“Greater protections” for off the plan buyers, promises NSW Government

You’ve probably heard the off the plan disaster stories like Tara Ende’s when her developer rescinded on the contract of her Surry Hills apartment, just days after she’d contacted her bank to pay the balance.
The reason the developer was able to cancel Tara’s contract was because the work was delayed past the sunset day. The case with Tara and many others in her situation is the developer then goes on to re-sell the land or apartment for a higher price.
But now things are about to change for delayed off the plan developments, as the NSW Government revealed today it will be releasing new laws that mean developers will now have to justify any sunset clause termination of an off the plan sale.
A statement by the NSW Government explained, “If a purchaser does not give their consent, then a developer will be required to apply to the Supreme Court for leave before any termination can take effect."
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Minister for Innovation and Better Regulation Victor Dominello said that the NSW Government had listened to the concerns of its citizens and is taking action. “We are committed to ensuring certainty in the property market and to protecting the rights of those who purchase off the plan properties.”
While Dominello said the majority of developers do the right thing the Government is putting any developers on notice from this day forward, “if they use a sunset clause for no other reason than to reap a windfall profit at the expense of the purchaser – then they do so at their own peril.”
This new legislation will not only aim to protect those entering into off the plan agreements after the law comes into effect but also those with current off the plan contracts.
Home loan comparisons on Mozo - last updated 25 June 2022
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Smart Booster Home Loan
2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
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Initial monthly repayment2.60% p.a.variable for 24 months and then 3.00% p.a. variable2.96% p.a.New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
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New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
- interest rate
- 2.60% p.a.variable for 24 months and then 3.00% p.a. variable
- comparison rate
- 2.96% p.a.
- interest rate
- 2.60% p.a.variable for 24 months and then 3.00% p.a. variable
- comparison rate
- 2.96% p.a.
- Upfront fees
- $520
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- $0.00
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- 80.00%
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Neat Home Loan
Owner Occupier, Principal & Interest, LVR <60%
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Initial monthly repayment2.64% p.a. variable2.65% p.a.Low variable rate. Ideal for buyers or investors. No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 40% deposit required.
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Low variable rate. Ideal for buyers or investors. No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 40% deposit required.
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Unloan Variable
Owner Occupier, Refinance Only
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Initial monthly repayment2.64% p.a. variable2.56% p.a.For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
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For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
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- 2.64% p.a. variable
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- 2.56% p.a.
- interest rate
- 2.64% p.a. variable
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- 2.56% p.a.
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- -
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- 80.00%
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Variable Home Loan
Owner Occupier, Principal & Interest, LVR <60%
interest rate
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Initial monthly repayment2.64% p.a. variable2.66% p.a.Purchase and Refinance. Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, optional 100% offset account. Enjoy a simple online application.
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- 2.66% p.a.
- interest rate
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Momentum Home Loan
Owner Occupier, Principal & Interest, LVR <60%, Refinance Only
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Initial monthly repayment2.74% p.a. variable2.75% p.a.A great option for refinancers looking for an alternative, the G &C Mutual Bank’s Momentum Home Loan offers a competitively low rate for a fixed period. It features a 100% offset account in addition to unlimited extra repayments.
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A great option for refinancers looking for an alternative, the G &C Mutual Bank’s Momentum Home Loan offers a competitively low rate for a fixed period. It features a 100% offset account in addition to unlimited extra repayments.
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- 2.74% p.a. variable
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- 2.75% p.a.
- interest rate
- 2.74% p.a. variable
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- 2.75% p.a.
- Upfront fees
- $0
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- Discharge Fee
- $300.00
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- 60.00%
- minimum borrowing amount
- $100,000
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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