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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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3 questions SME owners should ask themselves before JobKeeper 2.0

JobKeeper is due for a big shake-up next month, which means if you’ve been relying on it to get your business through these rocky times, you need to start planning ahead now. With the small business ombudsman and many economists concerned about an "insolvency tsunami" hitting small businesses, it’s critical that you start thinking about your ongoing funding plans now to avoid being swept up in the tide. JobKeeper support is set to end for many businesses on September 27,…...
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Applications now open for $25,000 HomeBuilder grant in all states

It’s been two months since HomeBuilder was first announced, and I’m sure many of us spent a bit of that time dreaming about an extra $25,000 to spend on a reno or new home. The good news is grant applications are now officially open. All states have now opened application channels (see below) for the federal government’s new HomeBuilder grants, with ACT the only government yet to provide an application form (however you can register online). Back up, what’s the…...
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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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You might be closer to your first home deposit than you think

You’ve probably heard the federal government is giving $25,000 grants to eligible Australians looking to build or substantially renovate their homes. Today we’ll look at what that means for first home buyers when combined with state and territory schemes. If you’ve been umming and ahhing about purchasing your first home for a while now, we have great news: you’d be hard-pressed to find a time when there were more government incentives to help you enter the property market. For starters,…...
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Goodbye stamp duty?

The dreaded and controversial stamp duty tax could soon be a thing of the past, with calls for it to be abolished gaining momentum. The Property Council of Australia is the latest body to add their voice to the chorus this month after both the NSW and Victorian state governments ramped up calls for stamp duty reform. Axing the controversial tax is a key measure being proposed in the Property Council’s Seven Point Plan for Economic Recovery, released this week, to…...
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New code to protect Aussies buying solar panels

Ever thought about investing in solar panels for your home? If so, you’ll know it’s a big decision and there’s a lot to wrap your head around. Fortunately, the consumer watchdog is proposing a new retailer code to make solar purchases safer and easier. Australia is the sunniest continent on Earth. Yep, even more so than Africa. Which is why it makes sense that more than two million homes have already decked out their rooftops with solar panels. Sure, the…...
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On the hunt for a new loan provider?

One in 10 consumers have switched credit products in the past year, according to new research, with Millennials and women in particular pouncing on offers from small banks, credit unions and building societies. The financial landscape is shifting. Over the past 12 months, 10% of consumers have switched credit providers, according to the Australian Consumer Credit Pulse 2019 report from Equifax, as once-loyal customers increasingly check out what lenders outside the Big Four banks have to offer. Is now a…...
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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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