Archive for the ‘grants’ Category

Queensland

The good news is that from 1 August 2011, the Queensland Government has announced a new $10,000 grant for eligible property purchasers called the “Queensland Building Boost Grant”. This is available for any purchase or construction of a new home for owner occupier or investment purposes. The grant is only available on property purchases or building contracts made between 1 August 2011 and 31 January 2012 and for owner builders, construction must start between these dates. A couple of points to note are that the grant is available to any person, corporation or trustee where the property value is less than $600,000 and that the grant can be used in addition to any other current grants (i.e. First Home Owner Grant) or any Duty concessions that may apply.

The bad news is that the Transfer Duty Rates increased through the removal of the Home Concession although the First Home Concession and the First Home Vacant Land Concession will continue.

Other changes are:

Registration of Mortgage – iincreased from $127.90 to $132.00
Discharge of Mortgage – increased from $127.90 to $132.00

Northern Territory

The NT Government has also introduced a similar scheme as Queensland with the BuildBonus Scheme that also provides $10,000 for home buyers and investors including companies and trustees entering into a contract to purchase a new home between May 3 2011 and 31 December 2011.

Customers can only receive one BuildBonus payment and the value of the new home or total construction cost is capped at $530,000. First Home Buyers are eligible for both the $7,000 FHOG grant as well as the BuildBonus meaning they are eligible for $17,000.

New South Wales

The Land Titles Office registration fees have increased as follows;

Registration of Mortgage – from $97.00 to $99.50
Discharge of Mortgage – from $97.00 to $99.50
Registration of Transfer – from $194.00 to $199.00

Victoria

The Land Titles Office registration fees have increased as follows;

Registration of Mortgage – from $100.10 to $102.40
Discharge of Mortgage – from $100.10 to $102.40
Registration of Transfer – from $122.00 plus $2.46 for every $1,000 of the transaction with the maximum fee of $1,352 to $124.80 plus $2.46 for every $1,000 of the transaction with a maximum fee is $1,355

There is some good news though in that Victorian Transfer Stamp Duty rates will be reduced by 20% for eligible first homebuyers purchasing principal places of residence valued up to $600,000. As well as this, The First Home Bonus and VIC Regional Bonus for newly constructed homes will be extended until 30 June 2012.

WA

The Land Titles Office registration fees have increased as follows;

Registration of Mortgage – from $135.00 to $160.00
Discharge of Mortgage – from $135.00 to $160.00
Registration of Transfer Mortgage

• Property value does not exceed $85,000 – from $135.00 to $160.00
• Property value does not exceed $120,000 – from $145.00 to $170.00
• Property value does not exceed $200,000 – from $165.00 to $190.00

Note: For transactions over $200,000 the fee is $190 plus $20 for every $100,000 or part thereof.

SA

The Land Titles Office registration fees have increased as follows;

Registration of Mortgage – from $121.00 to $140.00
Discharge of Mortgage – from $121.00 to $140.00
Registration of Transfer Mortgage

• Property value does not exceed $5,000 – from $121.00 to $140.00
• Property value does not exceed $20,000 – from $135.00 to $154.00
• Property value does not exceed $40,000 – from $150.00 to $170.00

Note: For transactions over $40,000 the fee is $237.00 plus $69 for every $10,000 or part thereof above $50,000.

Some good news in SA is that the First Home Bonus and will be extended until 30 June 2012.

TAS

The Land Titles Office registration fees have increased as follows;

Registration of Mortgage – from $85.50 to $119.70
Discharge of Mortgage – from $106.00 to $148.40
Registration of Transfer – from $131.00 to $183.40

As well as these increases, the TAS FHOGS Transfer Stamp Duty Concession for established dwellings was abolished although the existing concession for the purchase of vacant land still applies

ACT

Registration of Mortgage – from $99.00 to $102.00
Discharge of Mortgage – from $99.00 $102.00
Registration of Transfer – from $195.00 $201.00

These figures have been provided in good faith but should be checked with the appropriate government department.

Queensland premier – Anna Bligh – has just announced an increase in the first home buyers grant for buyers in regional Queensland. This will increase the amount available as a grant from $7,000 to $11,000 but is only available for buyers in area outside of Brisbane, Gold Coast, Redland, Logan, Ipswich, Lockyer Valley, Scenic Rim, Somerset, Moreton Bay and Sunshine Coast council areas.

Further information will follow or can be obtained from Kathy Rogers at FinancialPlus – a mortgage broker operating on the Gold Coast with clients both on the Gold Coast and throughout Australia.