First Home Owners Grant Scheme and Home Loan Professional Package

First Home Owners Grant Scheme and Home Loan Professional Package

First home buyers grant is given by NSW government to those who are eligible to buy first home in the market. The federal government has improvised this buyer’s grant in recent times to give an attractive selection for all the first home buyers.

The First Home Owner Grant Scheme(FHOGS) is totally sponsored by the HSW Government and supervised by the Office of State Revenue(OSR),. The first home buyers are assisted by this scheme which was established to buy their first home with a grant of $7000.

Regardless of their income, and the area where they are preparing to buy or build or the first home valuation, the first home owners are qualified to receive the grant. This grant is not earnings tested and no need to pay tax on it.

The Australian Government announced a First Home Owner Boost in October 2008, which supplements the NSW Government, funded First Home Owner Grant Scheme. According to the announcement from the Commonwealth:

First home buyers who purchase established homes will receive a boost of $7,000. These will double the first home buyers grant to $14,000.

First home buyers who have planned to build a new home or obtain a newly constructed home will get an extra $14,000. This will accumulate to $21,000 to first home buyers grant.

Home Loan Professional Packages: Like credit rating e.g. AAA, AA or A rating, a AAA credit rating means you have a superior credit profile. In an effort to attract people on higher incomes or those regarded as low-risk borrowers, lenders offer special loan deals known as professional packages to ‘reward’ these customers.

These packages are offered to a large range of purchasers with adequate income or collective loan size not like a long time ago where it was available to professionals like lawyers and accountants.

A Professional Package normally offers discounts of 0.2 to 0.7 per cent off lenders standard variable interest rate and nearly to 0.25 per cent off fixed interest rates based on the size of the loan

You can save on the rates discounts and also the professional package presents a range of other cut rates on financial records such as credit cards, transaction, margin loans and insurance.

Think about the favorable offers and non favorable things i.e., pros and cons of the professional package.

Pros of a Professional Package Home Loan are Fully featured account e.g. redraw, split loans, internet and phone banking, Interest rate discounts on the standard variable rate, You may be eligible for other benefits such as fee free transaction accounts and discounts on insurance products and Some Home Loan lenders also offer no establishment fees and no ongoing monthly fees on your loans.

Article Source: