The Budget 2020, the takeaway!

The best way to describe it, is something for nearly everyone.

The government has implemented fiscal stimulus to kickstart the economy.

A lot of incentives for the businesses to invest in assets and claim support to employ people.

Reduction of the tax thresholds to the majority.

Don't be concerned about the government borrowing funds to do all this. The cost of borrowing is low, there is almost an assured positive return on the investment by the government in the nation.

We can take away the parts that apply to benefit the homebuyers.

10,000 new places for the home deposit scheme. This means accredited lenders can allow borrowers into a home with 5% deposit without borrowing for lenders mortgage insurance. Saving over 10 thousand dollars in most cases.

The lowered tax rate will leave more take home pay to increase borrowing capacity.

Lenders are being encouraged to be more flexible in assessing loan applications to speed up the home buying process. Some lenders are dropping their assessment rates as I write this.

The Home Builder Grant is still in effect and lenders are starting now happy to consider this as part of the deposit. Throw in the state grants, the first home buyer is in a strong position with an extra $40,000.00 to put on the table.

The obvious knowledge is that home loan rates are going to stay low. Saving money for the existing home owner or investor to have a refinance put in place will save repayments and put more money in your pocket.