Following the recent budget announcement, first home buyers will be able to salary sacrifice into their super fund from July 1. This will mean you can put up to $30,000 into your super, or $15,000 max per year, per applicant.
From July 1st there will be no stamp duty for purchases up to $600,000. And a sliding scale discount for purchases up to $750,000. It’s important to mention that because of this we’re expecting a lot of competition at auction time after July 1st.
The budget plan cleverly combats this by encouraging those over 65 with tax concessions from selling their family homes, which will encourage downgrading. There is also a ghost house tax for empty properties, which might influence more sales from investors or at least reduce the rental market.
At Bee Money we specialise in first home buyer finance. Our team go above and beyond to help you get onto the property ladder sooner. From out of hours support for things like contract queries, to assisting with bidding and negotiating price. We also provide free upfront valuations to give you a realistic expectation on property values so you don’t waste your weekends at the wrong auctions.
Contact us for more information on how we can assist First Home Buyers.
