There’s a lot more to a home loan than just the interest rate. The features of the loan can also have a big impact on your total mortgage costs and repayment flexibility, which is why it’s important to understand the potential benefits of a redraw facility and an offset account. It is no secret that [...]
The average borrower is taking out a $636,209 home loan, with loan sizes ranging significantly in specific states, based on mortgage data from the Australian Bureau of Statistics. Check out the chart below for the figures: Regardless of whether your mortgage is higher or lower than these figures, you probably want to reduce your loan [...]
The federal government has allocated another 50,000 places across Australia to its Home Guarantee Scheme (HGS) for the 2024-25 financial year. That includes 35,000 places for the First Home Guarantee and 10,000 for the Regional First Home Buyer Guarantee. Under the first program, the government supports eligible first home buyers to purchase a property [...]
While it’s often said you need a 20% deposit to qualify for a home loan, a significant number of borrowers are securing mortgages with smaller deposits, according to the latest data from APRA, the banking regulator. In the March 2024 quarter, 31.0% of new home loans (by value) had deposits of less than 20%, [...]
Are you a first home buyer or single parent who wants help getting a property? If so, you’ll be interested to learn that the federal government’s Home Guarantee Scheme (HGS) has now supported more than 150,000 buyers since its inception in January 2020. Eligibility is limited. There are property price caps, which vary from state [...]
Despite the rise in inflation and interest rates over the past two years, “nearly all borrowers continue to service their debts on schedule”, according to the latest Financial Stability Review from the Reserve Bank of Australia (RBA). “Households with lower incomes, including many renters, have felt these budget pressures acutely,” the RBA said. [...]
Australians purchased 5.3% more new homes in February than the month before, according to the Housing Industry Association (HIA). However, HIA chief economist Tim Reardon said this increase was off a “very low” base. Based on the number of new homes being approved for construction and purchased, he forecast there would be a decade-low [...]
It's so exciting that Christmas is just around the corner. Relaxing, sleeping in, spending time with friends and family - it never gets old. Whatever you've got planned, we hope you have a wonderful break. We wish you and your family a happy and safe Christmas and New Year!
I hope you and your family have a fun, relaxing time over the Christmas break. It’s always nice to unwind, whether that means enjoying a barbecue with your friends or travelling with your family. It’s also a good time to reflect on all the wonderful things and people we have in our life. [...]
Just a quick update on our movements for this year. In early 2019, Micarla and I decided that we wanted to get out and around Australia in a caravan to show our many kids the great country that we have. That dream was halted in early 2020, just a few weeks before departure, due to the [...]
