First Home Buyer Opportunity

  • First Home Buyers, Get Your Foot in the Door

     

    As part of the stage 1 launch of Pavilions earlier this year, Mirvac made the dreams of 55 first home buyers come true. The Right Start by Mirvac allowed these first home buyers to purchase their first home ahead of investors and with just a 5% deposit on exchange.

    Take advantage of The Right Start by Mirvac at the stage 2 release of Pavilions, Verde. Pre-qualified* first home buyers will get priority access to purchase ahead of investors on a selection of one bedroom apartments in this boutique residence at Sydney Olympic Park.


    The Right Start by Mirvac 

     

    In response to the growing challenge of housing affordability Mirvac is making it easier for first home buyers to get a foot in the door by lowering the deposit barrier on select apartments at Sydney Olympic Park. 

    Pre-qualified* first home buyers will be offered:

     

    • A selection of one bedroom apartments priced to qualify for the Government’s First Home Owner Grant and stamp duty concessions
    • Priority access to purchase ahead of investors
    • Deposit in instalments – 5% on exchange, 2.5% after year one and 2.5% after year 2

     

    To qualify for The Right Start by Mirvac, you will need to provide the following information to your Sales Consultant prior to your appointment at the sales launch:

     

    • Proof of residency (copy of your passport or a copy of your current drivers licence and Medicare card)
    • A completed statutory declaration form confirming your eligibility as a first home buyer

     

    The opportunity is limited to one bedroom apartments and is only available for sales made directly through a Mirvac Sales Consultant.

     


    For further Terms and Conditions please see below: 

     


      The Application Process

      • Eligible Purchasers apply for Mirvac’s First Home Buyer Opportunity upon contacting a Mirvac Sales Consultant and placing the selected one bedroom open plan apartment on hold 
      • Mirvac reviews the application and determines if the application is successful
      • Eligible Purchasers pay a 5% deposit and contracts exchange

      Terms and Conditions   

      These terms and conditions are not an offer to contract and are to be used as a guide only.  The contract for sale is the legal document that binds you to the terms of the contract.  You should seek legal advice prior to signing a contract. Purchasers should be aware that making a false statement on a statutory declaration is a criminal offence under Section 11 of the Statutory Declarations Act 1959 and carries a term of imprisonment.

      • To be eligible for The Right Start by Mirvac you must sign a statutory declaration that all purchasers on the contract have not “owned or had a relevant interest in a residential property in Australia before and have not previously received or retained a grant under the “First Home Owner Grant Act 2000” in accordance with the Office of State Revenue’s requirements.” (“Eligible Purchaser”).  
      • All Eligible Purchasers must be Australian permanent residents or Australian citizens at the time contracts are exchanged.  You will be asked to provide either an Australian Passport or a Medicare card and current Australian drivers licence as evidence.
      • Eligible Purchasers must pay a $5,000 fully refundable holding deposit 
      • Within 10 business days the Eligible Purchaser must provide the balance of the first instalment of the deposit which is 5% of the contract price (less $5,000) (“1st Instalment”). Bank guarantees or deposit bonds cannot be provided as payment for the initial 5% deposit instalment.
      • The Right Start by Mirvac opportunity for selected apartments at Pavilions is limited to applications lodged between 1st July and 31st July 2017 or unless Mirvac decides in its absolute discretion to discontinue The Opportunity sooner.

       

      Option 1 - Payment of the Deposit Balance by Instalment

      Within 45 business days of the contract exchanging, proof of conditional pre-approval for finance to a value of the purchase price, less 10% must be provided to Vendors solicitor as evidence of the Eligible Purchaser’s potential capacity to settle the contract.  If the Eligible Purchaser does not provide this evidence, the vendor may elect to rescind the contract and return the deposit money, less legal expenses.

      On the date 12 months after the contract date, Eligible Purchaser/s will be required to pay a deposit instalment of 5% of the contract value (“2nd Instalment”).

       

      Option 2 - Payment of the Deposit Balance by Bank Guarantee or Deposit Bond

      Eligible Purchasers may elect to provide a bank guarantee or approved deposit bond (Approved Bond) in lieu of paying the 2nd Instalment.  

      Provision of an Approved Bond must be supplied to the vendor’s solicitor within 45 business days of exchange of contracts and must be for the balance 5% of the deposit and must be valid through to the sunset date specified in the contract for sale.

      Deposit Bonds will only be accepted from QBE Insurance direct, Deposit Assure or other reputable Australian bond providers pre-approved by the vendor.

      The deposit bond provider will require purchasers to provide their financial details and in some cases may require a guarantor.


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