The First Home Loan Deposit Scheme is an Australian Government initiative to assist eligible first home buyers get into the home ownership market with a deposit as low as 5% and avoid paying lenders mortgage insurance.
A deposit bond is like a financial guarantee to the vendor for the 10% cash deposit normally paid when exchanging contracts to purchase a property. In instances where a purchaser does not have the full 10% deposit required to exchange contracts, they provide a deposit bond as a cash substitute, no money actually changes hands until settlement.
On Tuesday 1st October, the Reserve Bank of Australia announced another reduction to the Australian cash rate of 0.25%. This is the third reduction in 5 months bringing the new cash rate to a record low of 0.75%.
Purchasing a property is one of the biggest financial commitments you’ll ever make and can also be quite an emotional experience. Many people find the process of negotiating property prices when buying a home quite daunting. Below are some tips to prepare you for your negotiations and get the right price.
Australian’s looking to purchase a home or refinance existing loans will now have their home loan borrowing capacity increased due to changes from the Australian banking regulator, APRA.
For the second month in a row the Reserve Bank of Australia have reduced the cash rate to a new record low of 1%. That’s a 0.25% drop from last month. Australia now has the sixth lowest interest rate worldwide.
Which banks have reduced interest rates in response to the Reserve Bank of Australia cutting the cash rate to the record low of 1.25%?
The RBA slashes the cash rate to 1.25% – It’s time to celebrate! This is the news we’ve been waiting for and as many predicted, today the Reserve Bank of Australia made history by reducing the official cash rate by 25 basis points to a record low of 1.25%.
A home loan redraw facility allows you to redraw any additional repayments you have made on your loan. Making additional repayments on your loan reduces the loan balance, meaning you save money on the amount of interest your paying.
Australia’s housing market might be on a bit of a downward trajectory, but that doesn’t mean the value of your home can’t buck the trend. Here are five ways you can increase the value of your property, without necessarily increasing your monthly mortgage repayments.