First Home Owners Grant Scheme And Home Loan Professional Package
Posted on | November 21, 2008 |
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
FHOGS: If you are in the market to buy your first home, you may be eligible for assistance from the NSW Government in the form of a first home buyers grant. This grant has recently been boosted by the Federal Government, making it a very attractive option for first home buyers.
The First Home Owner Grant Scheme (FHOGS) is fully funded by the NSW Government and administered by the Office of State Revenue (OSR). The Scheme was established to assist first home buyers to purchase their first home by offering a $7000 grant.
Regardless of their income, and the area where they are preparing to buy or build or the first home valuation, the first home owners are qualified to receive the grant. This grant is not earnings tested and no need to pay tax on it.
In October 2008, the Australian Government proclaimed a First Home Owner Boost which complements the NSW Government, financed First Home Owner Grant Scheme.In regard to the declaration from the Commonwealth:
First home buyers who are going to buy homes which are already established will receive a boost of $7,000 and it gets doubled to the first home buyers grant to $14,000.
The first home buyers who are going to build a new home or buying a newly constructed home will get an extra amount of $14,000. This will totally include to an amount of $21,000 to the first home buyers.
Home Loan Professional Packages: You have a Superior credit profile is nothing but a credit rating like AA, A, or AAA credit rating. Lenders offer special loan deals to catch the attention of people on higher incomes or those who are low-risk borrowers. These special loans are known as professional packages as a gift to these customers.
These packages were restricted to professionals like lawyers and accountants before but now these are available to a large range of customers whose income is sufficient or aggregate loan size.
A Professional Package normally offers discounts of 0.2 to 0.7 per cent off lenders standard variable interest rate and nearly to 0.25 per cent off fixed interest rates based on the size of the loan
These package offers will not help in saving rates discounts but also offers a variety of other discounts on accounts such as credit cards, transaction, margin loans and insurance.
Consider the following pros and cons before you decide on a professional package with your home loan:
The Advantages are Fully featured account e.g. redraw, split loans, internet and phone banking, Interest rate discounts on the standard variable rate, Other benefits like Fee Free Transaction accounts and insurance products discounts, and No establishment fees and no ongoing monthly fees on your loans are the benefits offered by some home loan lenders.
Cons of a Professional Package Home Loan are An annual fee applies to this product.
Tags: australia home loans > Bad Credit > broker > Debt Consolidation > Finance > Finance:Loans > first home buyer > first home owners grant > home loan > lo doc > low rates > Mortgage > no hidden fees > non conforming > refinance
Comments
Leave a Reply