From budgeting for a new build to choosing the right bank for your loan, there’s a lot to consider when building your dream home.
The recent federal budget announcement by Treasurer Jim Chalmers comes amid an ongoing cost-of-living crisis, leaving many Australians hoping for support as they juggle bills and dreams of homeownership.
There’s a lot to take in, so to help you navigate these changes, we've highlighted the key points to show how they can benefit you...

What’s in the budget for aspiring home builders?
While the budget includes a $6.2 billion pledge towards building 1.2 million homes, most of this funding is aimed at social and affordable housing, student accommodation, and crisis centres for the unhoused and those fleeing domestic violence.
The Help to Buy scheme, designed to assist first-time buyers with government guarantees of up to 40% of the price of a new build with as little as a 2% personal deposit, remains stalled in parliament. The Coalition has rejected the scheme, and negotiations between Labor and the Greens are ongoing.
However, some budget measures could indirectly benefit homebuilders:
The budget allocates $90.6 million to increase the number of skilled workers in the housing sector, addressing the shortage of tradespeople relative to Australia's growing population and housing needs. This investment in new apprentices and the attraction of overseas professionals with unique skill sets will help expedite house builds and alleviate construction bottlenecks.
Additionally, a significant portion of funding is dedicated to infrastructure, with $1 billion earmarked for projects such as roads, water systems, and other essential community facilities, enhancing connectivity in new housing estates.

What about tax cuts?
While there isn't much in the budget to directly assist home builders, all Australians will benefit from a significant tax cut, helping to alleviate some cost-of-living pressures.
What do the much-discussed stage three tax cuts mean for your wallet? The good news is that Labor has adjusted the policy to benefit low and middle-income earners, unlike the previous Coalition government's proposal, which largely benefited the highest earners.
Everyone earning over the $18,200 tax-free threshold will see a tax reduction. For most taxpayers earning between $45,000 and $135,000 a year, this means savings ranging from $804 to $3,729.
See what this means for you via this federal government tax savings calculator.

What about the electricity bill support?
Another key factor in Chalmers’ budget aimed at alleviating the cost-of-living crisis is the energy bill rebate for taxpayers. Every Australian household will receive a $300 rebate, directly reducing your utility bills and lowering your upfront costs.
Additionally, there will be a $325 rebate available for approximately one million small businesses. This rebate could be advantageous if you operate a separate company that employs staff, distinct from your personal residence.

Is there anything else that might ease the way towards building my home?
While we're still combing through the budget for more insights, here’s what could potentially assist in saving for your new home:
- An inquiry into supermarket sector practices and a review of the Food and Grocery Code, though the benefits may not be immediate as these processes take up to 12 months to yield results on grocery costs.
- Negotiations are also underway regarding the cost of medicines, aiming to alleviate out-of-pocket expenses for those affected.
Stay tuned for further updates as they become available.