Overlooked by the Latest Budget? Here Are Four Ways to Advance

If the recent federal government budget didn't quite hit the mark for you, you're not alone. Many are left seeking ways to boost their financial situation despite limited direct benefits. Here are four strategies to help you progress towards your property goals now.

The 2024 Federal Budget: What’s in It for You?

The new federal budget is out, but it might not seem like there's much in it for the average person. For instance, the $300 annual energy rebate can help with electricity bills, translating to about $75 per quarter—helpful, but not a game changer.

Fortunately, you don't have to rely solely on the federal budget to improve your financial outlook. Here are four actionable steps to help grow your wealth.

1. Assistance for First Home Buyers: Explore Your Options

If you're feeling let down by the budget's lack of new measures for first home buyers, there's still a wealth of assistance schemes available. Consider the following:

The Home Guarantee Scheme allows eligible first home buyers, regional Australians, and single parents to purchase a home with a low deposit (between 2% and 5%) without paying lenders mortgage insurance.

The First Home Owner Grant typically offers $10,000, but this can increase to $30,000 depending on your state, for those buying or building a new home.

Additionally, many states offer stamp duty concessions, and there's the First Home Super Saver Scheme, which lets first home buyers use their superannuation to save for a deposit.

Unsure of your eligibility? Reach out to us to discover which first home buyer schemes you can utilise.

2. Homeowners: Achieve Rate Relief Sooner

Why wait for the Reserve Bank of Australia to cut rates when you can potentially lower your own? Many homeowners are taking proactive steps, with around $16.02 billion in home loans refinanced in March 2024 alone. This shows that switching to a lower rate home loan can still yield significant savings.

Contact us to review your current loan and find out how much you could save by switching to another home loan.

3. Property Investors: Leverage Your Home’s Equity

Lending to property investors has surged by 31% over the past year, driven by an 11% increase in property values since January 2023. This rise in values has boosted homeowners' equity substantially.

This equity can often be used in lieu of a cash deposit to invest in additional properties. Contact us to explore how you can unlock your home equity and step into property investment.

4. Upcoming Tax Relief: Stage 3 Tax Cuts

The federal budget confirms that 13.6 million Australians will benefit from tax savings starting July 1. These Stage 3 tax cuts are expected to provide an average annual tax saving of $1,888, or about $36 per week.

While this might not revolutionise your weekly budget, it can increase your borrowing power, whether you're buying your first home, upgrading, or investing. According to RateCity, a single person earning $100,000 could see their borrowing power increase by $21,000, and a couple earning a combined $150,000 could see a rise of nearly $30,000.

Reach Out for More Information

If the federal budget hasn't met your expectations, it's time to take control of your financial future. Whether you're a first home buyer, a homeowner looking to refinance, or an investor aiming to expand your portfolio, Osinski Finance can assist you at every step.

Contact us for personalised advice on how to move forward with your property goals!

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.