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
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
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
The vast majority of Australians who sell their home use a real estate agent to represent their interests. However, only a fraction of buyers have their own representative. A buyer’s agent, also known as a buyer’s advocate, is a real estate professional who is hired by the buyer and who has a responsibility to represent … Read more
Good news for car buyers: waiting times have fallen dramatically in the past 12 months. The average waiting time for a new car in Australia was 65 days in June 2024, according to Price My Car. That compares to 109 days in June 2023 and 155 days in June 2022. The models with the shortest … Read more
Property investors continue to enjoy increases in their rental income, but the rate of growth appears to be slowing, judging by the latest Domain data. The median house rent in the combined capital cities rose 11.1% in the year to June 2024, compared to 11.5% in the year to June 2023. Capital city unit rents … Read more
When it comes to buying a car, it’s vital to analyse the total cost of ownership, rather than focusing on the sticker price alone. That way, you’ll be able to make an informed decision about the best way to proceed. 1. New vs used An important decision is whether to buy new or used. A … Read more
If you want your property purchase to be as stress-free and successful as possible, it’s important to follow a methodical process that begins even before you start looking at online listings. The first thing you should do is reduce your spending and increase your savings rate at least three months before you apply for a home loan … Read more
In its meeting today, the RBA board decided to hold the cash rate at 4.1%, giving reprieve to homeowners. As interest rates have increased in line with the cash rate hikes over the last year, it has become harder for some mortgage holders to refinance their home loan. However, to overcome this, some lenders are … Read more
The federal government’s Stage 3 tax cuts will take effect from 1 July, which will benefit the borrowing power of the average home loan customer. Starting from the 2024-25 financial year, the new tax thresholds will be: $0 to $18,200 – 0 cents in the dollar. $18,201 to $45,000 – 16c. $45,001 to $135,000 – … Read more
