How do you choose the loan that is right for you?
Your LJ Hooker Financial Services Consultant can help to find the best product to suit your needs. Some of the key things to keep in mind are:
- Whether you are a good saver or a poor saver
- High or moderate income (whether you could handle a rise in interest rates)
- High risk or cautious investor
- Consistent or unpredictable income
There are loans out there to suit almost everyone. So talk to your financial consultant today.
Click here to visit LJ Hooker Financial Services
First Home Owners Grant
If you are purchasing your first home you could be eligible for the Federal Governments First Home Owners Grant. The Grant is not means-tested, so you can apply regardless of your income. You will need to be:
- A couple or individual buying or building your first home
- An Australian citizen or permanent resident
- Entering into a binding contract to buy or build a new home after 1 July 2000.
Check out www.firsthome.gov.au for a full eligibility checklist.
Houses, townhouses, flats and units all qualify for the Grant.
You must apply within 12 months of settlement on an established home or 12 months of your home being built. You must also move into the home within 12 months.
To receive the Grant you will need a signed and dated contract of sale and a fully executed transfer of land document, or, if you are building, a signed and dated building contract and certificate of occupancy.
Your State or Territory government is responsible for administering the Grant. Forms are available from State and Territory Revenue Offices. They can be contacted on the following numbers:
NSW 02 9685 2122 within Sydney or Toll Free 1800 629 550
VIC 13 2161
QLD 07 3404 3956 within Brisbane or Toll Free 1300 300 118
ACT 02 6207 0029
SA 08 8226 3750
WA 1300 363 211
TAS 03 6233 3465
Victoria’s First Home Buyers Bonus
If you are buying your first home in Victoria you could be eligible for an additional $ 5,000 cash grant. All Victorian first home buyers who qualify for the Federal Government’s $7000 First Home Owner Grant will now also be eligible for an additional $5000 grant paid by the Victorian Government. This State government grant is to be known as the First Home Bonus. This brings the total Government grants available to Victorian first home buyers to $12,000.
The First Home Bonus will be available for Victorian properties where the contract is entered into on or after 1 May 2004 and before 1 July 2005, and where the consideration paid under the contract is no more than $500,000.
Stamp Duty
On top of the purchase price, State Government regulations require a purchaser of a property to pay stamp duty on the transfer of the property and separately on any mortgage granted over the property. How much stamp duty a purchaser will pay is determined by:
- For a conveyance - the purchase price of the property or where there is no purchase price paid, the value of the property; and
- For a mortgage - the amount of the loan advanced to a purchaser and secured by the mortgage.
There are stamp duty con
