The 2024-2025 Federal Budget prioritises cost-of-living relief for Australians, with several measures directly impacting families, homeowners and homebuyers. Here at Mortgage Innovations, we’re committed to keeping you informed and empowered throughout your financial journey. Let’s explore what this budget means for you:
Tax Cuts: The stage 3 tax cuts coming into effect from July 1st will put more money back in your pocket. This could translate to thousands saved for typical income earners, potentially increasing your borrowing power for a new home or helping manage existing mortgage repayments.
Energy Bill Relief: The $300 quarterly energy bill rebate will provide welcome assistance in the face of rising electricity costs. This can free up some of your budget for other priorities, like saving for a deposit or managing your mortgage comfortably.
Rental Assistance Boost: The 10% increase in maximum rental assistance rates offers much-needed relief for renters grappling with affordability challenges. This could free up some of your income to explore homeownership opportunities in the future.
Student Debt Relief: Capping student debt indexation is a positive step towards easing the financial burden on over 3 million Australians with HELP/HECS debts. This can improve your overall financial health and make saving for a home a more achievable goal.
These measures arrive at a critical time, offering a buffer against rising prices and housing costs. We’re here to help you understand how these changes impact your individual financial situation and homeownership goals.
We encourage you to reach out to us for a personalised consultation to discuss how this budget can benefit your financial plans. Whether you’re looking to buy your first home, refinance your existing mortgage, or simply optimise your finances, our team is here to guide you every step of the way.
Arranging finance can be stressful, especially with some lenders now taking extra steps including going through your living expenses and credit scoring (ouch!). And sometimes banks can make you feel like ‘just a number’. That’s why we want to do things differently: because you deserve better.
As a local family-owned business, our team takes the time to listen, answer your questions and make getting your home, car or equipment loan as easy as possible.
