Which of the following statements about the process of buying a property in Sydney according to the material covered in the lecture are TRUE:

1. Many of the banks offer pre-approval over the phone with no paperwork required. After receiving this verbal indication of willingness to lend, a property buyer can proceed with making an offer on a property knowing that they will be able to borrow the necessary funds.
2. One of the forms of first home-owner assistance provided is exemption (or concessions) on paying stamp duty (transfer duty) if the value of the property is below the relevant threshold and the buyer meets the eligibility criteria.

Neither of the statements are true (both are false)

Only statement 1 is true

Only statement 2 is true

Both statements are true (neither are false)