If you’re looking to get into the property market in 2024, a question you’ll have to ask when you compare home loans is whether to go with one of the bigger banks or a smaller lender.
For many Australians, repaying a home loan is one of the most expensive yet important things they do. For first-home buyers, a mortgage invests in their future and housing security. For investors, it’s a nest egg and income stream.
Australia’s biggest home loan lenders just got a little bit smaller.
Hello 2024, how are you? We’re two days into the New Year and not much has changed in property and home loans since last year – but last year still brings us changes, nonetheless.
According to CoreLogic, property prices have risen by +8.3% in the last year – more than completely recovering their -7.5% fall in 2022. Now, between interest rate rises and prices, home loan affordability is top of mind for Aussie home buyers.
In an era of lenders raising rates, any cuts are always worth a look. Today online bank Up slashed interest rates on its fixed home loan terms by up to 65 basis points.
The latest data from the Australian Bureau of Statistics (ABS) shows the value of new home loan commitments was up 5.4% in October 2023. That’s a lot of new mortgages to pay off, despite an expensive housing market and a hefty ton of RBA rate hikes.
Ready to become a home buyer? The Australian property market is a wonderful but volatile place. Home prices soared 5.5% last year nationwide and are expected to fly higher in 2024, despite high home loan interest rates.
The property market has been hard to get a fix on in 2023. Despite the higher cost of living and slumping consumer sentiment, property prices in popular areas have continued to climb.
Property market predictions for 2024 tip the new year as a winner for existing homeowners, as affordability grows worse for have-nots, according to Domain.