Relief for first time homebuyers! Latest Federal Budget

Loan Markets Daniel Pym explains how the new budget helps first time buyers save "With the First Home Super Saver Scheme buyers will be able to divert their pre-tax income towards a special savings account. This will mean that saving a deposit will become a little bit easier."

Now first time buyers can withdraw contributions of between $15,000 per year and $30,000 in total, and add it to their special account to purchase a first home as a deposit. Withdrawals will be taxed at marginal tax rates less 30%! ‘In a tough property market where many first time buyers are kept out due to high cost of living and heavy tax, all in all this will make saving for a new home much easier.’ For more information on how to apply for the first home owners scheme as well as any other home related advice contact Daniel on 02 9302 1641 or email daniel.pym@loanmarket.com.au