Prospective buyers in a number of apartment hubs in both Brisbane and Perth may soon find it harder to get a home loan following reporting from the Australian indicating that a number of postcodes have been ‘red-flagged’ by lender ANZ.
Mozo’s database has seen seven lenders cut fixed home loan rates over the past few days as spring property season starts to heat up.
“Over-indebted” home loan borrowers could benefit from fiercer competition, after Mozo data showed 31 lenders slashed variable rates in August and September, and 1 in 3 lenders cut fixed rates.
The recent flood of interest-only rate hikes may be ebbing, as big bank CBA joins a number of lenders reversing current trends to cut fixed rates on interest-only loans.
The Commonwealth Bank has introduced a $1,250 refinance rebate and interest-only rate cuts in a note released to brokers as the spring property season gets under way, reported the Australian Financial Review .
It’s not news that house prices are skyrocketing in some of Australia’s capital cities, and recent Mozo research into the Bank of Mum and Dad has revealed just how hard it is for young home buyers to get a foot on the property ladder these days - especially when compared to thirty years ago.
The number of Australians making renovations to their homes during the June quarter grew by 2.2 per cent according to the Housing Industry Association, while new dwelling construction declined.
The weather is warming up now that spring has arrived, and so is competition in the home loan market!
Recent Mozo research has revealed that first home-buyers are increasingly turning to the Bank of Mum and Dad to secure funding for their property purchase, making Aussie parents the fifth biggest lender in the country, behind the big four banks.
Mozo research has found that the “Bank of Mum and Dad” is now the fifth biggest lender in Australia, as young home-buyers turn to their parents for help getting into a red hot property market.