Should You Buy A House During A Recession?
Australia is currently in a COVID-19 induced recession. However, this recession is different because: This is a COVID-19 induced recession and not caused by economic downturns. The government implemented lockdowns to control the spread of coronavirus which led to a contraction...
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Victoria Announces Stamp Duty Waivers Plus $6 Billion For Housing
In its 2020-2021 state budget, the Victorian government announced that it will invest $6 billion to build more than 12,000 new social and affordable homes and make housing more accessible and affordable for Victorians. According to the government, the package is Australia’s...
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NSW Stamp Duty Changes: What Are The Benefits?
The New South Wales government is proposing to abolish stamp duty as part of its 2020-21 budget announcement on 17 November 2020. Instead of paying stamp duty upfront, it would be replaced by an annual land tax. Stamp duty is a government tax paid when you buy a property....
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RBA Cash Rate Cut – Will Lenders Pass On The Rate Cut?
RBA cash rate cut – Will Lenders Pass On the Rate Cut? The Reserve Bank has unveiled its new measures along with the record low cash rate cut to 0.10%. It is a measure taken to support job creation and the recovery of the Australian economy. Following its traditional...
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Melbourne’s Property Market: Recovery Underway
Metropolitan Melbourne and regional Victoria are currently in the third stage of the government’s COVID-19 recovery plan. Following a series of lockdowns designed to bring the COVID-19 outbreak under control, Victorian real estate is slowly moving back towards “business...
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Australian Property Market Update: October 2020
After five months of decline, the national home value index finally moved back to a positive in October 2020. According to CoreLogic, the index shows a rise of 0.4%. Every capital city in Australia, except for Melbourne, recorded a rise in their values over October...
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Newsflash: Major Banks Drop Fixed Rates To 1.98%
RBA announced the history-making rate cut on November 3rd in which they slashed the cash rate to a record low of 0.10%. The big four banks have made significant rate cut to fixed home loan rates. One of the major banks has reduced the fixed-rate to the lowest ever at just...
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More Australians Looking To Buy A Home Now Than Ever
Consumer sentiment is on the rise but is it enough? The government’s unprecedented level of stimulus amidst the COVID-19 pandemic such as the Jobseeker, Jobkeeper, HomeBuilder have helped restore confidence in the economy. According to the Westpac-Melbourne Institute...
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More Than Half Of All The Paused Mortgages Yet To Resume Their Repayments
At the height of the COVID-19 pandemic, around 500,000 mortgage repayments (1 in 11 mortgage holders) were deferred. Six months later, almost half (45%) of all deferred mortgages have resumed repayments, based on data collected by the Australian Banking Association from seven...
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Why You Shouldn’t Let The Pandemic Put Your Plans For Pre-approval On Hold
It’s hard to believe we’re in the middle of a pandemic with the Australian Bureau of Statistics (ABS) data shows that Australians secured $16.3 billion in owner-occupier loans in August 2020. This is a 13.6% increase in August, which is the largest rebound since...
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