After being crowned Australia’s best bank in the 2020 Mozo Experts Choice Awards, ING has given Aussies one more reason to get on board, reducing variable home loan rates by 0.19% this morning.
The number of advertised rental properties in Australia’s two largest cities, Sydney and Melbourne, have ticked up once again according to new estimates from CoreLogic.
The next round of the First Home Loan Deposit Scheme will go live on 1 July. That means a further 10,000 places will be made available for Australians hoping to take their first steps up the property ladder.
Australia's fifth largest mortgage lender, ING, has increased interest rates on a number of its sharpest fixed home loans today.
Today NAB announced the major milestone of 1,000 customers purchasing property through the First Home Loan Deposit Scheme (FHLDS).
Just when you thought rates couldn’t get any lower, online lender Reduce Home Loans looks to have taken variable home loan interest rates to a whole new level with its new Super Saver Variable mortgage.
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.
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.
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
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.