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Proposed Changes to make Home Ownership More Achievable

Proposed changes to Stamp Duty, may provide freedom to choose paying Stamp Duty upfront or paying a smaller annual property tax.  Removing the upfront Stamp Duty cost, removes thousands of dollars from the home purchase process making home ownership more achievable.  This proposed change is only if purchasing.  There is no change if you have already paid stamp duty on your existing property.

Interest Rates

The Reserve Bank has left the office interest rate on hold at the historic low of 0.25%.  This now marks the seventh month in a row without a change!  This decision means that the interest rate on loans remains stable assisting households and businesses.

Land Value and Rates

Local Councils use The Valuer General land value to distribute rates across their local government areas.   The Valuer General does not set rate fees for councils.  Changes to land value may not necessarily lead to changes to local council rates.  Local Councils choose a combination of rate charges and fees for it’s area and community under pricing policies. Flexibility for Councils for a rating structure that distributes rates between ratepayers is provided under The Local Government Act 1993.

Stamp Duty Paused!

NSW State Premier announced that as from the 1st August 2020, stamp duty tax would be temporarily paused for new homes priced under $800,000 for first home buyers.  The NSW Government expects around 6000 first home buyers to benefit from the plan designed to support the construction industry and generate new jobs through the Coronavirus crisis.

Message to Our Customers

Dear valued customers,

Yeramba Estates and its associated companies is committed to the health and wellbeing of our people, clients and consultants.

Just like other crises, the current COVID-19 situation will eventually pass.

We are not saying that we should not all be careful nor cognisant of the risks caused by this virus. Nor are we wishing to belittle the situation where people have truly been harmed by the adverse affects of the situation, be it health, employment or financial status.

What we are saying however, is that fear and uncertainty will eventually transform into positiveness and a feeling of “life goes on” as we rebuild. In fact for the majority, life does just that!

We value our relationship with you and we want to reassure you that we will remain open for business serving your needs in the meantime.

If you need anything just contact one of our team.

 

2020 – New First Home Buyers Scheme

First Home Buyers will have an opportunity to enter the property market with a smaller deposit under a New Federal Government (new home loan deposit) Scheme which commenced 1st January 2020.

Under the scheme, first home buyers with a deposit as small as 5% may be able to apply for a mortgage, which the government then acts as a guarantor assisting those with a low to middle income.

This is only available and supporting up to the first 10,000 successful and eligible applications each financial year.