Legal
Stuff
Home Ownership
Project
- The goal of the Association is to maintain the interest rate of funds
advanced to members, is maintained at 3% per annum on the outstanding principal, for all
qualifying mortgage property, and fixed for the entire term.
- The term of the Home Ownership Project will be adjusted to suit the
applicant's needs and financial requirements. (Up to thirty year terms
are possible).
- Repayments will include principal and interest on a typical tabled
mortgage formula, based on the calculations of interest charged only
on the outstanding principal, assessed on the daily basis and at a
rate to suit the needs of the borrower.
- Maximum advance amount of US$5,000,000 applies to the Multiple
Dwelling and Commercial Home Ownership Projects. Amounts above
this amount must be negotiated with the Board prior to joining the
relevant Home Ownership Project. Normal requirements of the
borrowers ability to repay must be met.
- Funds advanced will, upon application, be limited to the actual
purchase contract price of the property, or to 100% of the registered
valuation of the property by an independent, qualified property valuer
(assessor) indicating a true market valuation, whichever is the lesser amount.
- Funds can be advanced against other securities or investment plans
by arrangement, but will always be secured by equity in property.
- The Home Ownership Plan can be transferred free of penalty to a
third party, providing that that party is willing to register, and is
accepted by the Board as a member of the Association and agrees to pay
Government charges.
- The only fees payable on your application are valuation, conveyance and settlement charges, government stamp duty, taxes and
your own legal costs. In-house solicitors are available at
substantial savings. These costs could be included in the total
advance (up to your approved limit) if you wish to conserve your
capital.
- In case of default in mortgage repayments by the mortgagor (the
member), Home Equity Associates will offer to provide alternative
arrangements to assist the member to meet their commitments. The
Association will not institute mortgagee sales, except in extreme
cases of default, criminal activity, or misconduct, as determined by
the Board.
- Home Ownership Plans will be available in any country in the world,
providing that the country has a system of mortgage registration over
property, professional valuation service, and the Association's growth
in that country is sufficient to cover the cost of servicing advances.
- Funds will be advanced in US dollars, converted to their local
currency or the currency of the member's initial fee.
- Bankers mortgage insurance should not be required by the members of
Home Equity Associates on mortgages advanced, saving you thousands.
- General insurance such as fire, flood, earthquake and other perilous
damages, as well as home and contents insurance, are mandatory, and
proof must be provided to the Association that the relevant policies
are valid and the requisite premiums have been paid in full, prior to
the advance, and that any mortgagee nominated by the Board of HEA be
noted as the interested party on the insurance policy.
- Mortgage payments must be received by the due date to avoid penalty
rates. Currency is the members responsibility to the other
members.
- The Association shall not levy application fees, account
administration fees or other hidden charges against current mortgages
not in arrears.
- Home Equity Associates is not a Multinational Bank, rather, a
world-wide Co-operating Community Association of members helping each
other. So, be considerate of your fellow associates and fully
responsible for your own financial obligations towards the entire
membership.
- Home Equity Associates relies on full co-operation of every member
mortgagor to ensure powerful growth, and the opportunity for every
participant to achieve financial security through ownership of
property, or a carefully programmed investment property portfolio.
- The Home Ownership Project is executed as a standard legally
approved mortgage document, dully completed by a qualified solicitor
under the engagement of Home Equity Associates, and securely archived
at that solicitor's place of business, or other designated location in
the Country of the Security.
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General Terms
and Conditions
- You should ensure that your name and personal ID number are included
on the membership application form of any new applicant for whom you
are the Proposer. The Association will not under any
circumstances accept a proposer other than that on the application
form at the time of processing.
- Your ID number is printed on your personalised promotional flyer
(included in your Membership Kit) and should also be included on any
other informative material which you hand out to your friends and
associates. Home Equity Associates require this number to ensure
that the applicant has been duly proposed by an existing financial
member in good standing.
- You will receive regular assessment of your home loan qualifying
points, and will be advised when approaching eligibility.
- The Association has four different types of Home Ownership
Project. Which project you choose should reflect what you
envisage requiring your Home Ownership Project for:
| |
|
|
|
Home
Ownership Project Type |
Application
Fee |
Annual
Renewal Fee |
|
Australia |
International |
Australia |
International |
|
AU$ |
US$ |
AU$ |
US$ |
| a. Normal domestic
residential purpose |
300 |
190 |
160 |
100 |
| b. Investment in domestic
residential property |
600 |
380 |
320 |
200 |
| c. Purchase of multiple
residential dwellings |
900 |
690 |
480 |
300 |
| d. Commercial investment
purposed |
1,800 |
1,100 |
960 |
600 |
| Note:
Maximum advance of $5,000,000 applies |
|
- Different Annual Renewal Fees will apply to each
project for the duration of the membership with the Association, as
shown in the table above.
-
The Board reserves the right to change any details or
conditions of membership at any one time and changes will be effective
from the time stipulated by the Board. All the information
provided herewith is current and correct at the time of publication,
not withstanding errors or accidental omissions.
-
Applications received on other than original
application forms at full A4 size will be returned to the applicant's
proposer for rectification. This does not apply to the
applications submitted by fax or e-mail, providing they have not been
reduced in size and the information is accurate, legible, free of
errors, and does not have changes that could imply misrepresentation.
-
Syndicated memberships are ideal for those individuals who do not
require large sums, and for whom the initial joining fee and subsequent renewal fees would
therefore be disproportionately high. The initial make up of a
syndicate may consist of any desired number of participants.
Benefits of the membership will always be apportioned equally amongst
all members of a syndicate. All syndicate members must be
nominated individually to both HEA and WAIC Inc. Any changes to
the membership structure of the syndicate must be advised to HEA in
writing for changes to be effective.
-
Membership fees that remain unpaid three (3) months after the due
date will result in the suspension of membership privileges and loan
eligibility. Subject to Board approval, suspended members may
apply for reinstatement of membership at any time within six (6)
months of the renewal date, provided their application for renewal is
accompanied by full payment to cover the outstanding annual membership
renewal fees together with a penalty reinstatement fee. The
qualifying period for Home Ownership Plan eligibility will, however,
be extended by the duration of the suspension. If the
reinstatement application is rejected, the applicant's payment will be
refunded in full, without deduction.
-
Failure to seek reinstatement of suspended membership within the six
months grace period will result in the loss of any loan eligibility
and removal of the member from Home Equity Associates' membership
list without further recourse.
-
Members shall at all times conduct Association business in honest
and professional manner, strictly following the guidelines laid down
by the association for proposal of membership.
-
Members agree not to threaten, discriminate against, defame or
otherwise demean the Association, it's staff, the Board, the Trustees
or any other member by way of word-of-mouth, or written word in any
media including e-mail. Members also agree never to institute
legal proceedings for any reason against HEA, Board, Managers or
Members. Infringements of these rules will result in immediate
termination of membership, without refund, as well as possible
litigation claiming damages to the injured party, or parties, which
could include damages for every individual membership.
-
Members, and former members, agree not to lodge a claim for any
advance or payment believed due, either by letter of demand, by fax,
phone, e-mail or post, or through the system of litigation in any
court in the world.
-
Resignations by members must be in writing. The association
will case to be liable for advances or other membership privileges, if
any, from the date of resignation. Members are legally
responsible for renewals or arrears until a resignation in writing is
received by Home Equity Associates.
-
Read this publication thoroughly, and satisfy yourself that you
understand the concept in it's entirety. You are applying to
join a Home Loan 'Club' with objects of achieving Home Ownership for
it's members, through the growth of the Association. As with any
other club or Association, refunds for applications of subscriptions
are not possible, due to t
Top
of Page Legal
Structure
The Association is set up as a division of the
legally incorporated entity, Western Australian Institute of Co-operation,
WAIC Inc, with the
added protection of a legally constituted trust, the WAIC Foundation Trust.
registered
as a division of the Western Australian Institute of Co-operation
Inc, and the WAIC Foundation Trust. Home Equity Associates is its registered
business name and
an approved project of these organisations. WAIC INC. and WAIC
FOUNDATION TRUST were Incorporated with the Western Australian
Office of Fair Trading on the 30th of May 1994. Top
of Page
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