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Thinking of buying this financial year?

It's that time of year again where we tick over into a new financial year, review our goals and consider our finances ready for the year ahead.

Whether you are a first-home buyer, or a seasoned property owner looking to upsize or downsize, preparing your finances is no small feat.

This year, several schemes and grants have been introduced by the Federal Government in a bid to help boost the property market and assist those looking to buy.

As well as the First Home Owners Grant and First Home Super Saver Scheme, the First Home Loan Deposit Scheme has been introduced, which allows for eligible first home buyers to purchase a home with a deposit of only five per cent – without needing to pay for lenders mortgage insurance.

Also introduced is the Home Builder Scheme, which offers applicants (including first home buyers) a $25,000 tax-free grant towards either a new build or a renovation until 31 December 2020 (conditions apply).

For those looking to downsize why not reap the benefits of the Downsizer Contribution Scheme, allowing eligible applicants to contribute up to $300,000 of their property sales to their superannuation, which could mean thousands of dollars in tax savings.

With so many schemes and grants now available, it’s a great time for those looking to enter the property market.


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