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The rising rate environment is creating greater rate disparity among the big four banks on standard variable loans, leading many borrowers to wonder where the competitive benchmark rate really is in the market.
Comparing the standard variable rates of the big four banks to get an average ‘benchmark’ rate has been a commonly used way for borrowers to know if they were getting a good deal from their lender, but it is now becoming increasingly irrelevant.
Posted in Buying to Invest, First Time Buyers, Interest Rates, Refinancing | February 3rd, 2010 No Comments » Tags: Home Loan, Home Loans, Interest Rates, Invest, Refinance, Variable loan, variable rate
With so much talk of increasing house prices and affordability – RP Data and Rismark are challenging this belief. From last week’s research, they claim that housing affordability has not declined since 2003. According to Rismark’s CEO, Christopher Joye, “There is an uninformed perception that houses are much more expensive now, compared to our household incomes, than they ever have been before.”
“But that is not correct, affordability in the housing market is not deteriorating rapidly, average house prices are not seven to eight times household incomes as is often quoted,” he says
Posted in Buying to Invest, First Time Buyers, Moving House | January 28th, 2010 3 Comments » Tags: affordability, Budget, First Home Buyers, Home Loan, Home Loans, Invest, Move House, Property
This has been a contentious issue over the years among both researchers and economists – but data from Australian Property Monitors and RP Data’s Rismark has reignited this in the last few days.
An Australian Property Monitors’ Quarterly Housing report revealed, “2009 ended with the strongest annual house price growth since 2003,” which supports the view that residential property is unaffordable. APM also revealed over the December quarter the Australian property market saw a 4.8 per cent rise in median house prices nationally and 12.1 per cent rise overall for the year.
Posted in Buying to Invest, First Time Buyers, Moving House | January 28th, 2010 1 Comment » Tags: affordability, Budget, First Home Buyers, Home Loans, Invest, Move House, Property
Each category of borrower, including owner occupiers, investors and first home owners should be looking at financial strategies to protect themselves from more rate rises. Apart from checking your loan’s features are still appropriate for you, owner-occupiers should be limiting discretionary spending, allocating more funds for their mortgage repayments. This will give them breathing space as rates continue to rise, as well as providing a slush fund for any necessary works on their property
Posted in Buying to Invest, First Time Buyers, Interest Rates | December 30th, 2009 No Comments » Tags: Home Loan, Home Loans, Invest, Move House
Each year Australians spend billions of dollars renovating or rebuilding their homes as they seek to improve their lifestyle, make adjustments to suit their changing circumstances, or simply enhance the value of their home.
As we grow in our relationships, our needs often change with regard to the home we live in. Our financial situation may improve which provides greater accommodation options, or indeed we may add to the family unit by having children or need to prepare for other family members to move into the home.
Posted in Buying to Invest, Interest Rates, Moving House | November 30th, 2009 No Comments » Tags: Invest, Move House, Renovate