Archive for the ‘Interest Rates’ Category
First Home Buyers Celebrate
First Home Buyers Rush Into the Market
2008 will be remembered for a lot of things but one of them was the issue of housing affordability in Australia. Earlier in the year it dominated the news and the federal government even created a Housing Affordability Fund and significantly expand the National Rental Affordability Scheme.
With increasing interest rates and rising home prices the concept of home ownership was getting out of reach of more and more people. Over the past year the number of 18 to 29 years oldswith a home loan fell from 7.9% to just 5.1% which represents a reduction of 35% in 10 years.
But like many other things in the world, so much has changed in the past few months. The global economic crisis that swept the world in recent months has certainly changed the landscape for first home buyers, particularly Generation Y which is the current 18 to 29 years olds.
From September this year Queensland first home buyers buying a home valued up to $500,000 do not have to pay stamp duty. This represents a saving of $8,750 that you previously would have had to pay for transfer duty. Read the rest of this entry »
