Loper Property Group
Loper
Building Out of the Frame...
FAQ's
First Home Buyers Guide
What is the status of prospective projects due to the COVID-19 pandemic?
Like a lot of others, we are guided by Government announcements. You can still register your interest. We are working within government guidelines.
Can I ask questions?
Yes. We will answer the most common questions, once we have received a number of them.
Can I get an overview?
In Australia, particularly in Melbourne, the property market is getting further away from a vast number of potential home buyers due to the cost of home ownership. We will be providing a percentage of quality affordable housing at a reduced price, to people that are essentially priced out of the open property market. It will give them an opportunity to get home ownership into the domestic property market.
Can you buy if you’re going through the process of obtaining Australian Citizenship or Permanent Residency?
Yes you can. Buying off the plan may allow the potential purchaser the time required to complete the process of obtaining citizenship or permanent residency. But if you don’t provide documented proof by the required time, that is, prior to settlement, you will have one of 2 options. Forfeit your purchase or pay the going market price.
How many dwellings can a qualified person buy?
Only one (1), at the reduced price. All other dwellings will be sold at going market price.
Why are the dwellings being sold at such a reduced price?
We think a significant segment of the home owner market is being neglected and being priced out of the housing market. We can provide a percentage of dwellings at a reduced price to Australian’s who are – either first home buyers, low/med income earners, single parent families and people who work within the area they want to live. Providing quality, affordable, low cost housing, should give that market segment an opportunity for home ownership.
Can I sell my dwelling after
I have bought it?
Yes, as soon as you take legal possession.
Can I view a display suite?
We will be providing ALL property details via our website. Physical display suite creates unnecessary excess cost to us, therefore the buyer.
Will there be a body corporate?
Yes, if required. To reduce body corporate fees to a minimum, the following will NOT be included in any developments.
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Gym
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Pool
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Spa
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Sauna
Elevators will be the most obvious item under the body corporate, along with common areas. e.g. open space, landscaping.
Can I choose variations to specified fit out and finishes?
Dwellings will be fitted out with fixtures and fittings to the specifications stated. But once you take possession, you can change whatever you like. For example, wall colours, appliances, light fittings etc.
Can I buy if I’m not going to live in it?
Yes. (Make sure that you do not then buy under the FOHG, because that will make you ineligible to obtain the grant.)
How do I buy a dwelling?
Firstly, register yourself on our emailing list. (you can be removed any time, by unsubscribing. )We will make you aware of proposed housing developments prior to construction. All off the plan details (advantage of buying off the plan - thousands in savings from stamp duty) in terms of location, size, plans, fit out, materials, estimated time of completion, etc. will be provided to you.
How do I make a deposit?
Deposits are only taken via bank transfer. NOT via our website. Once you decide to proceed our bank trust account details will be forwarded to your lawyer/conveyancer.
What type of dwellings will they be?
Predominantly, apartment style.
Why are we doing this?
There is an identified, significant number of potential first home buyers in the market who cannot own homes at today’s high prices. We want to supply affordable housing to these potential home owners.
How can dwellings be sold at such a reduced price?
There are a number of reasons. We are supplying to a specific market segment – to the Australian first home buyer. We can sacrifice some profit by readjusting the benchmark on investment return. Adopting more efficient building design and methods. Selling a significant number of dwellings at the full retail price.
Who can buy these dwellings?
Firstly, you have to either be an Australian Citizen and/or Permanent Australian resident. Then you could be eligible to own a dwelling at the reduced price. Additionally, all you need to do is fulfil ONE of the following criteria;
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Qualify for the First Home Owners Grant (FHOG)
(as defined by (https://www.sro.vic.gov.au/fhogapply)).
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Low/med income people
(single or combined from $45k - $130k)
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Single parent family (as defined by ABS (https://www.abs.gov.au/ausstats/abs@.nsf/Lookup/2901.0Chapter44902016 ))
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People who have worked, for at least the last 2 yrs within a 7km radius of the proposed housing development.
It should be made clear, do not apply if you have owned a property or any share in a property either directly or indirectly, either personally or via another entity e.g. trust, proprietary company, in Australia, in the last 8 years.
Can a person who does not satisfy any of the eligibility criteria buy a dwelling?
Yes, but not at the reduced price. They will pay the going market price.
What is affordable?
That is a relative term. Affordability ranges are due to a consequence of your income. Affordable home ownership, by the most common definition, should at the most, represent 30% of your gross income. We will endeavour to provide various housing options in the income range we have identified – from $45k-$130K.
Are there restrictions on the price I can resell?
Yes, based on a legal covenant. For the first eight (8) years you will only be able to sell your property based on the following calculation. Pro-rata, annual maximum property value increase of 5% above your initial purchase price, on a compounded basis.
What will be the quality of the dwellings?
Australian National Standards and Building Code, as all previous projects. Fit out, fixtures and finishes will be specified and listed. Every stage of the development is inspected by authorised inspectors throughout construction.
Are the dwellings only in Melbourne?
Yes. We may develop in other cities and states in the future. It will be conditional upon demand. We will let all interested people know, if we decide to develop outside Melbourne.
Can I buy if I don’t live in Melbourne?
Yes.
On what basis will the dwellings be sold?
Those who satisfy the criteria, when we make a development available for purchase. In the meantime, we will keep everyone updated on potential developments and the progress. In addition to any changes of what dwellings are available, reserved or sold.
One of two ways of going through the potential ownership process.
Firstly, you can either reserve a dwelling for a maximum period of 14 days to complete any due diligence, for a refundable holding fee of $1000. If you decide to purchase, after completing due diligence, a deposit will be required, less the $1000.00 holding fee. If you decide to pass, or are ineligible, you get all your monies refunded.
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Secondly, you can request a contract of sale, take it to your Solicitor/Conveyances to secure a dwelling with a deposit.
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Balance on settlement, normally about 15-18 months or sooner, if possible.