3 ways you could take advantage of the new financial year
As we enter the new financial year, it’s a great time to explore how you can make the most of it, particularly when it comes to accelerating your property goals. Whether you’re aiming to buy your first home, invest in another property, or upgrade your current residence, the new financial year brings opportunities that can help you achieve your goals sooner.
Here are three ways you can take advantage:
1. Make the most of your tax return:
If you’re expecting tax back, the extra boost in cash can help offset additional costs that come with purchasing a home such as bank fees, stamp duty, conveyancing fees and more. Additionally, the extra savings could help increase your borrowing capacity and put you in a better position with the bank.
2. Leverage Stage 3 Tax Cuts:
With the recent tax cuts now in effect, most Australians will see an increase in their take-home pay. The boost in income could help increase your borrowing power limit and also help you save for a deposit faster. For further details on how these tax cuts impact you, please click here.
3. Confirm your borrowing power:
You’ve just completed your tax return and have your financial documents on hand and up-to-date – it’s a perfect time to apply for home loan pre-approval. It cuts out much of the legwork as many of the supporting documents the bank will request to review your situation will be ready to go! You’re already thinking about your finances and planning for the financial year ahead, so it’s a great time to move forward. Additionally, any raises or bonuses received at EOFY can further increase your borrowing power, strengthening your position with lenders.
Ready to get started?
Contact us today to get started on achieving your property goals this financial year!
Accounting Home Loans is Australia's only mortgage broking firm dedicated to serving accounting professionals.
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