THE RIGHT START PLUS
In response to the growing challenge of housing affordability, Mirvac introduced The Right Start in March 2017, making it easier for first home buyers to get a foot in the door by lowering the deposit barrier and giving preferential access to a range of apartments.
The Right Start Plus+ by Mirvac provides all the benefits of The Right Start, including, allowing pre-qualified first home buyers to exchange with just 5 per cent deposit and priority to purchase ahead of other buyers, but it will now also match the NSW Government’s $10,000 grant on homes priced over $600,000 at St Leonards Square.
Pre-qualified First Home Buyers will be offered the following:
- Access to purchase apartments at priority appointments prior to investors or second home owners
- Deposit in instalments - 5% payable on exchange, 2.5% payable 6 months after exchange, 2.5% payable 12 months after exchange
- $10,000 rebate on apartments priced over $600,000
To qualify for The Right Start Plus+ by Mirvac, you will need to provide the following information to your Mirvac Sales Consultant prior to exchange of contracts.
- Proof of Australian residency (copy of your passport or a copy of your current driver’s license and Medicare card)
- A completed statutory declaration form confirming your eligibility as a first home buyer
- The apartment price must exceed $600,000
The opportunity is only available for sales made directly through a Mirvac Sales Consultant and available on apartments that exchange by 30th June 2018.
THE APPLICATION PROCESS
- Eligible Purchasers apply for Mirvac’s First Home Buyer Opportunity upon contacting a Mirvac Sales Consultant and placing the selected apartment on hold by paying a $5,000 fully refundable holding deposit
- Mirvac reviews the application and determines if the application is successful
- Eligible Purchasers pay a 5% deposit and contracts exchange
TERMS & 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 Plus+ 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 Revenue NSW’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”) by 30th June 2018. Deposit bonds cannot be provided as payment for the initial 5% deposit instalment.
- The Right Start Plus+ cannot be used in conjunction with any other offer
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.
Exactly 6 months after the contract date, Eligible Purchaser/s will be required to pay a deposit instalment of 2.5% of the contract value (“2nd Instalment”).
Exactly 12 months after the contract date, Eligible Purchaser/s will be required to pay a deposit instalment of 2.5% of the contract value (“3rd 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 or 3rd 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 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.