Housing was one of the biggest talking points in this year's Federal Budget, with a range of measures focused on home ownership, boosting supply and investment in new homes.
One of the most publicised housing announcements was the Government's proposed changes to negative gearing and capital gains tax for residential property investors.
Under the proposed changes, negative gearing concessions would continue to apply to newly built homes, while future purchases of existing investment properties would no longer be eligible from 1 July 2027, subject to the legislation being passed.
The Government has also proposed changes to capital gains tax arrangements for newly built investment properties.
The proposed reforms aim to encourage investment in new housing supply and support the delivery of more homes across Australia.
While these changes are primarily aimed at property investors, they may still be relevant for prospective Wallis Creek buyers. Whether you're planning to build your forever home, purchase your first property or retain a home as an investment in the future, it's worth understanding how the proposed changes could affect your options.
We recommend speaking with your accountant, financial adviser or mortgage broker about your individual circumstances, or visit the website below.
Learn more here.
The Budget also backed existing initiatives supporting eligible Australians into home ownership.
Australian Government 5% Deposit Scheme
Formerly known as the Home Guarantee Scheme, this program allows eligible buyers to purchase a home with a deposit as low as 5% (or 2% for eligible single parents) without paying Lenders Mortgage Insurance (LMI), subject to eligibility criteria and property price caps.
Learn more here.
Help to Buy
The Help to Buy shared equity program is designed to help eligible Australians purchase a home with a lower deposit and smaller mortgage. Under the program, the Australian Government contributes a share of the purchase price in exchange for an equity interest in the property.
Learn more here.
Note: Eligibility criteria, income thresholds and property price caps apply to both programs. Prospective buyers should speak with their mortgage broker, lender or financial adviser to determine whether they qualify.
If you're considering purchasing land or a house and land package in the next 12 months, talk to your financial advisor about:
- Whether you're eligible for any government homebuyer programs
- How much deposit you need to purchase land or a house and land package
- Whether buying new could provide advantages compared with purchasing an established home
- What your borrowing capacity looks like in the current lending environment
- Whether any proposed tax changes could be relevant to your investment strategy
Explore your options at Wallis Creek
Wallis Creek offers a range of land and house and land opportunities in an established, connected masterplanned community in the Hunter region.
Whether you're looking to build your first home, upgrade for more space or invest in a growing region, understanding your options and seeking professional advice can help you make an informed decision.
To learn more about current land releases and house and land opportunities, get in touch with our sales team today.
Disclaimer
This information has been prepared for general informational purposes only. It is intended to provide a high-level overview of the budget and related matters and does not constitute legal, financial, taxation, accounting, investment or other professional advice.
While reasonable care has been taken in preparing this information, no representation or warranty (express or implied) is given as to its accuracy, completeness or currency. The information may be subject to change without notice.
Purchasers should make their own enquiries and obtain independent legal, financial, taxation and other professional advice relevant to their particular circumstances before making any decision or taking any action in connection with the purchase of land or any related matter. Purchasers must rely on their own investigations and advice and not on this information.