New year, new loan?
One of the biggest home loan mistakes you can make is to ‘set and forget’ your mortgage for 30 years. Here are five signs it might be time for you to refinance.
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Loans
Record number of consumers turning to brokers
Record number of consumers turning to brokers About three-quarters of homebuyers are now using mortgage brokers, according to the latest data from Comparator. In the September quarter, brokers originated a record-high 74.6% of all new home loans, while banks originated a record-low 25.4%. Choice is the number one reason homebuyers prefer brokers – a broker
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How interest rates impact your borrowing capacity
Higher interest rates make it harder for borrowers to qualify for larger loans or even loans of any size. That’s because for every increase of 0.50 percentage points in interest rates, the average person’s borrowing capacity falls by about 5%, according to PropTrack senior economist Paul Ryan. Since 2022, the Reserve Bank of Australia (RBA)
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Top 3 ways to finance your renovations
Are you considering renovating? If so, you’re not the only one, because renovations are incredibly popular, with homeowners investing $2.84 billion on alterations and additions in the June 2024 quarter
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Why 98% of borrowers are going variable right now
In August 2024, 98% of new loans were variable, while 2% were fixed, according to the most recent data from the Australian Bureau of Statistics.
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Average loan sizes and how to pay it off faster
Regardless of whether your mortgage is higher or lower than these figures, you probably want to reduce your loan balance. Here are some tactics to help you achieve that goal
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Lenders competing strongly for borrowers
Lenders are competing strongly for borrowers, especially those with strong credit profiles. As a result, borrowing activity jumped 18.2% between January 2024 and August 2024, according to the most recent data from the Australian Bureau of Statistics. During that time, owner-occupier borrowing climbed 14.9%, while investor borrowing surged 23.7% and refinancing also increased, rising 1.2%.
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Housing assistance scheme helping tens of thousands of buyers
The federal government’s Home Guarantee Scheme (HGS) helped 43,800 buyers enter the market in the 2023-24 financial year, Housing Australia has revealed.
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How to build your dream house
Given that costs will likely continue to rise, the sooner you build, the cheaper it could be in the long term.
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Mortgage activity rising, as borrowers commit to $29bn of home loans
Three key trends emerge from the latest home loans data from the ABS
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Why banks assess your home loan repayment capacity at higher interest rates
When you apply for a mortgage, the lender uses a series of criteria to assess how likely you’d be to repay the loan. As part of this process, the lender also considers whether you’d be able to continue making your repayments if interest rates were to rise. Generally, lenders will apply a buffer of at
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Property investors very active in the market
Investors’ share of home loan volumes increase by over 29%
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