An innovative house and land finance package developed in Perth could help more first-homebuyers to secure a home loan reduce their loan repayments.
Based on a four-bedroom, two-bathroom home using part of the home as a rental, therfore allowing first-homebuyers to afford a buy, part of the home is sealed off from the rest, creating a rentable one-bedroom, one-bathroom home.
The rent is taken into account when assessing borrowing capacity and surplus income can be used for bigger mortgage repayments.
Housing Edge director Dennis Ward-Fay said the new approach would bring home ownership within the reach of many more first-homebuyers. 
“Every application has to be assessed on its own merits but as an example the top four banks would require a couple borrowing for a house and land package valued at $380,000 to be earning an average salary of $63,275. The same couple applying for a Housing Edge loan would require a combined salary of only $56,510.
“The home can easily be converted back to a standard four-bedroom, two-bathroom home at a later date if the owners wish,” he said.
Homeowners are advised to use a property manager to handle the rent collection and tenancy details.
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First-homebuyers urged to take mortgage help on board
Posted in Realestate and Home Loans, Uncategorized, tagged $380, 000, account, afford, allowing, assessing, based, bigger mortgage repayments, borrowers, borrowing, built-in, buyers, capacity, combined salary, concept, creating, criteria, Dennis Ward-Fay, developed, dollars, finance, first, first-homebuyers, four-bedroom, handle, help, home, home loan, home ownership, house, house and land, Housing Edge director, Housing Edge loan, income stream, income., innovative, land, land package, lending, lending criteria, loan, major banks, manager, mortgage, new approach, new home, one-bathroom home., one-bedroom, own, package, Part, payback, payback period, period, perth, popular, potential, property manager, qualify, Real Estate and Home Loans, reduce, reduces, rent, rent collection, rentable, rented, repayment period., repayments, rest, salary, saving thousands, sealed, secure, struggling, substantially, surplus, tenancy, tenants, traditional mortgage, two-bathroom, Uncategorized, valued on May 26, 2009| 1 Comment »
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Housing Development on the Banks of the Moore River
Posted in Living in Perth, Local News, Realestate and Home Loans, tagged 15000 people., 2000, 2000 new homes., 6000 people, allowed, allowing, approved, area, build, Cabinet, comment, cut 60 per cent, cut by 60 %, decade, develop, developer, development, expected, forward, Gingin, go ahead, home, Homes, infrastructure, John Day, Living in Perth, Local News, major, Marcus Plunkett, Minister, Moore, moore river, much needed, needed, new, on the banks of the Moore River, Original plans, parliament, people, Planning Minister, plans, plans for approval, population, population of around, public, public comment, released, residential, revised, revised plan, river, shire, shire of Gingin, smaller, told, tourism, tourism development, trying, WA on June 11, 2009| Leave a Comment »
Finally after a decade of trying to get plans to develop on the banks of the Moore River, they have been given the go ahead to build 2000 new
homes.
Planning Minister John Day told parliament Cabinet had approved a smaller development that is allowing a population of up to 6000 people.
Original plans have been cut by 60 per cent which would have allowed a population of around 15000 people.
Marcus Plunkett the developer has said ” this will ensure that the shire of Gingin will have a major residential and tourism development which will bring much needed infrastructure to the area.”
This development will still need to put forward plans for approval, a revised plan is expected to be released for public comment.
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