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Stressed homeowners bypass budget for better savings

Budget incentives less effective than online comparison website’s money-saving measures

Aussie homeowners are stressed, and the new federal budget isn’t doing much to relieve their concerns. A number of minor adjustments will be implemented when the budget kicks in on 1 July, but will these make any difference to the thousands of Australians who are struggling to pay the bills?

According to research from Digital Finance Analytics, over 767,000 homeowners in Australia are in mortgage stress, meaning that their income does not cover ongoing costs. That accounts for almost one-quarter of homeowners across the nation.

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.

If your income doesn’t cover your mortgage and there’s no raise in sight, your best bet may be to lower the cost of your home loan. This is easier than it might sound thanks to comparison website HomeLoansAustralia.com.

Just enter your details and the system will search offers from over 27 lenders to provide you with an affordable quote. You’ll then be able to talk to a mortgage consultant face-to-face or over the phone to answer any questions. Your consultant will also help you switch to a cheaper mortgage rate, so you don’t have to deal with a mountain of paperwork.

You can also get expert advice on whether any of the new budget measures could apply to you so you can make an informed decision on how to move forward. Here’s a quick snapshot on what senior homeowners and first home buyers can expect from the new budget.

First-time home buyers

Expected cost to government: $250 million

A scheme will be launched to allow potential home owners to speed up their savings by using their super. Voluntary superannuation payments can be withdrawn at a lower tax rate, maximising the amount you can save for a deposit.

This scheme does not address the fact that house prices are growing at unmatched speeds. The increased saving opportunity may not be enough to match price growth.

Downsizing

Expected cost to government: $30 million

In an attempt to increase the housing supply, senior homeowners will be given an added incentive to downsize their homes. Australians over the age of 65 who have lived in their home for at least ten years can bank $300,000 from the sale of their home into their super, in a variation on the non-concessional cap.

Seniors will still face high stamp duty by purchasing a new, smaller property.

To find out how to make housing more affordable for you, visit HomeLoansAustralia.com for a free comparison quote on loan rates.

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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