First Home Owners Grant System And Home Loan Professional Package
FHOGS: Are you in the market to purchase your first home, then you are entitled to get a First Home buyers grant which is offered by the NSW government. It is an attractive option for all the first home buyers where this grant has been advanced newly by the federal government.
The First Home Owner Grant Scheme(FHOGS) is totally sponsored by the HSW Government and supervised by the Office of State Revenue(OSR),. The first home buyers are assisted by this scheme which was established to buy their first home with a grant of $7000.
Eligible first home owners can receive the grant regardless of their income, the area in which they are planning to buy or build, or the value of their first home. The grant is not means tested and no tax is payable on it.
The Australian Government announced a First Home Owner Boost in October 2008, which supplements the NSW Government, funded First Home Owner Grant Scheme. According to the announcement from the Commonwealth:
First home buyers who purchase established homes will receive a boost of $7,000. These will double the first home buyers grant to $14,000.
First home buyers who build a new home or purchase a newly constructed home will receive an extra $14,000. This will take their first home buyers grant to $21,000.
Home Loan Professional Packages: Like Credit rating AAA, AA or A rating you will a superior credit profile. In order to attract people who earns large incomes or the people who are known as low risk borrowers, lenders are offering a special loan deals which are called as Professional packages as a rewards to these customers.
These packages were restricted to professionals like lawyers and accountants before but now these are available to a large range of customers whose income is sufficient or aggregate loan size.
Discounts of 0.2 to 0.7 per cent off lenders’ standard variable interest rate and up to 0.25 per cent off fixed interest rates are offered by Professional package depending on the size of the loan.
You can save on the rates discounts and also the professional package presents a range of other cut rates on financial records such as credit cards, transaction, margin loans and insurance.
Consider the following pros and cons before you decide on a professional package with your home loan:
Professional Package Home Loan Pros are Fully featured account e.g. redraw, split loans, internet and phone banking, Interest rate discounts on the standard variable rate, Entitled to the benefits of fee free transaction accounts and insurance product discounts and No establishment fees and no ongoing monthly fees on your loans.
The Disadvantages are an annual fee applies to this product
