VISION HOMES GROUP
Australia Pty Ltd
42-44 Ardgower Rd
Noble Park VIC. 3174
Fax: 03 9548 3513
Mob: 0411 170 258

We will start this section with some interesting facts about Melbourne. Melbourne is the second largest city in Australia with the population of 3,524,103. 30.3% of Melbournians are born overseas and 44.1% own their homes outright. Only 29.1% are paying off their mortgage, while 23.6% of Melbournians are renting.

Nowhere in Australia have property prices jumped more sharply than the inner suburbs of Melbourne. With houses prices up a 91% since 1997, the asset wealth of many Melbournians is soaring. (source The Weekend Australian Magazine). The house boom is tipped to last till at least 2006, as a national report by building analyst BiS Shrapnel has predicted. So what do you wait? Start building or looking for a new home now, because you might not be able to afford it in future. This section will be updated regularly so come often to check for new tips and hints.

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Building Permits

• Before commencing any renovation or extension on your home, make sure that you have all required permits. Unless a contract with a builder states that the permits will be obtained by the builder, the owner is responsible for obtaining necessary permits. A building permit is a permit obtained from a building surveyor that shows your plans are in compliance with the building regulations. A planning permit relates ,for example, to your land zone, residential or commercial. For work over $5,000, your builder needs to provide evidence of domestic building insurance cover. More info onBuilding permits

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Building contract

• Deal and sign a contract only with licenced builders. The licence is a proof that builders are capable of completing the building projects and that they have met certain minimum requirements. Ask the builder for details of previous work and recent customers. If you can inspect work sites and ask clients if they have experienced any problems with a builder. Was the project completed on time and within the budget, did the builder provide a good customer service and all necessary documentation, are just some of the questions that you might ask the clients. Shop around, obtain quotes and choose a builder that you are comfortable with. Once you sign a contract, make sure that you are in contact with your builder at all times and that you monitor regularly the work. Ensure also, that you have all details of your agreement with a builder recorded in the contract.

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First Home Owner Buyer Grant

• To help first home owners to purchase an existing home or to build a new home, the Government provides a one-off payment up to $7,000. The First Home Owner Grant scheme was established in July 2000 primarily to help to offset the effect of the GST. The information on who is eligible for this grant and how to apply for a grant can be found on the following web siteFirst Home Owner Grant

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First Home Owners - benefits for families, and concession card holders

• When you buy a property you are required by law to pay a stamp duty. However, if you are a first home buyer with a family you might be eligible for a full or partial exemption. For example, first home buyers with families must have a one dependent child for properties valued up to $150,000 are eligible for full stamp duty exemption.They qualify for a reduced stap duty concession for properties between $150,000 to $200,000. Similarly, home buyers with Concession Cards are eligible for full stamp duty exemption for properties valued up to $150,000 and on a reducing scale for properties between $150,000 to $200,000. If you want to find out more information about the stamp duty concessions for families, please click on the linkFirst Home Owner Grant for Families

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Property as investment

• Investment properties have many tax benefits that make them so attractive for many investors . Major two benefits from the investment properties are: capital growth and negative gearing.
  If you bought your property in 1998 for $100,000, and your property is now worth around $250,000, your property has gained $150,000 in value, and this is seen as capital growth.
  Gearing is borrowing to invest, and if your property has an annual net rental income less than the annual interest paid on the loan, your property is negatively geared. You can get tax benefits by deducting the cost of owning an investment property from your total income. However, bear in mind that investment properties are subject to Capital Gain Tax when sold. More info onInvestment Property Guide by Money Manager

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ACN: 089-134-967
ABN 66 089 134 967

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