First home buyers in Victoria are about to get a little more help getting onto the property ladder, as the First Home Owner Grant doubles from the start of the financial year. Elsewhere in Australia, first home buyers can access their own State and Territory First Home Owners Grants. Here’s a closer look at the Government financial help available in each region.
Household debt in Australia is amongst the highest in the world, sitting at more than $1 trillion in mortgages. Around Australia, homeowners and property investors are making more calls to financial helplines. The warning signs are there: mortgage arears are creeping up, lenders’ bad debt provisions have increased, and personal insolvencies are near an all-time high. Should we be worried about Australia’s household debt levels?
With house prices reaching record-high levels, the amount of debt that home owners are having to take on is quite staggering when compared to previous generations. If you’re fortunate enough to own your own home, you’ve likely already experienced some form of mortgage stress. Have a look at these simple strategies that will help you take control of your mortgage and relieve some of the mortgage stress you may be feeling.
A startling report has revealed that 85 per cent of Australians are not aware of their home loan rate. With interest rates the lowest they’ve been in years, every home owner needs to be vigilant in monitoring and seeking the best possible home loan rate. Do you know what your home loan rate is?
Australia has enjoyed six blissful years of falling interest rates, but if the forecasters are to be believed, that could be about to change. Since 2011, the RBA has cut its official cash rate 12 times, from 4.75 down to just 1.5 per cent. As recent interest rate cuts have failed to boost the economy and increase inflation, it’s highly likely an increase will be on the cards in 2017.