Next Tuesday evening, Australians with a political bent will hunker down to watch Federal Treasurer, Scott Morrison, outline his plan for Australia’s national balance sheet. Many others will forget all about it and turn on Netflix instead.
Regardless of your viewing habits, Budget decisions often end up filtering down to each of us in different ways. But will this year’s measures have much impact on house prices?
After all, housing affordability is high on the agenda, with commentators expecting a package of measures designed to make it easier to buy or rent a home.
Ideas that have been mulled over so far include giving first-home buyers access to their super for a deposit, and creating an affordable housing finance corporation. Until the Treasurer takes to the podium, however, it’s only speculation.
And even then, any proposal has to make it past a Senate full of unpredictable cross-benchers – the likes of Nick Xenophon, Pauline Hanson and Derryn Hinch. Predicting how they will vote for Government legislation is about as easy as picking next season’s football Premiers.
So the message here is: don’t wait for the Government to solve your problems. If you’re looking to purchase a home, either to invest or live in, you still need to rely on the basics of saving hard, searching well and finding the best deal in town for a loan.
That said, here are three things you can do to get serious about saving for a property.
1. Make yourself accountable
Having a savings plan is one thing; sticking to it is another. Cutting out non-essential lifestyle items can make a big difference to your savings plan, and having a clear view of your priorities can keep you motivated. But if you need some help – and accountability - consider working with a financial adviser who can help get you on track, and stay there.
2. Get the basics in order
We think everyone should know their financial situation and plan for their future. So, we've created a process that makes it simple to create a financial road map. When you work with a YBR adviser, we identify what you need to achieve your goals, and outline it step-by-step, all in writing. It includes things like super, budgeting, debts, insurance and a straightforward investment plan to shape your future.
3. Boost your savings
While you save for a despoist, your Smarter Money Active Cash strategy is a great way to increase the return on your savings, through a mix of cash deposits and bonds in an actively managed investment portfolio. It's simple to access and you don't need loads of cash to start. Smarter Money has delivered an average annual return of 4.49% since inception - more than simply parking your cash in the bank.