Imagine the commission on this home loan: The local council in Stoke, Staffordshire, in the UK is offering homes for sale at £1, or A$1.49 in a desperate bid to reinvigorate the local property market.
With the average up-front commission rate in Australia standing at 0.66%, that would leave any hypothetical broker involved with a heady sum of A$0.0098 upfront, plus a monthly trail of around A$0.0026.
The UK’s Daily Mail newspaper reports that, as well as a boarded-up building, the owner will receive a £30,000 (A$44,574) low interest loan to renovate the property as part of the £3 million scheme funded by the council and the government.
Unfortunately, the buildings in question reside in one of the area’s most crime-riddled neighbourhoods - and any potential owner must renovate the house and live in it for five years before they’re allowed to sell.
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