Buying Your First Home Just Became a Little Easier
Securing your own piece of real estate is every MyDomaine Australia woman’s dream—along with styling it and making it her own. In recent years, the property market in Australia has seen a rapid incline in value, making it difficult for first-time buyers to break in. Additionally, the process can be overwhelming and confusing at the best of times. No matter where you live it can be tough to move out solo, let alone get yourself in a position to buy a home. So when Treasurer Scott Morrison’s second budget was released yesterday we looked to Business Insider Australia and skipped straight to the section relevant to first home buyers.
How exactly does the government plan to tackle housing affordability? Starting in July this year, first home buyers will be able to save for a deposit via salary sacrifice, where a percentage of pay is able to be transferred into their superannuation account. (This is over and above your compulsory superannuation contribution.) This is good news for first-time house hunters as it means you're eligible for tax breaks which can help beef up that deposit.
Contributions will be limited to $30,000 per person total, and $15,000 per year. For couples, it translates to a more tax-effective way to get $60,000 together in a shorter period of time.
Head over to Business Insider Australia to find out exactly what's required before you purchase a property and ensure you tick all the boxes.
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