Yesterday the Australian Government released the Federal Budget for 2017/18 with Australia’s Treasurer, Scott Morrison, delivering the budget in a 30-minute address to parliament.
In his short speech, Mr Morrison discussed measures and funding plans in relation to small business, skilled migration, healthcare, education, cost of living, foreign investment, housing affordability, taxation, and welfare.
Expectations that the struggles faced by aspiring first home buyers would be addressed by the budget were somewhat met.
First Home Super Saver
From July 1st 2017 first home buyers will be able to salary sacrifice their home deposit savings via a First Home Super Saver program.
- First Home Buyers will be able to make additional voluntary contributions to their existing superannuation fund to save for their house deposit;
- Withdrawals will be taxed at a lower rate;
- Amount that can be contributed is capped at $15,000 per year and $30,000 in total; and,
- Both members of a couple can take advantage of the scheme.
If you would like more information on how you can make the most of these changes on July 1st, please contact our head offices on 1300 663 943, contact us via our website or send us an email detailing how we can help.
Achieving Home Ownership in 2017
2017 has shaped up to be not too bad of a year for first time buyers in Western Australia.
Earlier in the year the first home owners grant for buyers building their first home in WA was increased to $15,000 for 12 months.
To find out more information on the first home owners grant and whether you qualify to receive it please click here.
Thanks for reading!