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Eric | Will the increased first home owner grant inspire you to buy property? |
The Australian government is reportedly increasing the first home owner grant to $14,000. Do you think this will help inflate our economyand do you think you'll be able to afford to buy instead of rent now?
http://au.news.yahoo.com/a/-/latest/5077124/pm-unveils-package-stimulate-economy/ |
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Jimbo
 |
Being unemployed and one of those statistics that KB Rudd (as in Kevin.B. Wilson) is embarrassed to speak publicly about or even acknowledge, speaking personally, I think that it is highly unlikely.
I do think that, other than the fact that unemployed are living in the gutter and he has once again stepped on us (I know that he has doubled the training places, but money is not getting through, because of bureaucracy, I've tried and have been booked in for January, 2009, if still unemployed), he has done something which restores some votes, from retirees and pensioners, while at the same time, giving some stimulus to the Australian finance sector. I do think that he ignored the plight of those carers, pensioners and retirees, knowing what was to come, both good and bad.
In addition to that, it also gets our country moving again, hopefully free of the greed, which we have seen in some of our Australian, who thought they were American or European(ridiculous payouts to executives), institutions.
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puppylove
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I definitely think it will help some people to afford a home and it doesn’t necessarily have to be a large loan they take out. |
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Kim C
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i had a home once and have no expectations to buy another one and even if i did i wouldnt be able to pay for the up keep of it any way so no but good luck to all those out there trying to buy what was once the great aussie dream the dream now is to keep your job to pay the mortgage thats the new aussie dream to have secure employment first |
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Jenny K
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yep |
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Frank M
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I have to agree with armourer2000
I nearly fell off my chair last night when i saw that they were doubling the first home buyers grant
i purchased my home just before they brought in the 1st buyers grant and am still paying it off and have watched the grant increase and increase. Both my wife and i work and pay taxes , are raising 4 children , the oldest is just turning 17 and about to enter VCE year at school. And the government has deemed her not a child once she turned 16 , this and next year are probably the most expensive to sent a child to school , to give them the best education we can , and to give them the best start that we can give them before either entering the workforce or further studies
Most first home buyers are young , dont have children , and have no major commitment to anyone other than themselves. So why give them everything on a plate , let them work for it as anyone 40yrs or older has to. I would rather see a tax break for me and my family and could possibly pay off my house earlier or enjoy spending the money that I earned on my family other than food , clothing and education.
Also , the grant will only force the price of housing up as builders and contractors will anly increase there prices as they have done for every other home grant increase
And ,now with all this money thrown at first time buyers , that morgtage % cut that the reserve was thinking of giving next month will NOT happen , gee that could have been a couple of hundred dollars a month of my loan
Att want 1 ,
yeah we had a great start paying 14% interest when we took out the loan. that was compounding the rates we had to pay and made our repayments a lot harder to make and since having children have also had to purchase more expensive housing , so i do know what it is like to be in near enough the same situation
ALSO only new houses incur the GST , so by buying an already existing house they wouldnt have to pay it
AND no , i dont begrudge aid to people where it is required , but the majority of people would still get a housing loan even without the grant , they would save an extra 6 - 12 months for the deposit |
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Tui H
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yes, ive been thinking of buying, the grant has definately inspired me to look harder for a house now. |
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hol
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Yes it sure will i was considering buying a house now i am much more enthusiastic about it because this grant will help reduce the fees, and enable us to buy a nicer house. Thank you kevin rudd! |
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american JACKASS:)
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yes they need to stop being greedy they suck bigg time write me back and we can start and frienship lol [[not really]] |
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Tessa
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yeah i do want to but i dunno if i can afford the repayments,.. thats the problem.- theres always tattslotto though. |
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Butterfly
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No. |
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kjay
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I think it sucks - because i bought my house in February - boohoo!! lol only kidding, i know we were lucky to get what we got.
Anyways, i think it will help stimulate growth, but not a great deal. Having a bigger deposit doesnt help a person be able to meet the repayments, which can be incredibly high - mortgage stress is supposed to be 30% of your income - our home loan repayments take up 60% of our combined income. So yeah, it may stimulate a bit of growth, but i dont think this quick fix is going to help in the long run. |
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smerg
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I suppose it depends. if you weren't thinking of buying and don't think it will be any help. Isn't the questionable financial situation resulting in the tightening of loans. Wouldn't you have to have a fairly hefty deposit to start with? Or greedy people will just put the price of their houses up.
I really hope it does make a difference. But if the economy doesn't pick up and jobs losses start would you want to be in a position where you couldn't afford to repay it? It's all so confusing. They free up taxes and give out money in the hope people will spend it, but being unsure of whats round the corner people are less inclined to and could result in the unemployment the government is trying to avoid. |
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Jerry M
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Yes it will help a lot. The reason being is that the number one barrier to entry for first home buyers is their deposit, not their income. When you buy a property for $300,000 or less than $7,000 will cover all the costs. But many first home buyers want to buy a property for more.
With $14,000 most first home buyers will be able to buy a property for significantly more ($550,000 by my calculation) without a deposit. Because of this more people will ask themselves if they should buy a home rather than renting. |
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matt.gloss
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I think it is insane and will only make housing more over priced than it already is.
While the government has made an attempt to increase supply by offering further incentives to people buying brand new buildings, the reality is that by artificially increasing demand they are inflating an already over blown market.
If you can't afford to save for a home you definately can't afford to pay one off.
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Mardy
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It does not really benefit first-time home buyers, since they will be competiting with every other first-time home buyer who also have $14k in their back pocket. The real winners will be existing homeowners. There are smarter and cheaper ways to solve this problem. |
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Woody
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Housing is destined to fall for the next 10 years, the systemic problems in the World economy have only had a band aid solution.
Housing should be 3 times yearly earnings, not 7 +
This is a long term historical average, anything above or below is a bubble or recession. |
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Doubtful 360
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Yes it will help first home owners. On its own it wont help the economy much. |
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T C
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No, the increase in the first home buyers grant will affect the market. It will more likely to make the housing market more expensive. There is a short of housing as it is, and increase the grant will mean the number of people who will be able to afford a buy will increase. It is a case of supply and demand. Limited houses, a lot of buyers, the prices will go up. The bottom of the housing market has to drop out to make houses more affordable. One of the major reasons we have this current finical problem is that the property market is over priced and a lot of sub-prime loans were offered on over-priced property.
Historically any grant or finical aid that the government or housing sector has offered has been absorb by spikes in prices after they have been announced. |
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-brassmonkey-
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Given the economy is on a decline, and that historically (at least fairly recent times) that house prices decline about 1 to 2 years after a stock market decline, I won't be rushing to buy. I'll wait until the market softens a lot more until it's more in line with average earnings. I don't want to pay $500k for somewhere to live only to have it decline to $350k within 12 months. That would be very annoying... |
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kate21
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Thank **** they have done something.
Me and my partner were waiting for approval 1 months before they suspended the First Home Buyers Shared Equity Scheme.
We have been through pre-start, and have spent over 10K in all our floorings and window treatments and tiles.
Since the scheme has come back (YAY) But it has also varied....
This the case the maximum loan will extend only too $355,000 and not the $370,000 as the original.
Well my house is 20K over that price and now we are short, and we were even about to ring up the company to tell them we are going to cut all of our extra expenses out (Meaning no flooring, no tiles, no carpet - Basically an EMPTY SHELL + put extra money in our deposit) But we would have done it ourselves later on down the track anyway...
Now today they have tripled the First Home Owners Grant and I will be elegible for the 21K bonus. Therefore I will not be able to see my newly built home as an empty shell and I can get my life and my kids settled in a new home.
Your damn right this Grant will inflate our economy as WA needs new housing, and its extremely fair that first home owners should get a good go - These days you would either have to be born into money or win that damn lottery which you never will.
Im glad young couples and especially families like myself can be able to afford to buy and not get caught in the Rent Trap for the rest of my life. |
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xchris
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If you don't have a deposit now, the 14k will only put you in trouble.... |
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noobee
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i'm on a disability pension so i will never be able to own my own home anyway. |
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21 weeks Pregnant & Loving it!
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Well i did read this article earlier on and in a way it does inspire people that are already considering to buy and give them a little push in the right direction. Besides think of all the interest you'll save if you didn't have to borrow that extra 14000 or how many months it would've taken you to save the money.
It depends if property value increases than no, it won't help but if property value is as is now, it will definately do more help than harm.
However if someone has never considered buying or just simply can't afford it, wont go for it. Its like the baby bonus scheme, people aren't going to go around trying to have as many children as they can just because the government is going to give them $4000 per child.
As for myself i'm trying to save up enough for a deposit and this will definately help, i just hope that i have enough in time for this to still be valid.
I would just like to add that,
Yes having a bigger deposit does help a person meet their repayments, if for instance,
Jessica is going to buy a house thats worth 350k and will be putting up a 100k deposit, her mortgage will only be for 250k. at a 7.25% interest rate over a period of 25years, Jessica's monthly repayments will be approx $1808.00 thats $290,298.00 total interest payable.
As opposed to John who is also buying a house for the same value but only has 30k so at 320k for a deposit at 7.25% over 25 yrs will incur 2313.00 monthly thats $371581.00 total interest payable.
Now monthly thats only a five hundred dollar difference if that may not seem substantial enough look at the bigger picture, and you'll soon find to beat the interest payable on your mortgage you need a bigger deposit. Therefore even though $14000 may not seem much it does help significantly when combined with hard earned savings. |
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Allora
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Yes I was already thinking along those lines but now I'm really keen. It's particularly exciting to know that the government has used the surplus for the people who really need help, not just to line the pockets of the wealthy. I hope the pension increases help the elderly and disadvantaged.
Although did I read right? Does that extra money for the first home owner grant only apply until June 2009? |
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craigytuck
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Eric, there are some good answers here. Some I agree, that we should not be incentivising people to buy, when they may not be able to repay coming into a deep recession. The sub-prime crisis in America unfolded a year ago, alot knew it wold unfold before a year ago. The tightness of money will mean when the RBA cut rates, the banks wont pass on the cuts, as margins are squeezed and the smaller lenders (eg Wizards, Aussie's etc) will not be able to make profit and Big 4 banks will be less competitive as more loans are taken from them. All you lovely people answering take my recession advice. Buy some gold (either physical or GOLD.AX shares on the stock exchange) and rent a place with a garden to grow your own veggies..I am. I am selling my 2 bed 2 bath unit and am praying I break even after owning for 5 years. Property is for the wealthy in the big cities. OR in 12 months invest in a growing country or seaside town, unless you can afford to pick up a Sydney harbour property worth 5 million for about 2 million.. !!!
Good luck, and check youtube for tomato growing tips. Excellent.. |
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want1
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To amourer2000 & Frank M - if you bought your house before the first owners grant was introduced then your house was a hell of a lot cheaper than the houses are today!
How do I know this?
Cause I'm like you & we (hubby & I ) bought our house pre GST (1999) before the prices went thru the roof (and thank God we did).
I tell you what, there is no way I would want to be trying to get a property in this market, grant or no grant.
I think it's great that people new to the market can get a start. Why begrudge them this- honestly it would be near impossible to get on top of the interest payments alone if they weren't getting a bit of assistance.
What you've both got is whats referred to as "Downward envy". Which means you're envious of people that are worse off than you (i.e no house) and you begrudge them getting a start.
Wake up to yourselves & count your blessings. You made your decisions to live your life your way, don't be so jealous of others less fortunate. |
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Shazela
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I think it will inspire another massive bunch of people to buy houses and then default the loan because they cant afford to pay for it.
I think everyone should learn by what has happened on mass in America with the housing crisis............ and realize that sometimes we just cant afford to have everything we want.
Once upon a time, people were happy to work to pay off their homes, put food on the table and grant yourself a few luxuries that you saved hard to get, but not these days, there is rarely a thing thats considered an out of reach luxury.... thanks to credit and peoples needs to have so so so many "things"! |
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veg_hel
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I hope it does inspire people to not only buy, but keep up their repayments. Personally I find many young people squander their money on a good lifestyle, and not on the things that will help them later in life. They are extremely lucky at this time in our economy that they are getting money handed to them for purchasing property. I just hope they don't take the grant for granted. |
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armouror2000
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Edit I purchased my first Home in 1996 and when i applied for first Home buyers Grant was told I was not eligible and was not told why.
so i arranged my finance accordingly I stopped Smoking and reduced my drinking of alcohol to a night out once a week until my pay allowed me to do more and Now i am a single self funded retiree i was hoping to have the tax reductions promised which have been eaten up with higher Commodities by bring up strangers children by paid maternity leave and no pensioner increases in budget because the money to pay greedy people a bigger amount to buy a house I also Whole sales tax 22% in thoes days
what a rip off when purchased my home there was no Grant and i have payed off my home and now through taxes am paying of everyone Else's
Just higher taxes for me
paying for other peoples home other peoples children paying for other people to go to work whilst my money pays for child care
no wounder your children grow up selfish because the get everything handed to them on a plate |
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miss schlonky
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Not really. I still wouldn't have enough of a deposit to make it sensible to get a mortgage for a house where I WANT to live, in the current economic climate.
And I think house prices are still ridiculously high. I'm going to wait until the bottom falls out of the market, people become forced to sell for whatever they can get and there's an over supply. It's a better time for renters when that starts happening. I don't mind renting as long as I'm not paying too much and have enough left over to save.
I think the increased grant is more likely to inspire the real estate market NOT to lower housing prices by as much when demand falls. The government is really trying to protect the residential property market, not help us save money. The first home buyers grant just increases property prices... that's a known fact.
Anyway, why would the government increase demand in a highly inflated property market?... which caused our debt-driven recession woes in the first place?! Increasing the grant now just sounds like a really dumb policy idea to me. I can't afford to be a part of making our problems worse. |
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Mel
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If only I had the other $585,000 to pay it off.
I'm not quite earning enough yet to afford to buy my own home, maybe if I win the lottery. |
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