October 2025

Spotlight on Chris Mcrae: Financial Adviser at Avondale Wealth

As many of you know, Chris McRae is a Financial Adviser here at Avondale Wealth and has been with us for nearly five years. Chris is committed to delivering highly specialised, holistic advice tailored to each client’s unique goals. He believes that building a comprehensive and detailed financial strategy is the foundation for confident, long-term decision-making.

Reflecting on his approach, Chris shares, “A resilient mindset is key for our team to maintain high standards and client outcomes. It helps us stay focused and effective, especially when facing inevitable trials in our work and personal lives.”

Last month, Chris was nominated as Rising Star of the Year at the Elevate 2025 conference in Perth, recognising his dedication to client outcomes, professionalism, and the positive impact he’s made since joining Avondale Wealth. We’re proud to see Chris’s hard work acknowledged and excited for what’s ahead.

Chris holds a Bachelor of Commerce (Economics and Finance) from Macquarie University and a Graduate Diploma of Financial Planning from Kaplan. He is also a Justice of the Peace (NSW).

Before joining Avondale in early 2021, Chris began his career in banking and finance at the Commonwealth Bank, working in their Home Lending team.

Outside of work, Chris enjoys sharing meals with friends, travelling with his wife and son, and serving at his local church.

New aged care act: what you need to know

Sweeping reforms to aged care came into effect on 1 November to help improve the quality, transparency and flexibility of care.

With more care levels, clearer pricing, and greater control over how your funding is used, the new system aims to better match services to individual needs. Providers will now be required to offer detailed cost breakdowns, empowering you to make informed decisions about your care.

While the reforms are a step forward in care quality, they also come with changes in how services are funded and that may mean higher out-of-pocket costs for some.

What you pay depends on your financial situation – whether you receive a full or part pension or are self-funded – and the services you access.

As the aged care landscape evolves, staying informed is key to making confident choices. Whether you’re planning for yourself or supporting a loved one, understanding the new system will help you access the right care at the right time. 

Help at home

From 1 November the current Home Care Packages have been replaced by a new program called Support at Home.

The key changes include:

• Eight levels of care (up from four) to better match individual needs

• Extra funding for assistive technology, home modifications and palliative care

Services are expected to remain the same but the way you pay for them may change.

• For example, clinical care (such as nursing or physiotherapy) will be fully funded by the Government.

• You may pay more for everyday living services (such as meal preparation or cleaning) than you do for independence supports (like personal care or transport).

• The out-of-pocket costs for everyday living will range from 17.5 per cent for full pensioners to 80 per cent for self-funded retirees.

• Non-clinical support, like showering, will cost five per cent for full pensioners to 50 per cent for self-funded retirees.

If you were approved for a Home Care Package on or before 12 September 2024, you will now be eligible for fee concessions to ensure you are not worse off under the new rules.

The package level you are assigned sets the total funding available to pay for care, with 10 per cent allocated to the care provider to cover the cost of care management.

You then work with your provider to decide how you want to spend the rest of the budget. The provider will set their fees for services and you will make a contribution based on your income.

Residential aged care

Room prices in aged care facilities have been steadily rising following an increase in the Refundable Accommodation Deposit (RAD) threshold from $550,000 to $750,000.

Higher RADs mean you may need to use more of your savings or income to cover aged care costs.

From 1 November 2025, anyone who moves into care and pays a RAD, will have two per cent of that amount deducted each year, for up to five years.

You can still opt to pay a Daily Accommodation Payment (DAP), but this will increase every six months in line with inflation.

Other fees include:

• the basic daily fee (set at 85 per cent of the single age pension)

• a means-tested fee or non-clinical care contribution

• potentially a higher everyday living fee (previously known as extra or additional services)

Fee caps and planning ahead

The lifetime cap on aged care contributions continues. You won’t pay more than $130,000 (indexed) over your lifetime towards home care and residential care combined.

Understanding how the changes affect your financial future is vital. You’ll need to consider:

• whether someone will remain in the family home

• your current income and assets

• potential age pension entitlements

• estate planning strategies

Use the government’s fee estimator at MyAgedCare to get a clearer picture of your potential costs.

Get advice early

Navigating aged care can be complex and the upcoming changes add new layers of decision-making.

We are here to help you understand the recent changes and assist you when it comes to funding aged care, as well as providing strategic opportunities to minimise fees, maximise your cashflow and plan your future needs.

If you would like to discuss your aged care options, please give us a call.

Big news for first home buyers: the latest changes

If you’ve been finding it challenging in the approach to buying your first home, the latest changes might be welcome news. From 1 October 2025, the Australian Government introduced some major changes to its home ownership support programs. These updates aim to make it easier for first home buyers to get into the market with more confidence.

A more flexible deposit scheme

The Government’s 5% Deposit Scheme, also known as the First Home Guarantee, is now significantly more attainable. This program allows eligible first-time buyers to purchase a home with just a 5 per cent deposit. The government guarantees the remaining amount, so you don’t have to pay lenders’ mortgage insurance, which is something that usually adds thousands of dollars to your upfront costs.

Previously, this scheme had some strict limitations. There were income restrictions, price caps that excluded homes in many areas, and a limited number of places available each year.

As of October 1, those income restrictions have been removed entirely. It no longer matters how much you earn; you can still apply. The price caps for properties have also been increased across the country to reflect current market values. This means the home you were eyeing last year but couldn’t afford under the scheme, may now be within reach.

There is also no longer a cap on the number of places available. In the past, thousands of buyers missed out each year because the scheme had a set number of spots. Now, anyone who qualifies can apply at any time. There’s no need to rush or compete for a place.

If you’re buying in a regional area, you’ll also benefit from the fact that the separate Regional First Home Buyer Guarantee has been folded into the main scheme. This streamlines the process and ensures that regional buyers have equal access to support under one simplified program.

A new path through the Help to Buy Program

Alongside the deposit scheme, the government is also introducing a shared equity initiative called Help to Buy. This program is designed for buyers who are earning a reasonable income but struggling to save a deposit large enough to get into the market.

Under this scheme, the government becomes a co-owner in your home, contributing up to 30 per cent of the purchase price for existing homes and up to 40 per cent for new builds. In return, you need only a 2 per cent deposit and you’ll borrow less from the bank, which means lower monthly repayments.

You still own and live in the property just as you would normally, but the government will hold a share in it. Over time, you can choose to buy back that share, either gradually or all at once, or pay it back when you eventually sell.

This program does come with eligibility requirements, including income limits and property price caps, although these have recently been adjusted to allow more people to apply. Applications are expected to open later in 2025, so if this suits your situation, start preparing your paperwork.

What this means for you

Put simply, buying your first home just became more realistic for many Australians. With the removal of some income caps and the increase in property price thresholds, more people can now access support. If you were previously locked out of the market due to high property prices or limited scheme places, you may now find yourself eligible.

While these schemes reduce upfront costs, you’ll still need to meet your lender’s borrowing criteria. This means showing you can comfortably afford the repayments, even after interest rates and living costs are factored in. The schemes are designed to support you into home ownership, but they are not a shortcut around responsible lending.

Buying your first home is still a big milestone, but with these new supports in place, it may no longer feel out of reach. If you’re ready to take the next step, there has never been a better time to start the conversation.