Inside the Old Bakehouse, now a family home

ITS quaint facade may display its history, but it gives little hint to the sprawling family home within.  

Once the Old Bakehouse, the Bassendean home now serves as a four-bedroom, two-bathroom residence with a below-ground pool and self-contained studio.

Its owners bought the property about five years ago and took care during renovations to retain its original character features.

They added a studio adjacent to the pool and fitted it with a bathroom, built-in barbecue and pizza oven.

“We just love the big leadlight back windows overlooking the swimming pool, and the big family block,” the owner said.

The 1012sqm block has subdivision potential, with the opportunity for two street frontages.

The owner said the neighbourhood felt like a little community.

“The kids go to school locally and I work locally,” she said.

“We used to have the whole school class over at the end of school year for a swim, which was great.”

She said the property was ideal for entertaining in summer.

“The pitched room overlooking the pool is my favourite feature. When you sit in there, with the height of the ceilings and the view, it’s just really peaceful,” she said.

The residence has polished jarrah floors, bathrooms with federation tiles, an ensuite to the main bedroom, wood heating, reverse-cycle airconditioning and decorative cornices.

The property is a short walk to the Swan River and about 11km from the city.

BASSENDEAN
Auction: Saturday, September 12, at 11am
122 West Rd

Four-bedroom, two-bathroom character house with study, al fresco entertaining area, pool, self-contained studio with bathroom, built-in barbecue and pizza oven, on 1012sqm.
Agent: Julie Pedulla 0419440093, Altitude Real Estate 93883911

Source  :  http://www.news.com.au/perthnow/story/0,21598,25998702-5013239,00.html

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The Rudd Government to tighten rules for margin lending

THE Rudd Government will give the $21 billion margin lending industry three weeks to digest a proposed overhaul of the regulatory and legislative regime.
The Minister for Corporate Law Nick Sherry will today release a draft copy of the legislation with a view to introducing it into parliament next month.

The legislation includes new national laws to regulate margin lending under a standard national regime, reports The Australian.

Margin lending is not currently regulated in Australia and is considered to have been one of the main destroyers of investor wealth as the stockmarket collapsed last year.

It cost some investors their homes as their margin lending accounts blew up, triggering margin calls many couldn’t afford to pay.

Mr Sherry said yesterday taking out equity on a family home was a key area of interest to the Government.

“One area where we have had a high level of concern has been where people have been advised to take equity out of their family home and then to use this debt to leverage into buying shares through a margin loan.

“This double-debt trap, with a home as security, is of serious concern,” he said.

“Under our new responsible margin lending laws the lender will be required to assess a person’s true loan-to-value ratio

“This means the lender can no longer assume the money brought to the table is not itself debt, a major new improvement” that would reduce the risk of people losing their homes.

Properly geared margin lending, backed by full disclosure, had a place, but the Rudd Government would not tolerate ordinary Australians being misled into grossly inappropriate margin loans that could cost a family everything they owned, including their home, he said.

Under the new laws, lenders will be regulated by the Australian Securities and Investments Commission and be required to hold an Australian Financial Services Licence, be members of low-cost external dispute bodies, clearly disclose fees and commissions before lending, and lend under a tailored margin-lending-specific set of responsible lending obligations.

Between June last year and December 30, the number of margin calls received by 205,000 Australians with margin loans increased 458 per cent, as the share market dropped 40 per cent.

http://www.news.com.au/perthnow/money/story/0,26926,25441887-5015860,00.html

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