Director's Overview on First Home Owners:

Harry Pontikis, Director of Chocolate Money has been recorded as saying at a recent seminar in Melbourne that "the current property climate in Melbourne - especially in Melbourne is great for First Home Owners."

The reasons are two:

  1. Property prices have pulled back in Melbourne and there are hunderds of entry level properties advertised for sale - meaning it's a great time to negotiate a bargain with the real estate agent.
  2. Banks are willing and needing to lend money and first home buyers are sought after customers!

Chocolate Money specialises in First Home Owner Loans with 4 different Lenders to choose from who provide loans from 97% - 106% of the value of the property.

For First Home Buyers Chocolate Money recommends either the Standard Variable Home Loan and the Basic Variable Home Loan, Fixed Rate Home Loan, Bad Credit Loans, Non Conforming Loans

Article date: 12 September 2005

The Bracks Government will extend its successful First Home Bonus scheme for two more years to make it easier for tens of thousands of Victorians to enter the property market, Treasurer John Brumby said today.

Mr Brumby said the last year's Budget had introduced the scheme as a one-off $5000 cash bonus until June 2005, but its success warranted an extension.

He said the $5000 First Home Bonus would be extended at its original level until December 31, 2005 and then become a $3000 cash grant for first home buyers until June 30, 2007.

"That means that from January 1, 2007 eligible first homebuyers in Victoria will receive a $10,000 cash assistance from the Bracks Government," Mr Brumby said.

The $10,000 will include the $3000 First Home Bonus and the $7000 First Home Owners Grant, formerly funded by the Commonwealth but now fully paid by the Bracks Government.

" For most first home buyers this means a cash grant from the Bracks Government of $12,000 until December this year and then $10,000 until June 2007,'' Mr Brumby said.

"The First Home Bonus has helped over 20,000 Victorians buy their first house, with the majority of buyers in the growth corridors of Melbourne and the major provincial centres," he said.

"The last year has seen a large number of first home buyers coming into the property market and the continuation of the First Home Bonus will ensure thousands of more Victorians can afford their first home."

The extension of the First Home Bonus until June 30, 2007 will cost $207 million.

" Victoria has experienced record population growth and the extension of the First Home Bonus will help make Victoria a more attractive place to live and raise a family," Mr Brumby said.

"The 2005-06 Budget will help ensure the prosperity we have experienced continues and is shared across the community, particularly in housing."

Mr Brumby said the Bracks Government had been making housing more affordable for Victorians through the First Home Bonus grant, the abolition of stamp duty on mortgages and the expansion of property stamp duty concessions for concession cardholders in 2004.

Mr Brumby said the First Home Bonus was payable on purchases up to $500,000

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