From 1 July 2023, access to the Government’s Home Guarantee Scheme will be
expanded to joint applications from “friends, siblings, and other family members” and to those who have not owned a home for at least 10
years.
The eligibility criteria for access to the First Home Guarantee Scheme and Regional First Home Buyers Scheme will be expanded. From 1 July 2023, the schemes will no longer be limited to individuals and couples who are married or in de facto relationships, but will also include eligible friends, siblings, and other family members for joint applications.
In addition, the requirement for the applicants to be Australian citizens at the time they enter the loan has been extended to include
permanent residents.
The schemes guarantee part of a first home owner’s home loan enabling them to purchase a home with as little as 5%
deposit without paying Lenders Mortgage Insurance. Guarantees are capped at 15% of the value of the property.
Thirty five thousand places are available for the First Home Guarantee Scheme each financial year. From 1 October 2022 there will be ten
thousand places available each financial year until 30 June 2025 for the Regional First Home Buyers Scheme.
Eligibility to the Family Home Guarantee will also be extended. From 1 July 2025, the scheme will no longer be restricted to single parents
with at least one dependant natural or adopted child, but will also be available to borrowers who are single legal guardians of dependent
children such as aunts, uncles and grandparents.
The Family Home Guarantee guarantees the home loan of an eligible single parent with at least one dependent child enabling them to purchase a
home with as little as 2% deposit without paying Lenders Mortgage Insurance.
The guarantee is capped at 15% of the value of the property. Five thousand places are available to the scheme each year to 30 June 2025.
We'd love to help you experience life with greater choice.
The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.
The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero.
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
In this episode we explore the key areas in your business that you can influence to promote growth, adapt the seven ways to grow for your unique business, and understand how these strategies impact your profit and cash flow.
Equipment finance means there is a viable solution for businesses grappling with cash flow management amid equipment upgrades.
The build-to-rent sector (BTR) is set to outperform traditional buy-and-hold commercial investments.
A Shareholders Agreement is a legally binding contract negotiated by the shareholders of a company, designed to govern their relationship, business arrangements, rights, responsibilities, obligations, and liabilities. It supplements the company's constitution by addressing matters not covered therein, thus offering more comprehensive protection and clarity.
Tourism assets are seeing demand return as a host of high-profile artists and entertainers make their way back to Australia.
For the first time in nearly two decades, retail assets have seen the largest portion of all commercial transactions.
Things to consider before investing in multigenerational living. What do rising geopolitical tensions mean for investment markets? This and more in Issue 16 of SMART Life.
As conflicts between nations flare into open armed warfare and elections around the world become more contentious, there’s plenty to spike investor concern. We look at how wars and political tensions influence investment markets over the long term and examine the im- plications for your retirement savings.
As cost-of-living pressures bite and family members look for ways to support each other, multi-generational living is being discussed as a solution. Pointing out the potential, property researcher CoreLogic identified more than 655,000 residential properties as being suitable for a granny flat in Australia’s three biggest cities.
In this episode of The Accountant That Builds, Shannon's expert advice will help you make informed financial decisions and stay connected to your goals, ensuring a financial future you are committed to work towards.
Low-interest rate loans used by dealerships are a good way to get buyers in the door – but if you’re not careful, you may end up overpaying in the long term.
Car loans can feature either fixed or variable interest rates, each with its own set of advantages and disadvantages.
With the surge in property prices, the barrier to entry has never been higher. However, there are many different ways to get into the market.
The difference between the price of units and houses continues to grow, with homes now costing $300,000 more.
The national median house price officially reached $1,005,242 marking the highest price on record.
Vendors are looking to capitalise on rising prices with a surge in new listings hitting the market across Sydney and Melbourne.
Running a business is not just about crunching numbers and meeting targets; it's also about fostering a strong team dynamic and creating a shared vision. That's why I recently organized a 2-day corporate retreat for the entire SMART team at Phillip Island, and it turned out to be an unforgettable experience.
A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
From 1 July 2024, the amount you can contribute to super will increase.
Thousands of taxpayers and their agents were advised by the Australian Taxation Office that they had an outstanding historical tax debt.
In Australia, testamentary trusts have become useful for more people than ever before. They're not just for the wealthy anymore.
In this podcast episode of The Accountant That Builds we're starting off with a deep dive into the world of superannuation, helping you understand how to make the most of your retirement savings.
There are effective ways to fit out your practice for maximum efficiency and success.
Construction cost increases have reaccelerated, but the good news is they are now returning to their normal trend.
Jackie Prossor shares her story on growth and evolving as a professional and a business owner, with the help of Shannon and the SMART Business Solutions team.
Commercial transactions could start to rebound in 2025, with lower prices.
A rally in the second half of the month helped global share markets generate solid gains in January, extending the rally from November and December.
Simone was burdened with excessive debt. They have a large house with a large mortgage. Not only did this mean that her and her family were going backwards financially, she was stressed and this was affecting her ability to concentrate for long hours.
Investing in property can be a lucrative venture, especially for small business owners looking to diversify their portfolio or secure a stable source of income.
As a small business owner or employee on wages, planning for your future includes managing your superannuation effectively.
Before committing to any car loan, it’s vital that you examine the fine print. Ensure you understand every aspect of the loan and ask questions.
A stable employment history is important when it comes to assessing your borrowing power.
In the ever-evolving landscape of small business ownership, it is imperative to remain vigilant and proactive, especially when it comes to financial management. We delve into key strategies and insights to help small business owners navigate financial challenges effectively.
In this episode of The Accountant That Builds, Shannon Smit talks about business structure and setting yourself up with the right foundations to ensure a stable ground to encourage business growth, hiring, expansion and compliance.
Australia’s surging population growth is likely to drive increased demand for both rental properties and student accommodation.
Tax planning is more than just a financial necessity—it's a strategic advantage for businesses of all sizes. By proactively managing your tax strategy, you can significantly reduce your liabilities, enhance cash flow, and ensure full compliance with ever-evolving tax regulations.
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