In the last two years, the Australian property market has defied expectations. The market’s value recently broke the $9.1 trillion mark in September with the prospect of continual growth into 2022.
Despite sky-high prices, enthusiasm for investment properties appears to be continuing to grow, with investors taking out new loans at near-record levels in order to get into the market.
OneTwo is one of the newest lenders in the country and is on a mission to reward borrowers for their loyalty. The lender has launched its own automatic rate-reducing home loan, where you receive discounts the more you pay off your mortgage.
Many people dream of one day owning a home, but the task is easier said than done. To get into the Australian property market, most people need a home loan and to do that you need an initial deposit.
There’s no way to skirt around it – housing affordability in Australia has been declining for decades, with both homeowners and renters facing greater housing stress.
After retreating during the early stages of the pandemic, it appears that investor interest in the property market has come roaring back. At least, that’s the picture painted by the latest home loan data from the Australian Bureau of Statistics (ABS).
Australian homeowners are continuing to pay a high price for their loyalty, with the latest figures from the Reserve Bank revealing that interest rates on existing home loans are currently 39 basis points higher, on average, than they are on new loans.
According to a recent survey of 2,000 Australians done by NAB, 42% of recent home buyers moved to improve their new working from home lifestyles.
When the head of the nation’s biggest bank, CommBank, publicly admits that profits are being ‘shredded’ due to intense competition from rival lenders with ‘cut price’ mortgages, it’s time for big bank home loan customers to take stock.
Buying property in Australia has become a growing obstacle for many first time home buyers. That’s why so many Aussies now consider buying with a family member, CommBank research shows.