News
First Home Loan Deposit Scheme: How To Secure Your Spot?
It came as no surprise that first home buyers quickly snapped up all 10,000 places of the First Home Loan Deposit Scheme during the last financial year. Under the scheme, first home buyers with a 5% deposit saved anywhere between $10,000 and $30,000 in LMI fees based on the...
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What Is The HomeBuilder Grant?
What is the HomeBuilder grant? It is a $25,000 tax-free grant given to eligible owner-occupiers, including first home buyers. The grant can be used to: Build a new home Renovate an existing home The HomeBuilder grant is a federal scheme designed to help the Australian residential...
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bookmarkTags: Construction, construction loan, First home Buyer
NSW Plans To Abolish Stamp Duty
In order to revive the NSW economy that has been affected by the coronavirus pandemic, NSW’s Treasurer Dominic Perrottet has laid out plans to completely scrap off stamp duty and payroll tax. If NSW does abolish stamp duty, then you could save up to 4% of the property costs...
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CBA’s Home Loan Repayment Change
From 1 May 2020, Commbank’s home loan repayment is automatically changed to the minimum, to free up household spending. By only repaying the minimum amount, CBA estimates that it will release up to $400 per month for customers who have been hard-hit by the coronavirus. This...
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bookmarkTags: extra repayment, home loan repayment
Coronavirus Plan For Your Family
We need to act now! It’s clear that the government’s response has been insufficient and that we’re going to face significant health, social and economic disasters. By acting now you can reduce the impact of coronavirus on your family and society. You should work on...
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Coronavirus Fears Puts Cash Rate To A Historic Low
The Reserve Bank of Australia (RBA) has decided to lower the cash rate by 25 basis points to 0.50%, and the biggest impetus for this decision was the global coronavirus outbreak. In the past, while small lenders and neo lenders were quick to pass on the rate cut, even major banks...
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Credit Reporting Code Amended: Big Win For Consumers
Tens of thousands of Australians whose credit ratings have been unfairly impacted by civil court actions such as court writs, summons, and judgments can breathe a sigh of relief. The Office of the Australian Information Commissioner (OIAC) approved changes to the Credit Reporting...
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bookmarkTags: Credit file, Credit Reporting Code
NAB In, Westpac Out Of The First Home Buyer Scheme
The NHFIC announced NAB as the first major bank that will be offering home loans under the federal government’s First Home Loan Deposit Scheme. The scheme allows first home buyers (FHB) to qualify for a home loan with a deposit as low as 5% and pay no Lenders Mortgage Insurance...
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Should Banks Automatically Adjust Home Loan Repayments?
93% of home loan borrowers are making more than the minimum home loan repayments off the back of cash rate cuts by the RBA. This is because currently, banks do not automatically adjust repayments. Basically, if a customer is paying P&I (principal and interest) then when...
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bookmarkTags: home loan repayment, repayment
RBA Says: Expect An Extended Period Of Low Interest Rates
Great news for borrowers! The Reserve Bank of Australia’s Governor Philip Lowe says that the cash rate will stay low for the long term. In its 4 September meeting, the RBA has decided to keep the cash rate unchanged at 1%, which means that borrowers can enjoy a longer period...
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bookmarkTags: cash rate, fixed interest rates, Interest Rates, RBA, variable interest rates
