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National residential construction costs increased 9.0% over the 12 months to March 2022, according to CoreLogic’s Cordell Construction Cost Index.
That was the highest annual growth rate on record apart from the introduction of the GST in 2001, and means Australians are having to pay more money to build or buy new homes.
The big four banks have forecast that the Reserve Bank will begin lifting official interest rates from June. If and when that happens, lenders will almost certainly increase their home loan rates.
You might not realise that taking on HECS-HELP debt can make it harder to qualify for a home loan and reduce your borrowing capacity.
There is more to investing than just purchasing a block of land. Every city and suburb has unique factors contributing to supply and demand. So it is vital to understand who is living in the area, what makes them stay for the long term, and the average rental yield and vacancy rates.
First home buyers can now save their deposit even faster after the First Home Super Saver Scheme savings threshold was increased from $30,000 to $50,000.
The Reserve Bank has said it will increase the cash rate at some point. When that happens, banks generally pass the rise over to consumers who experience a mortgage rate rise. So what can you do to prepare?
An extra 4,651 first home buyers will be able to access federal government assistance during the 2021-22 financial year.
The government had originally pledged to support 20,000 first home buyers this year – 10,000 under the First Home Loan Deposit Scheme and 10,000 under the New Home Guarantee.
Buying your first home can be overwhelming. Not only do you need to decide on the type and location of your property, but you also must understand how to finance it!
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Previously, the buffer was a minimum of 2.50 percentage points; now, APRA has told lenders to increase it to 3.00 percentage points.
An important consideration when looking for your new home or investment is not only what you can afford, but what are your options for repayments?
Looking for a home loan that meets your requirements is an often overlooked but essential part of your purchase strategy. Being prepared includes understanding your options and strategies to maximise the strength of your loan application.
The use of buy-now-pay-later services has surged in recent years, more than doubling between 2018 and 2021, according to Roy Morgan. Meanwhile, credit cards are also used by a lot of Australians.
Australia’s banking regulator, APRA, has introduced new lending rules that will reduce the maximum amount some people can borrow.
Reserve Bank of Australia data for August shows owner-occupiers on three-year fixed loans were paying, on average, 1.26 percentage points less than those on the discounted variable rate.
Refinancing your home loan for either an investment or owner-occupier property, is one of the most common options to access your equity or free up additional funds as you grow your property portfolio.
A range of lenders now offer special loans for borrowers who want to finance home improvements such as:
Installing solar panels
Installing water tanks
Adding insulation
Adding double glazing to the windows
Doing renovations to make the home more energy-efficient
The most common mistake investors make is failing to declare all their property income, including capital gains from selling an investment property, according to the ATO.
Like securing a mortgage, your options for obtaining finance for a business or equipment purchase will depend on several factors.
Similar to a mortgage, your Business Loan is funded by a financier (such as a bank).
This is a great time to be a property investor, with tenants being forced to fight hard for rental properties, according to new data from SQM Research.
Keen to get your hands on a tax refund? Well, the Australian Taxation Office has revealed the number one problem that slows down the process.
As many parts of Australia have returned to lockdown over the past few weeks, lenders have offered home loan relief to borrowers who may have been affected.
