There’s a common conundrum for many first time home buyers in Australia: save up for a 20% home loan deposit or purchase sooner with the added cost of lenders mortgage insurance (LMI).
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As property prices continue to surge at record rates, saving for a first home deposit has only gotten harder. New research reveals that Sydneysiders are feeling this financial strain the most, with a $100,000 deposit no longer enough to fetch them a median-priced property. According to online lender homeloans.com.au, home buyers in NSW with a 5% deposit of $100,000 may only be able to fund properties of up to $780,000. This falls a massive $115,933 short of the current median property price for Sydney. Meanwhile Victorian buyers with the same-sized deposits are estimated to be able to afford properties of up to $710,000 - just shy of Melbourne’s median price of $717,767. However, for all other capital cities, home buyers with a 5% deposit of $100,000 could comfortably buy a median-priced property in the area.
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Ultra-cheap fixed rates have fuelled a rush to the property market and sent home values soaring, but a number of banks have begun increasing long-term fixed offerings, suggesting a market slowdown might be just around the corner. With the RBA’s term funding facility due to end in the second half of the year, longer term fixed rates will likely drift upwards, meaning the current interest rate environment might look a lot different in just a few months’ time.So far, the Commonwealth Bank has been the only major bank to reverse course. It lifted 4-year rates for its Fixed Rate Wealth Package by 20 basis points to 2.19% p.a. (3.73% p.a. comparison rate*), citing increased funding costs.Bank of Queensland also raised 4- and 5-year rates by 20 basis points at the same time it cut its 2-year offering. 4-year rates now sit at 2.29% p.a. (3.00% p.a. comparison rate*).Meanwhile, Teachers Mutual Bank increased 4-year rates by 19 basis points and 5-year rates by 34 basis points across its associated brands. More banks and lenders are expected to follow.Typically, only around 15% of mortgages are fixed, but the combination of rock-bottom rates and predictable payments have attracted plenty of borrowers in the past year, Right now, fixed rates account for more than one-third of new mortgages.At the time of writing, the lowest fixed rate offers among lenders we track are:
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There’s great news for Australian borrowers and refinancers this month with a continuing downward trend in home loan interest rates driven by lenders cutting fixed home loans to all new record-breaking lows.
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The home loan market is running red hot, with plenty of competition from banks and other lenders on both fixed and variable offers. Rates are already at some of the lowest levels we’ve seen though, so in order to stand out some lenders are rolling out additional incentives, including cashback deals.
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The Commonwealth Bank has announced a number of changes to its fixed rate home loans this morning, including a new low rate of 1.94% (3.93% comparison rate*) for owner occupier borrowers on a 2-year fixed term.
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Athena has done it again in 2021! For the second year running, the online lender has snapped up a Mozo Experts Choice Award for Home Loan Innovation. And this time around it's for the AcceleRATES home loan that was introduced last year. “Athena has proven again that it is an innovative lender as it continues to offer competitive rates to customers in new ways,” said Mozo Expert Judge, Peter Marshall. “As judges, we were impressed by the AcceleRATES feature which automatically decreases the variable rate on the loan as the balance is paid down and a customer’s loan-to-value ratio lessens.” Marshall explains that what stood out to the experts this year was the fact that as customers pay down their debt, Athena ensures that they are offering the home loan lowest rate available from the lender. “This is a well-deserved win by Athena for the second year in a row. Unlike some other lenders that reserve their top rates for new customers only, AcceleRATES means existing customers also benefit from lowering their LVR and staying loyal.” On top of the Home Loan Innovation Award, Athena also took home two additional 2021 Mozo Experts Choice Awards in the Low Cost Loan and Investor Loan categories.
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It’s been more than two years since the banking royal commission handed down its recommendations for reforms across financial service industries in Australia.
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From consistently killer rates to their unorthodox approach to lending, Athena home loans has been changing the home loans game since day one. Maintaining its reputation, Athena has broken the status quo once again by paying off one lucky customer’s home loan for an entire year!
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A new CoreLogic report into women and home ownership shows men dominate real estate in Australia.
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