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.
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.
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.
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.
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.
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.
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.
Starting today, the Commonwealth Bank (CBA) will automatically switch 748,000 home loan customers onto the minimum repayments required to service their loans.
Commonwealth Bank announced it hit a major milestone yesterday after 1,000 of its customers purchased a property using the First Home Loan Deposit Scheme (FHLDS), which launched at the beginning of this year.
A month on from the Reserve Bank of Australia’s (RBA) March Emergency rate cut and the dust has well and truly settled, revealing a substantial shift in the fixed rate home loans market.