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Property Market Report July 2009:

“Selling & Buying in The Same Market - Makes Dollars & Sense!”

Selling a property is a significant, often life-changing financial transaction. It requires a sound understanding of both the required processes and the property market and its cycles. Selling involves accurate pricing, legal documentation, an advertising campaign, open day inspections, negotiations, and a legal settlement with the assistance of a solicitor or conveyancer.  Experience shows that this process is best facilitated by a Real Estate Agent expert in securing both your legal protection and the highest possible price.

“Buyers and sellers naturally have the key decision-making role in the process,” says Tony Triglone of Elders Crows Nest. “They are advised to become as informed as possible about the property market.” With that in mind, Elders Real Estate recently released its National Residential Property Index, 2009. The comprehensive, informative booklet is FREE, written in easy-to-understand, layman’s terms, and provides a clear picture of the NSW property market – and the bigger picture. A free copy is available from Elders Crows Nest – call Tony Triglone, Sales Manager on: 9901 3333.

For information on buying or selling contact Tony Triglone at Elders Real Estate Crows Nest on: Ph: 9901 3333.

Brown & Brown e-Newsletter
by Garth Brown

“First Home Buyer benefits”

There’s always winners when financial times are tough and right now you can be a winner if you’re in the market for a home and you are an eligible “First Home Buyer”.

The following important information will assist First Home Buyers (FHB) in understanding the Grant and eligibility.

Here are some of the benefits you can receive if you are an eligible FHB

NSW GOVERNMENT INITIATIVE

1. $7,000.00 NSW State Governments grant toward a purchase or building of a home (does not apply to vacant Land) – no restriction as to purchase price.

2. The Federal Government grants an additional $7K until 30 September 2009. (this ends) & from the 1st October 2009 to 31st December 2009 – the Federal Government will contribute an additional $3,500.00 for an established home.

3. For building a new home or to purchase a newly constructed home the Federal Government grant top up is $14K until 30th September 2009.

4. Newly constructed or building a new Home the Federal Government contribution will be an additional $7K.

5. Exemptions from Stamp Duty (known as ‘First Home Plus’) if purchase of apartment or house is below $500K and reduced duties up to $600K where the duty concession cuts out and full duty is payable. Exemption applies to Vacant Land where you intend to build your first home.

There are no Income or Assets tests to qualify for the benefits.

ELIGIBILITY

1. Applicant must be a person not a company
2. At least one applicant is a Permanent Australian resident
3. Each applicant must be over 18 years of age
4. All applicants/ or their Spouse/ De facto HAVE NOT owned a residential property; jointly; or separately or with some other person in any State or Territory before JULY 2000.
5. All applicants/ or their Spouse/ De facto HAVE NOT owned a residential property; jointly; or separately or with some other person in any State or Territory – and occupied that property for a continuous period of at least six months.
6. At least one of the Applicants will occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of settlement or construction of the Home.

HOW TO APPLY

Proof of Identity is required to apply for the scheme e.g. Copy of passport; birth Certificate; Drivers Licence; Marriage Certificate; Medicare cards must be certified by a Justice of the Peace.

For the government grant you apply through the Bank you are borrowing money from or direct with the NSW OSR.

Applications must be lodged within 12 months of completion or settlement of your home.

First Home Plus – Concession from Duty (handled by your Conveyancer)

Vacant Land – No duty on Land valued up to $300K and will receive concessions for duty on vacant land valued $300K to $450K.

CONCESSION OF DUTY

1. Established Home

• Purchase Price of home $500K – Duty normally is $17,994.00 First Home Plus = zero

• Purchase Price of home $550K – Duty normally is $20,240.00
First Home Plus = $11 245.00 – SAVING $8, 995.00

• Purchase Price of home $575K – Duty is normally $21,365.00 First Home Plus = $16,868.00 – SAVING $4,498.00

2. Vacant Land

• Purchase Price - $300K – Duty normally is $8,990.00
First Home Plus = $0

• Purchase Price - $380K – Duty is normally $12 590 –
First Home Plus = $8392 – SAVING $4,198.00

First Home Plus One
From 1st May 2007 allows Purchasers to buy property with other parties and still receive a concession. To qualify the eligible Purchasers must buy at least 50% of the property. The value limits and other eligibility criteria of first plus apply. Ph OSR 1300 130 624 for more information!

False claims –OSR conducts audits on all applications to ensure eligibility and there are substantial fines for false or misleading statements made in order to receive the grant.

The OSR does have private rulings on complicated situations – best to explain your situation by phoning 1300 130 624 for advice.

HOT PROPERTY AREA TIP FOR FIRST HOME BUYERS – JULY 2009

Currently areas like West Ryde, where you can purchase a 2 bedroom apartment with garage or off street parking with prices ranging $300K - $350K are selling like hot cakes to First Home Buyers. This is a great time to get into the market with the Government grants and exemptions, If you’re eligible don’t delay there’s no better time as these benefits will not last.

FIRST HOME BUYER CONVEYANCING

Brown & Brown Conveyancers are very experienced in handling Conveyancing for the First Home Buyer, please don’t hesitate to contact Garth Brown and discuss your eligibility and receive updated information and assistance throughout the whole process,
it’s easier than you think.

TESTIMONIAL

We found Garth’s service excellent. His attention to detail was very good and he was extremely thorough in all aspects of the purchase of our new Bean Media offices. He made the whole process fairly simple and we always knew he had our best intentions at heart – it was as if he was purchasing the property for himself. We will be using his services again and would have no hesitation in recommending him to anyone.

Mr  & Mrs Dutton – Bean Media Group – Brookvale

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Thank you again for your valued custom.

License No: 1055854

Our next eNewsletter will feature:

“Tips on Budgeting” – August 2009

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