National Banks,U Bank,via easy home renovating

National Bank’s U bank, is offering Standard Variable loans, at 6.59% through its direct Internet application process. I have flagged this before. This development of the Internet application process shall lower the cost of banking, particularly for home loans. So while Westpac is offering loans at 7.86%, National has loans via the U bank has highly competitive loans at 6.59%. All the big banks have these direct Internet application loans, Commonwealth’s is Netbank, ANZ is ANZ Direct, Westpac is Westpac Online an RAMS. So while, some commentators see a fall in home prices, due in part to higher interest rates. I expect this will be partly offset by lower rates available from the direct application process over the Internet. Many expect interest rates will rise by close to 50 points over the year, while a direct loan application can save you 120 points. Given the recent slowing in retail sales the interest rises mooted, may well be abated.Westpac, are even saying interest rates will fall a whole 100 points over the coming year of 2012.Futures markets are heralding a fall in interest rates.

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Tips for First Home Buyers

One of the hardest things for many First Home Buyers is establishing the saving psychology to start. Everyone knows, just how hard it is to Save: given a third of your income is rent, a third in taxes and a third on living.

Given, once you have bought, it is entirely likely, that the Bank Home repayments will be much like meeting the rent. Its the Deposit, that’s the hard thing.

Below, I set out a few ideas, hope they strike a chord with you.
1   Research, the current First Home Buyer grant, these have been running on and off since 1963. The programme is often changing, but with newer Home loan guidelines, you can use this as a large help to meet the Deposit. Consult www.sro.gov.au

2   Recognize that the Stamp Duty saving to First Home Buyers are a massive saving for you: organise your thinking to grasp this saving.

3   Study, the renovation game, for example, there are many TV shows which highlight the renovation opportunity. A renovation may create a deposit, if you live in a modest home and do it up.
4   Research ways to increase your income, such as renovating cars,{which is tax free}, or weekend jobs with your circle of pals.
5   Research ways to save on expenses, such as, convert your car to LPG, save $50 bucks a week.
6   Save on holidays from the Internet, at sites like www.stayz.com.au, www.lastminute.com.au www.travelzoo.com/au www.wotif.com.au www.expedia.com.au
7   Save on groceries, by shopping at bulk stores, Costco, Aldi, Get Fresh or Farmers markets.
8   Save on furniture and clothing, by buying at Clearance stores, Factory Outlets, Sunday Markets or Salvos stores.
9   Ask your relatives about an Equity Guarantee, as security for your loan.
10  Ask all your friends an pals for saving Ideas and Income ideas.
11  Organise all Christmas and Birthday presents to be made in cash, as a savings measure.
12  Run a modest Home based business, in order to, claim the legitimate tax breaks, on cars, rents, library, office expenses, clothing, telephone, Internet, research and study tours. Modest businesses are being started on Ebay and Sunday markets.
13  Read magazines, like First Property Buyer, or their website at www.firstpropertybuyer.com.au
14  Are you prepared to allow some pals to live in your home and help with the Bank repayments?
15  Are you prepared to live as a House Sitter, during a short term, rental saving phase?

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Stamp Duty Relief in Victoria

The introduction of a $750M Stamp Duty relief package, in Victoria, for First Home buyers from 1st July, 2011 should prove popular. Initially, a cut of 20% on the Stamp Duty on a new home up to the value of $600,000 is proposed.
The Stamp Duty relief is to expand to a 30% cut by 1/01/2013 and then expand to 50% by 2014.
First Home buyers, might carefully weigh the future Stamp Duty concession{around $3,274 for a $400,00 home} against the likely rise in land values from the new State land tax increases being introduced from 1/07/2011. The Stamp duty relief expands each year, until 2014. I estimate the new land levies could add up to $7,000 to the cost of new land subdivisions. A carbon tax would add an extra $6,000 to the cost of a new home, thus the additional compounding cost is high. First home buyers have been holding off the market over the last year in anticipation of these Stamp Duty cuts. Builders have had to cut their prices and Banks shave their interest margins in response to this weaker demand. The number of first home buyers has fallen to half the prior year figures. reference, H.I.A.

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Home presentation for Easy home renovating

Clearly, the first presentation of a home for sale makes a crucial impact on potential purchasers. Many potential buyers will make a”drive by “inspection even before they call the Agent.

An established garden will generate interest, particularly with a great feature point like a special tree, garden wall or water feature. One can spend close to 5% of the value of the home on the garden and landscaping. A feature deck, garden room or a courtyard can make all the difference to a buyer. An entertainment area is like an extra room on the home. Features to consider in a garden landscaping might include, a deck, pond, bird bath, sculpture, exterior mirror, garden lighting, hedge, creepers, sprinklers or fountain. Consider buying these products from a Sunday market or Ebay or clearance sale, they can be quite inexpensive.
Big windows establish an impression of space and light in the home.
This is one reason why rendering the outside brick work is popular. It effectively, integrates the view of the home and makes it uniform and up to date.

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First Home grants in Victoria

These have been a bonanza for home buyers and land developers, alike. Apparently, since 2007 there have been 136,515 grants made to first home buyers. These have been for both existing second hand homes and brand new homes. Victorian buyers have been particularly successful with this scheme. In my view, the scheme arose from the GST tax which put up the developmental cost of land substantially. The grant is some small recognition of these higher costs; which are particularly burdensome for the first home buyer.

The new government in Victoria has a policy of Stamp Duty concession for new first home buyers which cuts Stamp Duty in half. A new and welcome benefit for the First Home Buyers and home builders. Its worth close to Ten thousand for a new first home buyer. It coincides with a new land development tax starting in July, 2011, which will cost close to ten thousand in extra tax on new vacant lots.
While, first home buyer grants in Victoria have been made to 384,796 persons since 2000. I argue they only partly offsett the rising cost for home buyers imposed by the goods and services tax.

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