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.’
Read More
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.”
Read More
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.
Read More
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.
Read More
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.
Read More
First homebuyers lunge for the property ladder
There's been some doom and gloom around the property market in recent months, chiefly because demand is said to have dropped. Demand really drives real estate, especially when it’s from investors.
Read More
Neobank 86 400 slashes home loan rates, introduces $2,000 cashback offer
Digital lender 86 400 has announced a number of changes to its suite of home loans this morning, including rate reductions on fixed mortgage offers and a new $2,000 cashback offer.
Read More
COVID-19 property moves: 320,000 Aussie homeowners defer mortgages
The Australian Banking Association (ABA) has recorded more than 320,000 applications for home loan deferrals in the wake of the coronavirus. This comes after banks in March began offering financial hardship relief to customers affected by COVID-19, including loan deferrals of up to six months.
Read More
April home loans snapshot: Here’s where fixed and variable rates now stand
It’s been over two months since the Reserve Bank’s first interest rate cut in March, but the fallout is still being recorded with home loan rates continuing their downward trajectory throughout April.
Read More
On-site auctions to recommence as restrictions ease in NSW
After a six week ban, the NSW property industry will be given the green light to resume property inspections and on-site auctions this weekend.
Read More