TheBrammies Posted September 1, 2008 Share Posted September 1, 2008 found this in todays edition of Brisbane Times The Queensland government's helping hand to first-home buyers starts today, with a cut in stamp duty and relief from mortgage duty saving them almost $10,000. As announced in the June state budget, the government has abolished stamp duty on properties of less than $500,000 for first-time buyers, up from the previous threshold of $350,000. Mortgage duty for first-home buyers in this price category will be axed. Treasurer Andrew Fraser said the move, which would apply to contracts signed from today, would help a generation locked out of home ownership by the real estate boom. A Housing Industry Association survey showed nationally a record 50.2 per cent of Generation Y was living at home. The figure for Queensland was slightly lower, at 44.2 per cent, Mr Fraser said. "Only a handful of years ago it was commonplace for twentysomething Queenslanders to become home owners, but today only one in 20 members of Generation Y owns a house," he said. "Combined with the availability of the First Home Owners Grant of $7,000 and an anticipated reduction in rates by the Reserve Bank, this is also good news for the housing market, which in very recent times has been feeling the brunt of tougher economic conditions." The Reserve Bank is tipped to cut its official cash rate tomorrow by at least 0.25 of a percentage point in the first downward move since December 2001. Mr Fraser said consumer confidence had been "smashed", justifying a rates cut. "As a government, and my view in particular, is that we think there is a very strong case for them to undertake a double cut - a full half a per cent," he said. "We know that confidence out there in the community has been smashed." Link to comment Share on other sites More sharing options...
sykestykes Posted September 1, 2008 Share Posted September 1, 2008 found this in todays edition of Brisbane Times The Queensland government's helping hand to first-home buyers starts today, with a cut in stamp duty and relief from mortgage duty saving them almost $10,000. As announced in the June state budget, the government has abolished stamp duty on properties of less than $500,000 for first-time buyers, up from the previous threshold of $350,000. Mortgage duty for first-home buyers in this price category will be axed. Treasurer Andrew Fraser said the move, which would apply to contracts signed from today, would help a generation locked out of home ownership by the real estate boom. A Housing Industry Association survey showed nationally a record 50.2 per cent of Generation Y was living at home. The figure for Queensland was slightly lower, at 44.2 per cent, Mr Fraser said. "Only a handful of years ago it was commonplace for twentysomething Queenslanders to become home owners, but today only one in 20 members of Generation Y owns a house," he said. "Combined with the availability of the First Home Owners Grant of $7,000 and an anticipated reduction in rates by the Reserve Bank, this is also good news for the housing market, which in very recent times has been feeling the brunt of tougher economic conditions." The Reserve Bank is tipped to cut its official cash rate tomorrow by at least 0.25 of a percentage point in the first downward move since December 2001. Mr Fraser said consumer confidence had been "smashed", justifying a rates cut. "As a government, and my view in particular, is that we think there is a very strong case for them to undertake a double cut - a full half a per cent," he said. "We know that confidence out there in the community has been smashed." This is good news, Brammie!! You can get a bigger house now for all us PIO'ers to sleep over after the barbies LMAO Sue xx Link to comment Share on other sites More sharing options...
Guest jogrant3232 Posted September 1, 2008 Share Posted September 1, 2008 Neil its the UK housing market i want sorted, PS hows your bumper Link to comment Share on other sites More sharing options...
Guest Karen K Posted September 1, 2008 Share Posted September 1, 2008 Let's hope Perth follows them soooooooon XX Link to comment Share on other sites More sharing options...
TheBrammies Posted September 1, 2008 Author Share Posted September 1, 2008 try my best on the housing market as the bumper getting it checked tomorrow so we will see Link to comment Share on other sites More sharing options...
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