Last week, due to the spread of covid-19 and some unfortunate circumstances, NSW and much of Australia has been forced back into lockdown.
Although we could see some varying results, the property market remained strong over the weekend and we’re still here to provide you the best service.
In other news, we saw some good news for first home buyers with the price cap being increased across the nation for the First Home Loan Deposit Scheme. EOFY is also coming up so be sure to check where you could be saving money!
There has been debate over whether interest rates will rise sooner rather than later with the RBA sticking to its guns and stating that interest rates will not increase until 2024. The banks, however, believe that interest rates will increase by 2022 or 2023.
How much money can you spend and remain eligible for the FHLDS and Family Home Guarantee?
– NSW: $800,000 (Sydney, Newcastle/Lake Macquarie, Illawarra) and $600,000 (rest of state).
– VIC: $700,000 (Melbourne and Geelong) and $500,000 (rest of state).
– QLD: $600,000 (Brisbane, Gold Coast, Sunshine Coast) and $450,000 (rest of state).
– WA: $500,000 (Perth) and $400,000 (rest of state).
– SA: $500,000 (Adelaide) and $350,000 (rest of state).
– TAS: $500,000 (Hobart) and $400,000 (rest of state).
– ACT: $500,000.
– NT: $500,000.
EOFY Alert! Financial Year End Just Days Away – It’s Simple
See how to take advantage of the federal governments temporary full expensing scheme this financial year. To be eligible the asset needs to be:
– new or second-hand (if it’s a second-hand asset, your aggregated turnover must be below $50 million);
– first held by you at or after 7.30pm AEDT on 6 October 2020;
– first used, or installed ready for use, by you for a taxable purpose (such as a business purpose) by 30 June 2023; and
– used principally in Australia.
Amid rising living costs, low wage growth, weak saving rates and rapidly rising property prices, new buyers are facing ever more challenges when entering the market. It now will take on average, 7 years to save up a deposit for first home buyers. Low interest rates have improved affordability of mortgage repayments but it’s also one of the key drivers of rising property prices.