May home loans snapshot: HSBC and ING emerge as new fixed rate leaders
In good news for Australian borrowers and refinancers, the recent downward trend in home loan interest rates has continued, according to new Mozo research released this morning.
Macquarie Bank slashes fixed rates by up to 0.35%
Macquarie Bank has made substantial changes across its range of fixed rate home loans today, cutting rates for 1, 2 and 3-year terms for both owner occupiers and investors by up to 0.35%.
10 million Aussies to seek financial hardship due to COVID-19
New Mozo research reveals that 54% of Aussies predict they will have to apply for financial hardship with their bank or energy provider over the next six months. That’s over 10 million Australians.
Westpac extends COVID-19 mortgage relief by up to 12 months
Westpac home loan customers who have been financially impacted by COVID-19 will have access to extended repayment relief on their mortgages following an announcement by the major bank on May 23.
Suncorp launches cashback offers up to $4,000 for COVID-19 workers
Competition among lenders to attract home loan refinancers appears to be heating up with a spate of new cashback offers as high as $4,000 hitting the market in recent weeks.
Meet Yard: The home loan lender for the digital generation
As a 100% online lender, the ‘yard’ in Yard home loans is more virtual than real. That’s because Yard’s whole MO is to provide home loans for the ‘digital generation.’
Construction of new homes set to drop by nearly half, says HIA
Experts are bracing for a massive drop in activity in the housing sector, with construction of new dwellings expected to fall nationally by 43%, according to the Housing Industry Association (HIA).This would put the number of new homes being worked on next financial year at 112,000 – down from nearly 200,000 in FY19.In NSW, the shock is predicted to be even greater. The HIA report estimates housing starts will drop by 27.5% this financial year and a further 34% in FY21.HIA regional director David Bare said the coronavirus pandemic has caused fissures all throughout the residential building industry and recovery is not expected for another two years. “New South Wales was already in a vulnerable position, with the housing market cooling over the last few years and a significant amount of apartment supply still to come online,” he said.Travel restrictions currently in place are also a cause for concern, especially in major cities like Sydney and Melbourne where net overseas migration accounts for the majority of population growth."The further shock to housing demand from the loss of foreign students, tourists and migrants - who are particularly valuable to the state - is a particularly worrying development,” Bare said. "The 625,000 overseas students enrolled in Australian education institutions equates to demand for the past two years of apartment construction. It is not clear how many of these left in March or how many will return.”
1 in 14 Australian mortgages now deferred as COVID-19 impact continues
Updated figures from the Australian Banking Association (ABA) reveal that 1 in 14 mortgages across the country have now been deferred as a result of the fallout from COVID-19.
Property wrap-up: Rental vacancies climb as market faces biggest blow in decades
The coronavirus pandemic and resulting economic fallout have dealt a serious blow to the rental market, with the total number of vacant residential properties in Australia now at 88,688, according to data from SQM Research.
Customer owned banks hit First Home Loan Deposit Scheme milestone
Over 1,000 Australian first-time buyers have already purchased homes this year under the Federal Government’s First Home Loan Deposit Scheme (FHLDS) using a customer owned bank.