First Home Owners Grant System And Home Loan Professional Package
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.
The Australian Government announced a First Home Owner Boost in October 2008, which supplements the NSW Government, funded First Home Owner Grant Scheme. According to the announcement from the Commonwealth:
First home buyers who purchase established homes will receive a boost of $7,000. These will double 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: Like credit rating e.g. AAA, AA or A rating, a AAA credit rating means you have a superior credit profile. In an effort to attract people on higher incomes or those regarded as low-risk borrowers, lenders offer special loan deals known as professional packages to 'reward' these customers.
Once restricted to professionals such as lawyers and accountants, these packages are now available to a wide variety of purchasers with sufficient income 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
Not only will you save on the rates discounts but a Professional Package also offers a range of other discounts on accounts such as credit cards, transaction, margin loans and insurance.
The following are advantages and disadvantages of the professional package along with a 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.
The Disadvantages are an annual fee applies to this product
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.
The Australian Government announced a First Home Owner Boost in October 2008, which supplements the NSW Government, funded First Home Owner Grant Scheme. According to the announcement from the Commonwealth:
First home buyers who purchase established homes will receive a boost of $7,000. These will double 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: Like credit rating e.g. AAA, AA or A rating, a AAA credit rating means you have a superior credit profile. In an effort to attract people on higher incomes or those regarded as low-risk borrowers, lenders offer special loan deals known as professional packages to 'reward' these customers.
Once restricted to professionals such as lawyers and accountants, these packages are now available to a wide variety of purchasers with sufficient income 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
Not only will you save on the rates discounts but a Professional Package also offers a range of other discounts on accounts such as credit cards, transaction, margin loans and insurance.
The following are advantages and disadvantages of the professional package along with a 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.
The Disadvantages are an annual fee applies to this product
About the Author:
Guy Baldwin is the manager of the website http://www.directmoneyhomeloans.com.au. Are you a First Home Loan Buyer or Looking to consolidate your debt? Get your best Australia Home Loan by accessing leading lenders for the low rate.
posted by Credit Counseling at
8:13 AM
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