APRA recently relaxed restrictions around how lenders review the capacity of borrowers to repay their loans. This change is on the back of the Reserve Bank of Australia (RBA) cutting interests rates to a record low of 1%.
It was announced over the weekend by Prime Minister Scott Morrison that a new scheme will allow for first home buyers with only a 5 per cent deposit to have access to a home loan. If elected into power on the weekend, the Liberal party will commence the new scheme starting on January 1st, 2020.
Are you Eligible If you are a single earning up to $125,000 or a couple with combined earnings of $200,00, you will be eligible for the new First Home Buyers scheme. One of the biggest hurdles when borrowing more than 80 per cent of the property value is that you will be hit with Mortgage Lenders Insurance fee that can cost a buyer thousands of dollars. .. Continued
It’s hard to forget that time millionaire property developer Tim Gurner implied on 60-minutes that forgoing avocado on toast and fancy coffee was the key to saving for a property.
Backlash in Australia and around the world was intense... Continued
We’ve noticed more and more of our clients are looking to secure finance to build their first home. So, we’ve taken time out to discuss what you need to know, in order to take advantage of the grants available to you.
Get a First Home Owner Grant The First Home Owner Grant (FHOG) was introduced by the Australian Government in 2000, to offset the impact of the Goods and Services Tax (GST) on those buying or building a residential property... Continued
A new study by economists from the Reserve Bank of Australia (RBA) has found that a deposit is a key factor when it comes to home ownership success, especially for first homebuyers.
We’ve taken time to explain the main takeaways from the report, and provide insights into how you can improve your chances of becoming a homeowner... Continued
The Australian Bureau of Statistics revised key data recently, which indicated the volume of first homebuyers was actually lower than first reported. This is on the back of findings by the ABS, stating that first homebuyers were at record lows.
So what does this mean for first homebuyers still looking to get into the market? Our latest blog explores how this news from the ABS could just work for you, as well as further insights into first homebuyer analytics... Continued
USA Today published an article recently, which said more Americans are skipping the ‘starter’ home, and heading straight for their ‘second’ home. Thanks to a rise in affordable building prices in Australia, and a number of other factors, this may well be the case too.
But is it smarter to buy a starter home or a ‘second’ home first? We weigh up the pros and cons in our latest blog, so you can make your own decision... Continued