Our 50,000th Client Competition

Congratulations to our 50,000th client, Mark and Meryll Jolly of Bunbury, WA. Mark & Meryll we referred to Chris Ianello of our Bunbury Office by long time clients Simon & Chelsea Balhorn.

So, what was in the Tiffany & Co box?

Both Mark & Meryll and Simon & Chelsea won a Tiffany’s Ice bucket along with some champagne to christen it.

Thanks for all those that participated in the Mortgage Force 50,000th client promotion, we look forward to similar promotions in the future.

Back to top

Industry News

Interest Rates

It looks as though the RBA is in for a quiet year if you believe what the market analysts are saying. Most are predicting interest rates will remain at current levels until 2008. This is due in part to low inflationary pressure but even if this was reversed later in the year it is highly unlikely the RBA will move rates close to or during to a Federal election campaign.

Last weeks Federal Budget has also been well accepted by the markets who were fearful a big spending budget might lead to a surge in consumer spending and therefore inflation. However most expenditure was directed towards non-consumables and is therefore seen as being financially responsible, especially in an election year! This means most interest rate activity will be focused on fixed rates and we expect to see some pretty attractive rates in the near future as the majors fight for market share.

In fact even as we write this we are receiving word that a number of lenders are already announcing reductions in their 1 to 3 year fixed rates.

Back to top

Product News

First Home Benefits

We are constantly asked questions about the various First Home Benefits Schemes and how they might apply not only to themselves but to friends and family.

Now is a good time to re-look at these benefits as recent changes to the First Home Plus Scheme have opened the benefits to whole new range of people.

The NSW First Home Plus Scheme provides eligible purchasers with exemptions on transfer duty and mortgage duty on homes valued up to $500,000 and concessions for those valued up to $600,000.

In addition no duty is paid on vacant residential land purchases up to $300,000 and concessions are available up to $400,000.

To be eligible:

• The contract and the transfer must be for the purchase of the whole of the property;

• At least one eligible purchaser must occupy the home as their principal place of residence for a continuous period of 6 months, commencing within 12 months of settlement; and

• The eligible purchaser must be a natural person at least 18 years old and whose spouse/defacto has not at any time owned residential property in Australia or previously received an exemption under First Home Plus.

The concession equates to $17,990 on a $500,000 home purchase with an additional 100% concession on the mortgage duty on a loan of the equivalent size.

From 1 May 2007, First Home Plus One allows eligible purchasers to buy property with other parties and still receive the concession. To qualify the eligible purchases must buy at least 50% of the property and then the limits and associated concessions are the same as First Home Plus and pro-rated depending on the percentage owned by the eligible purchaser. Full details of First Home Plus and First Home Plus One are available at http://www.osr.nsw.gov.au/portal/page?_pageid=33,706824&_dad=portal&_schema=OSRPTLT .

And remember – don’t get this confused with the First Home Owners Grant which provides $7,000 towards the cost of buying a first home. For details of eligibility visit http://www.osr.nsw.gov.au/portal/page?_pageid=33,63384&_dad=portal&_schema=OSRPTLT.

Back to top

Office News

Congratulations to our triathletes Coral Huddlestone, Penny Jones, Ian Simpson, Hayden Folbigg and Daniel Fitzpatrick who competed in the recent BRW team triathlon on the 15th April.

Each member surprised themselves with their results and finished with impressive times. Well done!

We recently said goodbye to Claire Martin, our Financial Controller, who after 9 years has decided to put her feet up and enjoy the good life. Thanks for everything, we’ll all miss you!

In our next addition of MF News we’ll be launching our new interactive website that will make it easier for you to keep up to date and for us maintain contact with you – we look forward to showing you how it works.

Back to top

We trust you continue to find MF News useful. If you have any suggestions as to how it can be improved, please email us at info@mortgageforce.com.auand let us know.

If you would like to unsubscribe, please send a return email with 'unsubscribe' in the subject bar.