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The Federal Government last night announced the 2022 Federal Budget with a big focus on counteracting the impacts of escalating costs of living and house prices. The schemes announced are targeted at helping Australians with the challenges of building up a house deposit through the expanded Home Guarantee Scheme and assisting with costs to households. … Read more
The Australian Banking Association (ABA) has launched a campaign encouraging borrowers struggling with loan repayments to seek help, in a valuable reminder there are options available if you’re finding it hard to keep up with your mortgage. Your bank may be able to: Reduce your home loan repayments. Pause your repayments temporarily. Switch your repayments … Read more
Australians continue to buy new vehicles in record numbers, according to the latest data from the Federal Chamber of Automotive Industries (FCAI). A total of 106,809 new vehicles were sold in October, marking the fifth time in six months that a record for that particular month was set. Every state and territory recorded higher sales … Read more
If you’re now looking to buy, or even refinance your existing loan, there are a few ways to increase the chances of your loan application being approved. Keep in mind the things that lenders consider before approving your application. These include your credit report, existing debts, income, assets and spending. This helps them form an … Read more
A record 882 cranes were operational across Australia during the September quarter, according to Rider Levett Bucknall (RLB). Of those 882 cranes, 554 were residential, which was a new record, and 328 non-residential, which was close to record levels. That included 77 cranes for mixed-use developments, 64 for commercial projects and 56 for civil projects. … Read more
Commercial property buyers made $11.8 billion of purchases in the first nine months of 2023, according to JLL, well short of the activity recorded in 2022, when $29.2 billion of transactions occurred throughout the entire year. Activity has fluctuated during 2023, with $4.3 billion of transactions in the first quarter, $3.5 billion in the second … Read more
Property owners who sold their homes during the 2023-24 financial year generally made a gross profit, due to a strong market and the fact that most homes rise in value over time. Domain found that 96.0% of people across Australia who sold a house in the 2023-24 financial year did so for more than they’d … Read more
The hardest part of buying your first home isn’t necessarily paying the mortgage – although that can be challenging. Rather, it’s often saving a large enough deposit to qualify for a loan. What makes the deposit hurdle tricky is that it’s been getting higher. Between March 2020 (when the pandemic started) and August 2024, the … Read more
As a basic rule, mortgage interest is calculated each day, based on the amount of money (or principal) still owing on your loan. As the principal declines, so does the borrower’s interest bill. For example, if someone took out a $500,000 principal-and-interest loan, interest would be charged initially on $500,000; but if, say, a year … Read more
When someone takes out a car loan, they may be given the option of repaying the loan through two different structures – one with a balloon payment and one without. For borrowers who take out a car loan without a balloon structure, they repay the loan through a series of regular monthly payments. Once they’ve … Read more
