in­dus­try brief

The Coffs Coast Advocate - - REAL ESTATE -

BUD­GET BOOST

WHILE last week’s Fed­eral Bud­get did lit­tle for housing abil­ity, one in­dus­try group said the an­nounced tax con­ces­sions will help.

New cal­cu­la­tions from mozo.com.au show the seem­ingly mod­est weekly sav­ings can make a huge dif­fer­ence if used wisely.

Low and mid­dle-in­come earn­ers will re­ceive a tax cut which will see those re­ceiv­ing the max­i­mum ben­e­fit bet­ter off to the tune of around $10 to $11 per week. For a cou­ple with two tax­able in­comes, fun­nelling $20 ex­tra into the mort­gage each week could deliver al­most $19,000 in in­ter­est sav­ings over the life of the loan, wip­ing one year off loan re­pay­ments.

“For the av­er­age Aus­tralian, a weekly sav­ing of $10 might seem pretty pal­try in the grand scheme of things, but our anal­y­sis shows that putting this small wind­fall to good mea­sure can yield size­able div­i­dends,” Mozo Di­rec­tor Kirsty La­mont said.

“Many don’t re­alise even putting away an amount as small as $10 into their mort­gage ev­ery week can add up to huge sav­ings over the life of the loan.”

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