Most of us buy a home only a handful of times in our lifetime.

So it’s not surprising that plenty of buyers – from first-timers to home owners who purchased several years ago – are uncertain about the buying process.

If you’re in the dark about how to make an offer on a property, read on as we break down the steps that can take you from house hunter to proud owner.

1. Talk to us first

Before you make an offer on a home, you should be confident that you can actually follow through with the purchase.

That’s why it’s important to call us first.

We can explain your borrowing power, which together with your deposit, sets your buying budget.

While some people prefer to have home loan pre-approval lined up before they start home-hunting, it’s not absolutely necessary.

Once you’ve found the right property, however, you’ll likely want to get the ball rolling on the finance side of things straight away.

That way your home loan can be ready in time for settlement.

2. Ask for a copy of the contract

When you see a place you’re keen to buy, you can ask the selling agent for the sale contract.

Then you can have it checked out by your solicitor or conveyancer.

This shouldn’t take long. But it can alert you to any conditions that work in the seller’s favour and not yours.

Any out-of-the-box conditions, such as a quick settlement, may not be a deal breaker – they may even be used as a bargaining chip in your price negotiations.

3. Know the market

By now you will likely have checked out plenty of properties and carefully researched the local market.

This will give you an idea of what similar homes in the area are selling for.

These insights can give you an idea of what is a reasonable offer for the home you’re thinking of buying.

4. Consider trying for a discount

Even if you think the property is fairly priced, it could still be worth trying for a discount.

As a guide, CoreLogic says sellers are currently accepting a median discount of about 3.4%.

On a home priced at, say, $600,000, that can add up to a saving of $20,400.

But it does depend on the local market. Some areas are hotter than others.

The main point is to stay within your buying budget.

5. Put your offer in writing

When you’ve arrived at a price you’re comfortable with, put your offer in writing. It shows you’re a serious buyer.

What follows may be some to-and-fro in price negotiations.

When you and the seller reach a price you’re both happy with, you may be asked to pay a small holding deposit, often around 2.5% of the purchase price.

This is not the same as the 10% you will usually be asked to pay when you and the seller sign the contract of sale to cement the purchase.

Be sure to call us when your offer is accepted. We can confirm details of the property with your home loan lender and begin the process of finalising your loan.

6. Exchange contracts

It can take a few days for the sale contract to be finalised.

Use this time to check with the selling agent how you should pay the 10% contract deposit.

When the contract is ready, you and the seller each sign a copy, then swap – or ‘exchange’ – contracts. Now’s the time to hand your 10% deposit to the selling agent.

As your broker, we’ll stay in touch throughout the process.

7. The road to settlement

It generally takes 30–90 days for the sale to settle – that’s when the property is transferred into your name.

During this time, we’ll work behind the scenes to help ensure your home loan is ready to go on settlement day.

And when you receive the keys to your new home, we’ll be in touch to help you celebrate!

Want to find out more?

Buying a home can seem complex (and scary). Rest assured though that we can help break down the steps involved.

Call us to find out other ways we can help streamline your home-buying journey.

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 your 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.

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Despite a cost-of-living crunch and several years of high interest rates, the Australian property market continues to break records.

New figures from the Australian Bureau of Statistics (ABS) show home prices recently passed a key benchmark.

The average home price nationally is now $1,002,500 – the first time it has topped $1 million.

Here’s what it means for home buyers.

Average home prices vary by location

According to the ABS, a 0.7% rise in home prices nationally in the March 2025 quarter helped push the average price over the $1 million threshold.

National numbers don’t always show the full picture though, and average home prices continue to vary widely between states.

New South Wales has Australia’s highest average price of $1,245,900.

That’s followed by Queensland ($944,700) and the ACT ($941,300).

There’s not much separating average home prices in Victoria ($899,700), Western Australia ($874,200) and South Australia ($861,900).

At the other end of the spectrum, Tasmania ($670,200) and the Northern Territory ($517,700) continue to be the more affordable states for housing.

How are home prices likely to move from here?

While the ABS data only extends to the end of March 2025, figures from CoreLogic show home prices have continued to climb higher.

We’re even seeing a recovery in property values in areas such as Darwin, Hobart and Canberra, where price growth has been comparatively low in recent times.

One of the key drivers for all this growth has been lower interest rates, which PropTrack says have improved market sentiment, boosted borrowing power and buoyed buyer confidence.

Why buying now could be a good time

If you’re thinking of buying a home, chances are you’re wondering “will home prices keep rising?”

While it’s impossible to accurately predict the future, the general view appears to be that home prices are set to head higher.

CoreLogic says the recent May rate cut is likely to have a “positive influence on housing values in June and through the rest of the year”.

Meanwhile, the outlook from the team at PropTrack is that we are likely to see further price growth through the remainder of 2025 based on tight housing supply, targeted buyer incentives (such as first home buyer schemes) and population growth.

Talk to us to get the ball rolling on your purchase plans

They say the right time to buy a home is when you’re ready.

But how do you really know when that is?

If you’re interested in finding out, talk to us to understand your borrowing power, and get the ball rolling on a home loan that matches your needs.

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 your 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.

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There’s a lot to love about winter. Cosy nights in, warming mugs of hot chocolate, and maybe a trip to the snow.

The downside is bigger power bills.

With energy costs set to climb higher across many parts of the country, it’s not surprising that home buyers are increasingly looking for properties that deliver savings on power bills.

And new research by Domain shows buyers are willing to pay 14.5% more for energy-efficient houses and 12% more for energy-efficient apartments on average – that equates to about $118,000 and $75,000 more, respectively.

Here’s how to give your place an energy-efficient makeover.

Our homes can be energy guzzlers

According to Domain’s latest Sustainability in Property report, Australian homes consume around one-quarter (24%) of the nation’s electricity.

It’s not because we forget to turn the lights off.

Experts say most Aussie homes have “poor thermal performance”: our homes swelter in summer and shiver in winter.

So, we turn to energy-hungry appliances to stay comfortable.

Energy-efficient homes do the opposite. They reduce power consumption to save on energy bills, and enhance livability.

Yet one-in-four Australians currently live in a home with zero energy-efficient features.

What buyers want and what adds value

Solar power, passive design elements and double-glazed windows consistently rank among the most sought-after features, delivering both lifestyle advantages and lower household running costs, according to Domain.

North-facing homes also command a premium price tag as they provide maximum exposure to natural light and warmth during cooler months, and only 15% of Australian homes have a north-facing orientation.

However, energy-efficient home improvements don’t have to be complex (or impossible, for those of you who don’t have a north-facing house).

Something as simple as roof and ceiling insulation can cut heating and cooling costs by 45%.

Bigger investments, such as installing rooftop solar, can be more affordable with the help of government grants, rebates and subsidies.

And from 1 July 2025 the new Cheaper Home Batteries Program can reduce the cost of installing solar batteries by about 30%.

Talk to us to know what’s available

Whatever eco-features you consider, there are various ways you could fund your green improvements.

A home loan top-up with your existing lender could help free up additional funds.

Some lenders have ‘green loans’ specifically designed to fund energy-efficient improvements.

You could even save on interest by refinancing to a lower-rate home loan.

It can be a way to put your home equity to work while also increasing your home’s liveability and potentially its value.

So get in touch for help funding a toastier winter and more pleasant summer.

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.

The post How you could boost your home’s value by $118,000 (and save on bills) appeared first on Pinnacle Capital.

2025 is shaping up to be a much better year for borrowers than 2024!

Already, we’ve chalked up two rate cuts, and some experts are predicting there are more to come.

It’s an encouraging sign that the worst of the cost-of-living crunch may be behind us.

But there’s an unexpected twist.

Instead of taking up the short-term savings offered by recent rate cuts, 86% of variable rate borrowers with one particular lender have kept their minimum monthly home loan repayment amount at the pre-rate cut level.

It’s a simple step that could save on loan interest and help home owners pay off their mortgage sooner.

Monthly savings of $160-plus

The recent rate cuts may have released the pressure valve for many home owners.

For the average $500,000 home loan, February’s 0.25% rate cut could have lowered monthly repayments by up to $80.

The second rate cut in May could have trimmed a further $80 from monthly repayments.

That’s a total of up to $160 wiped off repayments in the space of just four months

Yet it seems few home owners are reaching out to their lender to reduce their minimum monthly home loan repayment amount.

Really? Why’s that?

The Commonwealth Bank, which accounts for around one in four Australian home loans, says only one in seven (14%) of its variable rate home loan customers reduced their loan repayments following the February rate cut.

The majority simply stayed with their existing repayment amount.

Now, it’s important to note here that the Commonwealth Bank and many other lenders don’t automatically reduce your minimum monthly repayments when they follow the RBA’s lead and cut the interest rate on your home loan.

Instead, they may maintain your repayment amount at the old level.

This means that more of your money goes towards paying off the principal (rather than the interest) each month.

That said, you can ask your lender to reduce your repayment amount in line with their cuts.

Or you may find your particular lender has already automatically reduced your minimum monthly repayment in line with rate cuts.

It’s worth double-checking what your lender has done, and if in doubt, get in touch with us.

How much could you save?

If your finances can handle it, leaving your minimum monthly repayment amount unchanged when rates head south can be one way to help pay more off your loan each month.

To see just how much you could save on interest over the long term, we crunched the numbers for a $500,000 home loan assuming today’s average variable rate of 6.42%, and a 25-year term.

By sticking with the same, pre-rate cut repayments for the remainder of the loan (remember, that’s the equivalent of paying $160 extra each month), a borrower could cut over $61,000 from their long-term interest bill.

Better still, it could mean the home loan is fully paid off 2.5 years ahead of schedule.

And if rates fall further, the time and cost savings could be higher.

Call us to find out how much you could save

If you can afford it, it could be worth thinking about leaving your home loan repayment amount on hold, even if your lender cuts their rates.

Of course the savings you could enjoy with this strategy depends on the size of your loan and the current rate you’re paying.

To get more clarity on your home loan, give us a call.

We’ll explain the rate you’re paying, and do the sums for your loan to let you know how much you could save by leaving all, or even part, of your repayments unchanged.

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.

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This is the second cash rate cut in 2025, as the RBA attempts to ease cost-of-living pressures on Australian families.

RBA Governor Michele Bullock said in a statement that the Board was satisfied that the risks to inflation had recently become more balanced.

“With inflation expected to remain around target, the Board therefore judged that an easing in monetary policy at this meeting was appropriate,” Governor Bullock said.

How much might your mortgage repayments now decrease?

Unless you’re on a fixed-rate mortgage, hopefully your bank will soon follow the RBA’s lead and decrease the interest rate on your variable home loan.

For an owner-occupier with a 25-year loan of $500,000 paying principal and interest, this month’s 25 basis point rate cut means your monthly repayments could decrease by about $77 a month.

That would put $924 a year back into your household budget.

If you have a $750,000 loan, your monthly repayments will likely decrease by about $115 a month – or $1380 per year.

Meanwhile, a $1 million loan could decrease by about $154 a month – or $1848 a year.

This all assumes that your lender automatically passes on the full 25 basis point cut to your home loan.

Another thing to consider is that not all lenders automatically reduce variable home loan repayment amounts in line with rate cuts.

Some lenders simply maintain your repayment amount at the old level. It’s just that more of your money goes towards paying off the principal (rather than the interest) each month. But you can ask them to reduce your repayments in line with their cuts.

To find out what your lender is doing with your loan, get in touch with us in a few days once the dust has settled.

Feeling the strain of your mortgage? Let’s talk

Even with this latest rate cut, many Australian households are still grappling with living costs and interest rates that are higher than when they first took out their home loan.

If it’s been a while since your last home loan review, now could be a good time to check in. You might be able to improve your situation – and we’re here to help you explore your options.

This could include renegotiating with your current lender, refinancing to another lender, or debt consolidation.

Every household is unique, and we’re committed to helping you find a solution that fits your needs.

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.

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It’s no surprise that something as big as Australia’s $11 trillion housing market has generated its fair share of myths and misconceptions.

Chances are you’ve come across a few yourself – maybe along the lines of ‘great houses sell themselves’, ‘the listing price is non-negotiable’, or ‘you need a 20% deposit to buy a home’.

One comment we often hear wheeled out at social gatherings is that property prices double every 10 years.

But how accurate is this? Here’s the latest research.

How has the property market performed recently?

Looking back over the past year, home values have climbed 3.2% nationally to $825,000, adding about $25,000 in value to the average Aussie home.

Stretching the lens out further, CoreLogic says that in the past five years, property prices have increased 39.1% – an upswing that’s added around $230,000 to Australia’s median home value.

So do values double every 10 years?

It turns out that over the decade to April 2025, home values have, broadly speaking, fallen short of doubling.

Data from CoreLogic shows that on a national basis, property prices have climbed 67.3% in the past 10 years (certainly nothing to sneeze at, though!).

Here are the gains each capital city has made over the past decade:

– Adelaide: 93.6% (the capital city closest to doubling)
– Brisbane: 91.2%
– Hobart: 86.4%
– Sydney: 61.6%
– Canberra: 60.7%
– Perth: 55.6%
– Melbourne: 43.8%

Only one city – Darwin – saw a decline in values (-0.5%) over the past 10 years.

Bear in mind that in some cities with average higher property prices, such as Sydney and Melbourne, some home owners may have pocketed bigger gains in dollar terms as a result of price rises over time, despite the smaller percentage gains.

Time to dispel another myth

The same CoreLogic data seemingly busts another myth – the one about home values across our major cities being more likely to notch up bigger gains than regional properties.

Since 2015, home prices have come closest to doubling in country New South Wales (up 97.5%), regional Tasmania (96.1% higher) and regional Queensland (up 91.5%).

All told, property prices across the nation’s combined regional markets are 87.5% higher than they were 10 years ago, compared to 61.7% gains across our combined capital cities.

Once again, though, keep in mind that capital city properties ($905,000 median value) are often worth more than regional properties ($673,000 median value), and therefore could realise higher gains in dollar terms, despite smaller percentage gains.

The bottom line

Generalisations may make for great barbecue conversations.

But when it comes to major financial commitments such as buying a home, it pays to stick to the facts.

Many locations and individual properties haven’t – and quite possibly never will – double in value every ten years.

That doesn’t mean that your home won’t enjoy significant gains in value over time.

Add in a home loan that’s right for your needs, and home ownership can make a valuable difference to your personal wealth.

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.

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As the election dust settles, it’s time to get back to business as usual.

But there could be a few changes on the horizon depending on whether you’re planning to buy a first home or you’re already a home owner.

But first, where is the property market currently at?

As we approach the mid-point of 2025, the property market is still notching up gains.

Home values nationally rose 0.3% in April, taking Australia’s median home price to a new record high of $825,349.

For that amount, mustering up a 20% deposit calls for savings of around $165,000.

But you may be able to buy with less under a number of Labor election promises and initiatives.

5% deposit scheme to be expanded

The Home Guarantee Scheme (HGS) already offers an opportunity for eligible first home buyers to get into the market with just a 5% deposit and zero lenders mortgage insurance.

From January 2026 the scheme will be expanded.

Every first home buyer will be eligible to purchase a home under the HGS, with income caps for applicants to be scrapped, property price limits to be increased, and the removal of caps on the number of people who can apply for the scheme each year.

Increased supply of new homes just for first home buyers

CoreLogic points out that first home buyer incentives often do very little to improve housing affordability.

In fact, they can push up property prices by boosting demand.

A potential long-term fix is to build more houses.

Labor has promised to help ease pressure on demand by investing $10 billion in building up to 100,000 homes reserved exclusively for first home buyers.

The Grattan Institute crunched the numbers, finding that if all 100,000 homes are built, house prices could soften by up to 2.5%, potentially offsetting any possible price increases from the expanded Home Guarantee Scheme.

Help to Buy shared equity scheme

The Albanese government has pledged to go ahead with its Help to Buy scheme for first home buyers.

The idea is that the federal government will chip in as much as 40% of the cost of a first home while buyers need as little as a 2% deposit.

Help to Buy has been a slow burn, having been part of Labor’s 2022 election platform. The delay in its rollout is partly due to each state and territory government needing to pass its own legislation to make Help to Buy a reality.

It’s a case of ‘watch this space’ to know when the scheme will finally get off the ground in your state or territory.

Current home owners can soon access cheaper batteries

One in three Australian households now have solar, but only one in forty households have a battery.

That could soon change, with current homeowners being able to access the Cheaper Home Batteries Program from 1 July 2025.

It’s hoped that the subsidy program will push down the cost of buying and installing a household solar battery by 30% – or about $4000 per battery – and help households reduce reliance on the grid.

The government estimates that homes with existing rooftop solar could save up to $1,100 on their annual power bill.

Talk to us to know how you could benefit

With a range of schemes and benefits up for grabs, it can be tricky to work out what you may or may not be eligible for.

From buying a first home, to making your current home more eco-friendly, we can guide you through the funding solutions to help you achieve 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.

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You may have heard that making repayments more frequently, say weekly instead of monthly, helps pay down a loan sooner.

That can be the case with a standard home loan.

But if you have an offset account home loan, the secret to paying off your loan sooner is maximising the balance of the linked offset account.

Let’s look at how this works.

Paying weekly or fortnightly versus monthly

A common hack to save on home loan interest is to pay half your monthly loan repayment each fortnight. Or a quarter of your monthly repayment each week.

The idea is that by paying that respective amount weekly or fortnightly, you’ll make the equivalent of an extra month’s repayment each year.

It’s a simple strategy, and the hope is that you don’t really notice the extra cash being funnelled towards your home loan.

However, if you have an offset home loan, the frequency of repayments is less important.

What really matters is having as much spare cash as possible sitting in the linked offset account – or accounts.

How to harness the power of your offset account

An offset account is an everyday account linked to your home loan.

For the purpose of monthly interest calculations, every dollar in the offset account is deducted from the balance of your loan – usually calculated on a daily basis.

So if you have $20,000 in the offset account and a home loan of $500,000, you only pay interest on $480,000 ($500,000 less $20,000).

It makes an offset account a powerful tool to reduce the loan interest you pay each month.

Better still, as your loan repayments stay the same every month, a greater proportion of your repayment goes towards paying down the loan balance (principle), rather than interest.

This further reduces each monthly interest charge.

In this way, your offset account can help you fast-track your way to mortgage freedom.

Making the most of an offset account

The golden rule to maximising the interest savings of an offset account is to keep as much money in your offset as possible. And some home loans even let you have multiple offset accounts.

Every day that your money is sitting in an offset account is another day you pay less interest on your home loan.

If you can tick this box, you’ll be using an offset account effectively, and the frequency of your home loan repayments won’t really matter.

Want to know more about offset account home loans?

Offset account home loans can come in different shapes and sizes. Some only allow you to link one offset account, with others you can link many accounts, and you may also be able to attach a debit card to your offset account/s.

If you’d like help figuring out what offset loan might be a good fit for you, get in touch today.

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.

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US trade policies have hit media headlines this month following Donald Trump’s controversial tariff announcements on 2 April.

The flow of tariff announcements coming out of the US has rattled share markets globally, driven by uncertainty plus fears of an economic slowdown in the US.

However, there may be a silver lining to the tariff cloud for Australian home owners.

All four of Australia’s major banks are predicting solid cuts to interest rates – and they could come sooner rather than later.

Here’s what the big banks are saying could happen.

The cash rate could fall to 3.35%

NAB believes the Reserve Bank of Australia (RBA) is likely to act quickly, with a 0.5% rate cut in May, followed by 0.25% cuts in July, August, November and even February 2026.

Over at ANZ, the forecast is for the RBA to cut the cash rate by 0.25% in May, followed by 0.25% cuts at its July and August meetings.

That could see the cash rate drop to 3.35% by August, down from 4.1% at present.

Meanwhile, the experts at Westpac expect three more 0.25% rate cuts this year.

And the CommBank view is that the RBA will likely cut rates by 0.75% in total by year’s end, adding that “a rate cut in May is a done deal” depending on inflation figures.

No guarantees

Given the fast-moving tariff situation, it’s no surprise all four big banks have highlighted that their rate forecasts are not set in stone.

And of course, it’s the RBA that calls the shots on the cash rate.

On that front, the RBA isn’t giving much away.

In its latest (April 15) Board meeting, the RBA kept rates on hold, saying it wanted to wait and see how US trade policies could impact the Aussie economy, job market and its arch-enemy – inflation.

We won’t know how inflation is tracking until 30 April when the latest figures come out – about a fortnight before the RBA meets again on 19-20 May.

Long story short, it’s a case of ‘watch this space’ – for a few weeks at least.

Building costs could rise

A downside of US tariffs is a possible impact on new home building costs.

If Australia ends up facing higher prices for materials used in construction, we could see price increases for new home builds and renovations.

So it’s worth speaking to us about your borrowing power if you’re planning a big construction project in the near future.

Could you make a rate cut of your own?

If the major banks are right, we could see rates start to fall as soon as next month.

But home owners may be able to enjoy a rate cut of their own even earlier.

Plenty of lenders are offering home loan rates that start with a 5.

That provides lots of potential for you to save by switching to a new loan. It could also be an opportunity to enjoy improved loan features.

Contact us today to see how your home loan shapes up.

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.

The post Could US tariffs be good news for Aussie home owners? appeared first on Pinnacle Capital.

Housing affordability has reached boiling point.

Both Labor and the Coalition agree on this.

But they’re offering different solutions for first home buyers.

As polling day approaches, we break down what’s up for grabs as the major parties face off on support for first home buyers.

First up, the incumbent: Labor

It’s estimated that housing demand could exceed supply to the tune of 163,400 dwellings between now and 2032.

Labor is pledging to invest $10 billion towards building up to 100,000 homes exclusively for first home buyers.

Labor is also promising to make it easier for first home buyers to get into the market by expanding the First Home Guarantee scheme.

This would allow more first home buyers to purchase a home with just a 5% deposit and zero lenders mortgage insurance (which can be a big saving for first home buyers).

At present, first home buyers face income limits to be eligible for the 5% deposit scheme.

Labor is pledging to scrap the income limits so that all first home buyers would be eligible, regardless of income.

There would still be caps on the maximum price you could pay for a home under the scheme, but the price limits would be increased if Labor is re-elected.

Labor has also promised to expand eligibility for its Help to Buy scheme – where the government would cover up to 40% of a home’s cost that first home buyers can buy out at a later date.

The Coalition – a tax break for home loan interest

The Coalition is pledging to introduce a new First Home Buyer Mortgage Deductibility scheme.

This would allow first home buyers to claim their home loan interest as a tax deduction.

There are strings attached.

You would need to buy or build a brand new home, and you could only claim a deduction on the interest that applied to the first $650,000 of your home loan – and only for the first five years.

The proposed scheme would only be available to individuals earning up to $175,000 annually, or up to $250,000 for joint buyers.

Like Labor, the Coalition is also planning to fine-tune the 5% deposit First Home Guarantee scheme.

If elected, it promises to increase the income limit for buyers to be eligible for the scheme while also raising the property price limits.

In addition, there would be no maximum limit on the number of first home buyers who could access the scheme each year.

The Coalition is also promising to allow first home buyers to use up to $50,000 of their superannuation to buy a home.

Under the policy, the $50,000 would need to be returned to the superannuation account when the house that was purchased using the super funds was sold.

Want to know more?

Buying a first home can be daunting.

So it’s good to know you can rely on our support no matter who wins the federal election on May 3.

Contact us today to learn more about the home buying process, and discover the range of first home buyer incentives that you may be eligible for right now.

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.

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