Rising unemployment and social distancing measures haven’t been all that friendly to the Aussie property market. But before the coronavirus pandemic sent shockwaves through the economy, housing prices were enjoying a meteoric rise.
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They’ve done it again! For a second year in a row, online bank ING has taken out the title of Australia’s Best Bank in the Mozo Experts Choice Australia’s Best Banking Awards for 2020.
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The number of home loan approvals slipped 4.8% in April to $18.6 billion, according to recent data from the Australian Bureau of Statistics (ABS), the largest month-on-month decline since May 2015
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Home ownership already seemed like a far-off dream for many young Australians. But since the coronavirus pandemic sent the economy into a tailspin, that dream has been pushed even further back. Mozo research found that 52% of millennials have seen their wages reduced by 20% or more as a result of the crisis. For those hoping to buy a home in Sydney, that means they’ll have to save an extra 14 months for a deposit, or 7.4 years in total. First home buyers in Melbourne have also had their savings journey extended. There, a 20% reduction in earnings translates to an extra 12 months of saving, bringing the total amount of time needed to six years. “Covid-19 has disrupted incomes across multiple industries throughout the country, and in doing so it has also slowed down the great Australian dream of home ownership,” said Mozo Director Kirsty Lamont. “With so many millennials having their income reduced, putting 20% of your income into savings will no longer be an option for some first home buyers, who need to prioritise their immediate expenses.” Across the nation’s capital cities, first home buyers in Perth and Darwin have emerged as the least disadvantaged, only needing to save for an extra six months if they have experienced wage reductions. Entry level homes in the two cities are relatively cheap when compared to the average income, making home ownership a more attainable goal than in other capital cities.
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Eligible Australians will receive $25,000 cash grants to cover home building or renovation, in an effort to turbocharge the construction industry and build 30,000 homes by end of year. The $688 million HomeBuilder program is expected to support 140,000 direct construction jobs - along with a further 1 million workers in the residential building sector - which risk disappearing once projects already in the pipeline wrap up. The one-off payments will be available to individuals making less than $125,000 a year and couples making less than $200,000, and are to be used for new builds valued up to $750,000 or renovations worth between $150,000 and $750,000. “If you’ve been putting off that renovation or new build, the extra $25,000 we're putting on the table, along with record-low interest rates, means now's the time to get started,” said Prime Minister Scott Morrison. "This is about targeted taxpayer support for a limited time using existing systems to ensure the money gets used how it should by families looking for that bit of extra help to make significant investments themselves.” The announcement comes after weeks of lobbying by industry bodies for the Government to throw its support behind Australia's home builders and tradies. CEO of Master Builders Australia Denita Wawn came out in support of the program today, saying it’s a necessary step towards revitalising a struggling construction industry and kickstarting the economy. “HomeBuilder will be a lifeline for an industry facing a valley of death in the coming months. It will mean more new homes, more small businesses and jobs are protected and provide a stronger bridge to economic recovery for our country,” she said. “Residential building activity gives back more than double to the communities that sustain it with every $1 invested in home building activity providing $3 to the wider economy. “This means that HomeBuilder will provide a boost for thousands of tradies; the cafes, pubs, and ute dealerships that they frequent; as well as the thousands of building supply businesses that depend on the industry.”
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Home borrower and refinancer alert: New Mozo research reveals that lenders are slashing home loan rates even though the Reserve Bank has elected to keep the official cash rate on hold again for the third month in a row.
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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.
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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%.
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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.
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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.
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