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RBA Reveals Positive Mortgage Data

Posted on by Laze Spasevski
RBA Reveals Positive Mortgage Data
The Reserve Bank of Australia (RBA) reveals that “there is positive mortgage data for a vast majority of borrowers. That means, borrowers would remain able to service their debt under a range of plausible economic scenarios”, according to the central bank's latest Financial Stability Review. Crucially, about 97% of borrowers have positive cash flow, which means they’re able to meet their mo...
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Banks Are Offering LMI Waivers

Posted on by Laze Spasevski
Banks Offering Special Deals To Certain Professions
Good news if you’re an essential worker! Some banks are offering LMI waivers to professions such as police officers, teachers, firefighters, nurses, midwives and paramedics. Lender’s mortgage insurance, or LMI, is an insurance premium you generally get charged when you provide a deposit of less than 20%. For example, if you were a first home buyer and wanted to buy a $600,000 property with ...
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Rate Gap Highlights Need for Regular Loan Reviews

Posted on by Laze Spasevski
 Rate gap highlights a need for regular loan reviews as results on Finder, a comparison website, shows a gap between the average variable interest rate and lowest variable rate of 1.57 percentage points in early March, while the gap between the average and lowest fixed rate was 1.37 percentage points. It is very important to note that interest rate comparisons are not always equal, and some loa...
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Homebuilding Costs Increased by 40%

Posted on by Laze Spasevski
  Homebuilding costs have increased by nearly 40% since late 2019, according to a speech by Reserve Bank assistant governor Sarah Hunter. Meanwhile, general inflation (referred to as headline CPI in the graph) has been less than 20%. So why have residential construction costs grown twice as fast? Ms Hunter said one reason is that building materials and labour have “risen sharply” si...
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Housing Scheme Milestone

Posted on by Laze Spasevski
Housing Scheme Milestone
Housing Australia's Home Guarantee Scheme has achieved a significant housing scheme milestone by supporting more than 150,000 buyers since its inception in January 2020. First home buyers or single parents seeking assistance in purchasing a property will find this information interesting. The program limits eligibility, with property price caps varying by state and income caps set at $125,0...
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How Government Is Helping First Home Buyers

Posted on by Laze Spasevski
A new report from Housing Australia (previously NHFIC), demonstrates how the Government is helping first-home buyers. The report revealed that about one in three of all first-home buyers in the 2022-23 financial year used the federal government’s Housing Guarantee Scheme (HGS). Here’s what the typical participants looked like: First Home Guarantee: the median participant was in the ...
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Refinancing Topped $20bn

Posted on by Laze Spasevski
Refinancing activity has topped $20bn in August as revealed by the latest Australian  Bureau of Statistics (ABS). It is 3.9% lower than the month before but 12.4% higher than the year before. One major contributing factor to the rise of refinancing activity is due to lots of people coming off fixed rates right now. With this in mind, it’s no surprise that an enormous amount of refinancing i...
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Refinancing Remained at Record Highs

Posted on by Laze Spasevski
“Refinancing activity has remained at record highs in recent months, as borrowers continued to switch lenders amid interest rate rises,” according to the Australian Bureau of Statistics (ABS). Owner-occupiers and investors refinanced a combined $20.2 billion of loans with external lenders in June, the ABS reported. While that was 3.1% lower than the month before, it was 12.6% higher than...
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Home Loan Refinancing Surged

Posted on by Laze Spasevski
The home loan refinancing boom, which has lasted for two years and counting, surged to record levels. Refinancing activity has dramatically increased during that time from $13.7 billion worth in February 2021 to $16.2 billion in February 2022 and, now, according to the latest Australian Bureau of Statistics data, a record $19.9 billion in February 2023. The refinancing surge started ...
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Good News For First-time Home Buyers

Posted on by Laze Spasevski
There is good news for first-time home buyers as research from Domain shows that over the past year, it’s become significantly easier to save a 20% house deposit. In order to become homeowners, first-time home buyers must overcome 2 significant financial obstacles. They need to save for a lump sum deposit and they need to keep up with the monthly mortgage repayments. February 2022 data show...
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