joker97:hashbrown: Financial planning 101: Any surplus income should be used to pay down debt before starting savings. The interest savings on the debt are entirely tax free.
The issue is we've normalised lifelong mortgages to fund lifestyles we can't afford.
The govt providing tax incentives on savings, just so the Aussie banks can continue to suck us dry is not the solution.
There is no one way. I know someone first hand who bought property with money she didn't have and by 30 she is now a multi millionaire thanks to house price capital gains.
That maybe true, but can be a gamble. House prices don't always go up, and picking the market is a mugs game. Many people think that capital gains are tax free. But if you are buying and selling houses with the intention of making a capital gain, then you usually have to pay tax on the gain. The government have now got a bright line test to pick up more people not paying tax.