Fixed rates from 4.99% and up to $23,500 as first home buyers grant if you purchase a new property.
Firstly, one of our lenders has decided to slash their fixed rates – with fixed rates now starting from as low as 4.99%!
The other great news came when the government announced enhanced assistance for new home buyers increasing the first home buyers grant on new property to $15,000 and creating a housing construction grant of $8,500 which will be available for everyone, that’s right not just new home buyers!
Monday [15 October 2012] was when the Government announced they had retargeted their home buyer assistance. Here’s what happened…
First Home Owner Grant Changes:
The big news is that the First Home Owner Grant (FHOG) has been increased for new homes from $7,000 to $15,000 [ongoing] for contracts entered into on or after 15 October 2012;
Purchasers of established homes will continue to be entitled to a $7,000 FHOG however it will be reduced from $7000 to $5000 for eligible contracts entered into between the date the necessary amending legislation comes into force Friday, September 20th, 2019 and 30 June 2014. The FHOG will be abolished for established homes from 1 July 2014!
Note: The FHOG property value cap of $575,000 will continue to apply for all FHOG applicants.
First Home Bonus Grant Changes:
The $8,000 First Home Bonus Grant [FHBG] has been abolished and replaced with a Housing Construction Grant [HCG] of $8500 for all new home construction where contracts are entered into between 15 October 2012 and 30 June 2013 inclusive. The HCG will be available for properties valued up to $400 000, phasing out for properties valued up to $450 000.
The HCG will be available to natural persons, companies and trusts and there is no limit on the number of grants available, regardless of whether a person purchases or builds a new home alone or together with others.
This table highlights the changes that have been made;
|New Property||Established Property|
Fixed Rate Changes
The other good news is that fixed rates have been slashed by one of our lender partners.
Here is an update of the current rates that are available;
|Product||Current Interest Rate|
|Variable Rate Loan||5.61%|
|1 Year Fixed Rate||4.99%|
|2 Year Fixed Rate||4.99%|
|3 Year Fixed Rate||5.09%|
|4 Year Fixed Rate||5.61%|
|5 Year Fixed Rate||5.77%|
Think about buying your first home or purchasing/building a new property make sure you give us a call.
We’ll ensure you get the maximum government grant/assistance and the best possible interest rate going!
Sam & Matt
Urbantech Group – Fixed rates from as low as 4.99% +plus more…