Compass Helps make First Home A Beach Home
First home buyers Rosa Marlow and Jeffrey Pelc were the first to take advantage of The Right Start by Mirvac initiative to make their first home a beach home, securing a one bedroom apartment with just 5% deposit.
Rosa, a medical scientist, and partner Jeffrey, a doctor, had been looking for their ideal first home for several years and were motivated into action by the opportunity to purchase in such an ideal location.
“To have the beach in front of us and the train line behind, and both so close, it’s just the perfect situation,” said Ms Marlow.
“We drive past Leighton Beach regularly, so when we noticed the Compass apartments from $420,000, we had to investigate,” she said.
The Right Start initiative was developed by Mirvac to address one of the greatest obstacles for first home buyers – the high deposit hurdle. Applying to selected apartments priced to qualify for the First Home Owners Grant and / or stamp duty concession, the initiative reduces the traditional 10 per cent deposit hurdle, by allowing first home buyers to exchange with a 5 per cent deposit and enter into an agreement to pay the remaining 5 per cent in two annual instalments. Mirvac also provide an additional $5,000 to top up the WA government’s $10,000 grant.
Under the government’s stamp duty exception initiative, first home buyers purchasing apartments under $430,000 also avoid paying any stamp duty.
“The ability to spread out the deposit over a longer period, as well as getting an additional $5,000, was a great sweetener for us,” said Ms Marlow.
Mirvac congratulates Rosa and Jeffrey!
For more information on how you can get The Right Start at Compass click here.