Author – Graeme Salt What happens if the so-called fiscal cliff does not exist? What happens if those who had a mortgage repayment holiday due to Covid-19 can actually recommence making loan repayments? Given that Australia’s property market has held up pretty well, many economists are now softening their predictions on the property market; predicting modest falls due to the …
Once-upon-a-time we used to watch the Reserve Bank like a hawk; if it cut the cash rate, we would just wait for our bank to pass the rate cut on (or not) Now the Reserve Bank is doing something completely different to keep home loan rates down (some as low as 1.99 per cent). The Reserve Bank has offered the …
Covid-19 has changed our spending patterns and will have a profound impact on our investments. With so many of us now working from home, in suburban locations, the clever money is in the burbs rather than the CBD. SGS Economics estimates that around $400m in spending on incidentals such as coffees, lunches and alcohol has been diverted from the Sydney …
‘Life will never be the same again.’ Its been said non-stop since Coronavirus, but there is no doubt it has accelerated long overdue changes in the property market. Across the board, property-related professions are adapting and thriving despite the virus. Over the weekend, 73 per cent of Australia’s capital city auctions were successful, according to CoreLogic. Of these, Melbourne achieved …
Covid-19 has turned property demand such that new research maps ‘Danger Zones’ in the propertly market. COVID-19 has led to an immediate (if perhaps temporary) shift outwards in the demand for housing, such that experts have identified two risks property owners face. In some location there is now the risk of negative equity (where a house is worth less than …
800,000 borrowers have deferred loan repayments in response to the economic fallout from the COVID-19 pandemic. JobKeeper payments are set to reduce in September and by the end of March 2021, mortgage repayment holidays must stop. What happens to borrowers then? Already one ANZ exec has said foreclosures could a reality for those unable to make repayments. Crunch time is …
All levels of government are pulling out the stops to boost the housing market and particularly lend a hand to first home buyers. There’s now a wide range of government grants and stamp duty concessions that are available to first home buyers – potentially saving you thousands of dollars. The table below summarises the grants and concessions for which you …
A national lender has slashed its charges to first home buyers who wish to borrow up to 85 per cent of a property – potentially saving themselves up to $10,540. Normally, when borrowers need more than 80 per cent of property value, banks require them to pay Lenders Mortgage Insurance (LMI). However, in this instance, the lender is effectively waiving LMI …
The latest figures from the Australian Bureau of Statistics show 33,712 owners refinanced their mortgages in a single month, around a quarter higher than the previous month and around 50 per cent above normal levels. Nearly two in three of those were switched from one lender to another, as customers voted with their feet for the best deal. But even where borrowers …
Nearly half of millennials looking to purchase a home believe the pandemic has helped them move closer to their property-buying goals. An ING-commissioned survey of about 1,000 prospective home buyers shows that a third of millennials intend to enter the housing market before 2022. At the same time, luxury home prices in Melbourne have buckled as the virus-induced downturn slashes demand …