While many Aussies may already have begun changing their spending habits to keep up with their rising home loan repayments, experts are now predicting that this could be just the tip of the iceberg for homeowners.
It’s not uncommon for the average Aussie household to feel financial strain, but according to new research by Digital Finance Analytics, ‘mortgage stress’ is at a record high.
The Reserve Bank is expected to keep the cash rate on hold again today, but mortgage lenders are bumping up rates for Aussie borrowers anyway and the big banks are expected to follow.
It’s hard to believe that the sixth RBA board meeting of the year is almost here, but while all eyes will be on Governor Philip Lowe’s statement at 2:30pm on Tuesday, another likely rate hold will mean that attention soon shifts back to where the real rate movement lies - in the home loan market.
Property ownership can often seem like an uphill battle for many Aussies, but recent figures by Westpac show that the market doesn’t seem to be slowing prospective first home buyers down.
Home loan borrowers may need to find extra room in their budgets very soon, with lenders hiking interest rates in response to increased funding pressure.
Any Aussie who currently owns a property can remember the feeling of walking through the front door of their brand new home for the first time. But a moment many will want to try to forget is the bundle they had to cough up in stamp duty.
Fancy a holiday with your home loan? Well that’s the latest perk Westpac is offering, thanks to a new partnership between the big bank and Velocity Frequent Flyer.
Having “the talk” might be awkward, you may feel uncomfortable and in the end, tears could indeed be shed. But Mozo’s recent research has indicated that they’re more likely to be tears of joy not sadness, with seven in 10 Australian home loan hagglers successfully negotiating a cheaper interest rate on their home loan.
Often, saving up a lump sum home loan deposit is the toughest part of getting into the property market for young Aussie home buyers. One WA property developer has put a plan in place to make that a problem of the past, but is it all it’s cracked up to be?