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Median price growth for the month of November ranged from 0.4% in Sydney to 1.9% in Darwin and Canberra.Over the year to November, prices grew in all capitals except Melbourne.Canberra’s median price ($672,866) is now higher than Melbourne’s ($672,172), making Canberra the second-most expensive capital city property market, behind Sydney. Peter Koulizos, chairman of the Property Investment Professionals of Australia (PIPA), said the latest statistics were in stark contrast to the alarmist forecasts at the start of COVID.“Big banks and some property commentators were predicting property price falls of anywhere from 10-30%,” he said.“At the same time, PIPA produced research to show that house prices had increased by as much as 100% in the five years after the most recent recessions.Do you need a home loan?Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 Real estate values keep rising, despite pandemic

Good news for existing home owners and people planning to enter the market – the government has extended the HomeBuilder scheme.HomeBuilder provides financial support to owner-occupiers who want to build a new home, substantially renovate an existing home or buy an off-the-plan property. Under the original version of the scheme, participants in the HomeBuilder scheme receive a $25,000 grant if they sign a building contract before 31 December 2020.Under the new version, participants will receive $15,000 if they sign a contract between 1 January and 31 March 2021.As before, construction must start within six months of the contract being signed.The price cap for renovations has been kept at $1.5 million (pre-renovation). However, the price cap for new builds, which is currently set at $750,000 for all states, will be increased to $850,000 for Victoria and $950,000 for New South Wales.To participate in HomeBuilder, you must be an Australian citizen and earn less than $125,000 for singles and $200,000 for couples.Need a construction loan?Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 Government extends HomeBuilder by 3 months

It’s been a mixed picture for property investors this year, with houses outperforming units and smaller capitals outperforming larger cities.Across Australia, median house rents increased 3.2% in the year to November, while median unit rents fell 3.1%, according to CoreLogic.Perth, Darwin, Canberra and Adelaide were the only capitals that experienced increases in both house and unit rents, while Hobart was the only capital that went backwards in both categories. Many commentators are forecasting property prices to grow in 2021, so next year might be a good time to buy an investment property.If you want to enter the market, here are five ways to increase your borrowing capacity:Pay off debtsCut back on discretionary spendingLower the limit on your credit cardReduce or eliminate your use of buy-now-pay-later servicesLook for ways to increase your incomeNeeding mortgage advice?Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 Rents surge in Perth, Darwin, Canberra and Adelaide

You know how real estate is Australia’s national sport? Well, here’s some data that proves it.Australia has overtaken America as the country building the biggest houses in the world, according to a report from CommSec. In the most recent annual results, the average size of newly-built homes was 235.8 square metres in Australia and 233.1sqm in the US.ACT residents built the biggest houses in the 2019-20 financial year, while Tasmanians built the smallest:Australians are building bigger houses today than in previous decades. New houses are 6% bigger than 20 years ago and 27% bigger than 30 years ago, according to the report.Needing a great deal? Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 snatches property crown from the U.S.

In just a few seconds, you can find out some data about first home buyers in your suburb.Click this link, type in a postcode and you’ll discover the average profile of first home buyers who participated in the First Home Loan Deposit Scheme during the first six months of 2020.Looking at the national data, for 6,814 borrowers, the average profile was:Age = 25-29Household income = $91,000Purchase price = $400,000Loan-to-value ratio = 95%Debt-to-income ratio = 4.3 Normally, when someone buys a property with a deposit of less than 20%, they have to pay lender’s mortgage insurance (LMI), which can cost thousands of dollars. But under the First Home Loan Deposit Scheme, the government acts as a guarantor, which allows eligible borrowers to put down a deposit of just 5% and avoid LMI.The First Home Loan Deposit scheme is open to only 20,000 first home buyers this financial year, with at least half the spots reserved for people who are building or buying new homes.Want to buy your first home?Get in touch and hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 Wondering how much first home buyers near you are paying

The use of buy-now-pay-later services is exploding – and causing some people financial harm.The number of active buy-now-pay-later (BNPL) accounts increased 38% and transactions jumped 90% between the 2017-18 and 2018-19 financial years, according to a report from ASIC.ASIC found that 21% of users who were surveyed had missed a payment in the previous 12 months. Another negative impact is the red flags it can raise during a home loan application. Banks and lenders that see BNPL on your banking statements get nervous about your savings and spending habits.Simply put, lenders might question your ability to budget and live within your means.All BNPL providers are not looked at the same when you apply for a home loan. Some have higher risk associated with the way they lend money and it can lead to more difficulty with a home loan application.If you’re going to use BNPL, treat it as a short-term loan that you pay back as quickly as possible.Needing a great deal? Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 Be careful with ‘buy-now-pay-later’ this holiday season

There has been a massive increase in home loan borrowing over the past year, according to the latest data from the Australian Bureau of Statistics. Australians took out $22.5 billion of mortgages in September – a 25.5% jump on the year before. That included increases of:33.8% for owner-occupiers4.2% for investors There was also a massive increase in first home buyer activity among owner-occupiers.First home buyers took out 13,569 loans in September. That was not only up 45.5% on the year before, but was also the highest figure in 11 years.The surge in borrowing comes as no surprise – interest rates are at record-low levels. And with governments around Australia providing assistance for first home buyers, it’s no surprise to see so many younger buyers entering the market.Want to get into the market?I can help. Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 Record-low interest rates drive a surge in home loan activity

The federal government has doubled the number of openings for its popular First Home Loan Deposit Scheme.When the scheme started in January, only 10,000 eligible first home buyers were able to participate each financial year. That has been increased to 20,000 for this financial year.Under the scheme, the government acts as a guarantor for eligible first home buyers, allowing them to:Take out a mortgage with just a 5% depositSkip the usual requirement to pay lender’s mortgage insurance (LMI)The scheme includes 27 participating lenders who are now accepting applications.To be eligible, you must earn no more than $125,000 for singles and $200,000 for couples.Also, you must purchase a home under the price cap, which ranges from $250,000 in regional South Australia to $700,000 in Sydney.Needing a great deal? Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 More first home buyers get mortgage help