Finance offer terms and conditions
Terms and Conditions of offer set out hereto (Offer)
This Offer is subject to the following terms and conditions;
- The Offer only applies to contracts exchanged prior to 28 February 2020 for purchase of land (Contract) within the Johnson Property Group’s Mount View Grange Estate at Bellbird New South Wales (Land).
- The Offer only applies to Contracts that include the following settlement terms and the purchaser completes the Contract in accordance with those terms (without breach or variation);
- Completion of the Contract to occur within the latter of four calendar weeks after the date of Contract exchange and two calendar weeks of the purchaser being notified by the vendor that registration of the plan of subdivision for the Land has issued and the vendor is ready to complete, whichever being the latter; and
- for the purposes of the Contract, time is of the essence without notice.
- Subject to the purchaser qualifying for the Offer and compliance with conditions 1 and 2 above, the vendor will adjust the Contract sum in favour of the purchaser, at settlement, by an amount equal to $3,888 or the Interest Subsidy Amount (as calculated in the manner set out below), whichever being the lower.
- The confirmation of the Interest Subsidy Amount will be carried out as follows;
- No more than 2 days prior to the date for settlement of the Contract, the purchaser shall provide to the vendor, evidence of having entered into a Qualifying Loan (as defined below) and the estimated interest payable for the first six months under the Qualifying Loan, following completion of the Contract.
- The interest calculated under clause 4(a) shall be the Interest Subsidy Amount.
- A Qualifying Loan is;
- a loan with a Bank, Building Society or non-bank lender relevantly licenced to provide loans for the purposes of home mortgage lending;
- a loan taken out specifically for the purchase of a building block in the Land; and
- a loan not exceeding the full purchase price of the relevant block.
- If the purchaser does not provide evidence of having entered the Qualifying Loan in accordance with clause 4(a) above, then the purchaser shall lose any and all entitlement to receive any benefit under the Offer and shall complete the Contract at full purchase price without any claim or demand upon the vendor.