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First Home Owners Grant
Real Estate Institute of Victoria (REIV) |
Australian
banks forced to sit on rates
Australia’s election cliffhanger is expected to force banks
to hold off from raising home loan rates, despite
increasing pressure on their margins from the rising cost of
funds, The Age reported.
Before the election, banking analysts were tipping that
standard variable interest rates would increase by 10
to 15 basis points ‘sooner rather than later’ as the big
banks repriced A$725 billion in Australian home loans.
Now the banks are wary of coming under fire from politicians
who are jockeying for position in a new government.
The extraordinary
growth in house prices in Australia's capital cities
over the past year has resulted in the value of an
average home in Melbourne rising by nearly $98,000.
House
price figures for eight capital cities released by
the Australian Bureau of Statistics yesterday show
year-on-year growth from June 2009 of 24.3 per cent
in Melbourne and 21.4 per cent in Sydney.
A 24.3 per cent rise
above the median Melbourne house price of $403,000
for June 2009 equates to an annual increase of
$97,929. Similarly, a 21.4 per cent rise above
Sydney's median 2009 June price of $490,000 equates
to $104,860.
The figures provide
welcome news for first home buyers, indicating the
growth in property prices has peaked and is now
declining.
Melbourne prices
grew by 3.6 per cent over the June quarter compared
with growth in the March quarter of 6.7 per cent.
Economists suggest demand may continue to keep
prices stable, with 200,000 new homes needed to
house Australia's growing population.
Information care of www.domain.com.au
Interest rates remain unchanged
In good
news for mortgage holders, the Reserve Bank has decided not to
increase interest rates this month.
[Tuesday August 3rd, 2010]
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May
2009 Budget News
With the Victorian
Government making announcements last week and the Federal Budget
decided yesterday, we are now in a position to provide information
that has only been speculative over the last few weeks.
The Federal Government
has extended the deadline of the increased first home owner grants
to help boost the property market and stimulate the economy in a
move that is welcomed by the industry.
But the Federal grants, which currently stand at $7,000 for
established homes and $14,000 for new homes, will only be extended
at the current level for three months.
The Federal grants
will remain the same between 1 July and 30 September, but between 1
October and 31 December 2009 eligible first home buyers will receive
just $10,500 for established homes and $14,000 for newly constructed
homes.
The Victorian
Government is still honouring the $7,000 indefinitely, and despite
increasing the Victorian Government Bonus (VGB) for new homes, those
buying established property will have their VGB reduced from $3,000
to $2,000 from the 1st July 2009. The following table
outlines all entitlements available to First Home Buyers until 30th
June 2010.
For future reference,
we have added this information to our website at
www.homeloansoz.com.au Feel free to pass on the information to
family and friends.
|
Date of purchase |
Property type |
Victorian Grant (FHOG) |
Federal Govt Boost |
Vic Govt Bonus |
Regional Bonus |
Total |
|
14 Oct 2008 - 30 Jun 2009 |
Established |
$7,000 |
$7,000 |
$3,000 |
$0 |
$17,000 |
|
14 Oct 2008 - 30 Jun 2009 |
New (Metro) |
$7,000 |
$14,000 |
$5,000 |
$0 |
$26,000 |
|
14 Oct 2008 - 30 Jun 2009 |
New (Regional) |
$7,000 |
$14,000 |
$5,000 |
$3,000 |
$29,000 |
|
1 Jul 2009 - 30 Sept 2009 |
Established |
$7,000 |
$7,000 |
$2,000 |
$0 |
$16,000 |
|
1 Jul 2009 - 30 Sept 2009 |
New (Metro) |
$7,000 |
$14,000 |
$11,000 |
$0 |
$32,000 |
|
1 Jul 2009 - 30 Sept 2009 |
New (Regional) |
$7,000 |
$14,000 |
$11,000 |
$4,500 |
$36,500 |
|
1 Oct 2009 - 31 Dec 2009 |
Established |
$7,000 |
$3,500 |
$2,000 |
$0 |
$12,500 |
|
1 Oct 2009 - 31 Dec 2009 |
New (Metro) |
$7,000 |
$7,000 |
$11,000 |
$0 |
$25,000 |
|
1 Oct 2009 - 31 Dec 2009 |
New (Regional) |
$7,000 |
$7,000 |
$11,000 |
$4,500 |
$29,500 |
|
1 Jan 2010 - 30 Jun 2010 |
Established |
$7,000 |
$0 |
$2,000 |
$0 |
$9,000 |
|
1 Jan 2010 - 30 Jun 2010 |
New (Metro) |
$7,000 |
$0 |
$11,000 |
$0 |
$18,000 |
|
1 Jan 2010 - 30 Jun 2010 |
New (Regional) |
$7,000 |
$0 |
$11,000 |
$4,500 |
$22,500 |
NB:
You don't receive the State Govt bonus for properties purchased for
more than $500k.
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