Understanding the cost of your first home
BENDIGO’S residential Strategy will be reviewed because of greater than expected growth.
The State Government has announced a grant of $50,000 to carry out the review.
The review is needed because, according to the State Government, 40 per cent of the forecast growth between 2006 and 2031 had already been realised.
Regional Development Parliamentary Secretary Damian Drum made the announcement this morning.
Mr Drum said the Bendigo Residential Strategy Review would deliver greater community and investor certainty, helping the region grow.
“The Bendigo Residential Development Strategy was adopted in 2004 and is currently being audited because of the faster than anticipated growth that has occurred in Bendigo in recent years,” he said.
“Strong residential growth has many flow-on economic benefits and having a clear framework for future development will position Greater Bendigo City Council to undertake more detailed, place-based planning in the future.”
Deputy Premier Peter Ryan said about 40 per cent of the forecast growth between 2006 and 2031 had already been realised.
The Residential Strategy impacts directly on where and how property developments use “infill” parcels of land, range of housing styles and also on housing affordability.
“This project will review the strategy, assess current and estimated land supply and demand and consider various legislative and policy changes,” Mr Ryan said,
“It will also consider the latest demographic data and establish a new strategic framework to guide the long-term residential growth of Greater Bendigo.
“The project will result in a revised residential strategy that will give developers, the community and service providers greater surety and confidence about where land can be developed for residential purposes, and that sufficient land is available to accommodate the City of Greater Bendigo’s future growth.”
Mr Ryan said a contemporary strategic planning framework was essential to the economic development of a large regional centre like Bendigo.
“Clearly identifying future growth options and supporting infrastructure needs will enable the Greater Bendigo City Council and other infrastructure providers to plan their capital works programs well in advance,” he said.
“Identifying long-term growth areas will enable the council and other service authorities to start planning for the delivery of services, thereby minimising the lag time between when residential development occurs and when the services need to be in place.”
Anthony Radford | Bendigo Weekly | 30-Aug-2011 4.16pm
Understanding the cost of your first
home
First home buyer numbers
have decreased recently as interest rates have risen, assistance has
dropped and prices have increased.
This makes it even more important
when working out your budget to be aware of the many costs associated
with purchasing your own home; after all, you want to have as much
money available for the actual property.
Financial assistance
In addition to the $7,000 first home
owner grant, those buying or building a new home can access thousands
more through the bonus scheme.
Check with the State Revenue Office to
ensure you understand the eligibility requirements.
Borrowing costs
Before beginning the search for a new
home, you should ascertain how much you can afford to borrow then
obtain loan pre-approval from the bank.
When combined with your
savings, the amount you borrow has to cover more than just the cost
of the property, such as the loan establishment fee, mortgage
insurance and stamp duty.
Fees will vary from lender to lender,
so be prepared to shop around for the best loan to suit your needs.
Stamp duty
In Victoria, stamp duty on a property
is currently as high as six per cent, depending on the value of the
property.
However, the State Government has cut stamp duty by 20 per
cent for first home buyers.
Valuation report
It may be worthwhile obtaining an
independent valuation report on a property to indicate its current
market value. The valuation must be conducted by a Certified
Practising Valuer.
Legal costs
Obtaining assistance and advice from a
solicitor will help you navigate the relevant contracts.
Fees are
negotiable, so shop around and compare rates.
Building and pest inspection reports
Undertaking such a report may save you
thousands of dollars in the future and will highlight the need to
perform work on the property and make allowances in your budget for
it.
Enzo Raimondo
CEO REIV
BENDIGO’S residential Strategy will be reviewed because of greater than expected growth.
The State Government has announced a grant of $50,000 to carry out the review.
The review is needed because, according to the State Government, 40 per cent of the forecast growth between 2006 and 2031 had already been realised.
Regional Development Parliamentary Secretary Damian Drum made the announcement this morning.
Mr Drum said the Bendigo Residential Strategy Review would deliver greater community and investor certainty, helping the region grow.
“The Bendigo Residential Development Strategy was adopted in 2004 and is currently being audited because of the faster than anticipated growth that has occurred in Bendigo in recent years,” he said.
“Strong residential growth has many flow-on economic benefits and having a clear framework for future development will position Greater Bendigo City Council to undertake more detailed, place-based planning in the future.”
Deputy Premier Peter Ryan said about 40 per cent of the forecast growth between 2006 and 2031 had already been realised.
The Residential Strategy impacts directly on where and how property developments use “infill” parcels of land, range of housing styles and also on housing affordability.
“This project will review the strategy, assess current and estimated land supply and demand and consider various legislative and policy changes,” Mr Ryan said,
“It will also consider the latest demographic data and establish a new strategic framework to guide the long-term residential growth of Greater Bendigo.
“The project will result in a revised residential strategy that will give developers, the community and service providers greater surety and confidence about where land can be developed for residential purposes, and that sufficient land is available to accommodate the City of Greater Bendigo’s future growth.”
Mr Ryan said a contemporary strategic planning framework was essential to the economic development of a large regional centre like Bendigo.
“Clearly identifying future growth options and supporting infrastructure needs will enable the Greater Bendigo City Council and other infrastructure providers to plan their capital works programs well in advance,” he said.
“Identifying long-term growth areas will enable the council and other service authorities to start planning for the delivery of services, thereby minimising the lag time between when residential development occurs and when the services need to be in place.”
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