If you’re a homeowner or self-employed and you want to pay more for your insurance, you can use the new 2018-19 federal insurance rates, but they’ll cost you a lot more than what you’re paying now.
Read moreThe new 2018 insurance rates are based on the amount of income you’ve earned in the past year, rather than how much you spend on insurance premiums.
“What this means is that it is now much more expensive to pay a premium on your home than it was five years ago,” the ABC’s John McLeod reports.
“So if you’re earning $80,000, you’re going to be paying $1,400 a year for a home insurance policy, which is a pretty big increase, especially for people who are self-managed or self insured.”
He says people will also pay a bigger premium on the home they live in if they’re self-funded, meaning they can’t afford the premiums on their home.
The changes mean a higher-income family will pay about $1.8 million a year more for home insurance than they used to, while the same family earning less than $50,000 will pay only about $300.
It’s not clear exactly how the higher premiums will impact people with a lower income.
Some people will see their premiums go up even if they have no income at all, but the Government says it’s a result of the higher costs of premiums.
But there are other changes to the cost of home insurance that could help some people afford to pay their premiums.
In 2019, people can apply for a $3,000 rebate to help cover premiums.
This is the same rebate as people can get if they already pay $1 per $1 of household income.
But the Government has cut the rebate from $1 to $3 for people with income of $70,000 or less.
If you’re in that category, you’ll still be able to apply for the rebate.
The Government says the rebate will help people buy private insurance at a lower price than they would with an ordinary policy, but there will be limits on how much premiums can go up.
In 2018, the Government announced it was phasing out the “self-insured” tax break that has helped some people buy their own private insurance.
So now, it’s possible for you to pay your premiums by using your personal savings to buy private policy.
But if you don’t qualify for the self-insured tax break, you won’t be able buy a private policy with the rebate, which will be capped at $500 a year.
That means if you earn $60,000 a year or less and you’re self funded, you could still have to pay up to $1 million in premiums to cover your mortgage.
But the rebate is meant to help people afford the costs of private insurance and to encourage people to buy policies with a home.
So while it might not seem like a lot of money, it will help to help lower the cost for many.
“If you’ve got a little bit of extra money, you should still be thinking about it,” Ms McLeod says.
“You could always go and look at other options.”
What to know about:New home insurance changesThe government has also announced changes to how people pay for their home insurance, including:You will no longer have to use the personal savings rebateIf you have a $2,000 personal savings allowanceYou will need to pay $3.80 for every $1 you have in your savings accountThe Government has also said it is phasing-out the self funding tax break for people earning more than $70:Anyone who earns $70 or more and doesn’t use the self funds rebate can no longer claim the self funded tax breakIf you make more than that, you will still be allowed to claim the rebateThe new federal home insurance prices are based off the amount you earn in the year.
If your income is more than this, you might be able get the rebateIf your annual income is less than this and you are self funded:Your annual income may still be lower than $80 a yearIf you are a self-contained family:You’ll still need to have a home, a spouse and dependents to qualifyFor people with incomes of $90,000 and above:If you earn less than that:If your yearly income is higher than $100,000:If the Government is phoning it in:You’re not allowed to take advantage of the self income tax rebateIf the government is phaning in:What to do if you get an ‘A’ or ‘B’ rating from the Insurance Council of Victoria:If it gets an ‘F’ or lower rating, you may need to go with a different insurerIn 2018 and 2019, the government also announced it will increase the maximum amount that people can use for their self-funding insurance by