“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You’ve probably heard the off the plan disaster stories like Tara Ende’s when her developer rescinded on the contract of her Surry Hills apartment, just days after she’d contacted her bank to pay the balance.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.
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Smart Booster Home Loan
1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
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Initial monthly repayment
1.99% p.a.variable for 12 months and then 2.48% p.a. variable2.47% p.a.A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Award for 2021.
Smart Booster Home Loan
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Award for 2021.
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- 1.99% p.a.variable for 12 months and then 2.48% p.a. variable
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- 2.47% p.a.
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UHomeLoan
Owner Occupier, Principal & Interest
interest rate
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Initial monthly repayment
1.75% p.a.
fixed 3 years2.22% p.a.$0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
UHomeLoan
$0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
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fixed 3 years
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Basic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
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Initial monthly repayment
2.09% p.a.
fixed 3 years2.43% p.a.Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
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Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
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fixed 3 years
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- 2.43% p.a.
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Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
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Initial monthly repayment
2.19% p.a. variable2.19% p.a.Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Award for 2021.
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Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Award for 2021.
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- 2.19% p.a.
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Owner Occupier, LVR <80%, 300k+
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Initial monthly repayment
1.94% p.a.
fixed 2 years2.77% p.a.Enjoy $3,000 cashback when you refinance with Virgin Money (T&Cs apply). Additional repayments up to $10,000 per annum. Reverts to the discounted variable rate on expiry of the fixed term.
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- 2.77% p.a.
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