Yellow Brick Road: Home
YBR

Federal Budget 2017: what's in store?

In this article:

Next week’s Federal Budget is expected to address housing affordability for first-home buyers. But will it be too little, too late if you’re already looking to buy a property?

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.

Take the first step

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.

Feature articles

The Importance of a Mortgage Broker This article will shed light on the Royal Commission's recommendations and briefly highlight some of the benefits of using a mortgage broker.

Renovation Budget Blowout: How to Avoid Find out how to stop money disappearing on a renovation project.

7 Refinancing Mistakes You Don’t Want to Make Take a look at some of the ways homeowners come unstuck when refinancing their loan.

Buying Off the Plan – This Is How to Manage the Risk Prepare for unpleasant surprises when buying property off the plan.

How Your Home Can Be Equity Rich Will falling house prices affect the equity wealth of your property?

View all articles



Enquire now