Young Aussies look set to get a helping hand into the property market in the upcoming federal budget.
First home buyers will apparently be able to use pre-tax income to save a deposit, similar to the way people currently salary sacrifice.
The move would cut the amount of tax people pay, instead letting them pour the cash into a savings account they can use to buy their first home, according to News Corp.
Basically it means first home buyers could take $5, 000 out of their pay, effectively bringing their taxable income down by $5, 000, which for someone on $50, 000/yr would save them $1,625 in tax.
Former PM Kevin Rudd brought in a similar plan some years ago that was abolished back in 2015 due to a lack of interest.