Which will also be funded with our tax dollars...

It sounds like a goddamned handout to me, why don't they just call it that?

so when are they gonna give people money that are doing what they're supposed to?

I'm planning to buy a house in the next few months, have a decent down payment, and am spending far less than the bank wants me to. I probably wouldn't have bought if they hadn't given me free money, so I guess I'm doing what they had hoped. :shrug:

no i mean give money to people who are actually paying their mortgages and taxes. the people who would actually put the money to good use.(i'm more talking about the buyout bullshit)

if they just used the money to pay off people's mortgages that would sure help the economy IMO

New buyers can buy things they cannot afford too.

Currently the same deal here is 24,000 (AUD) until June 30th.

And for those complaining that it isnt fair because they didnt get it when they bought their house, this practice actually promotes property values so it isn't all bad - your house will increase in value.

When they help people buy new homes, some of those are going to be first time buyers etc...there is trickle down effect to.

My guess is they assume that this $8k, most often will be used to buy new lazy boys, beds, big screen TVs and dishes and coffee makers etc...

Of all the things in this bailout crap, this one offends me less.

And the end result of that...higher property taxes. I can hardly contain my enthusiasm.

Yeah. Im not sure when they give you the cash over there, but here it's actually when you're doing the deal, and lenders will (I believe) allow you to include it in the deposit.

Which is good, means if you're spending 500,000 then you've only gotta have 26000 saved for a deposit rather than 24000.

It doesn't promote irresponsible OMG PEEPL ARE BUYING HOMEZ THEY CANT AFFORD because mostly, Australian law prevents such lending pracitces.

If you plan to buy in 09 you can claim the credit on your 08 tax returns and get the 8k back this year. If you don't claim the credit until the 09 return you will have to wait for your money. The only problem you run into is if you claim it on your 08 and end up not buying in 09, then you'll have to file an amended return and pay some penalties, interest, etc.

You are correct that the 8k credit that passed with the newest stimulus bill does not require repayment if the homeowner stays in the home for 3 years. Whereas before the $7,500 was like a no interest loan repayable at the time of sale or in 15 years the $8k does not require repayment as long as you meet the 3 year requirement.

The wife and I were looking at buying before and had placed a June 30th deadline on our search, now we have all of 09 to find something and a better incentive.

I'm not a fan of how the government is handling the economic situation and bailing out everyone and their dog, but if there's money on the table for me for once, I'm not turning it down.

Good call. It says it has to be your principal residence. So, obviously I assume if you don't live in it you can't use the credit. I'm planning on living in it and renting out a couple rooms. Would I still qualify? I just want to make sure they won't fuck me at the end of the year when I'm waiting for my 8 grand.

Claim it on your 08 return and you won't have to worry about waiting. If you've already filed 08 file an amendment and get it now. I think you'll be fine renting out a couple rooms if it's your principal residence still. It might be worth giving an accountant a quick call on though. Cash always makes things easier with a situation like that too as it's a bit harder to track if you catch my drift.

In fairness ignorance isn't an excuse. And you admit now that you didn't know what you were getting into yet you still took the mortgage. Amazing. And here we are left to bail you people out. So the lesson is...If you're a dumba$$ you get free money, but if you know what you are doing and actually pay your mortgage you get stuck paying for the dumba$$es.:banghead: