An adjustment of the housing bonus will take place on 1 January, which can have major consequences, particularly for high-income families. Cream Bank states that the consequences of this are underestimated for anyone who is planning to take out a mortgage loan from 1 January to purchase a home. High-income families will lose $ 170 per month by limiting the tax benefits, which means that they can borrow more than $ 30,000 less for a home.
Adjustment of the housing bonus
An important change will take place on January 1, 2015, with regard to the tax benefits when buying a home, with a mortgage loan. This is the housing bonus, the first amount of which is reduced. In addition, there will be no more indexation in the coming years, which means that the increasing lifespan will no longer be included in the calculations. This means that the benefit is slightly smaller each year, as a result of inflation that does lead to a decrease in the value of our money. In addition, a maximum contribution of 40% will apply to everyone, instead of a dependence based on the highest bracket in which the income falls (for example, 45% or 50%).
Tax benefit considerably down
The tax benefit for families with a high income will decrease considerably as a result. With an average inflation rate of 2% per year, their benefit decreases over the entire duration from Their income is taxed at 50%, but they can use the same rate for the housing bonus. $ 73,300 to $ 32,500, which is approximately $ 170 per month. Would they keep this amount? Then they can borrow around $ 30,000 extra at a fixed interest rate of 3.5% over 20 years. Families whose income falls under the 45% rate must take into account a reduction in their benefit of $ 110 per month.Of all Flemish families, 55% have an income that falls into the category of 45% or 50%.
Great impact on the housing market
The measures will have a major impact on the housing market, because families are suddenly less able to borrow money through a mortgage loan. Borrowing money for a home becomes more difficult in that regard, which will decrease the demand for homes and can therefore have consequences for the housing market as a whole.