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Unfortunately, the criteria is a little stricter for he First Home Plus (Stamp Duty Concessions). They differ from State to State but this post relates to NSW requirements.
First Home Plus transfer and mortgage duty exemptions or concessions are available if you are buying or building your first home (valued up to $600 000) or buying vacant land on which you intend to build your home (valued up to $450 000), and who meet the following eligibility criteria:
- Each applicant is a natural person and not a company or trust
- At least one applicant is a permanent resident or Australian citizen
- Each applicant must be at least 16 years of age
- None of the applicants or their spouse/de facto have ever owned a residential property in any State or Territory within Australia (either solely or with someone else). Residential property also includes investment properties.
- None of the applicants or their spouse/de facto have previously been party to an approved First Home Plus application
- All applicants buying the property must occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of completion of the agreement
Note: these criteria only apply to contracts executed (signed and dated) on or after 1 July 2004.
It looks like if you ever owned a property you are screwed and you do have to live in it for 6 consecutive months starting within the first 12 months.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdThe FHOG has to go back. I am not certain what happens with the Stamp Duty concessions. I have never checked. I have never heard them having any requirements to get them other than movig in. I will try and find out for you.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdJust remember, the AAPR does NOT count fees charged for usage. For example, two of the lowest basic loans charge $50 and $45 respectively for each redraw. If you do one redraw a year, they move back to a ranking of 8 or 9. a few a year and you have on expensive loan!
Don’t forget to ask your broker about this stuff as well.
I like your attitude though… the broker is the go-to person for money!!!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdGreg, some good points, but doesn’t looking over the different loans become the broker’s role? That is what they are there for.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI think the dole would be better served by being cut to minimum cash and replacing the difference with food stamps and automatic rental payments etc. This would help to funnel the money where it was meant to go instead of being wasted in many cases. I know there would be fraud issues but this is another issue.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdThere are cheaper loans out there than what you see in magazines (St George is not on the money here). I suggest talking to a broker.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdHey, the price has dropped from $260,000 to $245,000 in 24 hours. Can I buy it on Thursday for $215,000????
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdSo I have to pay more for products so people can stay home and have babies???
I don’t think so!
Here is an idea… Cancel all benefits for those families who have an income (and can afford it) and use the money to educate the whole community on how to properly invest for growth of their family, their investments and to self-fund their retirement. When people know more, they usually do better. When they do better, they are happier. When they are happier, they have more fun. More fun leads to an increase in the population if you know what I mean. This would benefit the whole community instead of taking from some to give to others.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdYou get Capital Gains Tax benefits if you lived in it but everything else is the same as any normal investment property once you move out.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdA lot of people do do it for cheaper and within one lender in a package. A lot comes down to overall borrowings as well when determing rates.
One thing about Cannex, the information they present is received from the lenders. Some constructive structuring will make one loan appear cheaper than another. An example of this is charging an application and a slightly lower rate instead of no application fee and a slightly higher rate. Figures can be skewed quite easily. This is where a good broker will come in. Behind the scene policies etc are also important.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdCOOGEE!!!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdNo problem. I hope you can take advantage now and also of some Stamp Duty discounts. Good luck.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdCould we also have an ignore button so that we can ignore people who we do not want to read please?
It would prevent a lot of fighting in the forum.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdThere has not been a BOOM in NSW, VIC and other States for almost 12 months. The market is very flat and in decline.
In any case, you do not have to sell your investment property to use the equity to buy more if you can afford higher levels of debt.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI didn’t want to comment on that either but I thought the idea behind a lease option was that an option was attached to a lease. An option is the ability to buy (but not the obligation) something at a set price at some point in the future. I have never seen an option with an undetermined price but I guess anything can be written into a contract if both parties agree.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdWendy,
All this stuff is going to cost a small fortune to set up. I thought you were purchasing the home to live in.
Using the offset account may be a bigger benefit than you realise. Your daughter can have it attached to the loan and you can make all your payments straight into it. Your daughter can then pay the minimum interest only payment to the loan through the direct debit but the extra funds will reduce her liability. It will also reduce her deductibility of course but the funds will be working very well for her if she does not need more deductions and it will be available as a deposit if and when it is needed.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI like colour as opposed to dull black and white. Hence my signature is colourful. I would prefer everyone doing something nice to brighten up the place.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdThe post about the FHOG has been up for an hour but good work to go looking and finding it!!! It is the best way to learn.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdYes they did Terry. They used a discretionary trust and also have various beneficiaries to distribute the earnings to minimise the tax impact.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI don’t know about him but I am hoping I will be able to in a few years!!!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
