Home loan news and advice

All the latest home loan news and top tips to help you manage your home loan.

Home loan approvals at all time high says abs

Home loan approvals at all-time high, says ABS

The total value of new home loan approvals jumped up 5.6 per cent in November to a record high $24 billion, according to the latest figures from the Australian Bureau of Statistics. Loan commitments for existing dwellings contributed the lion’s share of growth, increasing 5.9 per cent over the month to $12.44 billion.Meanwhile, the value of construction loan commitments rose 5.6 per cent to reach $3.01 billion. This marks an increase of 75 per cent since July last year, shortly after the Government’s HomeBuilder scheme was introduced.Housing Industry Association (HIA) economist Angela Lillicrap said the recent extension of the HomeBuilder program bodes well for buyer confidence and “will see the strength in housing finance data extend into 2021.”ABS data also shows the value of investor loan commitments increased by 6 per cent in November, however the share of investors remains low, with high vacancy rates and low rents among the main reasons investors are retreating from the market.

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What are the best home loan rates in 2021

What are the best home loan rates in 2021?

Looking to buy your first apartment or switch to a cheaper home loan this year? Given how much interest rates have fallen over the past 12 months, the general consensus is that 2021 could be a great year to tick off these goals.The big question though, is what home loan rates should borrowers be looking for when shopping around? After three Reserve Bank cuts in 2020 which brought the official cash rate down by a massive 0.65%, what’s considered ‘low’ or ‘competitive’ has unsurprisingly changed a lot. As a rule of thumb, you’re likely paying too much with a rate above 3.00%, considering that a big bulk of owner occupier home loans now start with ‘2’ and some even begin with ‘1’.

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Melbourne property market surges with catch up energy

Melbourne property market surges with catch-up energy

Despite initial fears of a property price crash, Australia’s housing market has stayed in robust shape this year, with signs it’s set to grow even stronger in 2021, especially in Melbourne. The latest report from property development platform Archistar found capital city markets have rebounded across the board since the easing of COVID-19 restrictions and the standout player has been Melbourne.The city recorded the sharpest surge of all in home buyer and seller demand as it emerged from its second lockdown last month. For example, Melbourne’s weekend auction clearance rates rose from 67% to 75% in November, while its newly reported home sales soared by a whopping 70% (compared to Sydney’s 7.5%), says Archistar. Meanwhile on the pricing front, Melbourne saw a 0.7% increase over November - a considerable feat, given that only a month prior, it was the only capital city to record a drop, according to Corelogic data.

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5 rival lenders taking on the big banks and winning

5 rival lenders taking on the big banks and winning

Many Australians are focussing on reducing household costs right now, and saving on interest repayments by switching to a better value home is a great place to start. Since Covid-19 hit our shores, the number of Aussies refinancing their mortgage has spiked as rival lenders cut rates to woo borrowers from the major banks, with some genuinely big savings now available for those who are prepared to shop around.

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Cash splashes to bargains australia s cheapest and most expensive properties of 2020

Cash splashes to bargains: Australia’s cheapest and most expensive properties of 2020

What a year 2020 has been for Australia’s property market. As COVID-19 left no corner of life untouched, we saw home loan interest rates fall to new historic lows, clearance rates in many of our capital cities dip, and housing prices follow a similar downward trend. But the property market has proven surprisingly resilient. According to the latest CoreLogic figures, November is the second consecutive month that dwelling values have risen, following a pandemic-induced drop of 2.1% between April and September.CoreLogic said the recovery has been largely propped up by monetary policy and fiscal policy support, as well as growing consumer confidence and signs that the economy is bouncing back. So amid all the ups and downs, just how much have properties across Australia actually been costing homebuyers? On the one hand, some of our wealthiest made headlines for spending exorbitant amounts on houses located in Australia’s most exclusive postcodes, while on the other hand, there was a real appetite for regional and rural bargains. So to give you a snapshot of properties at both ends, we’ve compiled a list of some of the cheapest and most expensive homes that buyers snapped up over 2020:

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What a 20 home deposit looks like in your dream suburb

What a 20% home deposit looks like in your dream suburb

Whether you prefer the convenience of living close to work or you’re one of the growing number of Australians looking for a ‘sea change’, it’s no secret location sits high on the priority list for many home buyers.But it goes without saying that properties aren’t worth the same from suburb to suburb. Median house prices could go from as high as $1,154,406 in Sydney to a much lower $145,500 in Broken Hill, according to the latest figures from the Domain House Price Report. By default, that also means saving a 20% house deposit could either take many years of hard work or be a considerably easier task, depending on the location.For instance, 20% of Sydney’s median house price would currently be $230,881. Whereas for a house in Broken Hill, you could aim to raise just $29,100 - about eight times less - before your 20% deposit is complete. To help you decide how much you’ll need for a deposit for your ideal suburb, our data experts have pulled together an interactive map of median house prices across Australia. From Townsville in Queensland to Broome in Western Australia, hover over the various markers to view what a 20% deposit would look like in each location.

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Mortgage prisoner report 2020 most aussie homeowners want to refinance but can t

Mortgage Prisoner Report 2020: Most Aussie homeowners want to refinance but can’t

Many Australians are paying a premium to own their property and for a growing number that high cost has become a bridge too far. In fact, research from the Australian Prudential Regulation Authority in August shows there is $229 billion worth of loans in Australia on temporary repayment deferrals, accounting for around 8.5% of total outstanding loans.

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