The Treasurer announced the 2023-24 Federal Budget which included a range of measures to help tackle the cost of living and improve housing affordability.
Whether you’re just starting your home buying journey, are looking to upgrade your home, or build a new one, these measures could support you:
- The Home Guarantee Scheme criteria will be expanded to enable more people to qualify. Permanent residents, non-couple joint applications, previous home owners and more single guardians will be able to access some of the home guarantee schemes on offer from the new financial year.
- A Household Energy Upgrades Fund to support home upgrades that improve energy performance and save energy. This includes $1.0 billion in funding to the to provide 110,000 low-cost finance and mortgages in partnership with private lenders for home upgrades that save energy.
- For eligible new build-to-rent projects where construction commences after 9 May 2023, the government will increase the rate for the capital works tax deduction (depreciation) to 4 per cent per year and reduce the final withholding tax rate on eligible fund payments from managed investment trust (MIT) investments from 30% to 15%.
You can read more about these initiatives, as well as some other measures aimed at home buyers and owners here.
To understand your options when it comes to purchasing or refinancing property, please feel free to contact us.
The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this website is General Advice and does not take into account any person's particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this website are provided for illustrative purposes only. Although every effort has been made to verify the accuracy of the information contained on this website, Infocus, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.