MONEY HACKS: 6 Smart ways to use your tax refund!

Just in time for Christmas in July – its Tax time!

This year before you race off to blow your money on a trip to Bali, we’d like you to consider a few other ways to use your tax refund this year – a quick trip won’t compare to the life long rewards of owning your first home! There are plenty of ways to put your money to good use  - especially if you’re a first home buyer! Keep reading to find out how (it’s easier than you think!) 1. Work out your budget, and stick to it! The key to saving is doing it systematically. Putting your spare change in a jar each week is technically something, but change, by definition, is left over from your purchases, which may or may not have been necessary. – Be honest with yourself, could you have gone without? Determine how much you actually need to spend each month - This is a must! Budget sensibly by putting together a realistic savings plan that doesn't compromise you or your family's lifestyle too much. – They can be just a few slight changes in your spending habits. (Like bringing your lunch from home, or only buying a coffee on Friday's! - All these things can really add up!) 2. Got $3000 back in tax? We’ll build you your first home*.! Right now you’re only $3060 away from building your first home! No need to use your savings account, just wait 3 months and you can use your EOFY gift from the ATO for a deposit on your first home! Or better yet if you’re currently renting, you may have the option to use your tax return for a deposit straight away (no waiting 3 months)! Our partners at V-Homeloans know first home finance back to front! They make it super easy for you to become a first home owner with access to competitive low deposit home loans and government grants - all you need is $3,060* and we could build you a fully-finished two storey Brownstones by the beach! 3. Would another $10,000 help? For all the qualified first home buyers out there, The West Australian Government offers a sizeable $10,000 First Home Owners Grant which can be put towards your dream home! And we’ve got plenty of affordable home and land packages available across south, north and east of Perth to make the process that much easier! [caption id="attachment_26903" align="alignnone" width="400"] The Brownstones Display Home - Perfect for the first home buyer![/caption] 4. Let’s talk finance – We can help! Our expert finance broker’s, V Home Loans can check your serviceability and borrowing capacity and advise you on your options available. It’s a free service and a good way to get started on your home ownership journey. If the ATO wasn’t as generous as you hoped, you do have options! There are low deposit options like Key start Home Loans where if eligible you only need to provide a 2% deposit (1% being genuine savings) which could get you one step closer to your dream home. 5. Already in your first home? Turn something small into something big – get your money working for you, with an investment property! You might be surprised to learn how little you need to get started as there are plenty of attractive investments for a very affordable price. And if you’re looking at the bigger picture, investment properties come with a range of tax benefits in the form of deductions, among many other things, therefore investment may be the way to earn your tax back! 6. Optimise your banking! Hold on to that tax return and open a new bank account to deposit the money. If you’re not quite there yet, choose a high interest savings account to allow your money to grow the longer you leave it. Whether its using your tax return to set up your future or using your tax return as a home deposit, its one step forward in the right direction. Take the leap and use your tax return to begin your home ownership journey. We are here to help! Get in touch with us today and we can help you find ways to make the most out of your tax return. the entertainer backyard by express two storey *VHG Finance Pty Ltd T/A V Homeloans. Corporate Credit Representative Number 495067 is authorised under Australian Credit Licence Number 389328. Your full financial situation and requirements need to be considered prior to any offer and acceptance of a loan product. The $3060 home deposit was calculated off a home and land package available in Golden Bay for $306,000.
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