Best home loan solutions for your lending needs anytime, anywhere it suits you!
Our experienced lending managers use their specially developed lending software to ensure borrowers receive an appropriate loan to suit their situation, needs, and objectives. MCM has access of funds from more than 10 different lenders, to ensure a good deal for the borrower.
We pride ourselves on supporting our valuable clients during application of the loan, during settlement and continuing to support the clients during and beyond the period of the loan.
It was the second month in a row RBA has cut official interest rates.
RBA November 2011: Interest Rates Cut by 0.25% to 4.50%!
The Reserve Bank of Australia (RBA) eventually has cut official interest rates by 25 basis points to 4.50 per cent at its board meeting on 1st November 2011, not long after the announcement, ANZ, CBA, Westpac has passed on the rate cut in full to its customers, NAB has only passed on 20 basis points
First Home Owner Grant Cap changes
From 1 January 2012 First Home Plus exemptions and concessions will be replaced by the First Home - New Home Scheme.
The amendments provide that an agreement or transfer will only be eligible for the concession or exemption if it is for the acquisition of a new home or vacant land intended to be used as the site for a new home.
From 1 January 2011, the cap will be increased to $835,000. The $835,000 cap applies to all applications where the commencement date of the eligible transaction is on or after 1 January 2011. Applicants who purchase or build a home which has a total value of more than $835,000 will not be eligible for the grant.
The previous cap of $750,000 still applies where the eligible transaction commencement date falls between 1 January 2010 and 31 December 2010 (inclusive). Prior to 1 January 2010 there was no cap applicable.
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NSW Home Builders Bonus
Effective for contracts entered on or after 1 July 2010, the New Housing Concession provides a full exemption on transactions relating to vacant land (<$400k) and off the plan purchases where building has not commenced (<$600k). A partial concession of 25% of duty payable applies to completed new homes (<$600k) or off the plan purchases where construction has commenced (<$600k). For details of eligibility, please phone our mortgage consultants now!
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Foreign Investment Policy changes
On 24th April 2010, Government announced that all temporary residents seeking to purchase an existing property in Australia will now be brought within the FIRB notification, screening and approval process. In addition, temporary residents who are approved will now have to:
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Compulsorily sell the established property they have bought when they depart Australia; and
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Be required, where undeveloped land has been purchased, to commence construction on that land within 24-months or have the land compulsorily sold.
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