Well its about time!
With all of the ‘hoo har’ going on with the budgets both Federally and on a state level, its about time the poor first home buyer got a helping hand.
The First Budget for Treasurer Andrew Fraser is set to help would be first home buyers with a reduction in the taxes they will have to pay.
From the first of July 2008,
- Mortgage Stamp duty will be abolished,
- The First Home Buyer transfer duty exemption threshold will be increased,
- The transfer duty rate schedule will be revised
These changes could see a saving to the first home buyer around $9500 (on a $500,000 home). This also means that if you are buying a home under $500,000, that you will not have to pay one red cent in stamp duty to buy the home.
This saving could be well spent reducing their mortgage that little bit further and save thousands in interest over the term of the loan.
Or it just may make the difference between being able to afford their new home and not being able to afford their new home.
Queensland Pensioners also get a little relief with rebates on Water, Gas and Power.
Good on you Mr. Fraser
This has been my comment, I am Graham Doessel.
Mortgage Now can be contacted on Tel: 1300 667 239