THE MONEY SPECIALISTS
It’s a three-speed property market across the country right now, with two capital cities showing signs prices might’ve peaked, three cities looking like they could soon peak, and three still going strong. How is the market performing in your neck of the woods?
Continue reading “Which two capital cities might have just hit their property price peak?”
It wasn’t long ago that the idea of buying an electric vehicle (EV) seemed like a bit of futuristic science-fiction. But with interest rates on EV loans recently dropping to under 3%, going electric is now more in the realms of an everyday, mundane, household budget decision.
Continue reading “Thought about buying an EV? Interest rates for them are dropping”
Keen to tackle a renovation project in 2022? You might have noticed that tradies are hard to pin down at the moment. So if you live in one of the suburbs in this week’s article, you might want to get the ball rolling sooner rather than later…
Continue reading “Where are tradies most in demand at the moment?”
Hold onto your hats, things are about to get a little bumpy. Economists from Australia’s biggest bank are predicting the Reserve Bank will raise the official cash rate as early as June – and we’re already seeing fixed interest rates increase significantly.
Continue reading “Fixed rates on the rise, as CommBank tips a June cash rate hike”
What’s most important to you when selecting a lender to provide finance for your small business right now? Well, Australian small business owners have put ‘flexibility’ when it comes to loan repayments right up there on their priority list.
Continue reading “Flexibility emerges as a key priority for small business loans”
Construction costs just rose at the fastest annual pace since 2005. So why is it getting so expensive to build your own home? Today we’ll look at the materials that are becoming more expensive and why all homeowners should take note – not just renovators and builders.
Continue reading “Why are houses becoming so much more expensive to build?”
National property prices are predicted to rise by up to 9% in 2022, according to REA Group, but which cities are tipped to lead the way in price growth this year? Let’s take a look.
Continue reading “Which cities are expected to have the biggest price growth in 2022?”
Ever dreamed about telling your boss to “shove it” and starting up your own business? Well, there’s been a big jump in Millennials and Gen Zs who are saving up to do just that (well, maybe except for the “shove it” part!).
Continue reading “One in five young adults are saving to start their own business”
With all the talk of record-breaking property growth throughout 2021, do you know how exactly your suburb and property type performed? Today we’ll show you how to find out in just a few clicks.
Continue reading “Your suburb’s 2021 property report card is in”
How much do you need to borrow to buy a typical Australian home these days? Well, the average loan size has increased dramatically over the past year – up almost $100,000.
The national average loan size for owner-occupier dwellings rose to an all-time high of $596,000 in November 2021, according to the latest Australian Bureau of Statistics data.
And the national average has been going up (and up and up) in recent months.
In October it was $571,000, while in November 2020 it was $503,000.
And with wages not growing anywhere near as fast, it’s more important than ever to have a professional like us in your corner when it comes to securing finance for your next home purchase.
Average loan sizes reached new highs in all states and territories in November 2021, except Western Australia (which only dropped a smidgeon below its October record high).
Here’s a quick state-by-state breakdown as of November 2021, compared to November 2020.
NSW: $769,000 – up from $644,000 (in November 2020)
Victoria: $619,000 – up from $499,000
Queensland: $514,000 – up from $440,000
South Australia: $422,000 – up from $384,000
Western Australia: $440,000 – up from $417,000
Tasmania: $446,000 – up from $373,000
Northern Territory: $433,000 – up from $380,000
ACT: $586,000 – up from $527,000
Here’s the good news – especially for first home buyers.
Most of the average loan values listed above still fall below the state and territory property price caps for a number of federal government schemes, such as the First Home Loan Deposit Scheme and New Home Guarantee initiatives.
These two schemes allow eligible first home buyers to build or purchase a home with only a 5% deposit, without forking out for lenders’ mortgage insurance (LMI), which on average helps people purchase their first home 4 to 4.5 years sooner.
That’s right – 4 years sooner!
Another factor working in your favour is that the RBA’s official cash rate is at a record low and interest rates are also very low as a result (which helps when it comes to your borrowing capacity).
Speaking of which, one very important step you can take is to get in touch with us so we can help you assess your borrowing capacity.
This way, you can work out whether that property you have your eye on is a goer, and if not, identify steps you can take to help bring it within reach.
To find out more, give us a call today – we’d love to help you explore your borrowing options.
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