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The Mercury Real Estate Guide : November 7th 2008
MERCURY Friday, November 7, 2008—75 FINANCE AND CONVEYANCING Big boost in hopes of home ownership ALTHOUGHencouraged bythe drop of the cash rateby1 per cent recently,mostofwhich thebankspassedonto consumers, it still ishard formanyto realise their dreamofhome ownership. Therehasbeena generalweaknessin leading housing indicators in 2008, housing affordability has beenahot topic, rents haveincreased because of lowvacancy ratesand lending criteriahave tightened. Acombination of these issuesandothers has meantthatmanypeople whowantedto climbon the property ladderhave notbeenable to stepon the first rung. EdwardandCharlie havebeenin Australia for nearly three years but havebeenunable tobuya house. Edwardsaid: ‘‘The prices just keptongoing upandup.Andwith the highstampdutyand mortgage insurance,we havebeenunable to get finance secured.’’ Thecouple,whohave four children, struggle weektoweektopayfor groceries, let alone to put moneyaside foradeposit. Withnowayof showingsavings ina bankaccount for the past six months,mainstream lenders are reluctant to lendthem100 per cent. ‘‘We arenowbeing told thatwecanonlyborrow between 80-90 per cent of the property’s value, so in the pastmonth,the dreamofowningahouse has diminishedeven further,’’ saysEdward. Since the the increase in the first-homeowners grant to $14,000, the couple believes theymay nowhaveachance. ‘‘Wewerejust shortby about $6000, sonowwe arekeento start looking again,’’ saysEdward. Although popular with voters, theschemehas hadits criticsandbeen blamedfor rising affordability figures. TreasurerWayneSwan says this time the fear of double-digit falls inhouse values overseaswas behind the radicalmove. ‘‘It is important thatwe support the housing sector in these uncertain economictimes,’’hesaid. ‘‘Expanding support for firsthomebuyers in this fashion is right for the conditionswecurrently face—helping to shore uphousing activity ina sector,whichmay otherwise slow. That’s whythis isatime-limited measurewhichcomes into effect immediately andis additional toour strategies to boost the HOPE RENEWED: Home ownership is newly possible in wake of grant increases. supply of affordable homesfor the long term.’’ TheHousingIndustry Association expects the initiative to boost the numberof dwellings built over the next yearby 15,000.Forthe past nine months, building activity has declined. CommonwealthBank headof retail products MichaelCantsays with the increased grant ‘‘coupled with the first homesaver account scheme, firsthome ownerswillhavethe kick-start theyneedto break intoan The name you’d recommend in Conveyancing 168 Collins Street Hobart 7000 Facsimile: 6224 4166 Email: email@example.com Website: www.simwolf.com.au 6224 4133 6224 4133 Call Chris Perriman and his experienced team, Sarah Andrews and Angela Harriss for all your conveyancing needs We’ll fi nd the right home loan for you! We’ll answer all your questions We’ll come to you at a time to suit you At Pure Financial Solutions, we can provide you with information about and access to a range of home loan products including; • • Re-financing • Investment property loans • Construction loans Debt consolidation • Lo doc loans We provide pure financial solutions Call Michael Sherman on 6228 0206 or 0409 091 344 Suite 1, 83 Main Road, Moonah, Tas, 7009 1694394 at home finance Fresh Housing Loans is a fresh approach to financing your new residence or even refi nancing your existing home. Owner-occupier home loans Investment property loans Refi nancing/debt consolidation Self-employed applicants Credit-impaired applicants For professional service and quick approvals call Cameron Dick today! Mobile 0417 369 915 Phone 6213 3318 Fax 6234 5171 Email firstname.lastname@example.org 15 Warwick Street Hobart www.fresh-finance.com.au MyState Financial Credit Union of Tasmania Limited ABN 89 067 729 195 AFS Licence Number 240896. MyState Financial recommends that you read MyState Financial’s Product Disclosure Statement (PDS) which is available by calling our Service Centre on 138 001, atmystate.com.au or visiting a MyState Financial Branch, before deciding to acquire this product. increasingly competitive housing market’’. Prospective buyers JessandRhyssay if they hadhadthe additional $7000twoweeksearlier, theywouldnothavebeen gazumpedonaproperty deal. Theyhadhadontheir firsthomeaccepted, but right at the lastminute another offerwas presentedandthey did nothavethe extra finance tomatchit. Now,with the extra $7000 available to them, they are confident this will nothappenagain, andthat they will be able to afford to renovate as soon as theymovein. BRADFIELDS BARRISTERS & SOLICITORS Affordable Conveyancing Tracey Brown Conveyancing Clerk 54 Molle Street, Hobart, Tasmania 7000 GPO Box 1984, Hobart, Tasmania 7001 DX 132, Hobart Telephone (03) 6231 2880 Facsimile (03) 6231 2858 email: email@example.com 2079874 If you’re looking to buy your first home, we can help you save for it. As well as government co-contributions and generous tax savings,MyState Financial’s First Home Saver Account also offers a very competitive rate and no account keeping fees. But that’s not all.We also give you the advice you need to put you in control. Talk to us today. Trying to save for your first home? We’ll help you get off the ground. Nowwecan buyahouse, isa sentiment being echoed by first- time buyers across the country in thewakeof the increased grant for firsthomeowners, writes Charlotte Cossar y l ABN 28 089 828 562 a Professional and experienced service offered in respect of all private home/residential conveyancing e IAN SEALY Licensed Conveyancer MARGARET MINEHAN Senior Conveyancing Clerk Phone: (03) 6223 2054 Mob: Fax: 0419 508 578 (03) 6223 2960 Email: firstname.lastname@example.org Level 1 - 138 Collins Street Hobart Website: www.iansealyconveyancing.com.au 2057724-LS 1106a MSF8277-03rj LIFESTYLE P S . take a fresh look t I L n a y t W d
March 20th 2009