July home loan snapshot: ANZ, NAB and Westpac push fixed rates higher
It’s been another busy month in the world of home loans with plenty of lenders adjusting interest rates up and down.
Read More
First home buyers may be compromising more to get onto the property ladder
Figures from a study conducted by Members Equity (ME) Bank has highlighted a number of trends in the still very busy property market. The data shows over two-thirds of first home buyers are accepting the need to compromise on certain requirements to buy a property, as well as the rise in solo applicants.
Read More
Get home loans discounts by going green, says Firstmac
In an effort to combat the effects of climate change, Firstmac is offering discounted home loans to borrowers who are buying or building green homes with a Nationwide House Energy Rating Scheme (NatHERS) rating of 7 or higher.
Read More
Should NAB’s latest fixed home loan rate rise spark borrowers to action?
National Australia Bank (NAB) has increased the interest rates across a number of its fixed home loan terms this morning by between 5 and 10 basis points.
Read More
Large portion of Australian homeowners are planning to sell in near future
Yes, the Australian property market is currently experiencing a boom. In June, successful sales increased 18% from the previous year. So, it is not surprising that so many Australian homeowners are considering taking advantage of the high housing prices and putting their homes up for sale.
Read More
Gold Coast, Sunshine Coast and Geelong revealed as the top destinations for capital city defectors
The number of Australians seeking a sea or tree change by relocating to the regions has reached a new high during the COVID-19 pandemic according to new research released this morning.
Read More
Guide to Australian banks’ emergency Coronavirus relief packages
Looking for bank relief related to the recent June 2021 lockdowns? See what support the big banks are offering here.
Read More
6 things to do a year before you buy your new home
Buying a new home may sound like a daunting task at first, especially with the Australian home market continually on the rise. Whether you are a first time buyer or a seasoned player there are a few must-dos you should follow to make your buying journey easier.
Read More
Big banks support Sydney customers facing hardship during lockdown
Australia’s major banks are offering assistance to customers that have been impacted by the recent COVID-19 lockdown measures in NSW, including short-term deferrals on home loan repayments and fee waivers across a number of products.
Read More
Home loan check: Are tighter lending conditions on the way?
Borrowers may soon face higher hurdles when applying for a home loan, as regulators explore potential policy options aimed at cooling down Australia’s white hot property market.Macroprudential controls currently being considered by APRA include tighter debt-to-income and loan-to-value ratios, as well as tougher rules around interest-only and investor lending.The Commonwealth Bank has already revised its assessment rate ahead of any prompting from regulators, bumping it up from 5.1% to 5.25%. More lenders are expected to follow suit.The assessment rate is a serviceability buffer banks use to gauge borrowers’ capacity to repay their loan in the event of a rate hike.Not too long ago, lenders were required to use an assessment rate of at least 7%. But this was amended in July 2019 to better reflect the current interest rate environment. Nowadays, it’s recommended that banks add a margin of at least 2.5% to their home loan rates when assessing applicants, or use an assessment rate of their own — whichever is higher.CommBank now has the highest minimum floor rate of the big four banks. ANZ has the second highest at 5.10%, followed by Westpac at 5.05% and NAB at 4.95%.The decision to tighten standards means some borrowers will have to lower their expectations when applying for a loan, but CommBank says the vast majority of customers will be unaffected.
Read More