Home Loans - Page 35
The winner of this year’s Most Satisfied Customers - Home Lender Award revealed
Canstar has crowned the winner of its Most Satisfied Customers – Home Lender Award for 2020. Read on to find out which provider won and why. The COVID-19 pandemic, which was declared on 11 March this year, has had a significant impact on Australia’s property market, and the financial wellbeing of millions of people. As a result, many homeowners have turned to their lender looking for temporary repayment relief or a better interest rate to help them cut household costs. At the same time, lenders have been engaging in a ‘race to the bottom’ on home loan interest rates to attract … Continued
Let’s settle this online: A guide to electronic conveyancing
What is electronic conveyancing and how does it work? Find out more...
Cash rate on hold: Consumers urged to chase the best rates to 'future-proof' their finances
Though the official cash rate will remain unchanged for another month and looks set to stay the same for some time, Australians are experiencing a high degree of uncertainty about money in the midst of a pandemic and recession. One expert has urged property owners and savers to start future-proofing now by finding a better interest rate. The board of the Reserve Bank of Australia (RBA) decided to leave the cash rate on hold at 0.25% today at its monthly meeting, and will not raise it again until jobs, incomes and businesses start to bounce back from the effects of the … Continued
Loan repayments on a $1 million loan: How much would that cost a month?
So you’ve found your dream home and it means you’ll have to borrow $1 million. How much is that going to cost you in monthly repayments? And how can you make sure that you don’t pay too much? We take a look.
Checking the contract when buying a house
If you’re buying a house Caroline Jean-Baptiste reveals six things to consider when it comes to the contract.
28 locations that may benefit from infrastructure projects
Property research firm Propertyology has identified Australia's top 10 infrastructure projects and the property markets they may influence. Find out more.
Homestar Finance offers new record-low home loan interest rate with limited-time offer
Homestar Finance has hit the lead in the home loan rate race, introducing the lowest rate on Canstar’s database, available for a limited time to new customers in all Australian states and territories. Homestar Finance has released a new one-year fixed rate special for owner-occupiers paying principal and interest. The Star Classic – Owner Occupied Fixed Special loan has a rate of 1.98% (comparison rate 2.51%) for one year, which reverts to the Star Classic Essentials Variable loan at the end of that time unless the borrower switches to a different rate with Homestar or another lender. The new record-low rate … Continued
NSW stamp duty abolished: Where could homebuyers put those savings?
The New South Wales state government will pause stamp duty charges for new homes under $800,000. The move could save some first home buyers more than $30,000, though one expert warns the saving could just be added onto the purchase price. Premier Gladys Berejiklian announced on Monday that the NSW government would temporarily suspend stamp duty payments for first home buyers purchasing newly-built homes or vacant land valued below $800,000 for twelve months from 1 August. The government tax – also known as transfer duty – had previously applied to new homes worth more than $650,000 in NSW and generally still … Continued
What would a second wave of coronavirus mean for the property market?
Canstar asked three experts for their thoughts on what impact a second wave of COVID-19 could have on the property market in Australia. For a while it looked like Australia had COVID-19 under control with the curve flattening from about early April. But on 3 July that all changed with the number of daily reported cases jumping to 254 and has been trending upwards since. At this stage Victoria has been hardest hit with many considering the state to be in the midst of a ‘second wave’. New South Wales has also seen an increase in new cases although not to … Continued
Australian economy: COVID-19 vs The Great Depression
Welcome to the Great Depression of 2020 – but it’s not as bad as it could be. That seems to be the message Australian Treasurer Josh Frydenberg delivered to the nation today. “The COVID-19 pandemic is a once-in-a-century shock,” Mr Frydenberg’s Economic and Fiscal Update, covering to the end of June 2021, states. “The COVID-19 pandemic has caused severe contractions in economic activity. As a result, the world is experiencing its most severe economic crisis since the Great Depression. “Australia has outperformed most other countries in both health and economic outcomes through this crisis. However, the outbreak of COVID-19 globally and the resulting … Continued
Winners of this year’s First Home Buyer Award revealed
First home buyers have a specific set of needs. Canstar has identified the home loan providers on its database that are offering outstanding value to first home buyers in 2020. Despite the overall uncertainty facing the Australian economy and its property market – as well as stricter lending policies among some banks – some younger buyers remain optimistic about their home ownership prospects. In fact, home loan enquiries among first home buyers are reported to have spiked in June, despite record declines in overall lending volumes. In particular, the First Home Loan Deposit Scheme has been a big draw for some … Continued
Online lender drops variable home loan rate to record low, but there's a catch
loans.com.au has become the first lender on Canstar’s database to offer a variable home loan rate below 2%, but successful applicants for this new rate won’t hold it for long. Online lender loans.com.au launched its Smart Booster Discounted Variable Home Loan last week, with the new product offering an introductory rate of 1.99% (comparison rate 2.55%) for new and refinancing owner-occupiers who make principal and interest repayments with a deposit of 20% or more. However, this discounted rate will only be available to successful applicants for one year before reverting to a ‘rollover rate’ of 2.57%. The move comes less than one … Continued
Mortgage payment deferral: Banks extend home loan pauses
Lenders are offering some home loan customers the option of deferring their mortgage repayments for a further four months, if they are in financial hardship due to COVID-19. We take a look at what a repayment pause could mean for borrowers, and what you may need to consider. As the coronavirus pandemic swept the world earlier this year, a number of Australian banks offered borrowers what some commentators described as a financial lifeline – the chance to defer their mortgage repayments while they grappled with the economic fallout of COVID-19. This allowed borrowers to apply for a “repayment holiday” of up … Continued
Applying for your mortgage online: will this digital option stick around after COVID-19?
Verifying your identity through a mobile app and signing your home loan offer with your touchpad or mouse – these are just some of the ways lenders are turning to digital solutions to continue offering mortgages while adhering to the social distancing rules of the COVID-19 lockdown. The coronavirus pandemic has thrown a spanner into the works of the Australian economy and way of life. When it comes to home loans, lenders and mortgage brokers have had to adapt to the social distancing regulations which have impacted their staff’s ability to meet with customers face-to-face. This has led to some institutions … Continued
Online auctions: selling homes under a virtual hammer
With the Australian Government’s implementation of measures to encourage social distancing amidst the COVID-19 pandemic, businesses and entire industries have been finding creative ways to pivot and bend in line with the restrictions. One such industry is real estate, where agents in some areas are restricted when it comes to holding open homes and in-person auctions. In response, the industry has seen a rise in online auctions. According to Ray White Ascot Sales Director and Auctioneer, Philip Parker, despite five of his eight auctions being cancelled on the first Saturday of April, when social distancing nationally was at its most restrictive, … Continued
What are your options if you can’t afford to increase repayments when your repayment pause ends?
For those who opted to pause their home loan at the start of the pandemic crisis the clock is ticking towards crunch time but Phase 2 of mortgage relief has been announced. We look at some of the possible solutions. Australians were thrown a financial lifeline in March 2020, when the banks allowed the option of a six-month home loan holiday for people impacted by the economic downturn of COVID-19. And plenty of us raised our hand to put repayments on hold. Close to 500,000 mortgages, worth a total of $175.6 billion, were in pause mode as at 19 June according … Continued
How to find properties to subdivide for a profit
For investors, subdividing a property may be a way to potentially increase the return on investment. However, it can also be risky if you don’t do your research and consider your strategy carefully. A subdivision is when you divide a building or piece of land into two or more properties. But before being able to pursue this approach, investors will have to go through several logistical hurdles. For example, you’ll usually need to get local council approval prior to development and each local council will have its own regulations in place. You’ll also typically need a deposit of at least 20% … Continued
RBA cash rate on hold at 0.25%, but consumers want lower home loan rates
The official cash rate will remain on hold at 0.25% for another month. The low rate has undoubtedly helped bring consumer interest rates down to be arguably more affordable than ever, but they are not cheap enough, according to some mortgage holders. The board of the Reserve Bank of Australia (RBA) decided to leave the cash rate unchanged at the historic low of 0.25% at its monthly meeting today. RBA Governor Philip Lowe said the board was committed to do what it could to support jobs, incomes and businesses and to make sure that Australia was well-placed for recovery from the … Continued
Report finds millennials are eager to buy property post-COVID, but should they?
Millennials remain optimistic about home ownership despite the current array of risk and uncertainty, unwilling to let the pandemic interrupt their plans. A third say they want to buy a property in the next one to two years, new research shows. Despite the uncertain economic recovery from coronavirus, strict lockdown conditions being re-introduced in parts of the country, unforeseen pressures on many household incomes, forecasts of dramatic property price falls, and clear evidence of mortgage stress, many millennials are still hopeful of owning their own home – and soon. Research commissioned by ING and outlined in its Future Focus: Homeownership Report, … Continued
Where property prices have fallen the most since COVID-19
CoreLogic has identified the areas where property prices have been impacted the most by COVID-19. Does yours make the list?
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