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.
Posts Tagged ‘package’
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 »
Buliding your dream home
Posted in Realestate and Home Loans, tagged activity rooms, alfrescos, ‘informal, ‘public, changes occured, decades, design, Design house, dreamed, ensuites, FLOOR PLAN, floorplan, formal’, functional, house, kitchen, land, land and house package, last, life style, live, master bedrooms, needs, next, package, plan, pools, private’, Real Estate and Home Loans, rooms, series, sitting, step, suit, surprised, three, well-designed house on May 16, 2009| 1 Comment »
When choosing your land and house package think carefully on how you live before choosing the right house for you.
Make sure the floor plan fits the way you live.
Design your house for you and your life style, you’d be surprised at how many houses don’t fit the way people really live.
I remember when people actually used their living rooms and wouldn’t have dreamed of sitting in the kitchen, much less thinking of it as the centre of the house now
But that’s exactly what’s happened over the last three decades. Other changes have occurred too: home offices have become increasingly important, as have master bedrooms, en suites, activity rooms, alfresco’s and pools.
Any well-designed house must be functional , people define their space needs as ‘informal and formal’ or ‘public and private’ rather than thinking of their plan as a series of rooms.
So think about the way you really live, design your floor plan accordingly, and you’ll be taking the next step towards a well-designed house.
Retail hiring jumps on spending hopes
Posted in Jobs and careers, tagged ABS, according, anticipation, April, ARA, Australia, Australian, Australian Bureau of Statistics, Australian Retailers Association., bigger retailers, boosting, cash, casual employment, commentary, confidence, consumer, consumer emerges, consumer spending, David Jones, debt, delivery, demand, employed, employment, Executive Director, fear-filled, Federal, female, fiscal, forecasting, fuelled, Government’s, grow, high levels, hiring, improvement, increase, jumps, Mother’s Day, negative, numbers, package, paying, period, preparation, proportion, rate, rebound, reported, reporting, retail, Retailers, Richard Evans, rising, sales, sector, sharp, shoppers, shopping, skilled, skilled staff, spend, spending., staff, staffing levels, stimulus, stimulus package, surveys, tendency, trend, underutilisation, unemployed, Workers, workforce, working on July 8, 2009| Leave a Comment »
Retailers are boosting staff numbers in anticipation of an improvement in consumer spending, according to the Australian Retailers Association.
The industry group’s executive director, Richard Evans, said surveys of association members showed a 12 per cent jump in employment for small and medium-sized retailers this month, painting a much more positive picture than figures released by the Australian Bureau of Statistics earlier this month.
The number of people employed in the retail sector fell by less than 0.1 per cent last month compared with February, on a seasonally adjusted basis, but the ABS also reported an increase in underutilisation—the proportion of the workforce that is either unemployed or not working as many hours as it would like.
The rate of underutilisation among female workers was 9.1per cent last month, compared with 6.4 per cent for men, which the ABS attributed to the larger proportion of women working in industries with high levels of casual employment, such as retail.
However, Mr Evans said most retailers were holding on to skilled staff in preparation for rising demand, with 68 per cent reporting no change in employment levels in the past quarter.
“A further 16 per cent of retailers actually increased their number of staff during the same period,” he said.
“Retailing works in cycles, and although the sector has experienced a downturn, good retailers are doing their best to hold on to skilled staff as consumer confidence continues to grow and a new type of consumer emerges.”
The same trend was in play among the bigger retailers, with David Jones boosting staffing levels around the Mother’s Day shopping period after the delivery of the federal government’s fiscal stimulus package in April led to a sharp rebound in sales.
Mr Evans said the stimulus package and lower interest rates meant most consumers had more cash available to spend, but “negative and fear-filled commentary” had fuelled a tendency among consumers to cut discretionary spending in favour of saving or paying off debt.
This meant shoppers would be in a better position to spend when confidence picks up again—with the ARA forecasting an improvement as soon as the September quarter.
Source : www.careerone.com.au
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