Property values have continued to rise in the first quarter of 2024, with strong growth reported across all major capital cities. Despite a pessimistic outlook by the Reserve Bank of Australia (RBA), the value of residential real estate increased to an estimated $10.4 trillion at the end of February (a new record high), while combined capital values are up 10.2% over last year’s figures. With the possibility of interest rate cuts looming, the market is gearing up for a strong year ahead.

With the new year in sight, there’s no better time to take control of your financial situation and prepare for the year ahead. Set yourself up for a financially successful 2024 by making a few small changes to how you spend and save, realigning your budget, paying down your debt, and resetting your financial goals. Here are five actionable tips and some practical advice to help you get financially fit in 2024.

Aussie homeowners facing yet another cash rate hike in June 2023 are understandably concerned about the impact that rising interest rates will have on their mortgage repayments. Going from a low .1 per cent little more than a year ago to a new high of 4.1 per cent, the latest cash rate hike has seen a number of banks push up mortgage rates. But, not all lenders and there are still interest rate deals to be found. If you are considering refinancing, non-bank lenders may be a suitable option.

Co-buying property in Australia by pooling resources with family or friends is one way to boost purchasing power and tackle affordability issues stopping many first home buyers and solo buyers from entering the market. But without careful consideration, co-buying can be a minefield of legal battles that potentially ruins relationships. Follow these 3 tips to know what pitfalls to avoid and how to make co-buying work.

From January 16, 2023, new legislation means first home buyers in New South Wales can choose to pay an annual land tax on their property instead of an upfront stamp duty when buying a first home. The First Home Buyer Choice policy aims to incentivize first home buyers and help them into their own homes sooner, by potentially shaving off nearly two years from the time needed to save a deposit. On the flipside however, increased housing demand from more first home buyers is likely to impact house values and property prices.

Spring is traditionally known as a time to spring clean. The time of year when we dust off winter blues, clear out clutter, and deep-clean our homes to prepare for warmer days ahead. Spring is also the perfect time to make some important changes to our financial situation: fine-tune our savings, reassess financial goals, and review the home loan. It’s time to spring clean your finances!

Recent interest rate hikes have many homeowners in Australia considering switching to a lower-rate home loan lender. And with more cash rate hikes by the Reserve Bank of Australia predicted, it’s likely the rate of refinancing will continue to grow. But it’s not just a lower interest rate that’s drawing new and existing customers to lenders. As refinancing competition heats up, lenders are getting creative about the incentives they’re offering to mortgagors, with many now targeting offers that help combat cost of living expenses.

Increased demand for new builds and renovations, combined with ongoing supply chain disruptions and a shortage of building materials, has led to a spike in construction costs across Australia. Homeowners with fixed-price building contracts are having to find the funds to pay for the unexpected additional costs, and are waiting longer for the build to start or to progress. With this trend set to continue, it’s vital those planning a build work closely with a mortgage broker who has experience in construction lending.

An important consideration for many first home buyers is deciding whether to buy a home now or to wait and save a larger deposit. It means weighing up the cost of LMI, and any other fees lenders may charge for low deposit lending, against the potential savings of getting into the property market before house prices rise even further. And that’s a tough decision to make! Now, with a useful comparison tool, that decision may be a little easier.

There’s a lot to think about when viewing a property for the first time, and it’s easy to overlook things or forget to check important items. It helps to have a checklist of the things you need to think about so you don’t forget anything important. Here’s an outline of what to look out for at an open home when buying a property in Australia, along with a handy checklist you can download and take along with you.