Queenslanders experiencing double luck with reforms for new home builders.
Queenslanders planning on building a new home in 2013, who thought they were already ahead with record low interest rates on home loans, are about to see their luck stretch even further.
Laws requiring new homes to have compulsory rainwater tanks, gas, solar or heat pump hot water systems installed, have been scrapped. According to Minister for Housing and Public Works Tim Mander this could knock off $5000 to the cost of building a new home. "Taken in conjunction with the $15,000 first home owners grant for new dwellings, that's a massive saving for anyone planning on building a new home."
Although solar or heat pump systems are more energy efficient, the new law now gives new home builders the power to choose the type of system they will install," Mr Manders said.
HIA (Housing Industry Association) Executive Director Warwick Temby has applauded the move, "These are very pragmatic decisions that will make a meaningful contribution to improving housing affordability, especially for first time buyers," he said.
Legislative amendments are required to implement both decisions and the changes are proposed to take effect early in the new year.
Any Australian looking to take full advantage of the currently low interest rates should do a full comparison in order to find the best home loans rates available on the market and keep their interest repayments to a minimum.
Have a question about home loans? Ask the gurus at Mozo Answers.