The Prime Minister yesterday strongly indicated that the Government will not extend the additional bonus to the First Home Owners Grant beyond 30 June 2009.
While he did not categorically say it would not be extended, he said "The first home owner's boost, as you know, we have indicated that it will conclude within a very fixed and finite time frame. Its had strong useful results so far, but I have got to say all good things must come to an end."
In addition to a possible cut to the First Home Owners Grant, many lenders are now reducing their maximum loan to value ratio to 90%, meaning many first home buyers will be cut out of the market.
To be eligible for the additional grant, you need to get a contract in place by 30 June 2009.
If you are a first home buyer, we strongly recommend you contact your Finance Consultant urgently to ensure your finance is in place.
If you do not have a Finance Consultant, please email us at info@apsgrowth.com, or call our office on 1300 881 402 and a property mentor will be in touch with you.
Regards, Anthony Simon
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Rental accommodation in outer and inner Sydney suburbs continues to plummet, prompting renewed calls for banks to pass on the latest cut in official interest rates.
The Real Estate Institute of NSW says the percentage of available properties for rent in suburbs more than 25 kilometres from Sydney's CBD fell from 1.1 per cent in February to 0.9 per cent in March - the lowest result recorded since June 2008.
Overall Sydney rental vacancies fell by 0.1 per cent to 1.2 per cent, the lowest recorded since October last year. |
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"While a tight rental market is good news for landlords, for prospective tenants the results are bleak," institute president Steve Martin said in a statement.
For there to be sustained improvement in rental accommodation availability, he said more investors were needed in the market.
"That goal isn't made any easier when the banks refuse to pass on interest rate cuts, no matter how small," he said.
In inner city suburbs, a radius which extends 10km from Sydney's CBD, rental accommodation decreased by 0.1 per cent to 1.2 per cent in March.
Middle suburbs - those located ten to 25km from Sydney's CBD, saw slight increases in the amount of rental accommodation available, rising from 1.3 per cent in February to 1.5 per cent in March.
In the Hunter region, 1.9 per cent of properties were available for lease in March, up from 1.7 per cent in February.
In the Illawarra, overall vacancies rose 0.1 per cent to 2.0 per cent, while in Wollongong the percentage of available properties rose just 0.1 per cent to 1.6 per cent.
Mr Martin said while the federal government had given significant assistance to the major banking institutions to cope with the economic crisis, it was "time for the banks to do the right thing and put Australians before profits and immediately pass on the latest interest rate cuts to investors".
Publication: money.ninemsn 23/04/2009
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Interest rates are at the lowest levels in half a century, prompting a rush of home owners and investors to sign up to variable rate mortgages in the hope of further rate falls.
PUBLICATION:
Sun Herald - Click here to read full article
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Want to go on a helicopter joy flight around the Sydney harbour? Or does an indulgent getaway at the Hunter Valley sound more like you? At APS Growth our whole business is referral based and as your referral is our biggest compliment, we have launched 'Referrer Rewards' page on our website.
If you refer a friend, family member, work colleague or team mate to APS Growth who proceed to purchase a property through us, as a thank you we have introduced a selection of gift packages for you to choose from - an action packed helicopter flight around the harbour, to $$$$ towards your next property purchase... there are some great packages available.
Gifts are valid for referrals from 13th March 2009.
Visit the Rewards Page NOW!
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If you were one of the lucky people to attend our Property Showcase evenings with Ronnie Kagan as the Special Guest Speaker I am sure you walked away feeling entertained as well as educated. Ronnie drew on his personal experiences, both good and bad, to show why he believes this could be the best time to buy property in the next 15 years.
APS Growth totally agree with this thought also and has been creating our next presentations on why in more detail (facts, figures and scenarios).
This detail will be presentented at the 'Australian Property in 2009 and Beyond' series of talks.
Properties showcased on both Special Event evenings were a success with clients either ready to take their first step towards starting their investment portfolio, or taking the next step to continue building on their current portfolios.
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The team at APS Growth would like to wish you all a happy and safe Easter long weekend.
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