October 07, 2015
First Home Owner Grant for established properties gets the cut
From today onwards, first home buyers planning on purchasing an established property will no longer be able to access a state-funded first time buyer grant.
In the 2015-16 State Budget, Treasure Dr Mike Nathan announced the government’s plans to abolish the First Home Owner Grant of up to $3,000 for the purchase of established homes.
In delivering the West Australian State Budget in May, Dr Nathan said the removal of the first home owner grant for established properties would apply to all established properties purchased on or after 3 October 2015.
Mortgage Choice The Hills said the removal of the first home owner grant for established properties would be a blow to many first home buyers.
“Data from Mortgage Choice shows more than 80% of first time buyers will purchase an established property. As such, it is fair to say that this change will negatively impact a lot of first time buyers,” they said.
But while first home buyers may consider the removal of the grant to be disappointing, Mortgage Choice the Hills said now is still a great time to be a first home buyer.
“Interest rates continue to sit at record low levels, making the cost of borrowing more affordable than ever before,” they said.
“In addition, recent data from CoreLogic shows property values across Perth have stagnated over the last 12 months, allowing first home buyers to snap up a great property at an even better price.”
Mortgage Choice the Hills said potential first home buyers who are concerned about how the removal of the grant may affect their property plans should speak to a professional mortgage broker.
If you want to learn more about your home loan options, call 08 9291 8874 or visit www.mortgagechoice.com.au/mark.ferris
For further information, photos of the new logo, or to arrange an interview, please contact:
Mark Ferris or Melissa McCullock
0411 594 655 / 0411 305 986
This article is for general information purposes only. It has been prepared without considering your objectives, financial situation or needs. You should, before acting on the advice, consider its appropriateness to your circumstances.
About Mortgage Choice
Mortgage Choice is an ASX listed company that seeks to help Australians with all of their financial needs.
Established in 1992, Mortgage Choice was originally established to help Australians improve their financial situation by offering a choice of home loan providers, coupled with the expert advice of a mortgage professional.
Since that time, the company has grown and developed into a fully fledged financial services provider.
Today, Mortgage Choice helps customers source car loans, personal loans, credit cards, commercial loans, asset finance, deposit bonds, and risk and general insurance.
Further, the company offers Australians access to real, relevant and affordable financial advice through our qualified financial advisers.
Mortgage Choice has no balance sheet or funding risk, and consistently delivers strong profits and attractive yields. It listed on the ASX in 2004 (MOC) and is a member of the Mortgage & Finance Association of Australia (MFAA).
Mortgage Choice holds an Australian Credit Licence: no. 382869 and Mortgage Choice Financial Planning Pty Limited holds an Australian Financial Services Licence: no. 422854. Both licences are issued by ASIC.
Recent recognition: 2015, 2014 Australian Broking Awards Best Diversification Program; 2013, 2012, 2011 Australian Broking Awards Major Brokerage of the Year – Franchise; 2013, 2012 Australian Broking Awards Best Ethical/Social Responsibility Program; 2012 Australian Broking Awards Best Training and Education; No.1 on The Adviser magazine’s 2012, 2011, 2010 and 2009 Top 25 Brokerages list; 2012, 2010, 2009, 2008, 2006 and 2005 MFAA Awards Retail Aggregator/Originator of the Year; 2011, 2010, 2009 and 2008 10 Thousand FEET Top 10 Franchise list; 2010 Forbes Asia-Pacific Best Under A Billion list.
Visit www.mortgagechoice.com.au or call customer service on 13 77 62.