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“Tide turning on interest rates”: CBA hikes fixed rates

Australia’s biggest bank has hiked its three-year fixed rate for owner-occupiers in a further sign that “the tide is turning on interest rates”. So if you’ve been thinking about fixing your interest rate, it could be high time to do so. Now, we’re not normally ones to write articles about the interest rate movements of particular products with particular lenders. But we felt this one was significant given that the Commonwealth Bank (CBA) is the nation’s biggest home lender, with…...
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Want to switch home loans? Here are ASIC’s top tips for refinancing

With interest rates at record low levels, we’ve seen a big increase in homeowners wanting to refinance this year. So this week we’ll look at some of ASIC’s top tips for refinancing, plus some of our own for good measure. More and more mortgage holders are looking for a better deal on their home loan. According to ABS data, the total number of home loan customers who switched providers last year increased by 27% – from 143,664 in 2019 to…...
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SMEs to get full asset write-off extension and fairer go with ATO

Small businesses in dispute with the ATO over their tax debt will get “a fairer go” under new rules proposed in the federal budget. Meanwhile, one-year extensions have been granted for the full asset write-off and loss carry-back schemes. Let’s break it all down. There’s a lot to digest in this year’s pandemic-recovery federal budget. So today we’ve chosen to focus on just a few key budget announcements we feel may help SMEs manage finance and debt in the years…...
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Single parents and first home buyers get big budget boost

Single parents saving for a property and first home buyers are the big winners from this year’s federal budget. Today we’ll break down the three schemes that will help them crack the property market sooner. In recent months there have been signs that first home buyers are beginning to shy away from the property market, as investors return in big numbers to take advantage of optimistic property market price outlooks. So this year’s federal budget focussed on giving first home…...
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Is it cheaper to buy or rent your next home? You might be surprised

While it might feel like property prices are skyrocketing out of reach, the majority of Australian homes are actually cheaper to buy than rent over the next decade, according to a new report. The latest REA Insights Buy or Rent 2021 Report reveals it is cheaper to buy than rent around 57% of dwellings across Australia, based on modest housing price growth of 3% per year over the next decade. Now, the results differ by property type and from state…...
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Has the housing market’s latest record-breaking run peaked?

Property prices climbed at a breathtaking pace in early 2021, which has been good news for homeowners and heartbreaking for house hunters. However, there are seven key signs that the pace of capital gains has peaked, says CoreLogic. Now, it’s important to note that CoreLogic is not suggesting that housing values are about to dip. Far from it. Rather, CoreLogic believes the housing market is “moving through a peak rate of growth and the pace of capital gains will gradually…...
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Business demand for equipment has hit record numbers

Businesses across the country are purchasing new equipment and vehicles in record numbers, as companies big and small embrace the strongest market conditions seen in years, according to NAB data. And with the end of the financial year approaching quickly, we’re expecting demand for equipment and vehicles to remain strong, with businesses looking to invest in their future by taking advantage of the federal government’s temporary full expensing rules (more on that below). NAB believes the demand for new equipment…...
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HomeBuilder extension gives applicants extra 12 months to start building

Tens of thousands of HomeBuilder applicants around the nation can breathe a sigh of relief after the federal government extended the construction commencement requirement from six months to 18 months. It’s fair to say that the success of the HomeBuilder program caught a lot of people off guard and, as a result, contributed to a surge in demand for manpower within the residential construction industry. In fact, more than 121,000 Australians applied for the HomeBuilder grant, which is expected to…...
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How long do you have to snap up a property in the current market?

You open up the real estate app on your phone, scroll through a few listings, and then there it is: the home of your dreams, ‘added 1 hour ago’. So just how long do you typically have to act in this hot market? Well, let’s just say it definitely helps to have spoken to us about pre-approval if you’re actively house-hunting right now. That’s because the average number of days properties are listed for sale on realestate.com.au reached record lows…...
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COVID-19 repayment amnesty over: how to avoid a bad credit rating

The COVID-19 loan deferral program and credit reporting amnesty is now over, which means banks will report any late repayments on mortgage or small business loans to credit agencies unless you’ve entered into a hardship arrangement. The banks’ mortgage deferral program and subsequent credit score reporting amnesty officially ended on April 1. The package was created during the peak of COVID-19 to provide loan repayment relief for almost one million home and business loan borrowers facing financial hardship. Luckily, many…...
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