Budget 2017: What Queensland first home buyers need to know to get on the property ladder faster

first_imgQueensland first home buyers now have more incentive to get a foot on the property ladder. Picture: Brendan Radke.IF you’re a first homebuyer in Queensland, this is the lay of the land in the wake of the federal budget.You now have more incentive to get a foot on the property ladder, but put these dates in your calendar to take full advantage of the savings measures.From July 1, you can start saving for a home deposit by salary sacrificing into your super fund.Withdrawals will be taxed at a lower rate, but the amount you can contribute is capped at $15,000 a year and $30,000 all up.Both members of a couple can take advantage of the scheme.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:45Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:45 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenBudget 2017 – What does it mean for the property market? 01:45The Government says this will help first home buyers to save a house deposit 30 per cent faster.Property Council Queensland executive director Chris Mountford has welcomed the scheme.“We know saving for deposit is a really big barrier for getting into housing market,” he said.“We think this will hopefully provide an extra incentive for people to get into home ownership.”But while one measure is being introduced, part of another will be taken away.GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HEREMore from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020From midnight on June 30, the Queensland government’s $5000 increase to the first home buyers grant expires, so you only have about seven weeks to build or buy a new home in the state before it reverts back to the original $15,000.“We strongly encourage the government to consider extending that $5000 boost,” Mr Mountford said.“It’s a fantastic mechanism to encourage people into their first home and also to encourage economic activity across the state by creating jobs in the construction phase.”The First Home Buyers Stamp Duty Rebate — up to $8,750 — still applies for all first home buyers who are buying an existing home or building a new home in Queensland, when the value of the property is less than $550,000.Another measure in the budget that could free up more family homes and ease house prices is enabling downsizers over the age of 65 to make a non-concessional contribution of up to $300,000 into their super fund from the proceeds of the sale of the family home.Queensland retirement village developer Chiou See Anderson said the measure would free-up well-positioned homes for young families.“Coupled with the new First Home Buyers Super Savings Scheme, this incentive will be a tremendous economic kick for the nation,” he said.QUEENSLAND FIRST HOME BUYERS — WHAT YOU NEED TO KNOW*June 30 — Queensland First Home Buyers Grant increase expires, dropping from $20,000 to $15,000*July 1 — The First Home Super Saver Scheme kicks in, allowing first home buyers to funnel up to $30,000 into their super account at a lower tax rate*The First Home Buyers Stamp Duty Rebate still applies for buying an existing home or building a new home when the value of the property is less than $550,000last_img read more

Iowa’s governor still awaits details of Trump’s biofuels deal

first_imgRepublican Governor Kim Reynolds has not yet seen a document outlining how the Trump Administration may address farmers’ fury over ethanol waivers granted to oil refineries.“I’m optimistic that we’ll hopefully get something this week, but we’re still waiting to see the final details on it,” Reynolds told reporters Wednesday.Bloomberg and Reuters are reporting President Trump is expected to sign-off on the deal Friday and make the details public next week. Reynolds was in the Oval Office a month ago, arguing for a policy that will increase federal biofuel production and blending requirements. The oil industry has been pressing for concessions that would alter what Reynolds and others discussed with Trump.“I’m going to still take the president at his word,” Reynolds said. “I know he’s worked really hard to make our farmers and the biofuels industry whole and so I look forward to seeing in writing the verbal agreement that we came to.”If that agreement is what materializes, Reynolds has invited Trump to Iowa to make the announcement. Reynolds suggested the president’s chief economic advisor, Larry Kudlow, is leading the biofuels negotiations.“They had the meeting at the UN. They were working on a Japan free trade agreement, so there have been some other things that Kudlow and the team have been working on,” Reynolds said today, “so hopefully that’s done and now we can move into this.”Earlier this week, Reuters reported the impeachment inquiry in the U.S. House was diverting White House attention from negotiations over biofuels. Reynolds told reporters she’s not ready to weigh in on impeachment.“Really, until they take a vote and I know what they’re accusing him of, I don’t think there’s anything there, so there’s procedures that they have to follow and I’m not sure that’s been followed yet,” Reynolds said late this morning, “so you now right now I’m not going to weigh in because: ‘Have they taken a vote?’ and ‘What are the charges that they’re accusing him of?’”Reynolds said it is possible to do two things at once and she’s urging Democrats in the U.S. House to ratify the USMCA as they conduct the impeachment inquiry.AUDIO of Reynolds news conference, 11:00last_img read more