So what does this mean for you?

Means that first home buyers in QLD do not now have to find the extra money associated with covering the costs of Stamp Duty or Mortgage Duty. So therefore, the amount a first home buyer may need to contribute towards a deposit is even less! Making buying your first home easier than ever!

For further information, read this article posted on www.heraldsun.com.au

Mortgage duty will be abolished from July 1, the first-home buyer transfer duty exemption threshold will be increased and the transfer duty rate schedule revised.

The move is expected to save up to $9500 for an average first-home buyer, but those buying more expensive properties will have to pay more.

“It’s a tough Budget if you own a coal company, it’s a tough Budget if you’re trying to buy a $2 million house, but it’s a pretty great Budget if you’re trying to buy your first house,” Mr Fraser said.

Housing Industry Association Queensland executive director Warwick Temby said the move would make housing more affordable following a series of interest rate rises.

By Gabrielle Dunlevy and Jessica Marszalek

June 03, 2008 05:44pm http://www.news.com.au/heraldsun/story/0,21985,23804828-5005961,00.html

Thinking of buying your first home? You are eligible if you have never owned property before to a First Home Buyers Grant (FHOG) – it’s a good start. Generally you will need some deposit in order to cover the standard statutory charges such as stamp duty.  At Finance Know How we have access to lenders that offer 100% loans, which means your contribution may be minimal. Ask us for our Know How Guide to Buying your First Home.