Home loan news and advice

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

Would be buyers are delaying property plans

Property buyers delay plans due to COVID-19, finds Gateway Bank

Fifty-two per cent of first home buyers have delayed their plans to purchase property due to the COVID-19 pandemic, according to new findings from Gateway Bank. Meanwhile, 16% have put their plans on hold indefinitely.“As more people are being forced to spend their deposit savings on basic living expenses, the prospect of buying a property is now even more elusive,” said Gateway Bank chief executive officer, Lexi Airey. In a survey of 700 Australians hoping to buy their first home, Gateway Bank found that half have been forced to dip into their deposit savings. Of this group, 45% did so to cover day-to-day expenses, while 17% used their savings to help a family member experiencing financial stress.Perhaps most shocking, 16% of potential first home buyers admitted to draining most of their deposit in the months since the pandemic struck.For many, recovering lost savings won't come easy, especially at a time when job insecurity is on the rise and ties to employment are only being preserved through government largesse.In fact, according to the research, 56% of first home buyers believe it will take them an additional one to three years to save up a deposit, while 25% expect to be saving for at least another three years.

Read More
August cashback offers: find the best in borrowing, banking and insurance

August cashback offers: find the best in borrowing, banking and insurance

Everybody loves a little extra money in their pockets, and cashback offers have been flying through the door with providers looking for enticing ways to reward new customers during the pandemic down-turn. Many of them are offering generous rewards for things like switching your home loan, opening a new bank account, grabbing a new credit card and even taking out a new car insurance policy. With cashback offers reaching the thousands, now might be time to consider finding a bargain and being rewarded for doing so. To help you cash-in the bonuses, check out our round-up for this month and see where you could score a little spare change.

Read More
Covid 19 has made it harder to get a home loan

COVID-19 has made it harder to get a home loan. How can you improve your chances?

In response to growing credit quality risks, banks have made some pretty big changes to the way they assess mortgage applicants. Some have begun asking for larger deposits. Others have ruled out lending to casual workers. All are exercising a lot more caution when dealing with those from vulnerable industries.So while interest rates are at record lows and property prices are beginning to dip, for many the path to home ownership now contains more obstacles than ever. Below, we look at some of the main ways banks and lenders have tightened their lending practices, and what you’ll need to do to get your application over the line.

Read More
Suncorp extends $2,000 home loan refinance cashback

Suncorp extends $2,000 home loan refinance cashback

Aussies looking to save money on their home loan and earn $2,000 cashback into the bargain will be pleased to hear that Suncorp has extended its popular refinance cashback offer to give more borrowers the chance to switch and save before the offer ends on 30 September.

Read More
Nab rate cut big bank takes lead on investor home loans

NAB rate cut: Big bank takes lead on investor home loans

As competition in the home loan market continues to heat up, NAB has cranked things up a notch. The bank’s move this week to slash variable rates for investors has made its offer the best among the big four.The interest rate for the NAB Base Variable Rate Home Loan now sits at 3.09% (3.09% comparison rate*) for investors with a loan-to-value ratio (LVR) of 80% or less and making principal and interest repayments. For context, LVR refers to the percentage of property value you’re borrowing from the bank. So if you’ve saved up a 20% deposit, then your LVR would be 80%.NAB’s five-basis point cut places it just ahead of ANZ’s rate of 3.12% (3.16% comparison rate*), available on its Simplicity PLUS home loan for investors with a maximum LVR of 80%. NAB’s latest rate reduction also further widens its gap with Westpac and Commonwealth Bank:

Read More
Meet the online lenders saving aussies millions 2

Meet the online lenders saving Aussies millions

These days, Aussies have more choice than ever before when it comes to borrowing money, and as everyone searches for faster, easier ways to control their finances, online lenders are emerging as real challengers to the big banks.There’s a lot to love about these digital dynamos, including fast online applications, super efficient approval processes and some killer low rates that can mean thousands of dollars in savings every year. Whether you’re buying a home, renovating your kitchen, planning an overseas trip or managing your business expenses, there’s an online lender to suit your needs.So check out the Mozo money editor's pick of some of the best for home loans, personal loans, and business loans...

Read More