The prudential regulator APRA on Wednesday ordered banks to lift the “buffer” they add to market interest rates when assessing borrower capacity to repay loans. Here is what that move will mean in practice for potential borrowers. What is a serviceability buffer? Banks are required to examine a borrower’s ability...
The state has launched a new home-buyer fund, under which it will pay 25 per cent of the property purchase price if eligible borrowers have a 5 per cent deposit. The Victorian government has introduced the $500 million Victorian Homebuyer Fund (VHF), which is expected to...
If you are thinking about locking in a cheap fixed interest rate on your mortgage, the clear message from financial markets is that those rates will probably climb in the months ahead. That suggests it is time to act sooner rather than later. Pros and cons...
Property auctions can quickly descend into fast-paced shootouts fuelled by adrenalin and ego as buyers fight for the front door keys. While it might seem daunting, our tips for buying a house at auction could help you be prepared to improve your chances of success. 1....
Saving for a home deposit is no mean feat. But there’s a way to make it more achievable, with a little help from those closest to you. What is a Family Security Guarantee? If you’re finding it tricky to reach a deposit of 20% or higher on...
There’s more to buying a house than meets the eye. It can help to tally up all the costs of home-buying before you start. First home buyers can sometimes get a shock when they add up all the costs and discover that buying a house can...
If you’re a first home buyer, you may be eligible to withdraw voluntary super contributions you’ve made to put toward a home deposit. Through the First Home Super Saver Scheme (FHSSS), first-home buyers may be able to use Australia’s superannuation system as a tax-effective way to...
Offset accounts and redraw facilities are both common home loan features, but do you know the difference between them? Many home loans these days come with either an offset account, a redraw facility or both. But how do they work, and which purposes might each one be...
Property markets across Australia have taken a hit from the Covid-19 crisis – but in some areas, house prices are expected to shoot up because of the pandemic. Though national property prices slid 0.6 per cent in July, some regional areas in Victoria, Western Australia, Queensland and...
In days gone by, customers were rewarded for being loyal, however, today this doesn't seem to be the case. The practise of charging more on mortgages for older loans, compared to discounting for new clients has become such common practice, the Reserve Bank of Australia has...