Home Loans - Page 39
Home loan rate wars: Banks cut interest rates “early” as competition “heats up”
Just when it seemed safe to think home loan rates couldn’t get any cheaper, a flurry of banks have started to cut their home loan interest rates in recent days. Two of the big four, a Commonwealth bank subsidiary and a smaller bank are among those offering cheaper rates, even though the official cash rate – which banks typically use as a guide – has not budged since October. Bankwest, a subsidiary of the Commonwealth Bank, cut up to 1.25 percentage points off fixed rate home loans, while Bank Australia has decreased its Basic Home Loan Special Offer by 0.30 percentage … Continued
Westpac cuts range of fixed home loan rates for investor customers
Westpac has reduced interest rates across a range of its home loans for investors, in a bid to increase its share of that market. In some cases, the new package rates are lower than the bank is offering for owner-occupiers. Westpac cut a range of fixed investment home loan rates on Wednesday, across standard and package rates. The bank’s largest cuts to package loans with principal and interest repayments and a 20% deposit were a sizable 0.50 percentage points off its one-year, four-year and five-year loan terms. That cut brings the five-year Premier Advantage Investment Fixed loan down to 3.19% (comparison … Continued
Determining how much to offer for a house: a step-by-step guide
Am I offering too little, or too much? Should I match the asking price, or try for less? Figuring out how much to offer on a home can be a tricky process. But if you spend the time working out your budget and researching the property you’re interested in, you can be on your way to making an initial offer with confidence. Below we outline three steps to consider when determining what to offer on a home: Step 1: Work out what you can afford Firstly, it is important to determine your budget from the outset before you place an offer … Continued
First Home Loan Deposit Scheme: Buyer boost or poisoned chalice?
Just weeks after the federal government’s new First Home Loan Deposit Scheme (FHLDS) was launched, experts have raised concerns that it has an “accessibility problem”. The initiative is designed to help eligible Australian first home buyers with deposits as low as 5% to get a loan, without needing to pay for lenders’ mortgage insurance (LMI). But property research house CoreLogic has criticised aspects of the scheme – the income threshold in particular, which enables individuals earning up to $125,000 per year before tax or couples earning a combined $200,000 a year before tax to apply. “If these income thresholds seem high, … Continued
10 safest suburbs in Adelaide: Did yours make the list?
With an abundance of food and entertainment and a relatively steady property market - it’s not hard to see why Adelaide is considered to be amongst the world’s most liveable cities.
10 safest suburbs in Perth: Did yours make the list?
If you’re considering renting or buying in Perth, one factor that could be worth considering is how safe your suburb is.
NAB opens up waitlist for First Home Loan Deposit Scheme
The Australian Government’s new deposit scheme for first home buyers might not officially open until 1 January, but one lender is already taking enquiries for interested buyers to secure their spot on a waitlist. National Australia Bank (NAB) announced on Tuesday it had started accepting expressions of interest from Australians wanting to participate in the First Home Loan Deposit Scheme (FHLDS). NAB is one of 27 lenders who will be able to offer loans under the scheme, which is set to allow some low- and middle-income earners to secure a partially government-guaranteed loan with a deposit of as little as 5% … Continued
First Home Loan Deposit Scheme lenders list revealed
The list of 27 lenders who will be able to offer loans under the First Home Loan Deposit Scheme (FHLDS) has been released. Another Big Four bank joins the list, with the rest of the list made up of smaller players. Here’s when you can apply, and how to do it. UPDATE: 2020 First Home Loan Deposit Scheme: lowest variable loan rate from each lender revealed MORE INFO: First Home Loan Deposit Scheme – how to apply The National Housing Finance and Investment Corporation (NHFIC) has released the list of residential mortgage lenders involved in the first round of the scheme, which kicks … Continued
Gifted deposits: How they work
The 'bank of mum and dad' may be able to help you get on the property ladder by giving you some money towards a deposit. Find out more.
Big Four bank offers up to $4,000 cash to nab new borrowers, refinancers
One of Australia’s largest banks has introduced new cash bonus deals for refinancers and new customers, including those who secure a loan through the Government’s new first home buyer deposit scheme. It has dropped some variable home loan rates, too. National Australia Bank (NAB) lowered its Base Variable Rate Home Loan by 0.11 percentage points for owner occupiers with a loan-to-value ratio (LVR) of up to 80% who pay principal and interest (P&I), effective from Thursday. The cut brings the loan rate down to 3.09% (comparison rate 3.09%), making it NAB’s lowest variable home loan rate at the time of writing. … Continued
Scrooge or saviour? RBA leaves cash rate on hold in the lead-up to Christmas
Savers received an early Christmas present today: The Reserve Bank decided to keep the official cash rate steady. Even though homeowners missed out on the gift of more potential home loan interest rate cuts, some may be celebrating anyway, as property prices are surging across much of the country. At its last meeting for the year, the Reserve Bank of Australia (RBA) Board made the decision to keep the cash rate on hold at its historic low of 0.75%. The hold should allow Christmas spending to filter through and new economic data to be considered before the Board’s next meeting in … Continued
Property outlook 2020: The cities set to shine
What is the outlook for the Australian property market in 2020? Four experts give their forecast and reveal the cities they think will shine. Property prices are often a popular topic of conversation. Will prices go up? Will they fall? Will they stay steady? A report by SQM Research – Christopher’s Housing Boom and Bust Report for 2020 – forecasts that most cities will record price rises in 2020 with Darwin the only city expected to record price declines. The report looked at four possible scenarios depending on the economy, rate movements and APRA intervention. The table below shows the “base … Continued
Buying an apartment in Brisbane – what to look out for
If you’re on the hunt for a Brisbane apartment that ticks all the boxes, here are some points you may wish to consider.
Neobank 86 400 launches home loans, ditches paperwork
A neobank has launched a new suite of home loans that it promises will virtually do away with paperwork. 86 400 says you’ll only have to sign one physical paper document during the application process, but you can only get the loan through brokers. Neobank 86 400 launched its home loans this week, offering rates as low as 2.88% (comparison rate 3.31%). And while that’s not the lowest rate currently listed on Canstar’s database – Reduce Home Loans’ 2.69% (2.71% comparison rate) holds that title at the time of writing – the bank has come out swinging, promising to slash application … Continued
Have you joined the great Australian home loan switch?
The great Australian home loan swap appears to have begun, with thousands of savvy customers finding a better deal, either from their bank or a new lender. Canstar has seen a spike in customers searching for home loans, and smaller financial institutions are reporting a boom in new loan enquiries, with one lender saying it had experienced a 10-fold increase in the number of people submitting applications. Customers are voting with their feet when it comes to securing lower home loan interest rates, new data has revealed. The J.D. Power 2019 Australia Retail Banking Satisfaction Study found that 8% of customers in Australia have switched banks in the … Continued
Where you can find cash flow positive suburbs in each state
Record low interest rates have made it easier to find properties that put cash back into your wallet. Property research firm Propertyology has tracked down five suburbs in each state that might allow you the chance to do just that. It might surprise you, but 41% of the 3.167 million residential investment properties across Australia are either cash flow neutral or produce a profit for their owner, according to the latest statistics from the Australian Taxation Office (ATO). The figures show that the average annual cash profit is $6,937. The remaining 59% of property owners have an average annual shortfall of … Continued
13 swimming pool design ideas to help you make a real splash
If you're planning on building a swimming pool and need some help narrowing down your options, or you've reached the point where inspiration has dried up, we have rounded up some design features and styles to help get the creative juices splashing around again.
ME Bank outage leaves some customers locked out of online accounts on payday
Another payday, another banking outage. A bank that operates totally online is currently unable to provide mobile and internet banking services to some of its customers. ME Bank told customers on X mid-morning on Thursday that there were issues with its mobile app and internet banking. At 2.20pm AEDT the issues were still ongoing. As a high number of employers typically do their payroll runs today, the outage means some customers have reported on social media that they’ve been unable to receive their wages or transfer money between accounts. A similar problem was heavily criticised a fortnight ago when a major … Continued
ACCC to investigate home loan pricing: What we already know
The latest investigation into home loan prices is expected to reinforce the not-so-new news that you need to shop around for the best deal – and work out why many consumers don’t. Australia’s banks are about to feel the heat of yet another spotlight of inquiry into their banking practices, hot on the heels of a banking royal commission, which revealed widespread misconduct, and a Productivity Commission inquiry into financial competition. On Monday, Federal Treasurer Josh Frydenberg tasked consumer watchdog the Australian Competition and Consumer Commission (ACCC) with an investigation into the mortgage prices charged by Australia’s banks, saying he wanted … Continued
Rate probe: Banks to cop grilling over home loan prices
If you are one of the millions of home loan customers wondering why your bank’s interest rates are still higher than their competitors, take heart – answers may soon be forthcoming. A frustrated Australian government has announced an inquiry into residential mortgage prices, sparked after the banking industry’s biggest players failed to pass on the full benefits of this year’s cash rate cuts. Federal Treasurer Josh Frydenberg is angry. He has been seen venting this fury over the past fortnight, ever since the Reserve Bank of Australia (RBA) reduced the official cash rate to 0.75%. It’s not that he’s upset about … Continued
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