If you were looking for something in this year’s budget to help out property buyers or owners then you may be disappointed, however it’s not all bad news…
First home owners miss out
While housing affordability was a major focus of last year’s budget, no such measures were introduced this year.
It’s important to remember however that first home buyers can still take advantage of the First Home Super Scheme that was introduced in last year’s federal budget. There is also the First Home Owner Grant (New Homes) scheme and stamp duty concessions on offer for first home buyers from the NSW government.
No news is good news if you’re an investor
There were rumours that negative gearing and CGT rules and exemptions would change this year, but luckily for some this hasn’t been the case.
Land bankers targeted
Those holding vacant land might want to get building soon. Changes will be brought in from July 2019 that will mean that property owners will no longer be able to claim deductions on items such as council rates and maintenance costs for vacant land in their tax returns.
Good news for over 65s
Homeowners over the age of 65 will be able to take advantage of a reverse mortgage, worth up to $11,799 per year for the rest of their lives.
This new equity loan will help the elderly stay in their family homes without having to sell them to access money.
Want to read more about the 2018/19 Budget? Visit www.budget.gov.au.