MASTER BUILDERS - BANKWEST Part 2

This Weeks Episode of Home in WA

Contact:
mba@mbawa.com

Email:
mba@mbawa.com

Website:
http://www.mbawa.com

Phone:
(08) 9476 9800

Fax:
(08) 9476 9801

Address:
35 Havelock Street
West Perth WA 6005

The Master Builders WA are a leading building and construction industry association in this state. Their services they cover the lot. From construction to marketing, this is the team to turn to. But what about finance? Well, they can help there too.

With historically low interest rates, we have seen a big pick up in new home building. And when people decide to build, they face a choice of fixed or variable interest rates. Geoff Cooper, Director of Housing from Master Builders shared his thoughts. 

When comparing fixed to variable, he explained fixed loans give you the certainty of your expenses over the period. Variable rates, however, may have been lower in recent years but can leave you exposed to changes in the international scene that can drive up interest costs.

I asked if there are tools out there to help work out what home buyers can borrow... there's a number of home loan calculators and tools on the Bankwest website which determine what can be borrowed, what the repayments would be, if transfer duty must be paid and compare alternate home loans.

If you’re a first home buyer, you may be eligible for assistance. It’s worth spending the time here to carefully investigate what’s available.The First Home Owner Grant currently offers $10,000 to first home owners who purchase or build a new home, and $3,000 for first home owners who purchase an established home. The grant is not a loan, and does not need to be repaid. When a home buyer is eligible for the First Home Owner Grant, a concessional rate of transfer duty may apply. Properties under $430,000 are completely exempt, and a reduced rate applies for properties of up to $530,000. If you buy land and then build, you only pay transfer duty on the land price. 
www.mbawa.com