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The Government has just announced that $25,000 grants will be available to owner-occupiers “substantially renovating” or building a new home from 4 June to 31 December 2020, as part of the Morrison Government’s new $688-million HomeBuilder package.
For those eligible, the government will contribute $25,000 towards your new house construction worth up to $750,000 and for renovations of existing homes ranging from $150,000 to $750,000, as long as the current value is no more than $1.5 million.
As consumer confidence hit a record low in April, the real estate market is now faced with buyers and sellers abandoning the market until there’s more certainty. The number of new properties listed for sale in the 28 days to April 19 has fallen significantly, 28.7% below the same period last year. more
The new Government-backed initiative to help Australians get into their first home sooner is now available.
The First Home Loan Deposit Scheme (FHLDS) means you can buy your house with a deposit of as little as 5%. This could save you a substantial amount of Lender’s Mortgage Insurance (on average about $12,500) and can be used alongside other government grants and concessions.
Welcome to our first report of the new decade!
What will the 20s be like for property markets in Australia? Unfortunately, no one has a crystal ball to be able to accurately predict the future, but when it comes to property, it’s crucial to be aware of current trends to help you make the best possible buying or selling decisions.
The end of the year, and the decade, is fast approaching. Property is a long-term investment, so it’s a great time to see how it’s performed over the last ten years in major markets across Australia. According to the Australian Bureau of Statistics, median house prices in Australian capital cities ten years ago were as follows: Sydney $595,000, Melbourne $480,000,
Buying a house can be a complicated process, but for a lot of us the hardest part is actually saving the initial deposit (ideally 20% of the property’s value). Compared to even twenty years ago, the percentage of income needed is much higher, meaning even the most diligent savers find it difficult to get started. So what do you do if you really want to step onto the property ladder but just can’t accumulate enough deposit? The good news is that you still have options, but the pros and cons of each need to be carefully considered.
With regulators having applied the brakes to lending in recent years, (some estimates claim borrowing capacity has reduced by as much as 30%) the Australian Prudential Regulation Authority (APRA) has decided to lower the minimum interest rate serviceability buffer from 7% to a level determined by lenders.
With official interest rates trending downward, shrewd mortgage holders may take the opportunity to call their lender to ask for a better deal.