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.
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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.
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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.
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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.
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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.
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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.
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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.
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Why buying a home is like musical chairs: Let's look at the numbers
Being at an auction in many capitals right now can feel like a poorly run game of musical chairs. Most players will leave empty-handed and quite possibly bruised.This is what happens when people want and need homes, but for whatever reason, the rules of the game favour just a few at the party.Some numbers can help explain how this all works, not least of which are figures showing us what's available.For example, residential property listings around the country dropped in May of this year by 6% to 245,953, down from 262,617 in April, according to SQM Research. That's more than 15,000 fewer properties available to buyers, at a time when there are clearly many people who want a seat in the game.And in a city like Sydney, which garners most of the property headlines, there was a notable drop this May in the number of homes advertised for at least 180 days (4,248), compared to May of 2020 (6,589). SQM says this represents a 36% fall.Are there any new ads for homes going up then?
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Meet the lenders taking on the big banks in 2021
In case you missed the news, home loan rates have gone off a cliff in the past two years in the wake of six Reserve Bank interest rate cuts, including one last November. And now that the dust has settled, Aussie homeowners have a real opportunity in 2021 to take advantage of some of the lowest rates on record.Borrowers looking for the sharpest rates will need to look beyond the big banks though. Rival lenders have taken the spotlight: not only dishing up super low variable and fixed rates, but also new features and extra incentives.It’s little wonder that rival lenders are seeing a spike in customers switching their home loans from the major banks, with some genuinely big savings now available for those who are prepared to shop around.So, if you're sick of paying more than you need to on your home loan, you’ll want to get acquainted with these killer lenders taking on the big banks in 2021.
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$25k first home buyer grants tabled as part of NSW stamp duty reform
First home buyers would be able to access grants of up to $25,000 from the state government to assist them with property purchases under a new initiative outlined by New South Wales Treasury.
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