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Coronavirus SME Guarantee Scheme is being expanded

If you’re a small or medium-sized business owner in need of an affordable loan then we’ve got good news: the federal government is expanding the Coronavirus SME Guarantee Scheme to allow businesses to borrow more and for a wider range of purposes. The scheme, which is in phase one until September 30, allows lenders to provide eligible SMEs unsecured loans of up to $250,000 for up to three-year terms. It’s had good traction too, with more than 15,600 businesses accepting…...
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The top ten Australian suburbs to buy in post-COVID-19

We’re all looking forward to things eventually getting back to normal, or at least the “new normal”. And while it’s not clear exactly what the “new normal” will look like in the property world, there are some promising early signs.  For instance, you might have seen that interest rates are pressing down towards 2% (and, in a few rare cases, dropping below 2%), and that property prices have dipped a little in some areas. So what does this mean? Well,…...
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Homeowners refinancing in record-high numbers: explore your options

Homeowners in record-high numbers are taking advantage of reduced interest rates and competitive refinancing offers. Are you ready to take the leap?  When times are tough, the belt gets tightened. And we’ve seen that play out across the country in a big way recently, with the number of Australian families who refinanced their mortgage in May the highest on record, according to the latest figures from the Australian Bureau of Statistics (ABS). In fact, 33,712 Australians refinanced a whopping $15…...
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$1 lenders mortgage insurance for eligible first home buyers

You’ve probably heard something along the lines of ‘you need a 20% deposit to buy a home’, right? Well, not necessarily. Today we’ll look at two options available to eligible first home buyers, including a $1 lenders mortgage insurance offer that’s just been launched. Now, to be fair, that 20% deposit figure quoted by your uncle Barry wasn’t plucked out of thin air. Barry’s just a little behind the times (as a scroll through his Facebook feed would attest). Let…...
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Loan deferrals to be extended for customers who need extra breathing space

Home and business owners struggling financially due to COVID-19 will be given another four months to resume paying back their loans. Extended loan deferrals will be provided to those who genuinely need more than the current six-month timeframe, says the Australian Banking Association (ABA), however, extensions won’t be automatic. While each bank’s deferral policy differs, it’s important to note that deferring repayments on your loan generally doesn’t stop interest from accruing. As such, customers who are able to repay their…...
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Why you should care about the new ‘Open Banking’ era

‘Open Banking’ is now officially upon us. But what does that mean and why should you care? Well, in a nutshell, it’ll be easier and quicker for you to get a better deal on banking products going forward. With all that’s going on in the world right now, it’s been interesting to see one of the nation’s biggest banking overhauls in recent memory slip a little under the radar. Legislation came into effect on July 1 that’ll make it easier…...
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