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The ATO acknowledges the decrease in asset value and has set up a timeline for individual asset life expectancy. This means that even though the expenses of asset depreciation might not be covered in rental earnings, you can claim investment property depreciation against your taxable income.¬† For example, if you buy a new carpet for $6,000 ATO lists this value expectancy as ten years. This means you can claim a $600 tax deduction every year for ten years under straight-line depreciation (Prime Costs). We’ll get into the formula for calculations a little later in this blog.

In an effort to make owning a home more manageable for average Australians, particularly those renting and looking to purchase their first home, the Australian government is opening up more and more incentives to make it possible. One of these boosters is through Superannuation.

To make good on your goal to own an amazing property, all you need is to find the right professional support: a quality mortgage broker, supportive lender, qualified conveyancer as well as making sure you complete third-party property inspections for building faults and pest control. These professionals will be able to see problems and challenges you might miss through being rushed, emotional or just not having the proven experience to know what to look for. Looking for ways a property won’t work for you is just as important as determining what will work.¬†

Saving enough the required money for a home deposit can seem like an achievable dream for first-home buyers. The question is, how much of a deposit do you really need to buy a house in the current housing situation?

To reduce the pain of buying a first home and helping renters in the property ownership door, the government introduced a number of incentive plans. In 2020 the First Home Loan Deposit Scheme was introduced to allow first home buyers to get into their own homes with a reduced deposit and no added bank penalties. In the 2022 Federal Budget, this was changed to be called the First Home Guarantee. 

With housing prices still rocketing out of control it’s a daunting task for single parents to get into their own property and secure a safe and stable home for their families. Luckily the federal government is looking to do something about it with a family home guarantee that allows single parents to apply for a home with only a 2% deposit.

While it might seem risky to buy your next home before your current one goes on the market, there are advantages that will be right up some people’s alley. Whatever you choose in the end, it’s important to know the options so you can find the best approach to smoothly transition to your next home.