Finance Life & Fairmont Homes

For a solid home and a sound investment.

Finance Life can help you realise your dream of building a home or investment property.

For first home buyers, securing finance has never been more difficult. But Finance Life brokers are ready to tailor-make a package that can help you get financed.

Because we’re experienced brokers, we’ll make sure your lending financials are:

competitive – we’ll broker the best deal you can get by securing the most competitive finance;

tax-effective – we’ll make sure you’re getting the breaks and benefits where they’re due;

and safe – we’ll structure it to be cost-effective and manageable so you’ll always have peace of mind.

We believe a good broker should be like a business partner. That’s why we’re ready to talk.

You can call us on any day between the hours of 8am and 6pm: call Finance Life on 0499 490 490.

For all other enquiries, call Finance Life on 08 8274 8000.

Build your own home for less than $260 week

That’s right, less than $260 a week.
How does it work? Well, let’s go through it …

  1. You buy a block of land – let’s say at Munno Para – on which you will engage a builder to build a two-bedroom home according to your option-choices. The total purchase price is, say, $195,000.
  2. Finance Life will offer you a finance package: the package will give you 95% finance plus the cost of Mortgage Insurance. This means you’ll be borrowing 95% of the total cost of the property, (in our example, around $185,000) plus around $4,000 for the mortgage insurance.
  3. If you’re a first home buyer eligible for the First Home Owners Grant, Finance Life requires you to pay a deposit of around $9,750. The government will charge you fees on your purchase and construction of about $4,500. Taking into account the First Home Owners Grant you’ll only have to pay the remaining $7,300 to secure your first home.
    If you’re not a first home buyer, you’ll pay the full amount.

 

Land in South Australia

Real estate has proven to be a sound investment and has survived the test of time. Real estate has consistently doubled in value over the past 80 years.

To purchase your first block of land you will require several things:

  • A deposit no less than 5% of the land value for the bank
  • A further 5% to allow for the fees the State and Federal government will charge you for buying real estate.
  • Although you may be entitled to the First Home Owners Grant, you cannot claim the money until you have a comprehensive building contract or in most cases until the slab for your new home is poured.
  • You will need an income that is sufficient to afford the repayments for your new land

What should you consider:

  • If you haven’t started saving yet, speak to us and we can work with you towards a savings plan.
  • Will Mum and Dad help? A guarantor is a very sound way for you to enter the real estate market for the first time.
  • You might not have saved 5%, but have you got a 20% deposit – maybe the sale of an asset or a gift from family?
  • You have saved 5% - in fact you have saved almost 30%! Well done, lets discuss obtaining even more competitive finance and getting the structure right from the outset.

Mortgage Insurance is required on most loans above 80%. It does not protect you, it protects the lender – but you pay the premium (a one off fee on settlement of your new loan).

Speak to us and we can teach you more about Mortgage Insurance, Stamp Duty, guarantors, LVR’s, fixed or variable interest rates, offset accounts, First Home Owners Grants, First Home Buyer Bonus, progress payments, and so on.

Finance Life can guide you through the process of buying land, what the best structure is for your loan, who the most appropriate lender will be and the implications of finance for land and subsequently building.

Let Finance Life assist you with buying your first block of land.

Rate

 

BEST Variable Rate

4.83%

Comparison Rate

5.16%

Lender

AFSH Nominees

Rate correct as of

18/9/13

Disclaimer

This comparison rate is for a loan of $150,000 over 25 years. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

 

Repayment

Cost of House & Land package

$194,610 rounded to $195,000

Loan amount of 97%

$184,879.50 + $4,044.83 LMI = $188,924.33

Monthly repayment

$1119.37

Weekly repayment

$258.31

Repayment based on rate of

5.29%

Repayment type

Principle and Interest repayment

Term of loan

30 years

Repayment correct of

15/8/14

 

Deposit

Cost of House and Land package

$195,000

Deposit required by bank

$9,750

Fees on purchase of land ($119,000)

$4,310

Fees on construction of house

$220

Lenders Mortgage Insurance (estimation)

$4,044.83 capitalised

First Home Owners Grant

$7,000

Deposit required by Purchaser

$7,280

 

  • Your new home and land from $260 week
  • Your new home and land from only 5.04% (cr 5.77%)
  • You pay only $7,280 for your new home and land.