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RBA trims cash rate to new record low 0.10%

If you didn’t back a winner on Melbourne Cup Day then fret not: the Reserve Bank of Australia (RBA) has delivered mortgage holders a win by cutting the official cash rate by 15 basis points to a new record low of 0.10%. RBA Governor Philip Lowe says the cash rate cut is part of a package of measures to support job creation and economic recovery from the COVID-19 pandemic. “Given the outlook for both employment and inflation, monetary and fiscal…...
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The First Home Loan Deposit Scheme is back; bigger and better!

The First Home Loan Deposit Scheme is back; bigger, better and more buyer-friendly than before. If you’re a first home buyer who missed out on the first two rounds, then here’s how to make it a case of third time’s a charm! It’s federal budget week, and this year’s big winners in the world of property and finance are first home buyers, with the federal government announcing a fresh extension to the First Home Loan Deposit scheme (FHLDS). Today we’ll look at…...
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JobKeeper 2.0 is about to begin: here’s what you need to know

Like most sequels, JobKeeper 2.0 won’t be as big a blockbuster as the original. But that’s not to say it won't help many SMEs navigate the difficult times ahead. Today we’ll cover what you need to know about making the transition for your business. It’s hard to believe that JobKeeper 2.0 is due to begin next week. But it’s actually been half a year (or 13 fortnightly payments) since the scheme was first launched, over which time around 42% of…...
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House prices tipped to surge 15%, RBA hints at cash rate cut

Strap yourself in: Australian house prices are tipped to experience a mild COVID-19 dip before surging 15% over the following two years, according to some of the nation's top economists. And in more good news for homeowners, RBA Deputy Governor Guy Debelle has hinted at further reductions to interest rates, while not going into negative territory. Both NAB and Westpac economists have been quick to jump on board the rate cut hype train, predicting the RBA could cut the cash…...
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Is now a good time to buy property? Two-thirds of investors say ‘yes’

The majority of property investors are remaining upbeat despite COVID-19, with 67% believing now is a good time to invest in residential property, according to a new survey. The 2020 PIPA Property Investor Sentiment Survey gathered insights from nearly 1,100 property investors in August, with the key finding that the majority of property investors remain optimistic about the months ahead. Indeed, two-thirds of investors who participated in the survey said they believe now is a good time to invest in…...
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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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More than a quarter of SME businesses knocked back for finance

As if small and medium-sized businesses weren’t already facing an uphill battle this year; now it turns out that more than a quarter were knocked back when they applied for finance in recent months. Here’s how we can help. The latest Sensis Business Index – which surveyed 1,015 businesses in the first week of August – shows 26% of businesses that applied for finance over the past three months were knocked back. The figure was worse in the bush with…...
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There’s a good chance you have a lazy $6k lying around your home

Whether you’re looking for extra cash to purchase a property, or could do with a few thousand dollars to pay off your existing mortgage, the average Aussie household could make nearly $6,000 from selling their pre-loved items. Turns out we’re a bunch of hoarders that’d make the Kerrigans blush, according to the 2020 Gumtree Second Hand Economy Report. Indeed, more than 85% of us have unwanted items collecting dust around our homes that we could sell on second-hand trading platforms.…...
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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 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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