Strong demand from first home buyers will generate green shoots of recovery for the wider property market in 2009-10, with prices tipped to rise by close to 20 per cent by 2012, a new report says. BIS Shrapnel’s Residential Property Prospects 2009-12, released today, says conditions are ripe for a sustained recovery in the residential markets, with low interest rates, solid rental growth and housing shortages evident in most areas. While BIS Shrapnel expects the first home buyer boom to ease at the end of the year it anticipates up-grader and investor activity to take over. Read more
Latest News
Should I Fix My Interest Rate?
Many borrowers with Variable Interest Rate Home Loans are currently asking themselves whether or not they should change all or part of their Home Loan(s) to a Fixed Interest Rate. Read more
Banks Move on Fixed Rates
The window of opportunity to secure a low fixed rate home loan could have closed with the major banks now moving to bump up fixed term rates.Effective today, the Commonwealth Bank’s standard three year fixed rate home loan will rise by 40 basis points to 6.19 per cent while its five year rate will rise by 45 basis points to 6.84 per cent. Yesterday Westpac also moved to increase its fixed rate home loans with its three year rate rising by 40 basis points to 5.59 per cent. Read more
The Demise of No Deposit Home Loans
The last major lender (St George Bank) offering No Deposit Home Loans to First Home Buyers has announced it will withdraw this loan product from the market on the 9th April 2009. This will significantly impact the ability for First Home Buyers to purchase their dream home. Read more
GE Money Waive Exit Fees
GE Money have announced that from the 1st March – 31 May the Deferred Administration Fees (Early Payout Penalties) will be waived on all GE Money Home Loans (excluding Wizard Home Loans). Read more
Interest Rates reduced by 1%p.a.
The Reserve Bank of Australia announced yet another massive interest rate reduction of 1% p.a.
The 6 Major Banks were quick to adhere to the governments request to pass on the full interest rate reduction to borrowers. Although Westpac & ANZ were expected to provide a larger rate reduction than their competitors as they have yet to pass on the full interest rate cut announced in December 2008. Read more
RBA Slashes Interest Rates by 1% p.a.
Early Christmas Gift from the Reserve Bank
The Reserve Bank was happy to provide extra Christmas cheer by slashing the official Cash Rate by a massive 1% p.a. Read more
RBA reduce Interest Rates by 0.75% p.a.
Reserve Bank slashes interest rates by 0.75% p.a.
30 minutes prior to the running of the Melbourne Cup The Reserve Bank of Australia announced a 0.75% p.a. reduction in the official cash rate.
Many lending institutions have have resisted passing on the entire0.75%p.a. rate cut stating “the high costs of funds” as their reasoning despite having announced only 2 weeks ago that the cost of funds had reduced sufficiently to pass on the balance of the previous RBA interest rate reduction. The Federal Treasurer (Wayne Swan) has confirmed that he will continue to pressure the lenders to pass on the maximum savings to borrowers. Read more
Rams Trumps Major Banks
Several lenders have embarked on an aggressive campaign to become more competitive in the Home Loan market by further reducing their Standard Variable Interest Rates. These rate cuts range from 0.20%p.a. – 0.25%p.a. & are in addition to the recent 0.8%p.a. – 0.9% p.a. reduction received following the Reserve Bank’s 1%p.a. rate cut announced in early October 2008. Read more
First Home Owner’s Grant increased
First Home Owners Grant increased up to$21,000.00Prime Minister Kevin Rudd announced today that the First Home Owner’s Grant would be increased from the current level of $7,000.00 to: Read more