Home Loans - Page 36
First Home Loan Deposit Scheme, round 2: Insider tips on how to apply
Another 10,000 spots are now available under the First Home Loan Deposit Scheme (FHLDS) for the 2020-21 financial year. If you are an eager first home buyer looking to snap one of the available spaces, what do you need to do to apply, and how can you put yourself in the best possible position to secure a spot? We talk to a successful applicant from the first round to find out how she navigated the process. The First Home Loan Deposit Scheme is a government initiative designed to help eligible Australian first home buyers with deposits as low as 5% to get … Continued
Does your home loan rate start with a '1'? Bank of us takes the lead in rate race
A customer-owned bank has just made history, becoming the first-ever lender on Canstar’s database to offer home loan interest rates below 2%. Here’s where you can find the new record-low rates. Tasmanian-based lender Bank of us just introduced special offer interest rates on its one-year, two-year and three-year fixed home loans for owner-occupiers, available for a limited time to new customers who are Tasmanian residents from Tuesday, 30 June. The changes bring the bank’s interest rates for those with a loan-to-value ratio (LVR) of up to 80% down to: One-year fixed special offer reduced to 1.99% (comparison rate 2.78%): 0.60 percentage … Continued
Expert picks: Apps, podcasts and websites to check out
Want to know what podcasts the experts are listening to and sites they are visiting? We asked four experts in various finance areas to reveal their favourite money or investing-related app, podcast and/or website. Here’s what they had to say. Peter Koulizos Podcast: The Money The Money podcast from ABC is not just about investment. It tries to educate people on how the Australian economy works and how it all then connects with the global economy. For the older generation who aren’t into podcasts as much as the young ones, The Money airs on ABC Radio on a Thursday at 5:30 … Continued
CBA, NAB, Westpac & ANZ: Banks ‘race’ toward home loan rates below 2%
It’s no longer a matter of ‘if’ home loan rates will drop below 2%, but ‘when’: that’s one finance expert’s prediction, after news that a big-four bank had cut its rates to match its closest rival. We take a look at the lowest major bank home loan rates on Canstar’s database right now. National Australia Bank cut between 0.1 and 0.15 percentage points off a number of its home loans on 18 June, including slashing its owner-occupier Base Variable Rate Principal and Interest Special Offer to 2.69% (comparison rate 2.69%). The new rate makes it an equal winner in the ‘lowest … Continued
Property: 16 regional hotspots across Australia
The ability to work from home and affordability is driving people to move out of big cities. We asked a property expert to pick regional hotspots in each state.
It's a rate race to home loans starting with a '1': Freedom Lend cuts to record low
Online lenders are continuing to battle it out for the lowest variable home loan rate on the market, with the latest cut leaving owner-occupiers with an option just 0.18 percentage points from sub-2% home loan territory. Freedom Lend yesterday introduced a new variable rate loan special at 2.17% (2.17% comparison rate) for refinancers and owner-occupiers who have a loan-to-value ratio (LVR) of up to 70% and apply by 31 July, 2020. This is now the lowest variable rate on Canstar’s home loan database, and isn’t far off dipping below the 2% bracket altogether. If variable rates were to reach as low … Continued
Is now a good time to buy property?
Is now a good time to buy property? Experts share their opinions with Canstar.
Reduce Home Loans offers new record-low variable rate
The mantle for the lowest variable rate home loan on Canstar’s database now belongs to a non-bank lender. On Tuesday, Reduce Home Loans introduced its new Owner Occupied Super Saver Variable loan, with a record low variable rate of 2.19% (comparison rate 2.19%). This rate is now the lowest on offer for variable loans on Canstar’s database. The Super Saver loan is available to owner-occupiers paying principal and interest who have at least a 20% deposit. It is only available for a limited time, with approval required by 31 July, 2020. Canstar finance expert Steve Mickenbecker said Reduce’s new rate was … Continued
ING to raise fixed home loan interest rates in 'surprise' move
ING no longer leads the race in offering some of the lowest and equal-lowest fixed rate home loans on Canstar’s database, with the lender increasing its fixed rates today. ING has raised all of its fixed rate home loans for new and existing owner-occupier and investor borrowers. Included in the changes is a 0.10 percentage point increase to the bank’s previously market-leading 2-year Orange Advantage Residential fixed rate of 2.09% (comparison rate 3.77%). This rate has now been hiked to 2.19% (comparison rate 3.79%), meaning ING no longer stands alongside HSBC in offering the lowest fixed interest rate for owner-occupiers on … Continued
Expert tips for buying property off-market
How can you hunt for a potentially perfect home that isn’t even advertised? Buyer’s agent and founder of EPS Property Search, Patrick Bright, shares tips.
Home loans: Understanding the steps in the application process
Stuart Wemyss outlines the steps involved in the home loan application process, from submitting an application through to settlement.
Building your home? Here’s how a construction loan works
If you’re building your home or doing major renovations, you may be interested in getting a construction loan. Here’s a general overview of how they work and what to look for. What is a construction home loan? A construction home loan is a type of home loan designed for people who are building a home or doing major renovations, as opposed to buying an established property. It has a different loan structure to home loans designed for people buying an existing home. A construction loan most commonly has a progressive drawdown. That is, you receive instalments of the loan amount at … Continued
UPDATED: The lenders offering home loan cashback incentives in June 2020
Competition between home loan lenders is heating up, with many now offering new or expanded home loan cashback deals in an effort to attract new business during the coronavirus pandemic. Source: MultifacetedGirl (Shutterstock) Virgin Money recently announced it would now offer customers a $2,500 cashback when they refinance their home loan with the lender by 28 August and have their loan settled by 30 October. This deal is available on refinance loans with a minimum loan amount of $300,000 and a loan-to-value ratio (LVR) of up to 80%. Customers would also need to open a Reward Me Home Loan Companion account … Continued
RBA holds cash rate for June: What are the top interest rates for Australian consumers?
The Reserve Bank of Australia (RBA) has announced it will leave the official cash rate at a record low of 0.25% for June. So, what does this mean when it comes to interest rates for borrowers and savers? Let’s take a look at some of the top rates on our database for those searching for a better deal. Today’s decision from the RBA to hold the cash rate for a third month in a row has come as no surprise to many economists, including Westpac’s Bill Evans, who recently predicted the cash rate to remain at 0.25% for at least another … Continued
HSBC sweetens the deal for fixed rate borrowers ahead of cash rate call
HSBC has reduced some of its home loan rates on the eve of the Reserve Bank cash rate announcement. It now joins one other lender in offering the lowest two-year fixed home loan on our database. HSBC’s rate cuts today see the lender’s two-year fixed rate fall into line with ING, both of which now offer the lowest rate of 2.09% on Canstar’s home loan database (comparison rates 2.98% and 3.77% respectively). HSBC’s two-year fixed rate offer is available to apply for from today, 1 June, but applications have to be submitted by 31 July and loans settled by 30 September. … Continued
Home loans: The cheapest rates based on the size of your deposit
Size matters if you’re in the market for a home loan. But how? Find out today.
Abolish stamp duty, pay new home buyers $50,000: Property Council's plan to save construction industry jobs
Buyers of newly built homes in Australia could be given a $50,000 government grant and a reprieve from paying stamp duty if a proposal by the property industry’s peak body is adopted. The plan, which is aimed at saving jobs in a sector hit hard by the coronavirus pandemic, includes sweeteners to entice more first home buyers into the market, as well as making it easier for older Aussies to downsize. The Property Council of Australia has announced a seven-point proposal “to stimulate construction, grow skills, attract investment and boost confidence” across the ailing property industry, which it says could help … Continued
Reduce Home Loans does it again: New lowest variable rate loan
Reduce Home Loans just beat itself to offer the lowest variable home loan on Canstar’s database after slashing its rates even further, but it no longer holds first place for the lowest fixed rate loans. Non-bank lender Reduce Home Loans has surpassed all others on variable rates, including the four major banks, by lowering its Low Rider Variable home loan by 0.15 percentage points to the new record low of 2.29% (comparison rate 2.32%) on Friday. That beats the record-low rate it introduced in April after cutting its Rate Slasher Variable home loan to 2.39% (comparison rate 2.39%), which was the … Continued
Record low rates and predicted property price drop: Have the stars aligned for first home buyers?
Have the stars aligned in the property market for first home buyers? Find out more.
The suburbs where rents dropped the most in April
Rental prices have dropped over the past few months, partly thanks to COVID-19 which may be good news if you’re looking for a place to rent. CoreLogic has identified the suburbs in each state and territory where rental prices fell the most in April. Residential rental markets are seeing additional supply, and significantly less demand amid COVID-19. In the coming months, this could mean reduced rental prices and yields. For those still in secure employment, it may mean being able to find cheaper rentals in desirable locations. Just take a look at the table below which shows inner-city suburbs (within 20km … Continued
Related
Important Information
For those that love the detail
This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.