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August 2009   

Anita

The exciting news for August is that my name was annouced as one of the top 50 brokers in Australia for AFG as part of their Smart Campaign. AFG is our aggregator who represent over 2500 brokers . The rankings were worked out on volumes as well as client feedback from the surveys sent out after a loan settles. Thanks so much to all of my wonderful clients who helped me reach this fantastic result. Its thanks to you that I made it into the list! As a reward I was offered a 4 day conference to Cambodia in September. I am unfortunately not able to make this trip so I will be aiming to get into the top 50 again next year and hopefully the destination will be somewhere equally as exciting.

Interest rates - Everyone is asking at the moment about fixing or not fixing rates - its a confusing topic so i have created a blog where you can discuss your views with me/others - please feel free to make a comment/ask a question - www.advancedfinance.com.au/blog or follow this link to a detailed article which lists the pros and cons -http://www.afgonline.com.au/newsletter/winter09/01/.  Westpac have announced that they will be increasing their fixed rates this week so if you have loans with them and plan on fixing NOW is the time.

Victoria - I have been invited to attend some workshops in Benalla and Melbourne in early September by the Investors Club. I am looking forward to meeting some of our clients while I am down there. We will be holding a special lunchtime workshop (see events for details) - numbers will be strictly limited so if you would like to attend please let me know as soon as possible.

Enjoy August! - Anita

Jacqui

Well the start of another financial year.  I hope everyone is well on the way to doing their tax.  I'm very organized and have done ours - I like to get that tax refund back as soon as I can.  I am sure all of you with rental properties have done the same.

Work is still very busy - mostly with investors and also clients wanting to fix their loans.  This time of the year is also a very good time to do an annual health check on your finances, please feel free to give me a call if you need some help.  Also just a reminder that summer, or the hotter weather, is just around the corner, and for those of you who have a boat it might be a good idea to start getting it ready for the boating season.  With that in mind, my husband Philip went back to school this month and is now a fully qualified Mercury dealer.  Just part of the excellent service they offer @ COVE MARINE.

Well the kids are all back to school after a wonderful holiday and the rat race has begun again for another term.  Hope you all had a wonderful July.

2009 Financial Year Health Check Tips

Keep your finances on track by following the 12 AFS Financial Health Check Tips

Tip 1 - August 2009

This months financial health check tip is to:

Ring 1300762207 and get a copy of your credit rating sent to you in the mail.

This is a free service offered by a company called "My Credit File" - if you call the above number they will send you a copy of your credit file within 10 working days completely free of charge -

Obtaining a copy of your credit file will assist you in managing your personal information and also help you to better assess your own credit worthiness.

Please note that you may only request a copy of your own credit file. For security purposes, prior to receiving your credit file you will be asked to verify your identity.

Once you receive your copy check that all the details on there are correct - for more information about what is on your report - www.mycreditfile.com.au

Changes to the First Home Owners Grant Scheme Boost and Government Fees

The Federal Government has extended the First Home Owners Grant Scheme Boost for six months from 1 July 2009 to 31 December 2009.  Note: The Federal Government's First Home Owners Grant of $7,000 will continue.

What you need to know:

• For established homes, customers must enter into the contract no later than 30 September 2009 to receive the $7,000; customers entering into a contract from 1 October 2009 - 31 December 2009 will receive a $3,500 boost payment

• For new homes, customers must enter into the contract no later than 30 September 2009 to receive the $14,000 and customers entering into a contract from 1 October 2009 - 31 December 2009 will receive a $7,000 boost payment.

There are two eligible transactions under the new home scenario:

• For construction loans where a building contract has been signed, building must commence within 26 weeks and the construction must be completed within 18 months.

• For off the plan purchases the contract must be signed on or before 30 September 2009 to receive the $14,000, on or before 31 December 2009 to receive the $7,000. Construction work must be completed on or before 31 March 2011.

Victoria:
Changes to the Victorian Home Bonus
From 1 July 2009 - 30 June 2010 the Victorian Government funded Home Bonus will reduce from $3,000 to $2,000 for existing homes and will increase from $5,000 to $11,000 for new homes.  Eligible transactions will increase from $500,000 to $600,000.

Changes to the Victorian Regional Home Bonus
From 1 July 2009 - 30 June 2010 the Victorian Government funded Regional Home Bonus will increase from $3,000 to $4,500 for eligible customers.

New South Wales:
Extension of the New Home Buyers Supplement

The NSW Government has extended the expiry date of their $3,000 New Home Buyers Supplement from Tuesday 10 November 2009 until Wednesday 30 June 2010.

• First home buyers in NSW who qualify for FHOGS and are buying or building a new home are eligible for this Supplement.
  
  Note: A new home is a home which has never been occupied as a place of residence. It must be the first sale of that home

• They must enter into a contract to buy or build a new home by Wednesday 30 June 2010.

Summary
Please click here to see the dollar value of FHOGS and Boost on a State by State basis.

Government Fees

VICTORIA
VIC Mortgage Registration fee changes
Effective Wednesday 1 July 2009, the following Victorian registration fees will increase:

• Registration of Mortgage fee will be $98.00 (previously $95.10)

• Registration of Discharge of Mortgage will be $98.00 (previously $95.10)

• Registration of Transfer will be $119.40 (previously $115.90) plus $2.46 for every $1,000 of the transaction. The maximum fee is $1,350.

NEW SOUTH WALES
NSW Mortgage Registration fee changes
Effective Wednesday 1 July 2009, the following NSW registration fees will increase:

• Registration of Mortgage fee will be $95.00 (previously $92.10)

• Registration of Discharge of Mortgage will be $95.00 (previously $92.10)

• Registration of Transfer will be $190.00 (previously $184.00).

NSW Housing Construction Acceleration Plan (HCAP)
Effective Wednesday 1 July 2009, the NSW Government will introduce their Transfer Stamp Duty concession, Housing Construction Acceleration Plan (HCAP).

The concession is only available for customers entering into a contract for the purchase of a new home between Wednesday 1 July 2009 and Thursday 31 December 2009. The concession reduces the Transfer Stamp Duty payable by 50% for transactions up to $600,000 for both new owner occupier and investment properties. The concession is not limited to one transaction.

Note: First home owners cannot claim the concession. A new home is classified as one that has not previously been occupied or sold as a place of residence. The home must be complete and ready for occupation unless it is an off the plan purchase.

WESTERN AUSTRALIA
WA Registration fee changes
Effective Wednesday 1 July 2009, the following WA registration fees will increase:

• Registration of Mortgage fee will be $110.00 (previously $105.00)

• Registration of Discharge of Mortgage will be $110.00 (previously $105.00)

• Registration of Transfer - please refer to the below table

Note: For transactions over $200,000 the fee is $140 plus $20 for every $100,000 or part thereof.

SOUTH AUSTRALIA
SA Registration Fees
Effective Wednesday 1 July 2009, the following SA Registration fees will increase:

• Registration of Mortgage fee will be $117.00 (previously $112.00).

• Registration of Discharge of Mortgage will be $117.00 (previously $112.00).

• Registration of Transfer - refer to table below: 

Plus $65.00 (previously $62.00) for every $10,000 or part thereof above $50,000.

Stamp Duty abolished

• Effective Wednesday 1 July 2009, SA Mortgage Stamp Duty will no longer apply for advances made on or after Wednesday 1 July 2009, irrespective of whether the mortgage document is executed before or after this date.

Note: Revenue SA have advised that:

• Duty on a "line of credit" loan would be chargeable on the full amount made available to the customer prior to 1 July 2009 regardless of how much was drawn down, as the funds are available to the customer without further approval from the financial institution; and

• For construction loans, duty would be chargeable on the full amount available under the facility, when the first progress payment is made before 1 July 2009.