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The combined value of Australian real estate reached $10 trillion at the end of August, according to CoreLogic, which is the first time it's reached this level since June 2022.The increase resulted from a combination of more properties being built and the value of Australia's housing increasing.Soon after reaching the $10 trillion mark last year, the property market began a 10-month downswing, during which the national median property price fell 9.1%. Since March, prices have risen in six consecutive months, increasing by a combined 4.9%. However, the outlook is uncertain, according to CoreLogic. “While there is a growing expectation that the RBA board is done hiking the cash rate, borrowing remains constrained by a relatively high serviceability buffer,” CoreLogic said.“APRA [banking regulator] data to June showed the weighted average home loan assessment rate was just below 9%, and Australian Bureau of Statistics housing lending data shows mortgage lending has fallen for three of the past four months.”See how much you can borrow nowHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Australia property market passes $10trn milestone

The federal government has increased its housing construction target, in a bid to increase supply and improve affordability.Prime Minister Anthony Albanese, after meeting with the National Cabinet recently, announced a new national target to build 1.2 million well‑located new homes over five years, from 1 July 2024. That replaces the original target of 1 million homes, which was announced last year.Only 10,000 of those homes will be built by the federal government. The vast majority will be built by the private sector. Some will be built by the states and territories. As a result, the government also announced $3 billion of performance‑based funding for states and territories that achieve more than their targets and conduct reforms to boost housing supply.The government also announced an additional $500 million competitive funding program for local and state governments to kickstart housing supply.An increase in the housing supply should lead to a decrease in demand, which should put downward pressure on property prices and make housing more affordable.Need a home loan? Let's talkHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Albanese govt sets ambitious homebuilding target

Property investors in much of Australia are enjoying very low vacancy rates – and one leading property researcher has forecast that is unlikely to change anytime soon.The national vacancy rate in July was just 1.3%, according to SQM Research, which means there are very few untenanted rental properties right now. That makes it relatively easy for investors to find tenants and means renters will often accept higher rents to secure accommodation. “Clearly, acute rental shortages remain with us. And besides more people grouping together to share the burden, there is no significant solution on the horizon,” SQM managing director Louis Christopher said.Christopher added that the main cause of the tight rental market and fast-rising rents had been strong population growth. “Australia currently has, by far, the fastest growing population for any OECD country and clearly the rampant increases are currently breaching the country’s capacity to house all our people.”Need a home loan? Let's talk Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about “No solution on the horizon” for tight rental market

Despite the interest rate rises that have occurred since last year, rates are lower than one would expect due to “strong competition between lenders”, according to the Reserve Bank.Between May 2022 and June 2023, the cash rate increased by 4.00 percentage points. But during that same period, the average interest rate for outstanding variable-rate loans increased by only 3.37 percentage points.When all outstanding loans (variable and fixed) are taken into account, the average interest rate increased by 2.75 percentage points during the same period. That's because some borrowers still have low-rate fixed loans that were issued before the rate hikes began. “The share of borrowers rolling off fixed-rate mortgages – taken out two to three years ago at low interest rates – onto much higher rates peaked at just under 5.5% of outstanding housing credit in the June quarter; it will stay high for the rest of this year, before declining in 2024,” the Reserve Bank said.“These expiries will see the average outstanding mortgage rate continue to increase as the effect of the rise in the cash rate since May 2022 flows through to a greater share of borrowers.”Get in touch if your fixed rate is expiring. Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Lenders have not passed on all of the RBA’s rate hikes

“Refinancing activity has remained at record highs in recent months, as borrowers continued to switch lenders amid interest rate rises,” according to the Australian Bureau of Statistics (ABS).Owner-occupiers and investors refinanced a combined $20.2 billion of loans with external lenders in June, the ABS reported.While that was 3.1% lower than the month before, it was 12.6% higher than the year before. More significantly, the last 14 months have been the 14 biggest months in refinancing history.Unfortunately, interest rate rises are affecting a lot of households at the moment. That’s why refinancing can be such a smart strategy. I can take a look at your existing loan and situation, compare the market and potentially present some options that may save you money.Want to compare interest rates? Let's talkHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Refinancing jumps 12.6% year-on-year

If you're feeling confused about preparing your tax return, the Australian Taxation Office (ATO) has advised you to seek help from its digital self-help tools.“We get lots of calls from the community about topics that can be easily resolved through our digital self-help tools, so it may be better to not wait in a queue to speak to someone when you can do it yourself, at a time and place that suits you,” ATO chief service delivery officer David Allen said.“Our website has a wealth of information that you can refer to, including specific pages that explain what’s new this tax time for individuals and tax professionals. There is even a virtual assistant called ‘Alex’ that can help you track down the information you need.”The ATO also provides digital tools, including myTax and the ATO app, which you can use to answer questions and perform specific actions on accounts. You can also seek help from the ATO Community, an online, peer-to-peer platform.Online tax returns will take up to 14 days to process, according to the ATO.Need a home loan? Let's talkHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Use digital self-help tools to answer tax queries: ATO

In good news for buyers, there's been an increase in the number of properties listed for sale, as well as an increase in the total number of properties on the market.SQM Research has reported that the number of new listings (i.e. those less than 30 days' old) in June was 1.6% higher than the month before.At the same time, the number of for-sale properties – which includes both new listings and older ones – was 1.8% higher than the month before. So more homeowners are listing their property for sale and those homes are taking longer to sell.With more properties on the market, buyers have more choice, which means they don’t have to compete as hard on price. In the month to 4 July, there was a 2.0% reduction in prices being asked by vendors.Given that market conditions are favouring buyers in many parts of the country, this might be a good time to buy. Contact me if you’d like me to find you a great home loan.Want to compare interest rates? Let's talkHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Vendors reduce asking prices as property listings rise

The deadline for existing HomeBuilder applicants to submit supporting documentation has been officially extended to 30 June 2025.The deadline was previously set at 30 April 2023, but, in March, the federal government proposed to extend it, subject to the agreement of states and territories – which has now been secured.This extension applies only to people who had already received formal approval under the HomeBuilder scheme for off-the-plan purchases or renovations. Applicants do not need to do anything to access the extension – it will automatically apply.The reason the government extended the deadline was to support people who had entered into financial commitments on the basis they'd received the grant, but, through no fault of their own, were unable to use it due to supply constraints and construction industry delays.Applications for HomeBuilder closed in April 2021. States and territories administer the scheme on behalf of the federal government.Need a home loan? Let's talkHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Existing HomeBuilder recipients given two-year reprieve