“Very informative” was how Zack Zytnik described the “Great Australian Dream” New Home Ownership workshop held last Saturday at Ewingsdale Hall. Zack and his partner Sarah Daniels attended the free workshop to hear about new government incentives for home ownership and what local opportunities may exist.
“I own a place at Bangalow and I’m thinking about buying again” said Mr Zytnik.
Bec Brown lives in Coorabell and “would like to have the chance to invest in the community”. “My family has been living here for 13 years, I went to uni here, I love the region and feel passionate about it” she said. Bec was impressed with the house and land packages currently available in Mullumbimby at Tallowood Ridge. “I find the heritage aspect very appealing and I’m interested in the possibility that they can build at that price. I thought the workshop was fascinating”.
Organised by local real estate dynamo Rose Wanchap, “The Great Australian Dream” brought together experts in the fields of finance, law, building and development. Michael Murray from Byron Property Search spoke of accessing finance, Gisele Wagner from Northern Rivers Lawyers addressed the $15,000 first new home owners grant and other incentives, builder Terry Builton and Eric Freeman (one of the collective of owners at Tallowood Ridge) discussed some of the house and land packages available and the benefits of new granny flat laws.
“We showed the group an example of purchasing land and building a house on it, in this case the Coolamon 95 two bedroom home” said Rose Wanchap. “Once the new incentives were factored in, if people could come up with a deposit of approximately $20,000 they would be looking at repayments of around $320 a week to own a brand new two bedroom home on a 493m² block, with room to add a granny flat later on. That’s interest only, and if their loan was principal plus interest they’d be looking at repayments of around $360 a week. For many people this means they’re better off owning”.
For those wishing to purchase a new house and land package or build a new home:
• The new first new home owners grant of $15,000 becomes available October 1 2012. This will be available until January 1 2014, after which it will be reduced to $10,000.
• There is a $5,000 new home owners’ grant available now if it’s not your first home.
• Rose Wanchap is willing to give her commission to the purchaser to put toward the cost of their home for people buying at Tallowood Ridge who would otherwise be unable to afford a home.
• New granny flat laws, which commenced last year, make purchasing land more sensible as there exists the opportunity to create two income streams from one block.
• Deposits of 5% are acceptable at Tallowood Ridge given a serviceable income.