One of the main focuses in this year’s budget is providing affordable housing options to first home buyers.
What does it mean?
It means there is now a better chance for First Home Buyers to enter into the property market.
How will it work?
First Home Buyers will be able to use voluntary contributions to their superannuation to save for a home deposit.
Withdrawals will be taxed at a 30 percentage points below a saver’s marginal tax rate, but the maximum amount you can contribute $15,000 a year and $30,000 total.
The idea is that both members of a couple will be able to access the scheme and combine their savings for a home deposit.
How foreign property owner restrictions effect First Home Buyers?
The new restrictions placed on foreign property owners will also benefit First Home buyers, with the increase of foreign investor’s application fees and extras charge for any property left vacant. Foreign property owners will now have to pay capital gains tax once the property is sold and ownerships of new developments will be cut to a maximum of 50%.
Looking to build your first home?
New Living Homes has developed the perfect home for First Home Buyers including 3 bedrooms, two bathrooms and double garage.
Visit a display home near you or contact us today.