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Federal Budget 2023: What It Means for First-Home Buyers in Adelaide
As a mortgage broker in Adelaide, Parrington Finance is committed to helping families achieve their dream of owning a home. That’s why we’re excited to share how the 2023-24 Federal Budget can make homeownership more affordable and accessible for first-home buyers.
Home Guarantee Scheme Expansion
One of the most significant announcements from the Federal Budget is the expansion of the Home Guarantee Scheme. Eligible applicants can now access a home loan with a deposit as low as 5%, making it easier for first-home buyers and those on low incomes to enter the housing market. This expansion will include permanent residents, non-couple joint applications, previous homeowners, and single guardians, providing more opportunities for families to own their own homes.
If you’re looking for your first home, contact our team of mortgage experts in Adelaide to see how you can take advantage of this opportunity.
Household Energy Upgrades Fund
The Federal Budget has allocated $1 billion to the Household Energy Upgrades Fund, which provides low-cost finance and mortgages in partnership with private lenders for home upgrades that save energy. This initiative will help more than 110,000 households across Australia lower their energy bills and create more sustainable homes. To find out if you’re eligible and to maximize your savings, contact our team of mortgage experts in Adelaide.
Affordable Rental Properties
The government is encouraging developers to build more affordable rental properties by offering tax incentives. By increasing the rate for the capital works tax deduction to 4% per year and reducing the final withholding tax rate on eligible fund payments from managed investment trust (MIT) investments from 30% to 15%, developers will have more financial benefits to build rental properties, which will increase the number of affordable homes for families to rent in the long-term.
How Parrington Finance Can Help
At Parrington Finance, we understand that buying a home is a significant financial commitment. That’s why we’re dedicated to supporting families in South Australia. As a mortgage broker, we can assist you in navigating the various options available and provide guidance on the best path forward for your unique circumstances. We’ll help you understand how the Federal Budget measures can benefit you and how to make the most of them.
Contact our team of mortgage experts in Adelaide to get started on your journey to homeownership today.
