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Welcome to the October issue of Lendcorp News.
In this Issue
In Other News
We Finance:
New Cars
Used Cars
Trucks
Boats
Caravans
Motorcycles
Motor Homes
Business Vehicles
Business Equipment
Earthmoving Equipment
Forklifts
Plant
Machinery
Office Equipment
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Capital Finance
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Introduction
WELCOME to the October 2008 edition of 'Lendcorp Finance News'.
Are you a First Home Buyer? From the 1st October 2008, account providers (Banks, Building Societies and Credit Unions)will be able to offer "First Home Savings Accounts", to first home buyers. A tax effective way for first homebuyers to save for their first home through a combination of Government contributions and low taxes, are you eigible?
Also in this edition we have included an article on "When Is It The Right Time to Buy a Car"?
We would like your feedback on any of these articles, and if you would like any other issues covered, please do not hesitate to drop us a line at sales@lendcorpfinance.com.au.
Kind regards
The Lendcorp Team
First Home Savers
If you're saving to buy or build your first home then a "First Home Saver Account" may suit you.
The scheme offers deposit saving support for first home buyers and is designed to assist Australians aged 18 and over to save for their first home. "First Home Saver" provides a simple, tax effective way for Australians to save a deposit for their first home through a combination of a government contribution and low taxes.
How does it work?
- The Government will pay a contribution of 17% on amounts up to $5,000 each year.
- Investment earnings (or interest) that accrue in the accounts will be taxed at 15 per cent.
- You must save at least $1000 in each of any 4 financial years before you can withdraw your savings for a home. (The 4 year rule).
- Withdrawals will be tax free where they are used to purchase a first home to live in.
- If you don't use the savings in your account to buy or build a home that you will live in, you must transfer the savings into your superannuation fund.
Do you suit the following critieria?
- aged 18 or over and under 65;
- an Australian resident;
- have not previously purchased or built a first home in Australia to live in;
- do not have or have not previously had an account;
- your initial contribution must be at least $1,000.
- can supply a Tax File Number and other proof of identity.
Saving into your account
- You can deposit money into your account at any time.
- You can only save from your after tax income. You cannot salary sacrifice into your account.
- You must save at least $1,000 in each of 4 or more financial years (that is July 1 to June 30) in order to use the money to buy a home. This doesn't need to be 4 years in a row and you don't need to save every year.
- You can save until the amount in your account reaches the account balance cap. For 2008-09 the cap is $75,000. Over time the cap will be indexed in $5,000 increments. After your account balance reaches the cap, only earnings/interest and outstanding government contributions may be added.
- You can keep your account open until you buy your first home, or turn 65.
Saving with others
- Only individuals can open First Home Saver accounts. Other people, such as family members, can deposit money on your behalf, but you cannot hold a joint account.
- If you are saving with a spouse or partner to buy a home and you have separate accounts, you will both get the government contribution on the savings you make to your own account.
- When the time comes to buy or build your first home only one of you needs to meet the '4 year rule'.
What about the First Home Owners Grant?
As well as the First Home Saver account, you will also be eligible for the First Home Owners Grant.
Find out more about the First Home Savers.
When Is The Right Time To Buy a Car?
Are there certain times in the year that are better than others?
There are so many suggestions on this topic:
- Around Christmas time.
- In the New Year when old plated stock must go to be replaced by new plated stock.
- At the end of the Financial Year.
- OR between July and October whilst stocks are being cleared to accomodate for the new arrivals.
Other's suggest;
- When you are ready to buy, you are sure of what you want and have done your homework.
Regardless of when you decide to buy, a few pointers to help you get a good deal:
- Information, do your research thoroughly on the models you are interested in.
- Make sure the car suits your needs, and your budget. Focus on the price and and the car's features.
- Never shop under desperate circumstances, make sure you allow enough time to look around so you can settle for the best deal available.
- Make sure that you have researched enough before settling.
We believe that the best time to buy is not at a particular time of the month or season, it is when you are ready to start making your enquiries and are in the position to purchase.
We wish YOU the best of luck with your next purchase.
That's all for this month's edition.
In closing, we hope you have enjoyed this newsletter and look forward to some feedback.
All the best from the Team at
Lendcorp Finance
Please note that information in this publication is subject to change without notice. Lendcorp Finance assumes no responsibility for any errors, ommissions or mistakes in this document. You have received this email because Lendcorp Finance Pty Ltd believes we have previously made contact with you, which has given us the opportunity to send you information relevant to your organisation, your interests, or your relationship with us. If you would prefer not to receive future email newsletters please unsubscribe via the link provided, see bottom left of page.
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