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What do I need to
provide to U.R. Home for my application for an Option to Purchase
Agreement to be successful? |
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You need to be able to
advise U.R. Home that you have been meeting your current rent
obligations and are able to meet your obligations on your
new home. Then simply provide your payment and complete the
necessary documents relating to your desired home. |
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How much money do I need to secure my own home with U.R.Home? |
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The
low entry fee (option fee) is equal to 6 weeks of your total weekly payments plus your first 2 weeks in advance (including your licence fee and outgoings) |
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What interest rate will I be charged on
my "Option to Purchase" Agreement? (in calculating the licence fee) |
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Your
interest rate is linked
to the "standard" variable rate with a small flat margin added.
If the standard variable rate goes up, your payments go
up. If the standard variable rate goes down, your payments go
down. |
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Will the price of
the house increase, making my payments increase? |
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No.
The price of the house is fixed. This
is locked in under the terms of your "Option to Purchase" Agreement
until you are ready to buy.. The weekly licence fee payments
are also credited off the fixed price, similar to a normal principal and interest
loan over 25 years. |
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How long is the Option
to Purchase Agreement for? |
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Your
"Option to Purchase" Agreement has a term of 20 Years.
You may buy (or
sell) the house anytime in the 20 year period of the agreement and the price stays fixed. |
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Can I get finance
from a bank or other lenders to pay U.R. Home out? |
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Yes. The option to buy off
U.R. Home can be taken up at any time within the 20 year
licence term. All that is required is 30 days notice along
with your finance approval letter. U.R. Home will try to assist
you with qualifying for a bank loan providing your history payment history
as evidence. You only pay the original fixed price of the
house LESS any amount discounted off the price from your weekly licence fee repayments. |
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Can I make improvements
to the property? |
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Yes. Improvements to
the house (renovations, pool, extensions, etc) are permitted
following a simple approval process. To protect your investment
and U.R. Home, the works performed must be by a registered
builder and relevant Council approval documents must be supplied
prior to work commencing. |
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When and how do I
make my payments? |
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Your total weekly payments are made one
7 days in advance by direct debit. We will forward the details to you once you
have secured the property. |
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Why Should I trust
U.R. Home? |
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Firstly, there is a legal contract
setting out all details and
obligations by both parties. This is available for you or
your legal advisor to check prior to you entering into the option
to purchase agreement . Secondly, you are able to visit and
review the house agreement proir to agreement. Thirdly, we are happy
to refer you to any number of testimonials from satisfied
customers. |
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Who pays for rates
and insurance for the property? |
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Now that you
are responsible for the home, you are required to pay the rates
and insurance. These amounts are covered in your weekly payments
as 'outgoings' to avoid the hassle of lump sum bills. They may vary yearly depending
on the local council in the area. |
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Am I reponsible for
pest protection for the property? |
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Yes. You will be required
to maintain pest treatments on the property. Each year you
will be required to provide U.R.Home with a pest inspection
report. |
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What happens if I
qualify for the First Home Owners Grant? |
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If you wish to find out
if you qualify for the First Home Owners Grant, you should
contact the Office of State Revenue in your state. If you
do qualify, it is up to you what you choose to do with the
money. If you qualify for the Grant, you may use this money
to assist you when you come to paying U.R. Home out. |
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What should I
do if I have further questions? |
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Please call us at any time on 1300 UR HOME (1300 87 4663). If by any chance
you are unable to get through, please leave your contact details
and we will get back to you. We are here to help you and are
only too pleased to answer your questions. No obligation will
ever exist by asking questions.
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