Happy New Financial Year – Tips for buying a property in FY25

Happy New Financial Year from the team at WestGen Finance.

Whether you’ve set your sights on buying your first home, upgrading your current place, or starting your investment journey — now is a great time to get your finances in order and plan ahead.

Here are some helpful tips if you're thinking about buying a property this financial year:

1. Review Your Tax Return and Savings
   If you’ve received a tax refund, consider putting it towards your deposit or using it to pay down existing debts. Talk to your mortgage broker about these options as both can improve your borrowing power.

2. Get Your Financial Documents Ready
   Lenders often require your most recent Notice of Assessment from the ATO and two most recent payslips. Lenders will use documents to cross-check your annual income. Make sure they documents are clear and complete as this will reduce banks following up and speed up the pre-approval process.

3. Know What You Can Claim (for Investors)
   If you're looking at an investment property, speak with your accountant about what you can claim on your next tax return. This may include interest, depreciation, and other property-related expenses.

4. Explore Grants and Incentives
   The start of the financial year is a great time to check your eligibility for any updated first home buyer grants or stamp duty concessions.

5. Understand Your Borrowing Power
   With your updated income and expenses, your borrowing capacity may have changed. We can help you assess your current position and guide you on your next steps.

Also keep in mind that the big banks have predicted several rate drops this financial year, which will also improve your borrowing power. With these changes, it's important to speak to your broker about your new borrowing power as early as possible.

Buying a property can be one of the most exciting and rewarding moves you make — and we’re here to support you throughout the journey.

If you're thinking about making a move this financial year, reply to this email or book a chat with us. We’ll help you get financially ready and mortgage confident.

To a successful year ahead,
The WestGen Finance Team