Refinancing a home loan has both become harder and more necessary for many Australian borrowers, thanks to recent Reserve Bank rate hikes. But if you’ve asked yourself whether you should refinance and decided, “Absolutely, let’s do this,” then it’s essential to get your finances in order.
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Refinancing a home loan can feel increasingly like a gambit. You’ll need to avoid the home loan hostage trap, compare mortgages until you find the deal, and face some incredibly steep serviceability tests.
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In a unique twist to savings, customer-owned NICU has just debuted its new Capped Home Loan, a variable interest rate home loan designed with rate hikes in mind. The loan has a built-in rate ceiling of 6.04% p.a. (6.39% p.a. comparison rate*) for three years, meaning no matter how much further rates rise, they won’t go beyond that for the capped term.
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New listings in capital cities rose 3.7% higher than the 5 year average last month, according to a report released by CoreLogic today. The report looked at the number of new listings over four weeks ending on July 30 and, although new listings were higher than usual for the season, it was 4.6% lower than the same time last year.
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It’s been an unusually warm winter indeed. Despite the Reserve Bank of Australia holding official interest rates steady last month, many lenders cast fresh sparks on their home loans. The ensuing fire has blazed through fixed-rate and variable-rate offers alike and pushed up the averages in Mozo’s database.
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So much for the bust! Property prices have regained much of their former value, according to Domain’s latest House Price Report. After five consecutive quarters of decline, the combined capital unit and house prices have surged at the fastest pace since 2021.
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Long gone are the days when you need to lodge a home loan application in person. Now, even mortgage management can be done in-app at the touch of your fingertips, thanks to light-year advances in mobile banking.
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In an astonishing pivot, the Reserve Bank of Australia (RBA) made a quiet July by holding the official cash rate at 4.10%. Home loans cooled their interest rate rush somewhat, much to the relief of borrowers.
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Everyone’s looking for an angle into the ridiculously competitive property market. But for those hoping to avoid the emotional stress and risk of auctions, conducting ‘secret’ deals behind closed doors could be the way to go. In other words: buy off-market.
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The RBA’s decision to pause rate hikes earlier this month has seen most lenders hold variable rate loans—or, in some cases, actually cut home loan rates. But banks have been a bit more cautious with fixed interest loans and, in some cases, have decided to lift rates.
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