On the weekend i went to the home buyer expo. In the hope of getting some tips and secret for the current property market.
There were a lot of people at the event and everyone was eager to learn about new policy from the government, things to watch out for and tips on getting a nice property.
It was all positive news for me. There were talks about the first home owner buyer's grant and the first home buyer's boost. There were talks on the first home buyer saving account designed to give incentives to first time home buyers. It is available from 1st October 2008. The government will pay you 17 cents for every dollar you put into that type of account. Any banks building society, credit union etc can set up the account for you. However, different providers can have different terms. But here are some of the fundamental features and condition of this type of saving account.
* 15% tax on earning by provider
* can tranfer between account provider
* 3rd party contribution
* can withdraw after min 4 yrs
* no joint account
* no min contribution
* government contribution capped at $75,000
* account will close by age 65 or buying a home
There are other finer details which you can find out from your bank.
the expo will be in other states as well so check it out if you interested
http://www.firsthomebuyersexpo.com.au/
