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July 2014

New Financial Year

This month marks the beginning of the new financial year – a great opportunity to assess how your tax return can best be used and set financial goals. If buying property is high on your wish list, you’re in luck. According to NAB’s Head of Retail Banking, economic conditions for buying property are “as good as they get”. In recent months, house prices have begun to plateau, with growth expected to stabilise at around 2 to 3 percent. This is good news for housing affordability, and a positive sign your property purchase is likely to steadily increase in value over time. In combination with interest rates touted to remain low well into 2015, saving for a deposit or putting your tax return toward the stamp duty on a home purchase could be a smart move. 

If you’re already in the market, a tax return could be used to help you get ahead or build your property portfolio. That might involve making additional payments on your mortgage, investing in renovations, or putting the money toward an investment property. Before splashing your tax cheque, consider your long term goals and seek advice from financial experts on the best ways to maximise this money.

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