SAFE BUY FAQ
General:
Q: Who can qualify for this SAFE BUY plan?
A: Any Non Resident of Australia, of any Nationality and age, who is legally entitled to purchase an apartment or house and sign a contract, and who has the 10% deposit and purchases an property in the current SAFE BUY projects through Citylife.
Q: What is the purpose of this Programme?
A: The purpose is simply to give investors peace of mind when purchasing in case the market drops within the first 12 months for any reason AFTER they commit to a purchase. In the current climate many people are keen to purchase a property, but have held off doing so simply out of worry in "case prices fall." This programme takes away that risk.
Q: Can I get the coverage for more than 12 months?
A: Naturally, Citylife can not provide the coverage indefinitely, so the Citylife Safe Buy plan is provided for the first 12 months after the contracted date.
Q: How do I get a refund if the price drops?
A: The Citylife Safe Buy offer is provided to you at no charge, and you will get a rebate to reflect the drop by way of a Cash deposit by Citylife into your back account, subject to the agreed terms provided to you in your Safe Buy Certificate, within 10 days.
Q: Do I have any further liability if I take up the SAFE BUY?
A: You do need to complete your original purchase as you agreed to in the contract.
Q: Is this kind of like Insurance?
A: No. The Safe Buy Plan program is not a lease or insurance. It is a complimentary certificate provided to you at no charge to cover an unforeseen drop in the market.
Q: Is this something I have to pay for? If so, what's the additional cost?
A: The SAFE BUY certificate is provided to you at no charge.
Q: Is it built into the price?
A: No. The SAFE BUY is NOTHING to do with any Developer, is offered independently by CITYLIFE, and in carefully selected projects.
Q: My wife and I will purchase together. Does this provide any problems?
A: No. One certificate per property is issued and will be provided to the buyers listed on the Contract. Both must sign the Certificate upon making a claim.
Q: I have seen a property from another agent. Can you offer your SAFE BUY on this?
A: No. Citylife prides itself on making carefully selected recommendations on properties that reflect a number of investment criteria. We only offer SAFE BUY on our personally recommended projects which we stand behind.
Q: How long do I have to make a decision on this?
A: It is currently available. Citylife reserves the right to cancel the offer at any time, after a certain number of apartments or houses have been taken up in each project. It is to your benefit to take this offer as soon as possible if it is of interest to you. However, it is more important that you are happy with your selected property first. THEN ask for our SAFE BUY plan as an added safeguard.
Drop in Property Prices:
Q: How do you determine if the market has dropped?
A: For the past 15 years we have used Residex, one of Australia's largest independent research houses. They track, monitor and record property prices, both houses and apartments, on a monthly basis in every city in Australia. Residex is the leading supplier of automated valuation models to the banking industry, provides residential property price estimations and trend data to government and private enterprise, propensity modelling to large corporations and property forecasting to institutions and personal investors. Each month they publish the price movement Index for each city and for both houses and apartments. Therefore, we use the published apartment or house Index for the city of purchase.
Q: What if the Residex Index of values falls after I have committed?
A: The SAFE BUY plan is designed exactly for this! In the event that property values drop as officially shown on the Residex official Index for the City you have purchased in, you will receive a cash rebate to reflect the drop at an agreed price given to you in writing before you commit.
Q: Is this only offered on the projects Citylife is marketing?
A: Yes. Citylife is proud to offer specially selected projects each year that meet certain strict criteria for investment. We are careful when doing our research to try to ensure our clients have access to properties that protect their downside as much as possible, with plenty of scope for upside over the medium to long term. Therefore, we are so confident in the market and our projects, that we are basically willing to put our OWN money into YOUR purchase, by way of our SAFE BUY PLAN.
Q: What if the market moves UP after I buy?
A: You only need pay the originally agreed price.
Q: What if the value drops, BUT I still want to keep the property?
A: You may do so. You are under no obligation to hand it back. And you will still get your agreed rebate.
Q: What if the final Bank Valuation is lower than I agreed to pay, but the official index has not dropped?
A: Bank valuers can be conservative, and two valuers from the same Bank can have completely different values! We have seen this time and time again, therefore, we follow the official Residex published index, as it is the best measure of the property market in each city.
