Australian property has had a bumpy year, with falling prices, rising interest rates, and slowing sales leading to an overall cooler market than we started with in 2022. Many buyers have sensed a promising window of opportunity, but is now really a good time to buy in?
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Aussie borrowers looking for lower rates, faster approval processes and flexible lending terms are deserting the big banks in earnest for more competitive smaller lenders, and in 2022 a handful of non-bank lenders in particular stand out from the pack.
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Interest in rival mortgage lenders is surging after the Reserve Bank's string of back-to-back rate hikes, as Aussie borrowers look to offset the pain of rising rates by securing better value home loans.
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With housing affordability on many Aussies’ minds, it’s no surprise that Labor has proposed several housing policies to combat skyrocketing property prices.
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This year’s spring selling season seems to have wilted. Despite CoreLogic reporting plenty of new listings hitting the market over September, successful sales and prices lagged behind averages. Properties sat on sale for longer (33 days) while vendor discounts fell to a nationwide median of -4%.
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Investing in property has amazing benefits, from rental income and tax deductions to impressive capital gains. But even a casual browse of home loans reveals that investors tend to get saddled with higher interest rates than owner-occupiers. What gives?
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Rate rise pain is setting in for millions of Aussie home borrowers, and the Reserve Bank is forecast to continue raising rates in coming month. While the golden era of record low home loan rates is well and truly over, the good news is that it’s still possible to find super-low variable home loans under 4.00%.
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While the impact of rising interest rates on existing borrowers is well publicised, those purchasing a home will also be forced to make adjustments, namely settling for a smaller loan.
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With four months of 0.50% hikes behind us, many home loan borrowers dread another hefty rise in October. Previously, the Big Banks predicted a more temperate path for interest rates over summer of 0.25% apiece, but new forecasts suggest the heat is on.
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In response to the Reserve Bank of Australia’s decision to lift the cash rate by 50 basis points this month, several lenders including ING and Bendigo Bank have announced plans to increase their variable home loan rates.
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