Many NFP workers feel behind in the property game because base salaries can be lower than in the private sector. But with salary packaging, some NFP employees are actually in a stronger after-tax position than they realise.
Turning salary packaging into deposit savings
By using allowed caps to package everyday costs, including rent in some cases, you may:
- Increase your effective take home cash.
- Free up more room in your budget to save for a deposit or pay down other debts.
Combined with a clear savings plan, this can shorten the time it takes to get your first home deposit together.
Planning how rent and mortgage packaging will evolve
If you are renting now and plan to buy:
- Understand how your current rent packaging works.
- Plan how that will shift when you move to packaging mortgage repayments instead.
This helps avoid surprises when caps are reallocated and ensures the new mortgage is affordable under the new structure.
Grants and schemes to be aware of
In addition to salary packaging, first home buyers may be eligible for:
- Government deposit schemes and guarantees.
- State/Territory based first home benefits and stamp duty concessions.
NFP employees qualify on the same basis as other buyers, subject to the relevant criteria.
Iconic’s NFP first home roadmap
Iconic Mortgage Solutions can help you:
- Map out your deposit and debt reduction plan.
- Choose lenders who properly understand your NFP income.
- Structure the loan so it fits smoothly with your future packaging arrangements.
“Thinking about your first home and work for an NFP? Speak with Iconic about an NFP First Home Strategy Session.”