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Are houses really more affordable under the new budget?

The latest budget may not make housing more affordable, but there’s an online service that can.

Housing affordability was a key factor in this year’s budget, though critics say that not enough cost-saving measures were put in place. The First Home Super Savers Scheme has been in the spotlight, with Treasurer Scott Morrison claiming that it will help first home savers to ‘accelerate their savings by at least 30 percent.’

Not everyone agrees. The scheme allows potential home buyers to voluntarily contribute up to $15,000 per person per year (up to $30,000 as a couple) to their super. That cash can then be withdrawn at a lower tax rate and applied to a house deposit.

Here’s How You Do It:

Step 1: Select your type of property below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

While it’s true that this could help home buyers save thousands of dollars more than they might otherwise be able to do, there are some concerns with this plan. First, it doesn’t boost the available supply of houses.

Second, it doesn’t actually make housing more affordable. The scheme won’t lower the cost of housing, and for many people those costs are still astronomically high. In fact, economists suspect that housing prices may even go up, as sellers compensate for the scheme by increasing their selling price.

If you’re a cash-strapped first-time home buyer, the steps to entering the property market remain largely the same. The larger your deposit, the better off you are, but there are other ways to find more affordable housing.

Here’s the smart, simple way to get into the housing market:

  1. Set your budget

    Before you start house-hunting, identify how much you can reasonably afford. Factor in the amount of your deposit and the fees associated with buying a home, such as stamp duty, legal fees, and other taxes.

  2. Compare loans with HLA

    Arm yourself with the information you need to make a smart decision. The way to do this is by comparing mortgage rates with HomeLoansAustralia.com. The service compares loans from over 27 lenders to give you a competitive quote, and it doesn’t cost a thing.

  3. Talk to a financial advisor

    Internet research can only take you so far in making a decision about home loans. Talk to a Home Loans Australia advisor for personalised advice on what type of loan suits your financial situation. Expert advice is extremely valuable, whether you’re buying your first home or an investment property. An advisor can also provide advice on the First Home Super Savers Scheme and other money-saving measures.

Visit HomeLoansAustralia.com today and put a plan in place that will help you buy the affordable home you’ve been waiting for.

Get Started Now:

Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

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