How you can make the 2024-2025 State Budget work for you

Introduction

On Thursday the ninth of May, the 2024-2025 State Budget was released.

The budget will guide the WA Government’s spending over the next twelve months, and it will have a major impact on many different areas of life within the state.

In this week’s blog post we will be breaking down the latest state budget and what it means for you and your ability to purchase your dream home.

The 2024-2025 State Budget, which has been created by the WA Labor Cook Government, focuses on a wide range of issues, such as health, infrastructure, the cost of living, diversifying the economy, and – importantly – housing.

Read on to learn about how the budget will benefit both first home buyers and property owners alike.

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In this year’s budget there are a variety of measures designed to help homebuyers, and particularly first-home buyers.

For example, first-home buyer parents who have a newborn baby and are renting at the moment while they save up for a first home could be eligible for a first home buyers construction grant worth ten thousand dollars.

They could also be eligible for stamp duty relief worth a maximum of $8,835 if it is empty land.

In regards to first home buyers generally, the WA Government is spending $82 million in order to make the stamp duty exemption threshold for them higher.

This means that the threshold will be $450,000 for first home buyers, and $600,000 for the concession threshold.

The increase will help close to five thousand first home buyers every year, and mean a total of at maximum $15,390 will be saved in stamp duty.

In regards to property owners, the State Government have also put in place measures to assist you.

The creation of the Vacant Property Rental Incentive Scheme will put five million dollars towards pushing people who own empty houses to put them on the rental market by providing a one-off five-thousand-dollar payment.

This would prove beneficial to both potential landlords and the current glut of renters trying to secure a home.

Key points

Below are a number of important points for you to take away from this week’s blog post.

• The 2024-2025 State Budget was released last Thursday.
• It contained several important benefits and initiatives for first home buyers.
• An incentive for property owners was provided in the form of the Vacant Property Rental Incentive Scheme.
• These benefits could provide you with – or help you save – thousands of dollars.

As a consequence, it is important to be aware of how the new State Budget could benefit you – in particular if you are a first home buyer.

In a cost-of-living crisis, every penny counts, and initiatives within the new budget could help you save big.

Conclusion

In conclusion, the latest State Budget contains a variety of measures designed to help West Australians get into their own homes.

Understanding how the State Budget could work for you if you are a first home buyer or property owner could benefit you significantly in the short term.

While the budget can seem overwhelming in the amount of content contained within it, the team at AA Finance can help you through it if needed.

If you have any questions concerning this topic, or would like to know more about home loans that could suit you, please get in touch with the friendly team at AA Finance Solutions today.