Category Archives: Real Estate News
Stamp duty changes for NSW first home buyers
First home buyers will soon be able to benefit from a temporary change in stamp duty thresholds that will enable them to access a broader range of homes. The NSW Government has announced it will be will be increasing the threshold above which stamp duty will be charged from the current $650,000 to $800,000, as […]
Does COVID-19 present an opportunity for property buyers?
2020 certainly hasn’t been the year anyone expected it to be, but living through a once in a lifetime event does present some unique opportunities for those hoping to jump onto the property bandwagon. While the Australian property market has been holding relatively strong considering the shaky economic climate, with Sydney property prices still higher […]
Australians are feeling more optimistic about the property market
Sentiment in the property market is steadily improving according to ME Bank’s latest Quarterly Property Sentiment Report, but what buyers are looking for is changing in a COVID-19 era. According to the report, positive sentiment rose to 35 per cent for the June quarter 2020, up six points from 29 per cent in the previous […]
Is HomeBuilder pushing up new home sales?
The Australian property market continues to bounce forward amid the coronavirus pandemic, with new figures revealing there was a large increase in new home sales in June. Coming off the back of a record low result in May, the Housing Industry Association (HIA) found that there was a 77.6 per cent surge in new home […]
Buyers are snatching up homes faster than a year ago
Not even bushfires or a global pandemic have been able to turn buyers away from the great Australian dream of home ownership, with new Domain figures showing that homes are being sold faster than they were a year ago. Domain data shows that it took an average of 69 days to sell a Sydney house […]
New places in First Home Deposit scheme released
If you missed out on reserving a place in the federal government’s First Home Loan Deposit Scheme then now is your chance to apply again, with more slots now available. Launched at the start of this year, the scheme has proven popular with first-home buyers hoping to get their foot on the property ladder with […]
Three tweaks have been made to the HomeBuilder scheme
The federal government has recently made three key changes to its HomeBuilder grant scheme that might make it a little easier to take advantage of. In case you haven’t heard, $25,000 cash grants are currently on offer for those wanting to build or substantially renovate their home. The scheme was introduced to boost interest in […]
Offset versus redraw – do you know the difference?
Many homeowners choose to make extra payments towards their mortgage in the hopes they might be able to draw on them later if they need to. However, depending on how your home loan has been set up, the payments you’ve been putting away for a rainy day may not be as accessible as you think. The issue of being able to take out extra repayments has been brought to the fore recently after ME Bank reduced their customer’s redraw limits without telling them first. While the bank has now reversed their controversial decision, and customers can contact ME to restore their redraw limits to what they were previously, the scandal has highlighted the need for mortgage holders to be able to understand their home loan features. Offset vs. redraw facility A redraw facility has a lot in common with an offset account, however they have some very important differences too. Both features help reduce the amount of interest you pay on your home loan and help you pay it down quicker too. A redraw facility is a feature of a home loan that allows borrowers to access extra payments that have been made on top of the minimum payments required. However, lenders may have the option of reducing the amount of redraw that is available, and there can be costs or limits associated with accessing redraw funds. This means that the money isn’t readily available. In contrast, an offset account has similar benefits to a redraw facility but it sits outside of a home loan and operates more like an everyday banking account that can be accessed at any time. Not all offset accounts are created equally though. Depending on your loan you may need to transfer funds into a separate transaction account before using them. It’s also worth noting that some accounts don’t offset a mortgage by the full 100 per cent. These “partial” offset accounts are likely to have lower fees but you won’t be getting the full benefit from using them. So, which is better? Both redraw facilities and offset accounts are beneficial home loan features to have, but which one will work best for you will depend on how you prefer to manage your finances. Some people prefer offset accounts as they offer more flexibility and the ability to access funds at need, while others find that having a redraw facility allows them to save more diligently. It’s also worth noting that some people use a combination of both features. It’s worth chatting to your lender to find out which would work better for you, or talking to a trusted financial advisor.
How to get $25k from the government for your renos
If you’ve been thinking about starting a major renovation or homebuilding project then you better get started, because $25,000 cash grants are now on offer from the federal government’s HomeBuilder scheme. The $688 million time-limited program is set to provide a major boost to the construction industry. It will support 140,000 direct construction jobs and […]
Is the worst over for the residential property market?
There’s no corner of the economy that has been left untouched by the impacts of the coronavirus crisis, and the property market is no exception. But there are signs that the worst could already be over for residential real estate. Findings from CoreLogic’s March Quarterly Property Market & Economic Review, which took a look at […]
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