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Lenders begin contacting borrowers who have deferred loans

If you’ve deferred your home or business loan then it’s likely your bank will reach out to you in the coming weeks. Here’s what to expect and what options are available to you. As the initial wave of six-month loan payment deferrals comes to an end, banks have started contacting customers to discuss the next step, which could include further support, assistance or deferral. Of the more than 900,000 loans which have been deferred during the pandemic, at least 450,000…...
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How to enter the property market with a $15,000 to $30,000 deposit

First home buyers are now breaking into the property market more than four years faster than they typically would thanks to a little-known government scheme. Today we’ll discuss how.  Ever heard of the First Home Loan Deposit Scheme? If not, don’t stress, it only launched this year and the first six months of data has only just been published. Basically, it’s a government scheme that allows eligible first home buyers with only a 5% deposit to purchase a property without…...
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Where you’re most likely to score a $50,000 discount on property right now

Home sellers across the country are lowering their price expectations in droves, new data reveals. But which two capital cities have seen the highest percentage of sellers discount their asking price? Here’s an exciting stat for all you property bargain hunters out there: the percentage of sellers dropping their asking price during COVID-19 has more than doubled in our capital cities across the country, new Domain data shows. So which two cities have seen the biggest increase in sellers offering…...
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Property ranked as the best investment option right now by experts.

You’ve heard the saying ‘safe as houses’, right? Well, it seems that old adage may ring true even in the current pandemic, with many of the nation’s top economic experts saying that’s where they’d put their money right now. A Finder survey asked 28 leading experts and economists to weigh in on future cash rate moves and other issues related to the state of the Australian economy. When asked: “Where do you think is the best place to invest your…...
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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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Planning ahead: RBA says expect long-term low interest rates

Good news for mortgage holders this week, with the RBA saying "it’s reasonable to expect an extended period of low interest rates". Figures released on Wednesday show that core inflation, the RBA's preferred measure, is currently at 1.4%. However, Reserve Bank of Australia (RBA) Governor Philip Lowe says it is highly unlikely the RBA will contemplate higher interest rates until it’s confident that inflation has returned to 2-3%. “Whether or not further monetary easing (aka further rate cuts) is needed,…...
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