Policy Changes
Breaking Down The Award Wage Increase By Fair Work Commission
The Fair Work Commission (FWC) recently unveiled a 5.75% increase in award minimum wages and a new national minimum wage of $23.23 per hour (up from $21.28 per hour), starting from 1 July 2023. This news is a welcome change for low-paid workers who have been grappling with the...
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Westpac Introduces Streamlined Refinance Policy
Westpac recently launched its Streamlined Refinance policy to help customers. What Is Westpac’s Streamlined Refinance Policy? This new policy is designed to make refinancing easier and more accessible to customers who meet certain eligibility criteria, so they do not end...
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Is The New Budget Going To Be Inflationary?
The 2023-24 Australian federal budget has sparked a debate about whether it will cause inflation to rise or fall. The government’s $21 billion economic relief package focuses on relieving the high cost of living, promoting affordable housing, improving healthcare, and providing...
Read morefolderCategory: Home Loan Articles, Mortgage News, Policy Changes, Property Market, RBA cash rate
bookmarkTags: Australian Budget, Fiscal Budget, Inflation, Mortgage, Property Market, Property News, RBA cash rate
Refinance Now Or Wait: Is The Peak Of Interest Rate Increases Behind Us?
Refinancing can be a smart financial move for homeowners looking to save money in the long run or reduce their short-term living expenses. Despite the record numbers of mortgage holders who have already taken advantage of refinancing, many have yet to explore whether they could...
Read morefolderCategory: cash rate, Fixed Rate Loans, Property Market, Variable Rate Home Loans
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Super Home Buyer Scheme
error The Super Home Buyer Scheme was proposed by the Coalition. Since the Coalition lost the 2022 federal election, this scheme will not be available. With affordability already low and a decreasing housing supply, Prime Minister Scott Morrison has announced a proposal...
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What Is The RBA Cash Rate And How Does It Affect Your Mortgage?
Interest rates are on the rise. Home Loan Experts can help you save money in this difficult environment. Call 1300 889 743 or fill in our free assessment form to speak to one of our expert brokers today! close info Interest rates are on the rise....
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Banks Now Accept Self-Employed Salary As Income
If you’re self-employed and you get a regular salary from your business, you can now use it as income to apply for a home loan. Before this change, most lenders required self-employed borrowers to provide at least 2 years’ worth of tax returns, financials and notices...
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Responsible Lending Laws To Be Terminated By March 2021
What are responsible lending laws? The Rudd Labor government tightened the responsible lending law in 2009 following the GFC. The laws required lenders to make more of an effort to figure out whether would-be borrowers can afford to repay their debt. The responsible lending...
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NAB Guarantor Home Loan Withdrawn
Effective from 25 May 2020, NAB will not accept parents as guarantors on their home loans or investment loans. NAB will not be able to do no deposit home loans for first home buyers who want to use their parents on their home loan. It updated their guarantor lending policy to...
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Borrowing Power Changes: How Much More Can I Borrow?
This month APRA (Australian Prudential Regulation Authority) has removed rules for the banks about how they calculate borrowing power. As a result, borrowing power has increased by as much as 15 per cent. Who are the winners? Home buyers have seen their borrowing power increase...
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bookmarkTags: APRA, Assessment rate, Borrowing power, Home Loan