Australian property prices might be falling, but getting on the property ladder can still be challenging. The biggest hurdle? Saving a 20% deposit – which can take years of scrimping, particularly if you’re paying rent simultaneously. However, if you are prepared to pay lender’s mortgage insurance (LMI), you might be...
Now might be first home buyers’ best chance to break into the market
It’s not been called the great Australian dream for nothing. But in recent years, buying your first home has become increasingly harder. The biggest challenge? Saving a deposit – with the most recent ANZ CoreLogic Housing Affordability Report finding it takes, on average, more than 11 years for a first...
Why higher interest rates might ultimately benefit homebuyers
The Reserve Bank of Australia might have raised the cash rate by 250 basis points since May to 2.60% – the quickest tightening in nearly three decades – but a senior central bank official has claimed higher interest rates could ultimately benefit new homebuyers. In a recent speech, Jonathan Kearns, the...
Applications open for Regional First Home Buyer Guarantee
Here’s some great news for regional Australians who want to get on the property ladder: 10,000 new places are now available under the federal government’s Regional First Home Buyer Guarantee. The scheme began on 1 October 2022, three months ahead of schedule. With many young Australians making the move to...
How refinancing can help you dodge the full impact of rate rises
With all four major banks and many other home loan lenders passing on in full the Reserve Bank of Australia’s latest interest rate to their variable-rate borrowers, many homeowners are facing yet another jump in their home finance repayments – the fifth in as many months. However, existing variable borrowers will...
How to get a good deal on home & contents insurance (and why it’s so important)
The ABC recently reported a heartbreaking story about a Victorian couple who had spent a decade building up a property accommodation business, only to watch it all burn to the ground one night – and they weren’t insured. Insurance is one of those products that can feel like a waste...
Your borrowing capacity is falling right now – but you can fight back.
You’ve no doubt heard that interest rates are rising. Over the past few months, the Reserve Bank has been increasing the cash rate, taking it from a record-low 0.10% in May to 1.85% in August, with further increases all but certain. As the Reserve Bank has been increasing the cash...
What would Warren Buffett do in the current property market?
Warren Buffett is one of the world's richest people and most successful investors. According to Investopedia.com, his net worth is listed at $100 billion as of June 2022. Buffett once explained why he and his business partner, Charlie Munger, had built such an incredible investing record over many years. "We simply...
Why are millennials making a big move to the regions?
Traditionally, there’s been a perception that young Australians want to live in our capital cities, thanks to the career opportunities, buzzing nightlife and vibrant lifestyle. But new data from the Commonwealth Bank and the Regional Australia Institute’s Regional Movers Index has turned that notion on its head. The index found...
Labor’s Plans to Tackle Worsening Housing Affordability
Many Australians are locked out of the property market. The latest ANZ-CoreLogic Housing Affordability report estimated dwelling values were, as of March 2022, a record 8.5 times higher than the median annual household income. Now compare that to March 2020, pre-pandemic, when the ratio was sitting at 6.8. However, despite...