For most people, paying off a mortgage will be a decades-long task. While the prospect can seem daunting, there are things borrowers can do to shorten the life of their loan — and save on interest in the long run. One of those things is making extra repayments.
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The maximum amount of superannuation that Australians can dip into to purchase their first home will soon be bumped up by $20,000, following the passage of new legislation last week.
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The deluge of hikes to fixed interest home loan rates show no signs of letting up, with major bank Westpac adding to the swell this morning by increasing rates by 10 to 30 basis points on a number of loans.
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As Aussie home borrowers face down the increasingly likely prospect of interest rate rises, one mortgage challenger is bucking the trend and dropping its variable rates to new record lows.Popular online lender Athena has just cut its variable rates for the 9th time in 3 years. Athena now has some of the lowest fee-free variable rates in the Mozo comparison database, starting from just 1.89% p.a. for owner occupier borrowers.“There is a lot of speculation that the cash rate will go up later this year, so we have the opportunity to allow our customers to save more and get ahead on their loan before that happens. That’s what our voluntary rate drop is all about”, said Nathan Walsh, Athena CEO and Co – Founder.Since launching in 2019, Athena has made a name for itself for consistently passing through RBA rate cuts to both new and existing customers.The mortgage challenger estimates it has saved Australians $414 million in interest so far, and customers are loving it. Athena customer Sue from Victoria told Mozo, “The only regret I have is not leaving my previous provider earlier…. Don’t waste your time and money with the big banks”.So if you're looking for a better value mortgage that could save you thousands, read on for our expert rundown of Athena’s lowest new home loans for owner occupiers and investors….
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Australia’s fourth largest bank, ANZ, has lifted interest rates on several fixed home loans by between 10 and 40 basis points, becoming the last of the big four banks to do so in recent weeks.
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Last year, national rental prices saw an increase of 7.4%, making it the highest growth year since 2009. And now the average rental property in Australia is at $499 as of December 2021 compared to $465 in December 2020, says Domain's latest Quarterly Rent Report .
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National Australia Bank (NAB) has become the latest major bank to increase interest rates on its fixed rate home loans, bumping up rates by between 10 and 20 basis points this morning.
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Online bank ING has announced that it will be lifting interest rates on a number of its fixed and variable home loans by 10-30 basis points effective tomorrow (February 3).
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New loan commitments taken on by Australian property buyers reached new heights over the course of 2021 according to figures released by the Australian Bureau of Statistics (ABS) on Tuesday.
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The Australian property market’s current run has fuelled a fresh round of FOMO. So much so that for many Australians, buying a home has become a more pressing goal than tying the knot.
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