According to Queensland Premier Anna Bligh this move is expected to be finalized in February and could decrease legal costs.

‘Simplifying the paperwork involved in a residential property contract will not only help conveyance lawyers and real estate agents, but we believe the public selling or purchasing property, will benefit from less paperwork and associated costs,’ Bligh says.

Currently a property contract of sale requires the inclusion of a sustainability declaration, a pool safety declaration, a warning statement, an information sheet, and a disclosure statement.

‘Each of these (requirements) means a separate form, each with a fee and often repeating the same information,’ Bligh says.

‘We intend to rid the industry of unnecessary complications making it easier to buy and sell a home in Queensland.’

The Queensland Government is also proposing to incorporate flood mapping data into the ‘one contract’, pending the recommendations of the Queensland Floods Commission of Inquiry.

The expiry date of the grant has been pushed out from 31 January to 30 April, encouraged by strong lobbying from the industry.

The scheme offers a $10,000 non-means tested grant to buyers of newly built home and units priced at less than $600,000.

If you are looking to construct a new house with a first home buyer mortgage, this grant, added to the First Home Buyers grant means a total saving of $17 000.

If you are an existing home owner looking to upgrade, or an investor wishing to build an investment property, the extension of the Building Boost would also be welcome.

To make use of this grant contact one of our experienced Brisbane mortgage brokers on 1300 36 36 99

Also check out out page on the $10 000 Building boost on our website by clicking here.

This may be a good point in time to make an appointment with one of our Brisbane mortgage brokers at Multi-Choice Home Loans to check your options in the home loan market. Our consultants will assist you with your queries and guide you through the maze of lending products from different banks and lenders.

On the subject of property values Rismark’s director, Christopher Joye, commented, “For Australia’s capital city and regional markets, this was the single best monthly result since December 2010, and bodes well for housing activity during the first quarter of 2012, which we project will rebound solidly. The best proxy for housing demand—the number of new home loans approved for purchasing established properties—has risen robustly every month since its lowest point in March.”

“The November result is consistent with our forecasts that Australia’s housing market will respond much more quickly to the RBA’s November and December cuts than many analysts expect. Over 90 per cent of all Australian home loans are fully variable rate, and lenders have passed on most of the 0.50 percentage points worth of RBA rate cuts during the final two months of the year. Borrowers can now get fixed-rate loans for around 5.9 per cent and discounted variable rate loans as low as 6.14 per cent. As Australia’s most interest rate sensitive sector, the housing market will be one of the biggest beneficiaries of the RBA’s generosity alongside consumer spending. We expect to see house prices rising again in 2012.”

 There are plenty of advantages associated with investing in property including the potential for capital growth, rental income and tax benefits. But there are risks that come along including finding quality tenants, earning the rental income you need and meeting any costs for maintenance and repairs. And of course capital growth is not guaranteed.

 If you are confident that property investment is right for you then you need to have a plan. Start by working out how much you can afford.

 If the investment property is your first foray into property you may wish to sit down with a Multi-Choice Home Loans Broker to discuss some of your options for a best home loan.  There is a variety of lenders to choose from with currently many a good offer available to you.

 You will need to have saved enough money for a deposit as well as any additional costs such as stamp duty, legal fees and inspections.

 If you want to avoid mortgage insurance you will need to have a deposit of at least 20%. If you are willing to pay mortgage insurance it may be possible to borrow up to 90%. Discuss the advantages of either option with your home loan broker in order to make the right choice for your situation.

 If you already own your home and have built up equity you can use this to help pay for your investment. You can use this equity towards the 20% deposit and then get a separate loan for the remainder.  You will also need to make sure you can afford the monthly payments (usually interest only, however you can make principal and interest repayments if you wish. Remember, only the interest is tax deductible). Of course, rental income is taken into account but be realistic about the level of rent you are likely to receive.  You will also need to consider there may be times when the property is without tenants.

 Once you have worked out your budget, it’s time to go on the hunt for a suitable location. As a general rule look for areas that are close to amenities like public transport, schools and shops. Also focus on areas that are within commutable distance to commercial centres where lots of people work.

 Once you have narrowed down the areas you’re interested in you can look for appropriate properties. Think about likely tenants.  If it’s close to universities or an area that appeals to young professionals a unit might be a good option. If it’s an area full of young families a house with a nice backyard might be a better bet.

Whether you choose a house or a unit the kitchen and bathroom are probably the two most important features. Built-in storage is also a big plus.  Just make sure the property is neat, tidy and has the features that will appeal to your target market.

 Make sure you do your due diligence before going ahead with the purchase.  Do the relevant building and pest inspections.  Also make sure you do your homework on the value of the property to ensure you don’t pay too much.

 Once you go ahead and make the purchase you need to determine whether you want to be a “hands on” landlord or pay a professional agent to do the work for you.  Agents generally charge about 7 to 9 percent of gross rent to screen potential tenants, collect rent and organise repairs.  They will also carry out regular inspections.

 Finally make sure you have the appropriate insurance in place including building insurance and landlord protection insurance.

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Two days after the RBA Board made its announcement ANZ Bank is the first major bank to pass on full 25 basis point rate cut has been delivered by one of the big four banks.

Click here to check on Multi-Choice Home Loans’ payment calculator what this rate cut means for you.

The banking giant today cut its variable home loan rate by 25 basis points, passing on in full this week’s cut to the official interest rate.
After a stand-off between the big banks ANZ has sent a strong message to the marketplace and puts pressure on its competitors to follow suit.
According to the ANZ, given the economic conditions facing consumers, all majors should look at passing on the full rate cut.
ANZ has also revealed today that it will review interest rates every month rather than wait for cues from the Reserve Bank.
Announcing the move, ANZ Australia chief executive Philip Chronican said the group would now review rates every month.
It will announce its decisions on the second Friday every month.

Heritage Building Society was one of the first smaller lenders to pass on the full rate cut, dropping their discount variable mortgage rate now to 6.35% from 6.60% and the standard variable mortgage rate to 6.94%, down from 7.19%. The reductions will be effective from 16 December.

In the second consecutive month the RBA has cut the cash rate by 0.25% at its December board meeting today.

If the banks will pass on this cut to mortgage owners, it will save about $47 per month on the average home loan of $300 000.

This relief will be welcomed by families struggling with their repayments while juggling the rising cost of living.

You can contact your Multi-Choice Home Loans broker on 1300 36 36 99 to do a health check on your home loan and to see if you are currently getting the best home loan deal.