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Prospective buyers visiting auctions or looking at the market may have heard the term “passed in” before.

The quick summary is that this means that the reserve price has not been met and therefore the property has not managed to sell at the auction.

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This does not necessarily mean that the property doesn’t sell on the day – often, the highest bidder will be taken inside for further negotiations and the property may sell straight afterwards.

Century 21 notes that it can be frustrating for the vendor to have a property passed in at auction and it can be emotionally charged. They note that it is always a potential outcome and to ensure you have chosen an agent who will be able to best negotiate on your behalf if you are unsuccessful with selling during the auction.

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“Many prospective buyers will even increase their offering from what was bid at auction in order to secure the property, sometimes reaching the reserve price,” they advise.

In some states, the highest bidder has that first right of negotiation.

If the property passes in on a ‘vendor bid’ this means that the vendor has used their hand and no other bid was made past theirs.

If you don’t know what a vendor bid is, you <a href="/expert-insights/buying/31163-what-is-a-vendor-bid-property-investment-terms-explained" target="_blank">can read our explanation here</a>.

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If you’re the highest bidder and it is passed in, there are some things you can do to ensure it swings in your favour.

Firstly, understand that it doesn’t mean the property is a dud because it has passed in. The auction could have been lacklustre, and there could be any number of things causing people to keep their hands in their pockets on that day. 

You can read <a href="/expert-insights/buying/13460-what-to-do-if-you-are-the-highest-bidder-at-an-auction-that-is-passed-in" target="_blank">this guide from buyer’s agent Warwick Brookes</a> on what you’re supposed to do if you are the person with the first right to negotiation.

“Don’t be frightened to say things like, 'This is already at the upper end of what I think the property is worth' even if that is not the case. If there are no other buyers in sight and everybody has left except yourself, then minimise the amount you are willing to counter-offer,” Brookes advises.

And if you don’t have first right? It may end up on the market again. It’s also worth giving the agent a call and saying you’re still interested, or waiting around to see how the first prospective buyer responds.
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What does “passed in” mean? Investment terms explained

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Paying just $2,500 to get into property seems like a good way to buy in faster, with little cash down, and it has been making headlines this week.

Unsurprisingly, the idea that you can put down just $2,500 on a property purchase had people interested.

High loan to value ratios (<a href="/expert-insights/finance/29932-what-is-an-lvr-investment-terms-explained" target="_blank">LVRs</a>), in the high 90s, have <a href="/expert-insights/investing/13322-low-deposit-loans-lures-offered-to-first-home-buyers" target="_blank">been regularly seen</a>. However, it’s not often that close-to 100% loans are offered without some other sort of security.

Victoria-located HomeFirst, with the tagline “Your first home builder”, are currently running a promotion that notes that $2,500 is all some eligible first home buyers may need to start getting into property ownership.

Of course, the “$2,500 deposit*” comes with a hefty asterisk.

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This finance offer is available to eligible buyers receiving the first home owners grant.

The terms and conditions explains that you are essentially trying to make up the 5% deposit required - in part through the grant, and in part through a personal loan “which are applied to the land contract, build contract, government charges and lending costs”. The finance is arranged through Western Australia’s The Loan Company.

The idea is to get them into one of their house and land packages across Melbourne.

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Their “No deposit? No worries” line is also shared with The Loan Company’s other strategic alliance partners, including HomeStart (located in the same building as The Loan Company), whose “No Deposit? No drama” line notes that they have access to “exclusive products which are going to help young Western Australian's into new homes with NO DEPOSIT required.”

The Loan Company notes that many lenders require significant upfront deposits, which can be tricky for those in the rental trap. Their site notes that as part of the BGC Group, if you build your home with a BGC Homebuilder, then you may be eligible for their BGC NewStart No Savings Home Loan, tailor made for first time buyers to “pay zero deposit for the house or land”.

This isn’t an entirely new concept.

In fact the Home Loan Experts already note a number of criteria that you need to be able to fulfill if you want to take out this kind of loan.

This includes:

<ul>
<li>A high income to afford both repayments 
	 </li>
	<li>Little existing debt (car loans, high credit card balances, etc) 
	 </li>
	<li>A clear credit history 
	 </li>
	<li>Some savings to make up any shortfall 
	 </li>
	<li>A proven rental history (preferred)</li>
</ul>
Source: Home Loan Experts

They also note that some lenders of personal loans will not provide this to you if it’s for a home loan. And many lenders require genuine savings (although some accept rent repayment receipts as genuine savings), and so will not accept borrowed money as a deposit. This means that the number of lenders who match up well in this respect are thin on the ground, and you may not be able to get with your lender of choice or get the rate you’ve had your eye on.

Remember, personal loans have higher interest rates. Jumping onto Finder sees the lowest personal loan’s variable interest rate at 9.95%, with the majority around the 13% mark. No small figure, considering home loans are sitting around the 5% mark.

Situations in which this could make sense include those who are expecting to come into a lot of money, to then pay down their loans. However, it’s entirely individual dependent.

What this type of loan can possible do is take place of <a href="forward-planning/34333-what-is-a-guarantor-investment-terms-explained" target="_blank">the increasingly popular ‘guarantor’ concept </a>(where a parent or close relative provides security so that the new buyer can borrow more without having to pay lenders mortgage insurance, or LMI). Not everyone’s parents own property, or have enough equity to assist their children, and not all children want to rely on their parents for a loan.

See over page for what to do if you have little to no savings

<hr class="system-pagebreak">
 

If you have little to no savings at present, and perhaps don’t qualify or want to use the low deposit loan and personal loan combination, then you have a number of options that you can consider.

Here are five things to have on your radar.

Use a guarantor

As previously mentioned, parents can be a helpful option

Save for longer

It might not be what you want to here, but sometimes saving for longer can be the most prudent option. Here are <a href="/expert-insights/buying/35198-13-simple-tips-to-help-first-home-buyers-save-for-a-deposit" target="_blank">13 simple savings tips from Mark Bouris</a>.

LMI

You may be able to get a <a href="/expert-insights/27914-the-three-things-your-home-loan-broker-knows-that-you-dont" target="_blank">high LVR loan with little savings as a result of LMI</a>.

Joint Venture

You could consider <a href="/expert-insights/investing/19393-friday-observer-ytc-chan-a-naylor?start=1" target="_blank">buying in with a family member or friend</a>, sharing the deposit or coming up with another arrangement if they have capital but are perhaps missing another part of the equation like serviceability.

Fractional investing

This type of property investing, which <a href="/expert-insights/buying/32656-what-is-fractional-investing-property-investment-terms-explained" target="_blank">allows you to buy a ‘part’ or a ‘share’ of a property</a> acts a little like shares but allows you to buy in as a group of investors.
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A $2,500 deposit can get you into property – but what’s the catch?

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“How much should I be paying?” It’s a common question that investors are right to ask about every aspect of real estate.

For Queensland investors looking to rent out their property, it’s all about the agent’s fee. Property Observer has looked to Fair Trading Queensland to determine what fees your agent should be charging you. This is for both residential and holiday lettings, and agents fees can be a number of charges including commission on rent and a letting commission.

Letting commission, or that once-only cost you pay at the start of each tenancy agreement, is for the agents costs of advertising the property and setting up the new tenancy. 
Of the rent your tenant pays, your property manager takes their portion and provides the rest to you.

In this case, Fair Trading notes that it’s the length of the tenancy that determines the cost. We note that the figures cited by Fair Trading are the maximum allowed commissions in all instances, and not necessarily the industry norms.

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For tenancies two weeks or shorter, the maximum is 50% of one week’s rent.

For more than two weeks to three weeks it is 75% of one week’s rent.

For more than three weeks to one year it totals one week’s rent.

For one to five years, the fee is 5% of one year’s rent. And for more than five years, it’s 7.5% of the average annual rent.

For commission on rent, this depends on whether they have charged you a letting commission.

If so, then it will be 5% of the rent for the first year, and 7.5% from then on. If not, then it will be 7.5%.

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Other charges may be seen for repairs or replacements at the property if they are required to supervise. This has to be agreed to in writing.

Finally, Fair Trading notes that for holiday letting the maximum for three months or more is 9% of the total rent, and for less than three months it comes to 12%.

They also note that some agents do not charge a letting commission on holiday rentals, which makes sense considering how many holiday rentals utilise online listings sites to find clients.
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The amount Queensland agents should charge for letting a property

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For the first time in 35 years, a Hamilton Hill home in Brisbane is being offered up for auction this week, having last sold for $60,000 in 1979.
The property, <a href="https://www.eplace.com.au/property.cfm?propertyID=2536483&amp;realestate=24_Hillside_Crescent_Hamilton_QLD_4007" target="_blank">24 Hillside Crescent</a>, sits on 506 square metres with no sales prior to its last sale. The house, built in the mid-to-late 1930s by the Queensland timber merchant W.S. Brett was designed for the merchant himself. At the time, it was covered by The Courier-Mail as a significant property.
The three-bedroom, two-bathroom 80 year old home retains a number of its historical features, including leadlight awning doors, polished cedar timber floors and high decorative ceilings.
Marketing the home is Sherrie Storor of Place, who said that this was a rare opportunity.
“This house occupies an elevated position on Hamilton Hill and has a wide frontage with panoramic sweeps down both reaches of the Brisbane River and onto the city skyline,” said Storor.
“The home was designed to co-exist with its amazing position, with the floor plan oriented to take full advantage of the amazing Brisbane scenery from nearly every room.”
It has formal and informal living areas, patios, an in-ground Jacuzzi and a terrace.
It is looking for buyers who are open to restoring the home, with renovations required on the home.
“There is ample scope to renovate this home and restore its historic beauty while adding instant value,” she said.
There has already been substantial interest from buyers, and the expectation is for some fierce bidding later on today.
“We’re confident the property will sell – in fact, we are under instructions from the vendor that the property must be sold,” she said.
The auction will take place on Thursday at 6.30pm at the Place head office in East Brisbane.
RP Data's 'land value' section from June last year puts the price at $1,150,000.
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Historic Brisbane, Hamilton Hill home up for auction

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George J Nowak, of the Charterhill Group, has filed for bankruptcy after the Federal Court in Adelaide froze his assets and those of his wife back in February.
At the time, the <a href="https://www.urban.com.au/news/28647-federal-court-freezes-assets-of-charterhills-george-nowak" target="_blank">court had ordered the surrender of their passports, and restricted their travel outside of the country</a>, while ASIC investigated the collapse of the Charterhill Group.
The Charterhill Group specialized in assisting clients to invest in property with their SMSFs. This left nearly $6 million of super at risk.
Macks Advisory’s Peter Ivan Macks has been appointed as Nowak’s trustee, and he has advised that the bankruptcy came following an appointment of liquidators to companies within the Charterhill Group Lending Solutions International Pty Ltd and Nova Real Estate Pty Ltd.
Nowak, who lodged a statement of affairs with the trustee, listed 31 companies he was director and/or shareholder of.
The statement of affairs was signed and dated 30 June 2014, and lodged with the Debtor's Petition on the same day. The Debtor's Petition was accepted on 2 July 2014.
It is noted that unsecured creditors totals approximately $7 million. This includes a claim in his estate, brought by Nova Real Estate’s liquidators – of approximately $6 million.
Investigations are underway, but return to creditors at this stage is unlikely.
The following companies in the Charterhill Group were placed under external control in February:
•    Lending Solutions International Pty Ltd – liquidators appointed (Andrew Heard and Anthony Phillips of Heard Phillips)
•    Nova Real Estate Pty Ltd – external administrators appointed (Andrew Heard and Anthony Phillips of Heard Phillips)
•    EJ Property Developments Pty Ltd – receivers and managers appointed (Michael Basedow and Leigh Prior of Pitcher Partners)
•    Financial Wellness Pty Ltd – receivers and managers appointed (Michael Basedow and Leigh Prior of Pitcher Partners).
YOU MAY ALSO WANT TO READ
Investor update: <a href="https://www.urban.com.au/news/28585-investor-update-charterhill-issues-clients-apology-after-closure" target="_blank">Charterhill issues clients apology after closure</a>
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Charterhill's George Nowak files for bankruptcy following liquidation of companies

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A continuining drop in first home buyer numbers has chief executive of the Real Estate Instute of Western Australia (REIWA), Neville Pozzi, warning the government not to introduced any stamp duty increases for first timers.
He said that this drop should come as a budget warning to the state government.
“Given that first home buyers are dropping in numbers, it’s critical that the Treasurer doesn’t bring back stamp duty for this segment of the market,” Pozzi said.
Currently, first home buyers in Western Australia are exempt from stamp duty payments for homes under $500,000.
“It’s very concerning, however, that Premier Barnett has indicated that the current tax break for first home buyers is under review and might be changed,” he said.
“The housing market is very susceptible to cost pressures and making first homes more expensive would be a terrible blow to the market just as it’s starting to stabilise,” he said.
FHOG applications for the March quarter, as recorded by the Office of State Revenue, recorded a 9% drop. This is 21% below the June 2013 peak.
This drop is across both the established and new-build sectors, with established homes dropping by 14%.
“This means that grants being paid out have now fallen below the average since the FHOG was first introduced 14 years ago,” he said.
He noted that the "last thing" the market needs at present is any added cost pressure on first time buyers.
The median purchase by first home buyers in March was $470,000 in Perth, and $350,000 in regional Western Australia.
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REIWA chief executive warns against FHB stamp duty introduction

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Almost 50% of first home buyers from Generation Y want early access to their superannuation or for their employer to salary sacrifice, to fund a deposit, according to <a href="https://www.mozo.com.au">Mozo.com.au</a>’s research.
In a survey undertaken to launch Mozo’s new First Home Buyers Hub, first home buyers were asked how they would prefer to fund their home purchase if given the option.
The majority, at 49%, were prepared to save diligently. If you’re one of these first home buyers, you can see some savings tips over the page.
However, 22% were keen to borrow the full purchase price without a deposit.
Here are the results from Mozo:
<img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAh0AAAB5CAIAAAAS+ATVAAAXzElEQVR4nO2d3XGrOhSFVVEKoIzUcIcG0sApgTyfIvJ0qMIzKUAFpAzdB5C0/yRjkGwcr2+YexMD0pbw2QsJtOLCLhwAAPxS9mVFkNjZg84594ds/2HD9ojtDzZsrTfoymGgK9ieeXt4DsL2+zboymFa6co4090/0/Dfprww/PMhhBD89Kddrvk7hxDmvz2y2OS/x76N6he8GeHfyW+sblvbu2yVqh+eg7D9vg26cpiWuuL/DWsWSD9f2YbpJ4Tm2apXat4Y7bFG3UNXdkTY50odr/rhOQjb79ugK4fpoCvL2GVNBOMcgv+efQghzOPfPKqZ/w7TT/xlGd+wveLcEIrlrCkm3oOH+Zum5mH6SeOnZVA1j+Tz6ZvGoA7O6exqtNZhf/JoYPyOVS+6m9r1PZaDt+JfQtK1m3WJ/q9FyI6c/nlSvmr7f6TG7zUS/28wqhNxGqc4qzny0ocQws886654eA7C9vs26Mpheo9XxjnEXEASn/s7h+CnP+RW1NhLzr1SDrvNH79DkHrjpz/Lid7/pJ+D//FEJPz0Rxwsxg0y2rWNcoRhN0roCpETP/0rBq/iz9lZ1l7WFTUtaUYoe3gpf/wmiisGDaQhMQxenY7znz7l6qXPVVtdgQ1b6w26cpg+z1dyAsq32MM/LwpZb4SLe+W4p3zk8uGSSXWiH+d0zPc4fgf/b8iCtCTHWA47uJyOWXVsrLZVV0i29fN3JXgjJLv2iq7ISaSyrqxH5gEKG/ZZuhIPWMKYaHVGnN+zOmW4dulp1erqPDwHYft9G3TlMD3mwWROXD7PN5v/GQnO2ivn1srl1HXFjd8hKUpSl/A95qLEcOd7mn50cx6lKzKkW3Wl0hChK/zIdK8wj7foSirkFl2pXHpWtbw6D89B2H7fBl05zP10hebTmHHsmaW419YV60insipPzX/n8DPPaQbsxy8Hp/y73DKTqZhgvc1VmQejB5uHLSMAW1foS1lG8Doks3azrn26YpRfngcjT5uWcUaurtBSfsrVS8+rll2BDVvrDbpymDvqyn/08eySF8yUkfYWdMU4Mt0dh2A8+k633mRqiD7qCCF8z/K9A+tV6SXpV5/bW/fXIYTgfUVX/tSDt0Kyajfq2jteoXNT+UFL2PbcnlZ383N7felF1eIRDjZsrTfoymGwLlJvJY1ESHwzXm3ocEq9Kx6eg7D9vg26chjoCtvifXp6KvD47YQhrdvddcXoiofnIGy/b4OuHOaArgAAwG+kbZJ9QfbrSts4AABPh3PuEi6/bENyOw50BQCwE+gKMGmnK/OYRpF8keRu5nGYfAjBT8OQVy/egp+GVsHE8obJp8DuzaPqBcCmg658fQzODR9f4XIJl8+YVN7nyyVcLv7jzTnn3j785RIul/n9bfqCrpyQRrpCE7ifBtci/yU5OY+upFIfkt8fVS8ABZrrytf05tyqK1/T2yoh8/vyw+fo3qav5b+X8PUxvH9ivHJK2ulKIeX5aaCjGHpguvu3hjnxvGHyfhqGcRzUMfaJ5ORhHJOuiIOtMlOoMcIc+/oJPYu3VzSTHjlM8xoOabgTZeR+iT/5aRjHMZdJOqR+bQC4F411xX+8De/vcbzyOTrnFuX4fHdZUVZd6TNYga40odk82DzStBrJ6XIepbD4aRimOetMPEKdmwdA5BBfPTHVlXKyODiXGY/OY5t5XHblcnnwWkTNZrooD+kHXmGuSHeLF4cpTQbgBDTVla+Pwb3PeR4sj1f8x5tzb9MXmQfrNViBrjSh+XP7RV9Inlc3/etTAj8N40yfysh7cWMejOtD4USafteUrA8mB+VhU4yaaA/XypKu6Gbq4NMPuiKzjbVPADgFDXXla3pzw8eX/Xzl7W1wbHSyDFbmd+fSmAa6ciK6vA/Gbt/1vfk8unHOGb/0AOSqrhROtHVFHLxFV9KRdC7K1BXdzP26okqAroCz0k5Xvj4Gx4jScgmXZR5sfXS/HrwMWdbxDdkFXTkFjXQlJ9bAnpanxDmPZFAxj8M4Dny+SD9jr+tK/URSa3nW68o8GC03f1TSFdHMiq6U5sH0BBp0BZybxs9XksAsojK/u0VO4nP7NFhx4yedN4OunI1m45U8D8RmpdJjl5Eqzyx/MR7NrDtYHueZ9epzezcMu57b69Ac04YYmAiVNrOiK1ZFuYhhHEvzYEa9ADySvrpCBjFUOT7H/J4x5sHOyauui8S9PwCH6aArj9+ePrmdAOgKAGAn0BVgAt9JAABgtE2yL8irjlcAAIdxGK8AC+gKAGAn0BVg0tAfLPMETy7aP19pZAr5wAc/7A20/Rey/Jqe9iali4Pi7/q0G/pk31WwqzUPM9v1DBx3cTVoqyvJZdKNn5fkFRbh6+0vlwDfyfPS3R/spDQPuFWBZ+jJIzHkNTk1u5t8MHspu7JKdhs7I9+mK2e4NLvpE3xLXUmrVfzHG3+xOBm6wHfyWeirK2kYo3wbudFLwaKRrBu0ck55SYq0etSrVagLl7tWY7EithQ0lSJbbfQHWZMp7u1VYLrSsdgtyjOnVEX6iLaFrs6pl1JdOURPksY84gSuK6zzdaFeGHHq9vJhlgpSd4XX/qSqK5VxkNGPSknpUlZlmVr+Ok3mxRKtNj+xIiBFkZ4pfPPtkq/hesyDJTcw9St8J5+FDvNgLBkpdxM72fK9xtL08mp8bSVpl6NW1y//xowIeY2VioIVj7mcPtDz40+5ZOWnqXfRSkvdUjLKZPvYgMINAyuWTpWwc/kpokMo4lixeHQY+IpQMg9WuaE2LlaUt1J7zatmdCn3J6U11rxBr/Y2Td7WF08EJh0W+PdB248WDUmpnqnGiotbMX3YPHDsoSvZbjJcLszV+ALfyWeh53jFdHLUh+lcwO+67BMrVpK1AuOPy/8Mqy5VY9Wz0mhFyWcsEPUt3/JyfeL34uzG0uoWXf6VcgrjC6ErOp+KDuHE/ck5gPaAT63Ug88x2ZCa82d21lb9Wbpqqitos+SVuuLhVujtWn4ng7LK16nyfTDKLH+iixJXc6P56TXa68r87uhgJTrk68PgO3lmTq4r6s7eKvx6OTfoSm0sUWvsFl1JRy7pKFvbqJviipFlvVto+XPVEFO3ZbuubJsk2eIpyn6Pnxp6bOqKbq91FXI0vCuO6kqldqu3s66Uvk76YrFKt+jKnP/EQ+m6n1lXluHI+ClkRtl/wXfy7PTUFT3W3qEr6+yJNZFfmmEwf9g4D6ZrrFRUakVhHizvSXNC+fmN0hWxS1ZqdIssn2axXAWJarl3vqor+pSS42cgWUrv5LM7ZJ/Mjxt1xWhv5YqbXUo+unUezK5dTFqaX57S18m4WJt1RdRb+f5UvvkP1pXPdydsjJc5MTUcge/k6bnTc/srd3w1XTGzVwjBfP5ZGa9ceW4vp47o76WKdDTlMkVJMevLkQu5reW7VKVmt/DyyQeiitSeLeMVcYrukOplEUNBPssj9t84D1Zqb779p3EYXRGbRfxJafeKJqpLoGpP8VPz0C3P7asX66qu6HqNomLPVL75D9UV461i8XAlbvCdPD/nXxe59SverowWNXbnKYJ8eX77VWqoK+fZoCvHObeuzPKPT+5k+z/vVjV25SmCBAG68pQbdOU48J0EAABG2yT7gpx7vAIAODEO4xVgAV0BAOwEugJMuvhO3mXmf7ePni+6B+r3oJpwz0n2hnXRt412dvXCbkfO4puAOwsTzQGHaasrwnfS+AS+k09Cj/eM5bqNLhReSr7hxNKup9aVHuzuanH6noo73KM8++U4Ey11RftOqk/gO/ks9NEVsfrEOWdaQBL3RuswsiZAvsyfFh4sMnBtiUCG7CitDNB5p7z8hZ9LDBxp9VaE4hD6ARNosxV2PKlXb190Yva2n5xzywq6SleXL1xegMdbZTZfhpO+HnLli25vKRLRpT4vptTxgH201JW0Cd9J8gl8J5+FLvNg3P9KLbnXHpTG6l+yCjkZHZYW8eWFcCmP5ywpE5dx971BV4pL7ukysxRG3ufGuRph/ETYyNRbYcZjeBeSMOpmkVZvL5eURWI2pGipoNfxqdpKseTC5ZrQbAhk9ACPpOTMg/FKO3roivCdZJ/Ad/JJ6DwPVrEIo6dYbkU+LjwfJr+MgFglFXnQ1n5mqLeNV7IC8lBU9qydzguiAaZf9ZBLt6ISTymMep9YvT2PzrmxUCbp6tL1reiKbr7d2bFMHbzuATMSOcSBrjSmva5I30nrkwDfybPTxcdF33yH23VlOWBejKTmcZhmVse2ZGdgnMjvtW/TlYKvn306VT7LQyymQuZnVWnCTbpSf1Jh9LaTQ8fbdKVsCldqvmwc0RVjJvCarogunaAr7WmsK9p3Un8SLvCdPD+dxit0zrswTyImtYxE46chWiv6aRhH9hpPfdhRMUZkszrKJbCkK6VZl+oE1PpjJR1HW0AaKDExLLTCjKcklmGDWaTZ226DrpjXt9gzEdNgkbUu7y7PehWuiDKBXD9K1lnQlXY01RXtO2k4Ua4jGPhOnpvu7xnLCZ7CDbWeBwo0e9AfV6SPnpyG18WlQmW+pS6B257bl86VvSGelKSfDIdBbWJ443N7U63J+VWzSKO3859PqXW1vnC2ByLrUstgUUTiHLODvOW5vTGVOAh7Zjy3b0NDXdG+k6YT5QW+k88A1kVu4Gx3uGeL5/6gB85BQ105z/Zaya0P0JUNnC2LnS2e+4MeOAfQFWAC30kAAGC0TbIvCMYrAICdOIxXgAV0BQCwE+gKMGmkK2zl2u+a+S5O5R90Y+zJlpBOGDZ4NtrqivadTK+ErW8Sw3fySWinK4Z3y6/mzHkZugLuQktd0b6T/uNtkZD5fdES+E4+Cx10Ra6ZN8wllXujaS65/sIGQWnJnqut6liXi8ez2KpuvXibr40ga/XEMo4cfiqfLYwwY1sLH6dlKTsLl4/vzFWHVy01eQ/rrig6XdKljeJzs4dvXA0DXoEu82DRZfJrelvXpph+xvCdPDFddIWvmhOGG/Rosk6wZC5ZWs6t9YEu8NZr+3ONau060TZa2Sp1dC1j3cfQiC0p2iwXANaMJsvGATpavWB0PZwbQ+rOl4tATStJqmb0ktZdLMGr0ENXksvk5+iorrxNX/CdfBb664owXzHv0UvmkltsDXWttu+IzMu5CuPRkLfdsczBVt3mpJR/9erw6umpo2S05nQWUU9jZbwhutbnRvX1TgMvR3tdIS6Thq6Qw+A7eWbuMA9GXUmUCZjXdockTTXTFTnGKEWeizLyLN1l+RjepCuitGuOjVlXyg6MvFh+BXTnLztKn4uita5gkAI6+07qebB4JHwnz07n5/Yqs68/bDeX3JL1RF2mroR5dLGiwM+ShozxB+4aSZtl+xgasRXnwWRpk+f1l+fByjNjvHTVFtH5SVfMz42LRxQyj1LUvCJ4JZrqinKZZH84kvxFFvhOnp7O7xnLzL7cnDO3QfKAwHhWIKeL9utKOQWyR9A5Ja97+LME0kTlxmjGFp/bj+XXBVTGpl6WW57bW7oiT1SdL2bW5Odm95GK8dwedPadvOj3jMPlAt/JZ+B11kWaCfjctT82ZACu0f75ygm2J0xup+M1dGW5uX7AnbVhfn8D0BVwbqArwAS+kwAAwGibZF+Q1xivAAA64DBeARbQFQDATqArwKTh3yFmrw4ffixw1dVxHh/+7KHe0MreW3uILh+9OcrtdTh30te7TnCtgUUnXZEGlHexm4SuNKTp37e3DL52crWMMzzT3h3DvhO7NvkM/VnizLG9Nl10Ja1WiU6U97GbhK40pJ2uDNNkDjH0QgfLijGtjkgLAtdf6LLEXA45wKwiyGLZepmSc6VVlCwhLw1Zl+9PJVNLuq5F1Lh1YQqtKB5v9EahUbrxxY4i648sn1CyoMV29uTfhC2Wl8QrUzectYVe61wShOYMuO66omyMOw9WoCtNaKkr3i9CYft/xJRrLUGvrKtPJWePE+7SWPFK0WfJupRzpSjKrFc4aeYC+cpLGqGoMReiTSctQ0nRCXZUJcvLuLPSUawtpFLD9FP9YCxkLTkClPtQNlx1F+8tOMmchC66EtKCxzjxdRe7SehKQ5rqyjoRrlebk3tMM7tVfMBYdia3qjTXiCpEYGJPZcW+WVSp3lyATqC8Il2j/qRuKCnFtRKVrqLaOhEtPWvjRdG6YvZ0qQ9rDVdtSeVAU85B3/GKtAXrazcJXWlIY10JfhqyI6N1W7lPVyr2iJU717LTZVFXDK+VkkGZjEEWd6uuVAwlRdLfYhZp6kolHffTlXof1hpeaEtUF4jLw+mhK9nGOHy+MxvjvnaT0JWGtNaVkGyz4ufSoHDXPFjFHtGoImI6XVZ0RRdVs2UUMzzK1PImXalNH1m6ct0skjtFsjku1VG6ii0XxerCPX1YbLjsLhr3PKohF7g7PXQl/f2V/Bck0zimp90kdKUh7XWFzZ6H2nN7asWoZjiEq6P2rCT6dfVxNHW6rOiKUVTFllHemxfvu7foiq7aqCg1eZtZZJ59uvrc3tIVfVG2jlc2Wl4W+tzWyPVaHzPGAY3pMg9m/aH7S3+7SehKQx64LtJK68/Kb2rLMdATr0QnXXnsBl05zv115dfdcT7M1PKUQFdeCegKMIHvJAAAMNom2RcE/mAAAJBBcjsOdOXl4CtG+s3gifc3dpexI76dk3Hb3jHLr0N07b7010OHIb+pUqnsAS/IxZ4Qb57wNz+GaSq6W1SKJQent1boy+mioo3xcKc5WdEKkttxoCuvBk/3LZJ/paKjSXdDspxnXce+1fgb+4Ie1qKNW4Opi+X14K2OOkKskbxPvto6kPcPF1VZd2/7orGFCmshM/UfNCqS8ZB1U/kwTwsxKooguR0HuvJqkGVD9I4tjmLEm9tk6YmxNy3pnPg9fPycm5rlOvOqn5xyppGd6txqVWYEoGocZxYSWWzqUg08MFYd6RnWAraCh72sTdZdDcJlKK3ZsfqE1rEuy5qSjzR9LzwHPJOFX8aVKgZPDzN3Us8cUeam7iI109VRWeCWgKOesO9dGT8Nw0AkclkZ5vJnRkXWF1we5idaiFFRxiG5HQa68mKIWZxs50gyKbsj917sjTe+5B8sLyT/w7YSAF+xE0+kaS5loLiQ0ggvpa71/zKk9RaX25GR04UTWeqZnP3JPTZrAO9AKmOiRUbkZIHuPK5TXHTShojYSJYPkzQtCywEnzJmFg4exrKK15AEVUWpu0S17KKtR/NbArdBV9IXIAt3HmsIibeFKvawdRhpgKyIguR2HOjKi8FuJ8ktoGP/+OlSRbWXJ4r0j1VMdIg8SWcfxD9znVEdSyYyAJZjrNzFx1Py9FJgKuvQzMpnT3gy0i2i/5eR5zWfbhiYfwAbBUlhCFksrTQtgmcsPZJ7bFq9ltbRoAhy2thdvD/UKEL+yZzSt834ztDhnxDsK8OVeYy9Yh6Wv6GyIgaS23GgKy+GOaMj5769T7mPzGTwk4gqpLQjprdFJghrmeTfdp5oyUfGCfk8SacVi6/MFyHJCPTpVmBiLJHblCfjgj6p2CLWJ3YVVFaEuLKH9XQarPSUQgQ/8sN4iER7CzcEG7pL3k6Qq091jOy+Plqh03Xcj4PIJq+IXweiUsZhfMxjynMIAcmtBdCV14InB56N6B0qv5mke/VwJU2ZTeIvxJi3uXkwMfCbe/ZAthKApz4vKmKS1PjQjJxeHq7Iv2Gz1CBStMzsVotofuNV5yp8wc7Guv3PZbJrUQ6eHZY6imm1M4Pc2F3qmUy8akslfHwnoq2ztlQVwq+JKlB+a/VhsgGF4QqSWwOgKwAUyRMrjUozExk4FUhux4GuAGCSb/IbsWkuCDwcJLfjwMcFAAAYbZPsC4IeBAAA0BLoCgAAgJZAVwAAALQEugIAAKAl0BUAAAAtga4AAABoCXQFAABAS6ArAAAAWgJdAQAA0BLoCgAAgJZAVwAAALQEugIAAKAl0BUAAAAtga4AAABoCXQFAABAS6ArAAAAWgJdAQAA0BLoCgAAgJZAVwAAALQEugIAAKAl0BUAAAAtga4AAABoCXQFAABAS6ArAAAAWgJdAQAA0BLoCgAAgJZAVwAAALQEugIAAKAl0BUAAAAtga4AAABoCXQFAABAS/4HRWmPQZ1sqvoAAAAASUVORK5CYII=" alt="">
Mozo director Kirsty Lamont said that it’s interesting to see which option first home buyers would choose when facing increasing property prices.
“It’s clear Gen Y feel it’s unattainable to enter the property market by saving alone, and want the Government to seriously consider superannuation as the solution,” said Lamont.
“Using superannuation to fund property sounds good in theory but it’s not the silver bullet for first homebuyers,” she said.
She noted that first home buyers have to consider stamp duty, mortgage interest, maintenance costs and the lost returns the super could have earned.
“With this seemingly quick fix what’s also lost is the important discipline of regular savings, which can become a harsh reality when the mortgage repayments start,” she warned.
For those interested in Mozo’s savings tips, turn the page.
<hr class="system-pagebreak">
 
With almost 50% keen to go the traditional route and save the funds for a deposit, Lamond suggests living off one salary if buying as a couple, or selling off unnecessary assets such as a second car.
Moving in with the parents may also be an option, she says, noting these are temporary choices.
They also suggest:
<ol>
<li>High interest savings accounts 
</li>
<li>Setting a budget 
</li>
<li>Getting a second job 
</li>
<li>Ditching credit cards 
</li>
<li>Selling old items online</li>
</ol>
You can <a href="https://mozo.com.au/first-home-buyers/rip-first-home-saver-accounts-what-now-for-deposit-savers" target="_blank">see more of their tips here</a>.
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Almost a quarter of Gen Y first timers want no deposit home loan

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A one-off $7,000 payment to those relocating to a regional area finishes today in New South Wales. The Regional Relocation Home Buyers Grant is a payment provided to those relocating from a metropolitan to a regional area, and is noted as not meeting the Government's objectives.
Available to Australian citizens and permanent residents, to receive the grant the applicant must have purchased a regional property on or after 1 July 2011, and on or prior to 30 September 2014.
The regional home must not exceed $600,000, or $450,000 for vacant land.
The applicant must begin living in the regional property within 12 months of purchase, and reside in the property for 12 continuous months. For those purchasing vacant land, they must commence construction within six months and reside in the home within 12 months of purchase date.
You must also have owned and occupied a metropolitan home as a principal place of residence in the 12 months prior to commencing the purchase, and it must be sold in the 12 months prior or after purchase.
Alternatively, those renting homes in a metropolitan area for 12 months prior to purchase, and who can establish a two-year continuous rental history in metropolitan areas, can apply. This was only valid from 1 January 2014.
Applications submitted from 1 January also required the purchased regional property to be further than a 100 kilometre radius from the metropolitan home.
Prior to 2014, only one grant was available per household, even if two regional properties were purchased. However, since 1 January, if two regional properties are purchased and both applications qualify then two grants may be achievable. No value limit is placed on the sale achieved on the metropolitan home to receive the grant.
The Skilled Regional Relocation Incentive, offering $10,000, is also closing today after commencing this year.
A note on the Office of State Revenue website says that despite the closing of these grants, the Government is considering a re-introduction of the Skillled Regional Relocation Incentive, with applications backdated to 1 October 2014. The Regional Relocation Home Buyers Grant, however, will not be re-introduced.
"The Regional Relocation Home Buyers Grant has not been as effective in meeting the Government’s objectives as the Skilled Regional Relocation Incentive. For this reason, the Government is ending the Regional Relocation Home Buyers Grant. As the Regional Relocation Grants Act 2011 does not provide for partial closure of the scheme, both schemes must be closed," they explain.
If you've relocated prior to today and haven't yet applied, you are still able to provided you do so before 31 December 2015.
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New South Wales’ Regional Relocation Home Buyers Grant ends today

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Vendor discounting figures are regularly collected by research house SQM Research. Now, they’ve compiled the 10 most discounted individual properties in Western Australia.
They note that Western Australia is a locality that has undergone substantial change in recent years for residential property, with the mining boom and subsequent downturn.
“Many of the properties we see below can be easily recognized from our national top ten most discounted properties, as over the past few months, Perth properties (and other properties from Western Australia) have made up the bulk of the list,” their research notes.
Just one of the homes on SQM Research’s Western Australian list had an initial asking price below $1 million, which is certainly not the norm for discounted properties across the country. After discounting, just two dropped of the Western Australian properties dropped below the seven figure mark.
Across the entire list, two were from South Perth, with the top two in Carabooda.
<a href="https://www.realestate.com.au/property-residential+land-wa-carabooda-200627671%20" target="_blank">292 Carabooda Road, Carabooda</a>
<img src="/images/2014/10/1/1.jpg" alt="">
Initial asking price: $1,650,000 Now asking: $1,032,000  Discount: 37%  Days on market: 404 <a href="https://www.realestate.com.au/property-house-wa-carabooda-114289451" target="_blank">219 Bernard Road North, Carabooda</a>
<img src="/images/2014/10/1/2.jpg" alt=""> 
Initial asking price: $3,500,000 Now asking: $2,272,000  Discount: 35%  Days on market: 404 In terms of the dollar figure, this has been reduced by the most on the list – copping a $1,228,000 reduction on asking price. <a href="https://www.realestate.com.au/property-unit-wa-bicton-115389839">28a Malsbury Street, Bicton</a>
 <img src="/images/2014/10/1/3.jpg" alt="">
Initial asking price: $1,500,000 Now asking: $1,000,000  Discount: 33%  Days on market: 308 <a href="https://www.realestate.com.au/property-house-wa-doubleview-116544475" target="_blank">1 Princess Road, Doubleview</a>
<img src="/images/2014/10/1/4.jpg" alt="">
Initial asking price: $2,700,000 Now asking: $1,800,000  Discount: 33%  Days on market: 175 <a href="https://www.realestate.com.au/property-house-wa-yanchep-115004491" target="_blank">48b Brazier Road, Yanchep</a> 
 <img src="/images/2014/10/1/5.jpg" alt="">
Initial asking price: $985,000 Now asking: $699,000  Discount: 29%  Days on market: 350
This article continues on the next page. Please click below to continue.
<hr class="system-pagebreak">
 <a href="https://www.realestate.com.au/property-apartment-wa-south+perth-113923551" target="_blank">12/4 Scott Street, South Perth</a>
<img src="/images/2014/10/1/6.jpg" alt="">
Initial asking price: $3,650,000 Now asking: $2,600,000  Discount: 29%  Days on market: 481 <a href="https://www.realestate.com.au/property-duplex+semi+detached-wa-burswood-116984079" target="_blank">21b Hampton Street, Burswood</a>
<img src="/images/2014/10/1/7.jpg" alt="">
Initial asking price: $1,400,000 Now asking: $1,000,000  Discount: 29%  Days on market: 126 <a href="https://www.domain.com.au/property/for-sale/townhouse/wa/perth/?adid=2010865160" target="_blank">211 Bulwer Street, Perth</a>
<img src="/images/2014/10/1/8.jpg" alt="">
Initial asking price: $1,500,000 Now asking: $1,100,000  Discount: 27%  Days on market: 930 Of all the properties on the list, this one has been on the market for longest – at 930 days. <a href="https://www.realestate.com.au/property-house-wa-sorrento-116607811" target="_blank">2 Marine Terrace, Sorrento</a>
<img src="/images/2014/10/1/9.jpg" alt="">
Initial asking price: $3,990,000 Now asking: $3,000,000  Discount: 25%  Days on market: 161 <a href="https://www.realestate.com.au/property-apartment-wa-south+perth-114534271" target="_blank">32/39 South Perth Esplanade, South Perth</a>
<img src="/images/2014/10/1/10.jpg" alt=""> 
Initial asking price: $1,295,000 Now asking: $990,000  Discount: 24%  Days on market: 406
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Jennifer Duke

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