Hello All, We are FHB and have been looking at buying unit in the Hills area. Recently came across an OTP unit near Bella vista metro (on Balmoral road) which is being developed by dyldam. They are offering 10% rebate currently. So a 2 bedder (2 car parks) will cost 675k with a contract value of 750k. This would also mean our deposit will be 20% (10% ours and 10% by developer) and lmi wont be charged. Given what’s happening with covid-19 around and a probable recession, is it advisable to commit to this OTP purchase or better to wait? Btw, this is not for investment but as a ppor. Please pour in your thoughts. Thanks!
The 10% rebate will be taken off the valuation when the time comes. Have seen with stamp duty rebates in the past. Chances are you will have to pay LMI anyway. IMO very risky... Also look at what the supply like in the area, which may further impact unit's value. Any change in life circumstances between now and settlement could mean you cannot settle the Property. Why brand new?
Personally I would avoid anything brand new or OTP after the recent issues. I would try to find an older building, small block of units. If you don't want to renovate then look for a renovated apartment.
What are you earning at the moment, and is your job 80% secure? Not really an issue IMHO if you are earning 7 figures..... The Y-man
...and your fingers are crossed hoping the builder remains in business during the entire period of the build.
