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.
The first home owners who are entitled to get
the grant despite of their income, the area where they are planning to build or buy the first home.
There is no need to pay tax and this grant is not means tested.
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 purchase established homes will receive a boost of $7,000. These will double
the first home buyers grant to $14,000.
First home buyers who have planned to build a new
home or obtain a newly constructed home will get an extra $14,000. This will accumulate to $21,000
to first home buyers grant.
Home Loan Professional Packages: Like Credit rating AAA, AA
or A rating you will a superior credit profile. In order to attract people who earns large incomes
or the people who are known as low risk borrowers, lenders are offering a special loan deals which
are called as Professional packages as a rewards to these customers.
These packages are
offered to a large range of purchasers with adequate income or collective loan size not like a long
time ago where it was available to professionals like lawyers and accountants.
Discounts
of 0.2 to 0.7 per cent off lenders' standard variable interest rate and up to 0.25 per cent off
fixed interest rates are offered by Professional package depending 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.
Think about the favorable offers and non favorable things i.e., pros and cons of the professional
package.
Pros of a Professional Package Home Loan are Fully featured account e.g. redraw,
split loans, internet and phone banking, Interest rate discounts on the standard variable rate, You
may be eligible for other benefits such as fee free transaction accounts and discounts on insurance
products and Some Home Loan lenders also offer no establishment fees and no ongoing monthly fees on
your loans.
Professional Package Home Loan Cons are An annual fee applies to this
product
