THE MESSAGE. BRINGING INTO FOCUS FILIPINO PRESENCE IN AUSTRALIA
www.kalatas.com.au | Volume 5 Number 7 | APRIL 2015
17
PROPERY MARKET
HEALTH
Restore First Home Owner Grant
for existing housing
I
echo and support the Real Estate Institute of Queensland for its call for the
reinstatement of first home owner grants (FHOG)
for existing housing. I am also
urging the state government of
NSW to support it and, in addition, to restore the stamp duty
concession too. This will help
thousands to realise their dream
of home ownership and progress from renting.
The First Home Owner
Grant for existing housing were
abolished in 2012. The scheme
has instead only been available
and limited to purchasers of
new property. Since then, first
home owner rates experienced
a marked decline and coincidentally the property investor rates
experienced a marked increase.
The current two-tiered system favouring one class of
homebuyer over another has
simply resulted in many potential first home buyers being locked out of the residential
real estate market. This change
created long-term tenants that
would have purchased their first
home had the grants still exist
and therefore freeing up more
REAL ESTATE MADE EASY
DOM
MELLA
[email protected]
rental property available for the
new batch of tenants.
There was no sound basis
for the preferential treatment
which currently exists for purchasers of newly built properties. The only reason given by
the authorities is, new home creates more economic activities.
We acknowledge there is a need
to create more housing supply,
but first home owners shouldn’t
be limited in their choice as they
are, under the current system.
On the contrary, I believe
giving grants to first home buyers purchasing existing homes
will not stop or hinder but instead complement these activities as there will always be lots
of buyers, including investors,
who would prefer new property. Reinstating of the grants will
help create more sales turnover
and would also unlock millions
of dollars in investment, thus
triggering more economic activities and delivering an important
boost to the nation’s economy.
There needs to be a level
playing field for all first home
buyers. This is an important issue out there in the community.
We believe it was a short-sighted move. There’s a real opportunity now to put it right with the
reinstatement of a more evenhanded scheme.
For free advice or further information contact Dom on 8887
5400 or 0403 226 169.
Dom Mella is the Principal/
Licensee of Ray White Rooty
Hill. He’s also a qualified
accountant with background
in Finance & Investments.
He’s been in real estate
business since 1999.
Guarantor Loans…Buying your
first property without having to
wait for enough deposit
W
ith Sydney
and Melbourne
property markets going
berserk it is getting much harder for Australians to save for a
deposit to buy their first property. Sydney’s average home price is creeping into the $1Million mark and it is no wonder
‘guarantor loans’ is becoming
frequent.
Many Banks allow a family member to help people buy
a home by providing additional property. The person providing this assista