FHOG Doubled and Tripled
- Thread starter dru1d
- Start date
Good news for my gf 
Ok.. here goes..
I agree but... 1.5 bn for the FHOG is peanuts... its a measured move.
compare that to 40bn tax cuts done just to try and win an election.
My hope is that Rudd uses this "crisis" as an excuse to plow through much needed infrastructure works and push aside NIMBY's and ineffectual State governments.
But again... all Rudd has really done in this proposal is 2 small measured steps to boost retail spending come xmas and push the property industry along. The other measures i.e. pensions etc are simply initiatives brought forward.
My view its a good step overall, but like you say unless Australia starts moving now we will end up like the US i.e. everyone with a shiny new plasma but no roads, bridges or anything of value being built.
I agree but... 1.5 bn for the FHOG is peanuts... its a measured move.
compare that to 40bn tax cuts done just to try and win an election.
My hope is that Rudd uses this "crisis" as an excuse to plow through much needed infrastructure works and push aside NIMBY's and ineffectual State governments.
But again... all Rudd has really done in this proposal is 2 small measured steps to boost retail spending come xmas and push the property industry along. The other measures i.e. pensions etc are simply initiatives brought forward.
My view its a good step overall, but like you say unless Australia starts moving now we will end up like the US i.e. everyone with a shiny new plasma but no roads, bridges or anything of value being built.
Typical Labour though. They spend $10Bn in stimulus and not a penny goes to high income earners. Lets look at the impact on my families finances:
Pensioners and Carers
Lump sum payments of $1400 and $1000... None for me.
First homebuyers
Lump sum payments of $14K to $21K... None for me.
Money for kids
Great, I have one of these! Let's see: Families who receive FTB(A) or other allowances get $1000 extra... OK, still none for me.
So there we have it. A splurge on the marginals. I guess that is what's required to stimulate the economy. If you give it to the affluents then they'll pocket it and not spend it, hence nil stimulus impact. Give it to those with less discretionary spend and they'll probably spend it and generate a bit more stimulus as a result.
Makes sense I guess. But selfish me wouldn't have minded a few crumbs finding there way into my pocket...
Cheers,
Michael
Pensioners and Carers
Lump sum payments of $1400 and $1000... None for me.
First homebuyers
Lump sum payments of $14K to $21K... None for me.
Money for kids
Great, I have one of these! Let's see: Families who receive FTB(A) or other allowances get $1000 extra... OK, still none for me.
So there we have it. A splurge on the marginals. I guess that is what's required to stimulate the economy. If you give it to the affluents then they'll pocket it and not spend it, hence nil stimulus impact. Give it to those with less discretionary spend and they'll probably spend it and generate a bit more stimulus as a result.
Makes sense I guess. But selfish me wouldn't have minded a few crumbs finding there way into my pocket...
Cheers,
Michael
I'm not sure I agree $1.5 bill is a small amount. The Lane cove tunnel here in Syd (almost 4km long) cost just over $1 bill to build. There are numerous projects in sydney I can think of that are of critical importance to a lot of people eg M4 East, F3 tunnel, M2 widening, North West rail..the list goes on.
The State has responsibility for some of these but as you know NSW Govt has zero funds in addition to incompetence - someone has to pick up the slack, maybe the Feds. Either way, I think infrastructure projects are more stimulatory in the short term as well as the long term. The ROI is much more benficial to the collective.
Or how bout this one, instad of giving FHO's more in grants, why not offset against land tax revenue and stamp duties and reduce them? That way everyone benefits. Ignore the State vs Fed responsibility again.
In these hard economic times that will only get harder I think the Govt has come up with a knee jerk, back of the envelope plan which in the scheme of things delays the inevitable rather than actually lessens the pain.
Again i agree... but it takes atleast 18 months ATLEAST from saying you will start building a rd to the first shovel hitting the ground so theres no short term benefit.
1.5bm NATIONALLY? versus a single lane cover tunnel just 4km long..
Also remember the 1.5bm will in a large part come back to the states in the form of duties etc... so really its not that much.
Its "suitable" given the current irrational climate.
But again... i agree... infrastructure is crucial but unfortunately such projects wont fit within an election cycle with no electoral payoff and hence its easier to do tax cuts... stroke of a pen and its done.
1.5bm NATIONALLY? versus a single lane cover tunnel just 4km long..
Also remember the 1.5bm will in a large part come back to the states in the form of duties etc... so really its not that much.
Its "suitable" given the current irrational climate.
But again... i agree... infrastructure is crucial but unfortunately such projects wont fit within an election cycle with no electoral payoff and hence its easier to do tax cuts... stroke of a pen and its done.
I havent settled yet. I settle October 27th. I wander if I am eligible for the extra $7000.
I'm waiting to here back from my mb.
Yep, Plasma TV's, iPhones, Tinnies, drift tyres, fags & booze!
I got an email from my settlement agent saying that my bank were unable to prepare the executed documents and are unable to prepare my file for settlement due to the following errors:
FHOG Approval - FHOG sent to broker - Awaiting FHOG application
Photo id hasnt been recieved. Provide details of drivers license id, etc etc.
I just spoke to my mb on the phone. I asked her if I will get the extra $7000 and she said she will ring the OSH and find out for me. I'm crossing my fingers that because they are still awaiting my FHOG application I can fill out the form again with todays date, and I'll qualify for $14,000 instead of $7000.
The thing is though I signed my mortgage documents on Friday night. arrggh
So I dont know.
*fingers crossed*
FHOG Approval - FHOG sent to broker - Awaiting FHOG application
Photo id hasnt been recieved. Provide details of drivers license id, etc etc.
I just spoke to my mb on the phone. I asked her if I will get the extra $7000 and she said she will ring the OSH and find out for me. I'm crossing my fingers that because they are still awaiting my FHOG application I can fill out the form again with todays date, and I'll qualify for $14,000 instead of $7000.
The thing is though I signed my mortgage documents on Friday night. arrggh
So I dont know.
*fingers crossed*
Have a look at this...
http://www.pm.gov.au/media/Release/2008/media_release_0550.cfm
and in particular where it says:
* First home buyers who purchase established homes will have the grant which they are currently entitled to doubled from $7,000 to $14,000; and
* First home buyers who purchase a newly-constructed home will receive an extra $14,000 to take their total grant to $21,000.
First home buyers will be eligible for the First Home Owners Boost from today (14 October, 2008).
I'll hazard a guess it's from when you sign the contract not settlement.
what a croc of s***
I just bought my first property missing out on the new stamp duty concession threshold... now I miss out on a potential 14k!!!
bugger this, more reason for me to go back overseas again.. at least to keep my taxes to myself!!
I think they should at least back date it to the start of the financial year, or the last month. I only just signed my contract on the 21st September, and my mortgage documents October 10th.
OSR here in WA dont know anything yet. Thats what the lady said
http://www.dtf.wa.gov.au/cms/osr_content.asp?id=167
http://www.dtf.wa.gov.au/cms/osr_content.asp?id=167
I think they should at least back date it to the start of the financial year, or the last month. I only just signed my contract on the 21st September, and my mortgage documents October 10th.
They should back date it yes. Im building a new home and just signed up last month. At this stage i would be better off losing my 5% deposit of $11,500, resign and take the extra $14,000 instead
So if a FHB buys one of the villas in the triplex I am finishing developing next month, will they not get the $21k ? Do they have to buy land and build themselves ? I interpreted it exactly as it was published in the media ......$21k if they buy a newly constructed house meaning they would get the $21k
Ross
Well my fhog application was sent to the Melbourne ANZ instead of Perth's ANZ. I just wish it would get lost, and then I could fill out another form.
Dunno even if that would help. Probably wont qualify for the extra $7 K
They should back date it yes. Im building a new home and just signed up last month. At this stage i would be better off losing my 5% deposit of $11,500, resign and take the extra $14,000 instead
this really sucks!!
