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The Reserve Bank of Australia left interest rates on hold yesterday, leaving them at 50-year lows, at 2.75%
The decision indicates the RBA may play a cautious hand for some months, watching the impact of lower interest rates on the economy and keeping an eye on the Australian dollar which has slipped below parity with the US dollar in recent weeks.
The Professionals CEO, Ted Piteo, said lower interest rates were welcomed by the property industry and he applauded the Australian banks which moved quickly to pass on the May interest cut in full.
In addition, he said the low interest rates would assist first homebuyers in accessing the property markets.
A report by Emma Sorensen on realestate.com.au provides this wrap-up for South Australian first home buyers, detailing the grants and incentives that apply in this state.
The $5000 First Home Owner Grant for established homes will end on 30 June 2014, and is being replaced by the $15,000 First Home Owner Grant for new homes, capped at $575,000.
Those purchasing or building a new home before 30 June 2013 may be eligible for an additional Housing Construction Grant of up to $8500, capped at $450,000.
Off-the-plan Stamp Duty Concession of up to $21,330, capped at $500,000, is available to eligible applicants for transactions between 31 May 2012 and 30 June 2014, in addition to the First Home Owner Grant.
The First Home Bonus Grant ended on 14 October 2012.
More information is available at: http://www.revenuesa.sa.gov.au/fhog/index.html