$50 million revamp for Morley

Morley is set to get a revamp – with the $50 million Coventry Square development now out for public comment.                                      

“This is a great step forward for us,” said Greg Poland, the principal of The Strzelecki Group development company that plans to build the project.

“Once the six-week public consultation period has finished we can then start transforming the old Coventry’s warehouse into the ultimate tourist and shopping precinct.”

As well as being built in the heart of Morley – beside the Centro Galleria shopping mall – Coventry Square will be a major part of the new town centre for the City of Bayswater.

If approved, the development will house more than 200 specialty stores, selling everything from fashion, to local arts and crafts.

Mr Poland said the development would include restaurants, cafes, a microbrewery and a fresh food section dedicated to organic produce.

“At a time when the economy is slowing down, Coventry Square will be a real shot in the arm for Morley and the City of Bayswater by creating hundreds of new small businesses and jobs for about 1000 people,” he said.

The Strzelecki Group hopes to open Coventry Square in April next year.

Source  :   www.watoday.com.au

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First-homebuyers urged to take mortgage help on board

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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