Federal budget reforms have officially landed, restricting negative gearing to new builds and overhauling capital gains tax. But what do the changes actually mean for investors, first home buyers, and the property market as a whole?

In a recent live stream on Property Buzz, real estate coach and commentator Tom Panos joins Momentum Media director Phil Tarrant and real estate managing editor Liam Garman to pull back the curtain on these reforms and dissect what they actually mean for borrowers.

They discuss:

• The serviceability pivot: How the loss of tax offsets on established properties is fundamentally changing borrowing power.
• The new-build gold rush: Why the market is bifurcating and what the "investor migration" to new stock looks like.
• FHB opportunity versus investor friction: Who are the real winners and losers in the government's bid to level the playing field?

The trio outlined why, in a market defined by policy-driven volatility, the financial services players who win won't just be processors – they'll be the strategic advisers who can navigate the new tax math and find the path forward for their clients.