QLD Stamp Duty impacts

Changes to Stamp Duty – Get in Quick!

Key Points regarding QLD’s property Stamp Duty changes: –

•Hurry home buyers- No home concession from 31 JULY 2011.

•First Home Concession will still apply but at different rates.

•First Home Owners Grant of $7,000.00 still available

•Changes to stamp duty from 1 AUGUST 2011.

•Building Boost Grant of $10,000.00 available to any person or corporation buying or building a new home for less than $600,000 to live in, or to rent out for investment purposes. Available only from 1 August 2011 to 31 January 2012.

This is good news for first home owners who are looking to buy or build a new home to live in as they may be eligible for a bonus of $17,000.00 – the First Home Owners Grant and the Building Boost Grant.

This is also good news for property investors as a corporation may apply for the building boost grant as well as individuals.

The rates for transfer duty will change from 1 August 2011. The amount of stamp duty payable for properties with a purchase price of less than $550,000.00 will generally be lower to take into account the removal of the home concession rate.

The First Home Concession rates will also change from 1 August 2011 and will increase to offset the removal of the Home Concession rate.

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Changes to Stamp Duty – Get in Quick!

 Key Points regarding QLD’s property Stamp Duty changes: –

 •Hurry home buyers- No home concession from 31 JULY 2011.

 •First Home Concession will still apply but at different rates.

 •First Home Owners Grant of $7,000.00 still available

 •Changes to stamp duty from 1 AUGUST 2011.

 •Building Boost Grant of $10,000.00 available to any person or corporation buying or building a new home for less than $600,000 to live in, or to rent out for investment purposes.  Available only from 1 August 2011 to 31 January 2012.

 

This is good news for first home owners who are looking to buy or build a new home to live in as they may be eligible for a bonus of $17,000.00 – the First Home Owners Grant and the Building Boost Grant.

 This is also good news for property investors as a corporation may apply for the building boost grant as well as individuals.

 The rates for transfer duty will change from 1 August 2011. The amount of stamp duty payable for properties with a purchase price of less than $550,000.00 will generally be lower to take into account the removal of the home concession rate.

 The First Home Concession rates will also change from 1 August 2011 and will increase to offset the removal of the Home Concession rate.

Peter Connolly -Managing Director of Financial Aspirations.

Contact: Ph: (07) 33672555 or 0414388674.

EMAIL: aspirations@ampfp.com.au

Financial Aspirations Australia Pty Ltd is a Corporate Representative of

AMP Financial Planning Pty Ltd License Securities Group 232706.

Posted in bank loan, Borrowing Mortgages, finance, first home owner grant, home loans, house sale, interest rates, Mortgage, mortgage broker, Uncategorized | Leave a comment

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Financial Aspirations WordPress posts are now available in our Facebook page – “Financial Aspirations” as well as in my personal LinkedIn profile where I also have a Group available for further discussion. Please feel free to check out any of these sites as well.

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Preparation for Borrowing – Part 1.

PREPARATION FOR BORROWING TIPS – No 1.

 

Probably one of the most common reasons for failing a loan application is one’s personal financial history. By this I mean where someone has had a disputed account and delayed payment until the dispute has been sorted out or even just forgotten to make a payment on time.

I recently proceeded with an application with clients who were in their 20’s. They had had an argument with a Telecommunications company due to an account which seemed to be overcharging them. Payment was delayed until they felt the problem had been rectified.

The issue was that the Telecommunications company had listed them on a Credit Report as non-payers after 7 days of non-payment. Even though the dispute was eventually resolved in the client’s favour and they had a letter to prove that, the listing remained.

Unfortunately, my clients did not realise that the they had been listed. Nor did the listing explain the reason for the non-payment after 7 days, nor did it have an explanation as to the result of the dispute.

When they were being assessed by the Bank, this was the issue that finally drove the Bank to refuse finance. Upon being queried, I was able to establish what the Bank’s concern was and obtained agreement that the application would be reviewed upon provision of a suitable explanation.

Fortunately we were able to do that and my clients were able to obtain their finance.

The flow-on affect of this was that the clients were late in obtaining finance approval and had to go back to the vendors and request an extension to the finance clause. The vendors would only give a one week extension and this wasn’t long enough. On the second request for extension, the vendors refused and the clients missed out on buying that house. You can imagine how they felt!

All this for something that was not their fault and which they were initially unaware of.  

The lesson is simple. If you have been in a dispute over an account and it dragged on, you are well advised to obtain a Credit Report prior to making a finance application. This gives you the opportunity to approach the business who listed you in the first place and request that they remove the listing or see that some explanation is provided to the Credit Agency.

You will still most likely have to provide a written explanation to the finance provider, but it will save you time. And on a 30 day contract with a 14 day finance clause, this is of high importance.

If you are not sure about how to do this or if it is worth doing, discuss what happened with your broker and ask for their assistance.

Finally, keep any and all records of communication with businesses you have disputes with or to whom you have made delayed payment. Make sure all the communication is in writing and get the business to put their communication back to you in writing as well. You have no evidence of verbal communication.

Peter Connolly  ADFS AMC

Authorised Representative of AMP Financial Planning Pty Limited

ABN 89 051 208 327 AFS Licence No. 232706

Level 8, 33 Alfred Street Sydney NSW 2000 Australia

Financial Aspirations Australia Pty Ltd is an Authorised Representative of AMP Financial Planning Pty Ltd. Peter Connolly is an Accredited Mortgage Broker and Financial Planner who is a Director of Financial Aspirations.                                                    

 Contact: (07) 3367 2555 or Email: aspirations@ampfp.com.au.

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ASIC moves to axe ageism ….

Nice to know that ASIC is realising that this goes on and is seeking to prohibit it. Have a look at the article via the link.

http://www.brokernews.com.au/news/newsletter/82821

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Things to know when applying for home loans …

Things to know when applying for loans …

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