5 Things Australian First-Time Homebuyers

Should Know.

1. Understand First-Home Buyer Incentives

2. Get Pre-Approval Before Searching

3. Factor in Additional Costs

4. Know the Differences Between Property Types

5. Hire a Professionals To Guide You Along The

Way: Conveyancer or Solicitor, Mortgage Broker, Accountant, Buyers Agent, and Financial Advisor.

Is it the right time to refinance your mortgage or purchase your first property?

The interest rate market is becoming increasingly competitive, which means that mortgage brokers can now secure outstanding deals for their clients. Are you considering refinancing your existing mortgage, or are you thinking about purchasing a new property? The interest rate market is becoming more competitive, allowing mortgage brokers to secure exceptional deals for their clients.

Currently, lenders are lowering interest rates to approximately 5.69% to 5.75% for variable loans and offering fixed rates for two years at 5.49%. These rates may vary depending on your potential purchase or refinance loan-to-value ratio.

1st Bank has dropped its interest rate to under 6% to a competitive 5.99%

Australian Lenders Are Lowering Variable Rates – What Does It Mean for Borrowers?

In a move that has caught the attention of borrowers across Australia, lenders are starting to lower their variable interest rates, with the first major bank making headlines by dropping its rate to an attractive 5.99%. This shift in the market has sparked discussions about the evolving lending landscape and what it means for homeowners, investors, and those looking to enter the property market.

In a significant move today, the Reserve Bank of Australia (RBA) reduced its benchmark cash rate by 25 basis points, bringing it down from its 13-year high of 4.35% to 4.10%.

The immediate beneficiaries of the rate cut are borrowers, particularly homeowners with variable-rate mortgages. In response to the RBA's announcement, Australia's "Big Four" banks—Commonwealth Bank of Australia, National Australia Bank, Westpac, and ANZ Group—have each committed to passing on the entire 25 basis point reduction to their customers. These adjustments are slated to take effect between late February and early March 2025.

What is the Housing Australia Scheme?

The Housing Australia Scheme is an Australian Government initiative designed to assist eligible individuals and families purchase homes sooner by reducing the financial barriers to home ownership. The scheme encompasses several programs, each targeting specific groups and offering unique benefits:

Can you “time” the property market in Australia?

Timing the property market in Australia—like any other market—is incredibly difficult. While you can analyze trends, economic indicators, and market cycles, predicting exact peaks and troughs is nearly impossible, and some may say it is too risky. Let's unpack the key points that may impact the Australian Property Market Price Movements.

When will interest rates go down in Australia?

This is the million-dollar question we’d all love to have answered, especially considering the current economic climate. Many nationwide households genuinely feel the financial pinch from the higher interest rates, which have proven to be significantly more burdensome than those experienced during the COVID pandemic.

Should I fix my loan or choose a variable interest rate? 🤓 Discover the Pros and Cons of fixed and variable interest rates.

Choosing between a fixed or variable interest rate option depends on several important factors, including your current financial situation, overall risk tolerance, and prevailing market conditions. In Australia, the Reserve Bank of Australia (RBA) set the cash rate, or interest rate, at 4.35%. It's speculated that we are at the peak of the interest rate cycle.

So when do the big four banks think rates will go down?