Our overall aim is to make life easier for Pensioners and solve the Housing and Rental crisis
Giving incentives to First Home Buyers only increases the demand, increases the prices of properties and does not build a single new property
Nevertheless it fits in with session 6 , 22,25, 26 and 30 of our objectives and it is very beneficial to the first home buyer
We are offering house and land packages from $440,000 + GST for the basic 3-Bedroom dwelling in beautiful Geeveston . At present the properties are for sale at $440,000+ GST
The purchase price will increase by 3% per year so your contract price for purchase in 5 years time will be $440,000 +15% = $506,000
The properties are suitable for the First Home Buyers Grant ( FHOG) of $30,000 and because there is no GST payable after a 5 year lease agreement we are further offering an option to enter into a 5 year Rent-To-Own contract thereby saving another $5,060 in GST.
Your rent payments would be based on a 30 year P&I Commonwealth Bank loan as if you were buying the land first and making progress payments when the building is being constructed.
We have split up the house and land package in $140,000 for the land ( real value estimated to be $150,000) and $300,000 for the building.
Our company makes some profit on the land but the buildings are at cost without any profit for us.
Your rent would the following:
Your rent is based on today’s price of $440,000 fixed for the 5 year period .
On signing the contract rent is $207.85 per week ( interest rate 6.69%) which is based on a land value of $140,000
Gradually increasing in progress payments to $608.71 per week when the building is completed.
This is based on a purchase price of $410.000 ( $440,000 – $30,000 FHOG)
If you do not qualify for FHOG , rents will be based on $440,000 and will be $42.56 per week higher.
Please note that figures are based on present Commonwealth Bank interest rates and will vary with changes in interest rates. It is very likely that over the 5 year period interest rates will decrease and therefore your rents will decrease.
We have included details of our delux model at an extra $30,000 which will increase all figures by 12%.