Building a home can be an enticing option for many Australians, but there are plenty of unforeseen costs that can come into play. What comes included in a contract for one builder might be an optional extra for another, and there’s always the chance the overall price ends up several thousand dollars more than expected. Below are just a few things to keep in mind when drawing up your budget.
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St.George today announced it will be helping Australians kick off their property journey sooner. Effective today, the bank will lower Lenders Mortgage Insurance to just $1.00 for eligible first home buyers with a Loan to Value Ratio of up to 85%.Typically, home buyers who have saved up a deposit of less than 20% of a property’s value will have to purchase LMI, which can cost thousands of dollars. The move from St.George will give those with a deposit of 15% a chance to keep that money in their pocket.To be eligible, you’ll need to be a first home buyer taking out an owner occupier, principal and interest loan of up to $850,000 (meaning the maximum value of the home will have to be $1,000,000).St.George General Manager Ross Miller said first home buyers face a number of challenges ahead of their property purchase, though many are in a stable enough position to make home loan repayments.“We are seeing many pain points experienced along that savings journey, including giving up holidays, reducing entertainment expenses, having to move back home with parents, moving in with friends or even leaning on family members to help top-up savings,” he said.“By reducing the expense of Lenders Mortgage Insurance, first time purchasers may be able to afford a property that meets their needs sooner and save thousands of dollars.”RELATED: One third of Aussie millennials plan to buy a home by 2022While present economic conditions haven’t been favourable to many, they have opened up opportunities for those with sights on the property market, who have been heartened by record low home loan rates and steadily dropping property prices.In fact, research from St.George found that one in 10 Australians looking to buy a home are doing so for the first time, and the COVID-19 pandemic has made saving for that goal a priority for one third of Australians.“Australians have spent more time at home than ever before during the COVID-19 restrictions, and we are seeing a bigger trend in how the nation is re-evaluating their current living situation. For example, three quarters of people would now prefer to live in a house over an apartment,” Miller said.“First home buyers are calling for new ways to achieve their home ownership dreams sooner, and this option is designed to help make that goal within closer reach, particularly with the added benefit of a record low interest rate environment.”For more information, browse our St.George home loans page. And to see how the home loans on offer stack up against others on the market, head over to our home loans comparison page, where you’ll be able to filter your search by rate and type.
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Australia's home loan market is in the midst of a massive shake up, with a tidal wave of new lenders taking on the big banks and breaking records left, right and centre as they fight it out to win borrowers over.
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UBank has taken the axe to home loan rates once again, announcing cuts of between 10-15 basis points on variable loans for both new and existing borrowers. This follows cuts to select fixed rates earlier this week.
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The goal of home ownership seems more attainable than ever for many millennials as a result of Covid-19 market conditions, according to a new report from ING.
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With competition continuing to flare up in the Australian home loan market, homeowners looking to switch over to a better deal are in for a nice surprise.
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Aussies looking to save money on their home loan and earn thousands of dollars cashback into the bargain have been rushing to snap up the generous refinance cashback offers available with Commonwealth Bank, Bank of Queensland and Suncorp this month.
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While competition remains fierce in the Australian home loan market with plenty of good deals around, lenders are pulling the reins in on which borrowers can access their lowest rates.
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Australian banks will be extending support for struggling customers, announcing today that borrowers who have paused loan repayments will be able to defer for an extra four months.
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The decision by some banks to extend mortgage deferrals will come as a relief to struggling Australians, who were only a few months away from a financial cliff. But it may have also prevented a potentially devastating shock to the economy.
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