Think property prices have gone a little bonkers? You’re not the only one. Which is why a report with 16 recommendations to tackle housing affordability has just been plonked on pollies’ desks in Canberra. Today we’ll run through them for you (succinctly, we promise).
Fixed rates on the rise, as CommBank tips a June cash rate hike
Hold onto your hats, things are about to get a little bumpy. Economists from Australia’s biggest bank are predicting the Reserve Bank will raise the official cash rate as early as June – and we’re already seeing fixed interest rates increase significantly.
Borrowing soars: average loan up almost $100,000 in 12 months
How much do you need to borrow to buy a typical Australian home these days? Well, the average loan size has increased dramatically over the past year – up almost $100,000.
Up to 4,600 first home buyer guarantees back up for grabs
Want to buy your first home with a deposit of just 5% and pay no lenders’ mortgage insurance? You could be in luck – the federal government will soon reissue up to 4,651 unused Home Guarantee Scheme spots.
Think property prices will dip when rates rise? Don’t bet the house on it
Whether you’re looking to buy, sell or hold, there’s a good chance you’ve wondered whether the property market will tumble when interest rates rise, right? Today we’ll look at what happened to house prices when interest rates were hiked in the past.
Bar raised for borrowers: tougher home loan serviceability tests
Some borrowers will soon find it harder to get a mortgage after the banking regulator announced tougher serviceability tests for home loans. So who will they impact most?
Nine in 10 FHBs trust brokers to help them buy their first property
Remember that classic TV ad: ‘nine out of 10 dentists recommend using [toothpaste brand]?’ Well, it turns out we’ve earned a similar level of trust when it comes to helping first home buyers sink their teeth into the property market.
COVID hardship and grant options that could help you
With the pandemic once again tightening its grip around many parts of Australia, today we’ll run you through hardship and grant options that could be available to you or your business.
How much extra will your mortgage cost when interest rates rise?
After 18 straight RBA cash rate cuts it can be easy to dismiss the notion that interest rates might rise again. But if the cash rate returned to mid-2019 levels, how much extra would an average new mortgage holder expect to pay each month? Let’s take a look.
Property price caps increased for first home loan deposit scheme
First home buyers can now purchase more expensive properties under the federal government’s hugely popular 5% deposit, no LMI scheme.