Gold Coast parents are trying to help their kids get on the property ladder and are risking their own homes to do it.
New figures released by the Mortgage and Finance Association of Australia show parental guarantee loans, where the borrower uses the equity in their parents’ home as security for their mortgage, are making up one in every six loans written by many brokers.
Mortgage Choice Burleigh Heads broker James Hasselle heeded caution.
“Parents need to consider if they are going to downsize in the future because they will take the guarantee with them,” he said.
“Something I hear a lot is that family relationships crumble and it is wise to get a family law solicitor because sometimes the process can become conflict driven.”
REIQ Gold Coast zone chairman John Newlands said he had seen a huge increase in first-home buyers asking for their parents’ help.
“Leaning on parents to top up short falls is becoming increasingly popular and it enables someone to get in to the market,” Mr Newlands said.
“Some of the banks now accommodate for parental guarantors. It is an effective way to get in because it offers the first-home buyer security.”
MFAA director Melissa Gielnik said housing affordability was “not improving” for entry-level buyers. “Parental guarantee loans represent over 15 per cent of loans written for some brokers,’’ she said.
“A lot of people getting these loans do have savings but their parents are helping them break into the market and avoid mortgage insurance.”
Lenders mortgage insurance is payable if the borrower has less than a 20 per cent deposit and it can costs thousands of dollars.
However, there are still cheap options for first-home buyers on the Gold Coast.
Leda Group is offering 60sq m units in Pimpama from $325,000. They feature two bedrooms and two bathrooms.
“We just sold six homes in the first week to first-home buyers,” Leda Group’s Richard Duce said.
“I am seeing a lot of people using the First Home Buyers grant, borrowing the balance and paying it off.
“It is a wiser way to getting into the market compared to splashing out on rent.”
Original article published at www.goldcoastbulletin.com.au by Hannah Sbeghen 18/6/16
Australia’s most Instagram-worthy home just got cheaper
One of the most beautiful homes in Australia is now $500,000 cheaper.
Casa Campana, in Nunderi, between the Gold Coast and Byron Bay in New South Wales, has an asking price of $3.5 million.
Agents have revised the figure on the listing from $4 million, which was quoted when it came onto the market, according to Domain.
The Mediterranean-style rainforest retreat, owned by creative agency founder Sophie Bell and her husband Michael, has been one of Australia’s most highly-sought homes for photoshoots.
Australian and international businesses and magazines have staged shoots at the eye-popping estate, which is on the books of LS Properties’ Brent Savage and Ethan Price.
Casa Campana has more than 18,000 followers on its own Instagram account.
The home has a bohemian flourish and crisp undertones, and was a collaboration between Sophie Bell’s Peppa Hart studio and Three Birds Renovations.
Highlights include steps from the house to a perfectly-paved pool pavilion, and the main bedroom’s luxe open-plan bathroom, which faces a sweeping terrace, surrounded by Tweed Coast hinterland.
Cabarita Beach is an easy drive away, if there was ever any desire to leave the pool…
Tour Casa Campana…
Article source: www.domain.com.au
‘Urban jungle’: inside the jaw-dropping Coast home named best in Australia
A multimillion-dollar Noosa Heads home draped in lush plants and with a sparkling pool submerged in the middle has been named Australia’s best.
The architecturally designed concrete and timber property brings the “jungle” to riverside living, with masses of greenery tumbling over the building’s angular lines.
Among the most unique features of the five-bedroom, four-bathroom home (which also has two powder rooms) are the window-framed pool in the courtyard and luxurious glass-encased wine cellar.
The property on Witta Circle, in the Noosa River, was named Australian Home of the Year at the 2022 HIA-CSR National Housing Awards. It also won the national Custom Built Home title.
It’s beauty has been captured by architectural photographer Christopher Frederick Jones of cfjphoto.com.au.
The skilful design and construction, which connects the natural and built environments, undoubtedly caught the judging panel’s attention.
Built by Sunshine Coast-based company JW Constructions, the holiday home was designed by Brisbane firm Lockyer Architects. The landscaping was completed by the Conlon Group.
The home boasts an understated street frontage, but upon walking inside visitors are swept away to an exotic location.
JW Constructions managing director Jason Warren said the “urban jungle” vibes of the mansion met the client’s brief.
Located overseas during the height of the COVID-19 pandemic, the home owner was unable to oversee construction.
Scroll down for more amazing images
“For them to put faith and their vision in our hands is rewarding,” Mr Warren told Sunshine Coast News.
“It was about conveying the architect brief and the client’s brief and bringing that to fruition. The landscaping played a big role in bringing the whole project together.
“It’s hard work when you’re doing it as you are focused on the process and getting everything right.
“It’s fantastic when you finally hand over to the client… and you sit back and look.
“I feel privileged to be able to work on such an amazing design and be a part of bringing a person’s dream to life, people who have worked their whole lives to build their dream home.”
The home centres on biophilic design principles bridging the gap between the indoor and outdoor environments.
The combination of board-formed concrete paired with warm wood-grained accents creates an inviting interior.
Outside, the natural greenery that drapes from the upper-level gardens softens the angular lines of the home.
At its heart, the central courtyard and swimming pool evoke a sense of tranquility.
This theme continues inside. The main bedroom has a lush private garden and privacy screens cantilevered over the courtyard.
Technology has not been overlooked. The home has been fitted with a cutting-edge automation system and a self-sustained battery generator.
Article source: www.sunshinecoastnews.com.au
The Block’s 2018 fan favourites selling St Kilda penthouse
The Block penthouse in St Kilda’s iconic Gatwick building that was transformed by fan favourites Norm and Jess has hit the market for the first time since completion in 2018.
The stunning abode at 301/34 Fitzroy Street sold for $2.895 million during the notoriously stressful Block auctions. Three-and-a-half years later, it’s now listed with expectations of $3.4 million to $3.7 million.
Renovated by the Sunshine Coast couple, the three-bedroom penthouse turned heads for its luxurious kitchen, soaring ceilings and floating fireplace.
Of course, being a penthouse on a prime corner position, the pad captures panoramic views of CBD skyscrapers, even from the barbecue zone.
The pair received a 30/30 score from the judges for their spacious outdoor terrace, with the rooftop sanctuary also featuring a louvred roof, decking, paved seating area and serene water feature.
Norm and Jess included high-end details throughout the residence, including a concrete bathtub, a marble hearth under that suspended fireplace, herringbone oak floors, Alexa voice-controlled technology (which can even be used to turn on the shower) and a state-of-the-art security system.
The main bedroom suite has its own balcony plus an en suite with double shower and a walk-in wardrobe. The three-oven Neff and Bosch kitchen with soft olive-toned cabinetry hides a butler’s pantry.
The penthouse was previously listed for rent during the pandemic, with a discounted price of $2200 per week, down from $2700.
Despite the penthouse being beloved by fans of the juggernaut renovating show, the Queensland couple came last on auction day, with the smallest profit margin.
They made $209,000, partly due to a high reserve price. Expressions of interest for the penthouse close May 16 at 5pm.
Article source: www.brisbanetimes.com.au
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