Quote:
Originally Posted by Iowanian
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.
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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.