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Property insider Ace Body Corporate Management (Ace) is the largest 100 per cent Australianowned strata-management company and is urging all Australian apartment and unit owners to ask whether their community has emergency funds available to deal with the fallout of wild weather. These calls come from concerned strata-property leaders after wild weather on the east coast has been met with the likelihood that thousands will not be covered under their insurance. Ace CEO Stephen Raff says, ‘As is likely to happen in this case, when the number of claims is in the tens of thousands, it often takes a significant time for insurance claims to be processed, and insufficient availability of contractors leaves property owners exposed.’ ‘In that lead time, thousands of owners will need financial support to maintain their dayto-day life and that’s where the sinking fund helps.’ Most legislation around
Australia has provisions to allow maintenance funds to be accessed for emergencies. Mr Raff says the unfortunate scenario is that it’s not mandatory for strata communities to allocate money for maintenance/sinking plans and funds, and many affected owners in New South Wales will not have access to such funds. ‘Despite the lack of urgency shown by regulators to ensure this critically important measure is made mandatory, we’re calling on all strata communities in New South Wales to immediately consider the value of setting up a sinking plan and fund for their protection.’ Local architect Nathan Stroud (pictured right) of Metamorphouse is thrilled with their win at that HIA awards. They took out first prize for best custom-build home under $300,000 in the northern rivers and they were also NSW finalists for the best custom-built home under $600,000.
home buyers with a 50 per cent reduction in the stamp duty on a purchase of a residential property costing less than $1 million and provide the ability to pay the stamp duty over time.’
The Real Estate Institute of NSW is going into bat for first-home buyers. REINSW president John Cunningham said that while record low interest rates sound attractive to consumers the state government has failed firsthome buyers. The Reserve Bank of Australia has kept interest rates steady at 1.75 per cent at its June 2016 meeting following a cut of 25 basis points last month. ‘We call on the NSW government to put the interests of first-home buyers at the top of its agenda and make amendments to stamp duty for first homebuyers,’ Mr Cunningham said. ‘REINSW asks the NSW government to provide first-
Speaking of first-home owners: The government has some tips for buying your first home on their smart money website https://www.moneysmart.gov. au/life-events-and-you/lifeevents/buying-a-home. You are ready to become a homeowner if you have the following things in place: A substantial deposit – The bigger the better when you’re saving for a home. A deposit of 20 per cent of the purchase price plus enough to cover costs is ideal. The bigger your deposit, the lower your loan to value ratio (LVR). This is the amount of the loan divided by the purchase price (or appraised value) of the property. If your LVR is higher than 80 per cent, you will need to pay lender’s
Metamorphouse's award winning home mortgage insurance, and the lender could charge you a higher interest rate. Avoid these extra costs by saving a bigger deposit to lower your LVR. A regular savings habit – A history of regular savings in your bank account and a solid track record of employment will make it easier for you to get a home loan. Pre-approval for a loan – Compare a few different loans before you decide. Ask your lender for a key facts sheet on each home loan so you can compare more easily. Once you choose the loan and have been pre-approved you’ll know what the repayments
will be and how much you can afford to spend on a property. Some additional savings – These will act as a buffer if interest rates rise and your repayments increase. Alternatively, choose a loan that allows extra repayments so that you can build a buffer early on.
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STRIKE-A-LIGHT PARK LAND IN STUNNING LOCATION WITH DEVELOPMENT POTENTIAL
WIRREE LOT 3
• Large acreage available in an enviable Ocean Shores position just moments from both a worldclass beach and golf resort.
WIRREE LOT 2
GOLF COURSE LOT 533 CHUMBEE AVE
WIRREE LOT 4
LOT 550 WIRREE DRIVE
• Comprising two adjoining lots with pristine nature reserve and water frontage, these blocks offer privacy, peace and quiet in a natural setting on which to build an idyllic home. • Alternatively, as many as four separate dwellings are possible under current development status. • Also ideal as a gated family, or common-interest, compound. • Lot 550 is a 5.8ha (14.5 acres approx) property located on Wirree Drive. • Lot 533 is a 0.9ha (2.2 acres approx) property located on Chumbee Avenue. • Development prospects and potential to build a dream home with riverine views.
CHUMBEE
Registered Expressions of Interest. Closing 5pm 22 July 2016:
REGISTERED EXPRESSIONS OF INTEREST
EDSILK
CONTACT ED SILK ON 0418 660 063 FOR MORE INFORMATION OR TO VIEW
BYRON BAY
Suite 2/6 Jonson Street Byron Bay // 6680 8668
PRIVATE SALES & BROKERAGE
edsilkbyronbay.com.au // ed@edsilkbyronbay.com.au
22 June 15, 2016 The Byron Shire Echo
Byron Shire Echo archives: www.echo.net.au/byron-echo