First Home Buyers
The Federal Government has recently announced increased assistance for Australians wanting to buy their first home. Nationwide, First National Real Estate agents are ready to help you realise the “Great Australian Dream”.
The boost to the First Home Owners Grant (FHOG) doubles the existing First Home Owners Grant on existing homes and triples the existing grant for newly built homes. However, this is a time limited measure so first home buyers must act quickly to secure their financial assistance.
Find out if you're eligible to receive the grant by selecting one of the options below.
The First Home Owners Grant for buying a newly built home
The First Home Owners Grant for buying an existing home Download a copy of the First Home Buyers
RBA hints next rate move will be up
Only renewed troubles in the world economy look like stopping the Reserve Bank of Australia from raising interest rates again before the end of the year.
Addressing a business function in regional Victoria today, central bank governor Glenn Stevens said the largest resources boom since the late 19th century is likely to propel Australian economic growth to something above trend in 2011.
‘‘We think that means that the fall in inflation over the past two years won’t go much further,’’ Mr Stevens told the Foodbowl Unlimited Forum lunch in Shepparton.
However, he said, there were risks to this outlook - a double-dip recession in the United States, a bigger than expected slowdown in China, or the resumption of financial market turmoil that damages confidence.
‘‘But if downside possibilities do not materialise, the task ahead is likely to be on managing a fairly robust upswing,’’ he said. ‘‘Part of that task will, clearly, fall to monetary policy.’’
Financial markets were quick to heed the governor’s warning, pricing in a near 80 per cent chance of a 25 basis point rate rise by December.
The dollar also rose by nearly half a US cent to 94.42 cents in late afternoon trading, but remained shy of Friday’s 25-month high of 94.70 cents.
‘‘The speech leaves little doubt that the next move in Australian interest rates will be up,’’ ANZ’s head of Australian macroeconomics Katie Dean said.
‘‘The tone of the speech also suggests that it will take more than one further interest rate to manage the challenges of the Australian mining boom.’’
She expects the central bank could move as early as the October 5 board meeting given the strength of the labour market that has seen the jobless rate sink to near 5 per cent.
The RBA on Tuesday will release the minutes of its September board meeting, when it left the cash rate unchanged at 4.5 per cent for a fourth consecutive month.
‘‘The language in tomorrow’s RBA minutes will be particularly important,’’ Commonwealth Bank of Australia economist James McIntyre.
Mr McIntyre favours the central bank holding on until the November meeting and after the September quarter consumer price index (CPI) release on October 27. ‘‘But we recognise the risk of early action,’’ he said.
A large proportion of Mr Stevens’ speech was spent explaining to the rural audience why there could only be one interest rate setting, even though a given region or industry may not feel the strength or weakness of the overall economy.
‘‘In fact, no region or industry may be having exactly the ‘average’ experience,’’ he said. ‘‘It is this phenomenon that people presumably have in mind when they refer to monetary policy being a ‘blunt instrument’.’’
He said it was impossible to have different rates for regions and industries without each area having its own currency or having ‘‘draconian’’ regulations that prevent savings flowing from one region to another.
‘‘Australia is always likely to see some differences in economic experience by region,’’ he said. ‘‘What is remarkable, in fact, is that the differences are not, in the end, larger.’’
He said this was testimony to the flexibility within the national economy that had been built up over time, and to the design of policies that aimed to lessen the more stark differences that might otherwise occur.