Not feeling the budget love? 4 ways you could still get ahead
If the latest federal government budget is leaving you hungry for perks and savings, you’re not alone. We’ve had a brainstorm and here are four ways you could start working towards your property goals now.
The 2024 federal budget is out, and you might be wondering what’s in it for you.
Sure, an energy rebate of $300 annually can help take the sting out of electricity bills, though at $75 per quarterly bill, it’s not a huge saving.
But you don’t need to rely on the federal budget.
Here are four strategies that could get your wealth growing.
1. Helping hands for first home buyers? There’s plenty available
Disappointed that the federal budget didn’t offer more support for first home buyers?
There is still a wide choice of home buying assistance schemes to pick from.
Take a look at:
– The Home Guarantee Scheme that lets eligible first home buyers, regional Australians, and single parents buy a place of their own with a low deposit (between 5% and 2%) and zero lenders mortgage insurance.
– The First Home Owner Grant, which is usually worth $10,000 but can be up to $30,000 (depending on your state) when you buy or build a new home.
Don’t forget stamp duty concessions (in most states) and the First Home Super Saver Scheme that can let first home buyers use their super to grow a deposit.
Not sure what you’re eligible for?
Talk to us to find out which first home buyer schemes you can tap into.
2. Rate relief for home owners? Make it happen sooner
Why wait for the Reserve Bank of Australia to cut rates?
You may be able to pocket rate savings of your own.
Lots of savvy home owners are jumping ship, with around $16.02 billion worth of home loans refinanced in March 2024.
It goes to show that savings can still be up for grabs for borrowers who switch to a lower rate home loan.
Call us today to find out how your loan shapes up, and discover how much you could save by switching.
3. Property investors: harness your property’s equity
Lending to property investors has jumped 31% in the past year.
It’s being driven by an 11% rise in property values since January 2023 – a jump that’s seen home owners notch up thousands of extra dollars in home equity.
The good news is that this home equity could potentially be used in place of a cash deposit to invest in an investment property.
Talk to us today about unlocking your home equity and becoming a property investor.
4. Tax relief: Stage 3 tax cuts are on the way
The federal budget has confirmed that 13.6 million Australians will pocket tax savings from 1 July.
And there’s a good chance you’re among them.
The Stage 3 tax cuts are expected to deliver an average tax saving of $1,888 a year, or about $36 weekly.
On the face of it, that’s not a game changer when it comes to your weekly budget, but it can help you in more ways than one.
That’s because it can also boost your borrowing power if you’re buying a first home, upgrading to your next home, or planning to invest.
RateCity has crunched the numbers, finding that for a single person on an income of $100,000, the Stage 3 tax cuts could add an extra $21,000 to their borrowing power.
A couple with a combined annual income of $150,000 could see their borrowing capacity jump by almost $30,000.
Call us to know more
If the federal budget has left you hankering for more, it’s time to take matters into your own hands.
Whether you’re a first home buyer, home owner looking to save on your home loan, or property investor looking to grow your wealth, call us today for insights into how you can take the next step in your property journey.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
