table> </figure> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;">You will note in this example that if John had purchased a single contract home like an apartment our single contract house where the land and build is one contract, the stamp duty would have been about $27,000, leaving john still priced out of the market even with the grant. So, advice is important. We at Epic Property Marketing, can hold your hand throughout your property acquisition journey and given your situation, provide guidance on the best way you can structure your deal to take advantage of all available government assistance programmes.</p> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Case study two: Peter and Joan Strugletons – First home buyers</span></p> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;">The Strugletons, Peter and Joan, have had tremendous struggle trying to save up for their first home. The couple have two dependent children, aged 3 and 5, respectively. They have only $30,000 saved up. Because of the escalating house prices in Sydney, they have never been able to save up faster to buy a home. As first home buyers, they qualify for the First Home Deposit Scheme, which means they can borrow up to 95% of the purchase price without paying lender’s mortgage insurance. They also qualify for the first home buyers grant as well as the new homebuilder grant. Together, these two measures add another $35,000 to their bottom line, giving them a total of $65,000 including their own savings. The table below provides a summary of what happens if the couple decides to buy a house and land package vs a complete home assuming a land price of $350,000.</p> <figure class="wp-block-table" style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 1em; padding: 0px; overflow-x: auto; color: #25458d; background-color: #ffffff;"> <table style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px; border-spacing: 0px; width: 796.188px;"> <tbody style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> </td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> House & Land</span></td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> Single Contract</span></td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">LVR</td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"> 92%</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">95%</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Purchase price <span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">A</span></td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"> $ 749,000.00</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 749,999.00</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"><em style="border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Less</em></span> loan <span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">B</span></td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"><em style="border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> $ 687,000.00</em></span></td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"><em style="border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> $ 708,099.05</em></span></td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> = Deposit <span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">A – B = C</span></td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"> $ 62,000.00</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 41,899.95</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"><em style="border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Add</em></span>: other purchase costs</td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"><em style="border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> </em></span></td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"><em style="border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> </em></span></td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Stamp duty</td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"> $ 0.00 </td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 21,000.00</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Registration fee</td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"> $ 286.00</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 286.00</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Your own legal cost</td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"> $ 1,200.00</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 1,200.00</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Bank fee</td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"> $ 0.00</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 0.00 </td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Estimated settlement charges</td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"> $ 600.00</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 600.00</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Lenders mortgage insurance</td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"> $ – </td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ – </td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Total other costs D</span></td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> $ 2,086.00</span></td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> $ 23,086.00</span></td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Total amounts to be funded by you C<span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> + D</span></td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"> $ 64,086.00</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 64,985.95</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"><em style="border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Available funds</em></span></td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"> </td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> </td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Savings</td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"> $ 30,000.00</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 30,000.00</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">FHOG</td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right">$ 10,000.00</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 10,000.00</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;">Homebuilder grant</td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right">$25,000.00</td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ 25,000.00</td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Total</span></td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"> $ <span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> 65,000.00</span></td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> $ <span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> 65,000.00</span></td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Total spent to buy property – amount funded by client</span></td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> $ 64,086.00</span></td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> $ 64,985.95</span></td> </tr> <tr style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Difference in loan size</span></td> <td class="has-text-align-right" style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px; text-align: right;" data-align="right"> $ <span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;"> 21,099.05</span></td> <td style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 5px;"> </td> </tr> </tbody> </table> </figure> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;">The example illustrates that whilst in both scenarios the Strugletons will be able to purchase their home, there is cost saving of over $21,000 associated with the purchase of a house and land contract due to savings on stamp duty. In both cases, government grants were a great help in getting them into property.</p> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;">If you want us to look at your scenario and see if you will have enough, taken into accounts grants, to afford your dream home, please contact us now.</p> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;"><span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">Email</span>: [email protected] <span style="border: 0px; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">M</span>: Sekou (0432 674 668) | Nick (0408 617 950)</p> <p style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px; padding: 0px; color: #25458d; background-color: #ffffff;">We can help to:</p> <ul style="border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 17.3333px; line-height: inherit; font-family: 'Open Sans', Arial, sans-serif; vertical-align: baseline; margin: 0px 0px 20px 11px; padding: 0px 0px 0px 10px; list-style-position: inside; list-style-image: initial; color: #25458d; background-color: #ffffff;"> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">explain the various States grants and how you can capitalize on them;</li> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">assess your borrowing capacity</li> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">help you source a loan from more than 31 lenders</li> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">help you source your ideal home from more than 15 of Australia’s best builders</li> <li style="border: 0px; font: inherit; vertical-align: baseline; margin: 0px; padding: 0px;">hold your hand through the process, helping you with all you need to do until you get your key.</li> </ul>