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Boost your home loan deposit: you may have cash lying around the house

If you're looking for a way to boost your house deposit, or could do with a few thousand dollars to make additional payments into your mortgage, maybe a Spring clean is the answer.  According to the 2020 Gumtree Second Hand Economy Report,the average Aussie household could make nearly $6,000 from selling pre-loved items. Apparently as a nation we like to hoard items, with more than 85% of us having unwanted items that are just collecting dust around our homes. The Report found that the … [Read more...]

Is property a still good investment? The ‘experts’ think so

You've probably heard the the saying ‘safe as houses’? Well, it appears that tightly-held belief of many Australians is still tightly-held, with some of Australia's economic experts saying they'd be putting their money into property right now. A Finder Study surveyed 28 leading experts and economists and asked for their opinion on future cash rate movements, as well as other issues related to the Australian economy. When these experts were asked: “Where do you think is the best place … [Read more...]

How is COVID-19 affecting lending? What does that mean for you as a borrower?

There’s no doubt that the last few months have created challenges for many of us. Entire industries are struggling, financial markets have been significantly impacted and there’s still a great deal of uncertainty on the horizon. But lenders are still lending, right? Yes. And Canberrans are still buying property, right? Yes! (Double yes!) We’ve been helping record numbers of Canberrans buy homes and/or prepare to buy this year. With a large portion of Canberra’s population in secure, long … [Read more...]

Homeowners are refinancing in record-high numbers. Is it time to explore your options?

Homeowners in record-high numbers are taking advantage of reduced interest rates and competitive refinancing offers. Are you ready to take the leap?  When times are tough, the belt gets tightened. And we’ve seen that play out across the country in a big way recently, with the number of Australian families who refinanced their mortgage in May the highest on record, according to the latest figures from the Australian Bureau of Statistics (ABS). In fact, 33,712 Australians refinanced a … [Read more...]

Loan deferrals can be extended for certain borrowers

Home owners struggling financially due to COVID-19 may be given another four months to resume paying back their loans. Extended loan deferrals will be provided to those who genuinely need more than the current six-month timeframe, says the Australian Banking Association (ABA), however, extensions won’t be automatic. While each bank’s deferral policy differs, it’s important to note that deferring repayments on your loan generally doesn’t stop interest from accruing. As such, customers … [Read more...]

So you want to buy your first home?

So, life in isolation in your rental property (or your family home with the parents!), has cemented your goal to get out on your own and buy your first home. You’ve been fortunate enough to retain employment over the last few months and actually have more cash saved than you’d anticipated saving at the start of 2020. After all, you haven’t spent money on petrol. You haven’t spent money on dinners out with friends. You’ve maybe saved on childcare costs. And maybe you’re even considering … [Read more...]

The First Home Loan Deposit Scheme: spots open back up from 1 July 2020

The dream of buying your first home with a small deposit amount, without needing to pay Lenders Mortgage Insurance (LMI) will soon be an option again for some first home buyers, with the Government’s First Home Loan Deposit Scheme releasing another 10,000 spots from 1 July 2020. Many first home buyers have the capacity to meet loan repayments on a new proposed mortgage. However, it’s the deposit many find challenging because it’s no easy feat to save a large amount of cash, with increasing … [Read more...]

Are you eligible for the $25,000 HomeBuilder scheme?

Earlier this month, the Federal Government announced they'll give eligible Australians $25,000 to build (or substantially renovate) a home, as part of the HomeBuilder scheme. Here we examine who qualifies for the initiative and provide a little more detail about how it may work. The HomeBuilder scheme is a $680 million program and aims to support more than 1 million builders, painters, plumbers and electricians across the country. It’s also going to help many Australians build a new home … [Read more...]

If you’re planning to purchase property, you need to talk to us sooner than you think you do

It’s human nature to put things off until the last minute, especially if it involves some effort on your part. However, if you want to buy a property sometime this year, please make sure you talk to us sooner rather than later. There are some particular reasons for this –not only for the sake of your own stress levels! - which we outline here.   Lenders are taking longer to assess applications COVID-19 has caused wide-spread processing delays across a whole host of lenders - with one … [Read more...]

Is now a good time to lock in a fixed rate?

With interest rates at record low levels, we’re going to look at a question that many of you are asking: 'Should I lock in a fixed rate home loan?' If you've read any of our blog posts lately, you would know that fixed rates are very attractive right now. Following the RBA's emergency rate cut in March, lenders slashed their 1, 2 & 3 year fixed rate offerings. Lenders are competing with each another to lock-in borrowers right now and one of the ways they're doing this is via fixed … [Read more...]

Cash rate likely to remain low until 2023

The cash rate cut announced by the  Reserve Bank of Australia (RBA) in March, capped off an action-packed year for the cash rate, making it the fifth rate cut since May 2019. But what's in store for the cash rate over the coming months/ years? And what does this mean for you and your home loan?   What the experts say According to AMP Capital chief economist Shane Oliver, “the next few years are likely to be pretty boring” with regard to cash rate movements. Property researchers … [Read more...]

If you can nod your head to any of these scenarios, it’s time to review your home loan

We all know that it's a good idea to review home loans regularly. But like reviewing insurance policies, it seems to be something we put off because we 'don't have time' or our loan seems to be ticking along ok. The reality is though, just because everything seems ok, it doesn't mean it is. In fact, if you are comfortably meeting your loan repayments, there's a good chance you're paying more than you need to - simply because you've never felt an urgency to look more closely into it. We … [Read more...]

Questions you have as a first time buyer, given the current climate

It’s an unusual time for you as a first home buyer. Not only are you trying to work out how to actually buy a property, but you're doing it in an uncertain time when the playing field has changed. However, with all the recent conversations we've been having with first home buyers, we've been reminded of something. When it comes to purchasing your own home (something you've dreamed about and worked hard for a long period of time), there is little chance that *anything* will stand in your … [Read more...]

4 Ways MMO can make your life easier

We all know we've entered a new world - so we're not going to waste your time telling you things you already know about Earth 2.0. Instead, we're going to share 4 ways our team can make your life easier right now. Because we could all do with as much help as we can get, right?!     1. We can help you stay inside (and sane) While we can’t babysit your kids so they stop fighting and/or interrupting that important call you’re trying to make in your new home office, we can … [Read more...]

RBA Interest Rate Decision – 7 April 2020

At its meeting today, the RBA decided to leave the cash rate unchanged.   Here are Philip Lowe's comments about the decision: The coronavirus remains first and foremost a very major public health issue, but it is also having very significant effects on economies and financial systems around the world. Many countries are expected to experience large economic contractions as a consequence of the public health response. Large increases in unemployment are also expected. Once the virus is … [Read more...]

COVID19 support measures offered by the lenders

If COVID-19 has impacted your income to the point where you may need to pause your mortgage repayments, here's some info on the banks’ loan repayment deferral policies. Late last week the Australian Banking Association (ABA) announced that small businesses affected by the coronavirus could have their loan repayments deferred for six months. Following that announcement, the major banks announced support measures that would apply to home loan customers. Below we’ve outlined deferral … [Read more...]

COVID-19 cash rate cut: Lenders respond

Following the RBA's rate cut 19 March 2020, here's a summary of the lending cuts announced so far. Please note that as of 8pm, 23 March 2020, many lenders are yet to advise what effect this second rate cut will have on lending rates. We'll be updating this post as more news come to hand. CBA: No change to variable rates One, two, and three year fixed rates to fall by 70 basis points Borrowers will be able to defer their repayments for up to six months should they need … [Read more...]

COVID-19 cash rate cut

The Reserve Bank of Australia (RBA) has cut the cash rate to a record low of 0.25% following an emergency meeting due to the impact the coronavirus is having on the economy. RBA Governor Philip Lowe said that the rate cut was due to the virus causing “major disruptions to economic activity across the world”. “This is likely to remain the case for some time yet as efforts continue to contain the virus,” said Governor Lowe. Governor Lowe added the cash rate cut would help support … [Read more...]

How have the lenders responded to the RBA March 20 cash rate cut?

Following the RBA's cash rate cut in March, here's a summary of the lending cuts as of 4:00pm AEST 4 March, 2020.   CBA rate changes (effective 24 March): - Rate cut: 25 basis points - Applies to: All variable rate loans (new, existing, owner-occupied & investor) BankWest rate changes (effective 18 March): - Rate cut: 25 basis points - Applies to: All variable rate loans (new, existing, owner-occupied & investor) NAB rate changes (effective 13 March): - Rate … [Read more...]

RBA Interest Rate Decision – 3 March 2020

Well, what a difference a few days makes! As of last week, market expectation of the RBA announcing a rate cut at their Board Meeting today was quite low - as we outlined here. However, this all changed yesterday due to increasing concerns of COVID-19 impacting financial markets even further.   At its meeting today, the RBA decided to lower the cash rate by 25 basis points to 0.50 per cent.   Here are Philip Lowe's comments about the decision: The coronavirus has clouded … [Read more...]

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