DISCLAIMER

Aussie Mortgage Masters - Interest Rate Bulletin March 2010

CHANGES TO THE FIRST HOME OWNERS GRANT SCHEME BOOST AND GOVERNMENT FEES

 

The Federal Government has extended the First Home Owners Grant Scheme Boost for six months from 1 July 2009 to 31 December 2009.

Note: The Federal Government's First Home Owners Grant of $7,000 will continue.
 
What you need to know:

 

• For established homes, customers must enter into the contract no later than 30 September 2009 to receive the $7,000; customers entering into a contract from 1 October 2009 - 31 December will receive a $3,500 boost payment
• For new homes, customers must enter into the contract no later than 30 September 2009 to receive the $14,000 and customers entering into a contract from 1 October 2009 – 31 December will receive a $7,000 boost payment.

 

There are three eligible transactions under the new home scenario:

 

• For construction loans where a building contract has been signed building must commence within 26 weeks and the construction must be completed within 18 months.
• For off the plan purchases the contract must be signed on or before 30 September 2009 to receive the $14,000 and on or before 31 December 2009 to receive the $7,000. Construction work must be completed on or before 31 March 2011

 

DO WE QUALIFY FOR THE GRANT?

 

Eligible applicants must be natural persons, who are Australian citizens or permanent residents, who are buying or building their first home in Australia.

 

Applicants must be at least 18 years of age. To qualify for assistance, neither the applicant nor their spouse (or de facto) must have previously owned a home, either jointly, separately or with some other person.

 

Entering into a binding contract or commencement of building, in the case of owner-builders, must have occurred on or after 1 July 2000.  An eligible home will be located in Australia and will be a new or established house, home unit, flat or other type of self contained fixed dwelling that meets local planning standards.

 

An eligible home must be intended to be a principal place of residence. Applicants must occupy the home within 12 months of completion of construction or settlement and must live in the home for a continuous period of at least 6 months.

 

Assistance will not be means tested. Joint applicants will be restricted to a single application for a single property.

 

(NOTE: Eligibility subject to change depending on Government requirements.)

 

MORE REASON TO BUY NOW

 

Houses in affordable areas (that is up to $500k) have recently reduced slightly because there are so many on the market.

 

This is the perfect opportunity to secure your home at the right price.

 

HOW DO YOU ENSURE YOU GET THE PROPERTY YOU HAVE SET YOU HEART ON AT THE RIGHT PRICE?

 

The best way to make sure you get that DREAM HOME is to go to your Home Opens with a PRE Approval in hand.

 

WHAT IS A PRE APPROVAL?

 

A Pre Approval means you have satisfied all of the lenders criteria for a loan. That is they have:

 

• checked your credit rating
• checked your employment
• checked your payslips and/or financials
• made sure you fit serviceability

 

Basically it means they have checked everything they need to check to ascertain exactly how much you can borrow.

 

A Pre Approval for the agreed loan amount will be issued usually only subject to a valuation of the real estate property.

 

If you take a while to decide on a property, they may ask for a recent payslip to prove you are still working in the same job.

 

FREE: FILL IN YOUR DETAILS BELOW FOR YOUR FREE FIRST HOME BUYERS INFORMATION PACK.

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FIRST HOME OWNERS

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