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Today’s announcement by the RBA sees interest rates rise by another 0.25%, adding around $30 per month for every $100,000 borrowed. With the average mortgage size hovering around $600,000, that’s an extra $180 per month. Today’s rate rise is the seventh consecutive hike this year. Together, they have taken the cash rate from a record…
Rock bottom interest rates mean that home loan repayments have never been so low. But are we spending less on our housing? Quite the contrary. House prices have surged dramatically over the past year. Accordingly to property analysts CoreLogic, the national median house price increased by a whopping 18.1% from August 2020 to August 2021.…
With international borders still closed, the lure of Australian holiday destinations is stronger than ever. No wonder, then, that more of us than ever are buying a holiday home. Buying a holiday home has a number of attractions. You’ll always be assured of a comfortable place to stay in your favourite destination. No more worrying…
For first home buyers, getting that all important home loan can feel like you’re at a job interview. Lenders will ask you about your spending habits, your credit score and your employment history to help them decide if you’ll be a responsible borrower. But just like a job interview, remember that it’s not all one…
According to the Australian Bureau of Statistics, Australians spend more on housing costs than any other budget item, including food and drink. Imagine how much more money you’d have to spend on the things you value if you didn’t have a mortgage payment to meet every month. With interest rates at rock bottom, there’s never…
If there’s one word to describe the Australian property market, it’s resilient. Even among the tumult of 2020, prices have stayed relatively steady across the country – defying pessimists who predicted otherwise. As we enter a new financial year, the forecast for buyers and sellers alike is pretty positive. Sellers can feel confident that they’ll…
With interest rates at rock bottom, home loans have never been so affordable. But has the COVID-19 pandemic made things harder for would-be borrowers? John Rolfe, head of Elders Home Loans, calls it a ‘moving beast’. “Lenders are definitely very wary. They’re trying to avoid risk in an environment that keeps changing, and every bank…
These are troubling times. COVID-19 has already meant large scale changes to the way we live and work, with more to come. With social distancing and shutdown orders expanding across the country, a huge number of us are worried about our economic security. Many people have already lost their jobs, especially those who work in…
Dreaming of being mortgage free? Just think of all the things you could buy with the money you send to the home loan every month! With interest rates at an all-time low, there’s never been a better time to make that dream a reality. Here are four strategies to get you mortgage-free. 1. Make extra…
The RBA’s decision to reduce the official cash rate has seen it fall below 1% for the first time in history. The reasons for the reduction are many but one motivation was the continued weakness in some sections of the property market. Despite two previous rate reductions this year, property stocks are still low and…