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Here at Flametree Financial we recommend using this time a year to organise your finances (not just your taxes) and do some forward borrowing planning for the year ahead.
By now you would be well aware of how hot the property market is with the by-product being increased equity in our homes.
NEW! Family Home Guarantee
Beginning July 1, 30,000 new places were made available under the Australian Government’s First Home Loan Deposit Scheme, the New Home Guarantee, and the Family Home Guarantee. These schemes assist singles, families and first home buyers enter the market sooner with less deposit.
NEW! Family Home Guarantee
The Australian Government has announced a new program called the Family Home Guarantee, which provides eligible single parents with dependants the opportunity to build a new home or purchase an existing home with a deposit of 2 per cent, subject to the individual’s ability to service a home loan.
From 1 July 2021, 10,000 Family Home Guarantees will be made available over four financial years.
The Family Home Guarantee is aimed at single parents with dependants, regardless of whether that single parent is a first home buyer or previous owner-occupier. Applicants must be Australian citizens, at least 18 years of age and have an annual taxable income of no more than $125,000. A fact sheet with further information on eligibility criteria will be available on NHFIC’s website next week.
The Australian property market is booming. Prices returned to record highs in January, and February saw the sharpest monthly increase in house prices since August 2003. Primarily due to record-low interest rates, a strong economy and high buyer demand against very low stock volumes. Analysts are still scratching their heads and wondering where it will all end.
As we enter 2021, the real estate sector, predicted to crash and burn in 2020, is stronger than ever. Despite the ‘mortgage-holiday’ expiring in March 2021, experts predict that demand will remain at elevated levels, with more investors expected to return to the market.
Queensland is experiencing a property boom that could see prices increase by more than 20 percent in some areas and last for years to come.
Fears of a collapse in real estate prices in the wake of the pandemic have been replaced with a surge in confidence in the Sunshine State’s housing market, driven by an exodus to a healthy lifestyle, affordability, infrastructure spending and continuing low interest rates.
Here’s what you need to know about pre-approvals.
Rate drops create further opportunities
Eariler this month the Reserve Bank of Australia (RBA) announced a 0.15% rate cut, taking the official cash rate to just 0.1%. Lending laws have been up for discussion and it looks like the ball could very well be in the first home buyers and upgraders court in the future. Read on to learn how a pre-approval could benefit you and get in touch if you would like to explore your options.
The ‘sea-change’ trend has continued over the last month, with Realestate.com.au reporting an increase in search activity in regional areas as opposed to city suburbs. The Northern Territory is the most popular location with a 135% increase in searches despite the low stock volume. In close second is regional Victoria with search rates up by 130%. It seems that Aussies are warming to a regional life post-pandemic.
In the current uncertain times, we are seeing two interesting trends; That of established home owners choosing to bed down and renovate rather than sell, as well as new entrants to the property market choosing to construct rather than buy an established home.
According to a just released report from ANZ and Core Logic, Australia’s housing affordability is the best it’s been since 2016, helped by recent falls in property values in the Sydney and Melbourne markets. Sydney property prices have recorded the most significant decrease, dropping by 14.5% since their 2017 peaks.
The Government has just announced that $25,000 grants will be available to owner-occupiers “substantially renovating” or building a new home from 4 June to 31 December 2020, as part of the Morrison Government’s new $688-million HomeBuilder package.
For those eligible, the government will contribute $25,000 towards your new house construction worth up to $750,000 and for renovations of existing homes ranging from $150,000 to $750,000, as long as the current value is no more than $1.5 million.
As consumer confidence hit a record low in April, the real estate market is now faced with buyers and sellers abandoning the market until there’s more certainty. The number of new properties listed for sale in the 28 days to April 19 has fallen significantly, 28.7% below the same period last year. more
The new Government-backed initiative to help Australians get into their first home sooner is now available.
The First Home Loan Deposit Scheme (FHLDS) means you can buy your house with a deposit of as little as 5%. This could save you a substantial amount of Lender’s Mortgage Insurance (on average about $12,500) and can be used alongside other government grants and concessions.
Welcome to our first report of the new decade!
What will the 20s be like for property markets in Australia? Unfortunately, no one has a crystal ball to be able to accurately predict the future, but when it comes to property, it’s crucial to be aware of current trends to help you make the best possible buying or selling decisions.