How many smashed avocado on toast do you need to forgo in order to afford your first home? Hopefully, none at all! The cost of your first home depends on your budget and a range of other factors, including any additional costs you’ll be up for and any grants you’re eligible to receive. So, before […]
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Renovations can be costly and stressful, but as long as you are increasing the value of your home, it can be a sound financial decision. Here are the various finance options available: Top up your current loan Since your equity typically increases over time, you can often borrow additional money on your existing loan. You […]
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Concern about the growth of mortgage lending across the banking industry has prompted the Australian Prudential Regulation Authority (APRA) to tighten requirements for banks offering interest-only loans. Here, we look at what the changes are, and how they are affecting the lending market. APRA is concerned that too many mortgage holders are paying interest only […]
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There are signs the strong Sydney and Melbourne residential property markets are beginning to slow, which is usual at this time of year. At the same time, other capital city markets are only exhibiting modest, if any, growth. Cameron Kusher, head of research for Australia at CoreLogic RP Data, says clear signs are emerging that […]
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Websites offering the ability to obtain a home loan online are becoming more popular – not only in Australia but also globally. These platforms offer what is known as ‘robo-advice’ – guidance and help provided online, instead of by a real person. Such advances in technology seem convenient for time-poor individuals, but are they really better […]
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Great news for first home buyers in the sunshine state: the First Home Owner’s Grant (FHOG) is being extended to 31 December this year. The Queensland state government initiative was due to expire at the end of June, but it was recently announced that under the 2017-2018 State Budget, funding would be allocated to extend […]
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Rent money is dead money – owning your own property is almost always the better financial decision, if you can afford it. However, ‘rentvesting’ – that is, renting where you want to live and investing in a property elsewhere – can be an even better option. What are the advantages 1. You can live where […]
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It’s been a tough time for first home buyers (FHBs) in Sydney and Melbourne. With migration riding high and interest rates still near the floor, property values have risen with seemingly no end in sight over the last few years. But, like Sam Cooke famously sang, “A change is gonna come”. And looking at the […]
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Don’t assume interest rates are always non-negotiable. Many home buyers mistakenly believe that interest rates are firm numbers set by market factors they don’t understand. Even seasoned buyers often settle for higher interest rates than they’d like. Why do they cave? Because they either assume rates are set, or become frustrating working directly with lenders. Fortunately, […]
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Australia has ranked as one of the least affordable countries in the world for housing again – but solutions are on the way. Demographia’s 2017 report ranked Australia third behind Hong Kong and New Zealand for unaffordable housing, largely driven by price hikes in Sydney and Melbourne. Of course, that’s nothing new. Anyone who’s tried […]
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