In the 24 hours since the RBA cut the cash rate, we’ve seen a flurry of activity on the home loan front as banks and lenders scramble to revise their interest rates.
CommBank has announced that it will begin accepting applications from investors looking to refinance principal and interest loans once again, effectively reversing the suspension the bank placed on these types of borrowers just three months ago.
It wasn’t that long ago that property prices were edging upwards, but the stop in commercial activity and widespread job loss caused by the coronavirus pandemic has since seen confidence in the property market take a nosedive.
In the uncertain economic environment caused by COVID-19, you may be avoiding any big financial moves like buying a house or looking for a new rental. The inability to personally inspect properties or attend auctions in most circumstances is also slowing down real estate action, even as the industry finds innovative ways to continue operating.
Over the past few weeks, we’ve unfortunately seen countless Aussies lose their jobs or have their pay cut due to the new restrictions in place to help slow down the spread of COVID-19. Inevitably, many people are tightening their budgets and setting aside money to create a safety buffer.
While property transactions have seen a considerable downturn during the Coronavirus lockdown, Australians are keeping a keen eye on the residential market, according to REA’s executive manager of economic research Cameron Kusher.
ING will be tightening its lending criteria for Aussies with high risk jobs looking to take out a home loan.
If you’re one of the many Australians trying to tighten expenses right now, you’re probably already cutting down on unnecessary costs and looking for easy ways to save.
The New South Wales State Government has announced a $440 million rental relief stimulus package for landlords and tenants, splitting support evenly between residential and commercial leases.
In March we saw the Reserve Bank take the extraordinary step of cutting the official cash rate twice, bringing it a record low 0.25%.