Finbar launch online booklet with tips for first-home buyers buying off the plan

FINBAR have launched an online booklet to guide first-home buyers through the process of buying a new apartment.

Buying an apartment off-the-plan – a first-home buyers guide includes information about government and industry assistance, finance options and key steps in purchasing a first home.

To further help first-home buyers take their first steps on the property ladder Finbar has also reduced the deposit required for apartments at two of its key developments.

First-home buyers will only need a $5000 deposit for Vue Tower, East Perth and Palmyra Apartment Estate, Palmyra.

Chief operations officer Ronald Chan said the decision to accept lower deposits had been driven by strong interest from first-home buyers across both developments, particularly Palmyra Apartment Estate, where more than 80 per cent of apartment sales were to first-home buyers.

“We have identified that the major inhibitor for first-home buyers to make that first major step and secure their choice of apartment is the 10 per cent deposit required at the signing of the contract,” he said.

“Offering a $5,000 deposit is our way of smoothing the pathway for first-home buyers and enabling them to choose their new apartment at the off-the-plan stage.

“We hope that a reduced deposit coupled with the various first-home owner assistance grants available will provide the extra bit of help needed for first-home buyers to get into their new home where they may find that their mortgage repayments are actually less than their current rent payments.”

Vue Tower and Palmyra Apartment Estate offer a range of one, two and three-bedroom apartment options.

Over 40 per cent of the residences are priced under $430,000, allowing eligible first-home buyers to take advantage of the stamp duty concessions, where no stamp duty is paid, as well as the $10,000 First Home Owner Grant.

For more information about either development visit www.finbar.com.au.