Tax time is upon us and maybe you’re already thinking of ways to spend your tax return. Instead of blowing this money on a trip to Bali or the latest iPhone, why not make the most of your tax return and put it towards a home deposit?
More young Australians are using their tax returns to get into their first home sooner, setting themselves up for the future. Here’s how you can too!
- Deposit your tax return into your savings account. While some banks will class this as genuine savings straight away, others will require you to keep this money in your bank account for three months to show genuine savings.
- Think your tax return isn’t enough for a deposit? Think again! The Western Australian Government also offers a generous $10,000 to eligible first home owners.
- Your tax return could go towards your builders deposit! When you build a new home, a builders deposit is required to get started. This deposit forms part of your contract price and covers costs such as site surveying.
- Maybe you didn’t get as much tax back as you hoped but you’re still keen to get into a home of your own. WA offers low deposit home loan options through Keystart which may be able to help you into your first home!
- Not ready to buy? Try this savings tip! Dedicate a separate bank account for your yearly tax returns. This account will grow each year so when you are ready for home ownership, you should have a deposit (and even more) ready and waiting!
The Rivergums has a great range of blocks and house & land packages available for first home owners, so make the most of your tax return and secure your dream home in Baldivis.