Boost to First Home Owner Grant

Oct. 20, 2008 - PRLog -- RAMS Home Loans, the local property market will benefit from the Federal Government's decision to provide up to $21,000 for the First Home Owners Grant (FHOG).

The Federal Government has announced that from 14 October 2008 to 30 June 2009, (http://www.ownyourfirsthome.com.au/) first home buyers  who purchase established homes will receive a boost of $7,000, doubling the FHOG to $14,000. First home buyers who build a new home or purchase a newly constructed home will receive an extra $14,000 FHOG at $21,000.

Principal of RAMS ACT & Immediate District John Braddon said, first home buyers are the significant beneficiaries of the Rudd Government's economic stimulus package and now have a good head start into the property market.

"In the last two weeks,we have seen dramatic reductions in variable interest rates and now a large boost of funds for first home buyers. This will bring much needed financial relief and encourage first home buyers to move into the property market," Mr Braddon said.

"This is good news for those seeking to purchase a property and for the local real estate market as more people will take advantage of the new offer."

RAMS (http://www.rams.com.au/) Home Loans moved quickly to pass on the greatest interest rate cut of 0.9% p.a. effective this week following the Reserve Bank of Australia's 1% p.a reduction to the official cash rate.

Mr Braddon said whilst these changes are a positive step towards building confidence, RAMS recommends first home buyers to talk to a local RAMS representative who can help explore their options.

"RAMS have been helping locals get a better deal and navigate their way into home ownership for many years including making sure the (http://www.ownyourfirsthome.com.au/FirstHomeOwnersGrant) First Home Owners Grant is available upon settlement. We understand how daunting the process can be and can offer simple, down to earth, expert assistance.

"We know people are seeking certainty in this market and we can tailor home loans to suit personal needs. For example, some people may decide to take out a fixed rate loan so they know what their monthly payments will be. Currently, RAMS 3-Year fixed loan is now less than 7%, making these fixed rates the lowest in recent times," he said.

The local community can take advantage of the new RAMS (http://www.rams.com.au/default.asp?page=/home+loans/inter...) interest rates by visiting the local RAMS Home Loan Centre or calling 13 RAMS (13 7267).

The RAMS new 'Own Your First Home' website, http://www.ownyourfirsthome.com.au offers first home buyers a valuable insight into the essential steps towards home ownership.

For further information, please contact
Melanie Monico
(02) 8218 6359, 0420 870 387
info@rams.com.au