The below is provided for informational purposes only and is not intended as financial or legal advice.
It’s tax time again! This time of year comes around so quickly and for the lucky ones, it means a handy influx to the bank account. The end of June sparks new thoughts for many such as, what will my next purchase or adventure be? Some people will need practical items such as a new fridge or vacuum cleaner, while others have more opulent ideas and will go ahead and book that cruise they have been dreaming about for years.
We have a question for you before you hit the shops or book that holiday. Why not put your tax return towards a deposit on a newly built home?
Below are some tips on how you can allocate your tax return to a deposit and become a step closer to owning your own home…
Depending on your required deposit amount that your chosen bank requires, you may simply be able to deposit your tax return into your account. While some banks will class your return as genuine savings straight away, others will require you to keep the money in your bank account for three months to show genuine savings.
Keystart only require one per cent in genuine savings for their deposit if you are a First Home Buyer. As an example, if your house and land package is $350,000 your deposit would be $3,500. Depending on the amount of your tax return and how much you are looking to spend on your new home, this could equate to your complete deposit, however terms and conditions apply and your tax return would need to be held in your bank account for three months to prove genuine savings.
When you sign up to build a new home, a builders deposit is required to get you started. This deposit forms part of your contract price and covers costs such as site surveying. The minimum amount for this deposit is $2,000 and is counted as part of your bank deposit. Depending on the amount of your tax return, this could complete your builders deposit. If you don’t have the full builders desposit up front, never fear! We can assist you with a savings plan to help you achieve the required amount.
BGC Residential South West has the resources and expertise to assist you in finding the perfect home loan. Our in-house finance broker can help with:
With a wide range of financial tools at our finger tips we can help you find the perfect home loan just for you.
*Disclaimer – Options vary from lender to lender. Finance, credit advice and assistance provided by Harrisdale Pty Ltd trading as The Loan Company (Australian Credit License No 386355).’
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