The Federal Budget just changed the property market overnight, and the government is calling it a win for first home buyers. If you're a first home buyer, you're probably seeing a lot of headlines and wondering what it actually means for you and your plans.

In this episode, Jack Elliott and Chris Bates break down the major budget announcements and what they mean for the property market. We talk through the changes to negative gearing and capital gains tax, how investors are likely to respond, what this means for house prices and competition, and most importantly what it all means for you as a first home buyer.

Whether you're actively looking at properties right now, still in the planning stage, or you've recently purchased, this episode covers what you need to know and how to think about moving forward.

In this episode:

🔑 The major budget changes to negative gearing and capital gains tax

🔑 How investors are likely to respond and what that means for competition

🔑 Which types of properties and markets will feel these changes the most

🔑 The tools and data you can use to check if an area is investor-heavy

🔑 What first home buyers should be doing right now whether actively looking or still planning

Timestamps

00:00 - What the Federal Budget Means for First Home Buyers

04:00 - What Was Actually Announced and Initial Thoughts

08:11 - How Investors Will Respond

11:31 - What It Means for First Home Buyers

14:39 - Tools to Check Investor vs Owner Occupier Markets

19:01 - What Happens to House Prices

22:03 - Should Active Buyers Wait or Keep Going?

24:09 - What Happens to Competition in the Market

26:05 - Asset Quality and Property Selection Right Now

33:10 - What It Means for the Rental Market

38:12 - If You're Planning to Buy in the Future

40:36 - The 5% Deposit Scheme and Help to Buy

43:09 - If You've Already Purchased

43:41 - Interest Rates and What Happens Next

Free Resources

Open Stats Tool - Property Data

Census - Property Data

Download Your Federal Budget 20206 Resource

Mentioned Episodes:

Episode 6 | Unlocking Asset Quality: How to Choose the Right Property as a First Home Buyer

Episode 26 | Unlocking the Federal Government ‘Help to Buy’ Shared Equity Scheme

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Casual and contract workers make up more than a quarter of the Australian workforce. If you're a casual or contract worker, there are absolutely ways to borrow. It just comes down to understanding how banks look at your income and making sure you're with the right lender for your situation.

In this episode, Jack Elliott and Chris Bates break down how banks assess casual and contract income. We talk through what lenders are actually looking for, why the same weekly pay can mean very different borrowing capacity at different lenders, and how you can protect yourself financially once you take on a mortgage.

We also share a real example where choosing the right lender added $35,000 in borrowing capacity just by using a different annualisation method, showing why lender selection matters so much for casual and contract workers.

In this episode:

🔑 How banks assess casual income and what they're looking for

🔑 Why the same weekly pay can mean different borrowing capacity at different lenders

🔑 How banks assess contract income and the difference between dependent and independent contractors

🔑 How to protect yourself financially once you take on a mortgage

🔑 What casual and contract workers should be doing right now to put themselves in the strongest position

Timestamps

00:00 - Casual and Contract Income Explained

03:11 - How Banks Assess Casual Income

04:48 - Strengthening Your Position as a Casual Worker

06:53 - Annualisation Differences Between Lenders

07:49 - Protecting Yourself as a Casual Borrower

09:49 - Dependent vs Independent Contractor

10:32 - Contract History, Renewals and Gaps

13:30 - Key Takeaways

Unlock your Free Resources

Download Your How Banks Assess Casual & Contract Income Resource

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Income is one of the biggest drivers of your borrowing capacity, but banks don't just look at how much you earn. They look at how you earn it and depending on your situation, the same salary can produce very different results at different lenders.

In this episode, Jack Elliott and Chris Bates go deeper into how banks assess different types of PAYG income. They break down what happens if you've recently changed jobs or you're still on probation, why overtime and allowances are treated differently depending on your industry, how commission and bonus income gets shaded by lenders, and what banks look for when you're working a second job or planning to go on parental leave.

They also share a real example where choosing the right lender policy added $65,000 to a first home buyer's borrowing capacity, showing just how important lender choice can be.

In this episode:

🔑 PAYG income and what happens if you've recently changed jobs or you're on probation

🔑 Overtime and allowances and why the lender you choose can make a big difference

🔑 Commission and bonus income and why the bank doesn't take the full amount

🔑 Second job income and what the banks are really looking for

🔑 Parental leave and what you need to have in place to move forward

Timestamps

00:00 - PAYG Income - How Banks Assess it

01:50 - PAYG Requirements, Job Changes & Probation

06:50 - Overtime and Allowances

10:39 - Commission and Bonus Income

12:52 - Second Job Income

14:34 - Parental Leave: Can You Still Borrow?

15:51 - Wrap Up and Final Thoughts

Unlock your Free Resources

Download Your How Banks Assess PAYG, Overtime, Bonus & Allowance Income Resource

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📅 Book a chat with Jack for tailored support

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firsthomeunlocked.com.au