In the 2021-22 Federal Budget, Josh Frydenberg announced a new scheme to enable single parents to get on the property ladder sooner. Under this scheme, from July 1st, 2021, 10,000 Family Home Guarantees will be made available over four financial years to allow single parents to buy a new home with a deposit of as little as 2%. This will help them to avoid the cost of lenders mortgage insurance (LMI) that usually applies to low deposit borrowers.
Buying your first home is a huge milestone and whilst it’s a very exciting time in your life, it is potentially one of the biggest investments you’ll ever make. On average it can take first home buyers five years to save enough for a 20% home loan deposit. You will be happy to know that there are ways to get onto the property ladder a bit quicker, such as the First Home Loan Deposit Scheme, the First Home Super Saver Scheme, and a Parental Guarantee (otherwise known as a Family Pledge).
In October last year, the government introduced temporary full expensing of eligible business assets in a bid to help businesses continue to survive the economic fallout of Covid-19 and the restrictions and chaos that ensued and to help boost Australia’s economic recovery. If you are wanting to upscale your business and start the new financial year on the right foot, equipment finance may be the way for your business to take advantage of this scheme.
With interest rates at an all time low, the question of whether to choose a fixed interest rate loan is a hot topic. Last month we took a closer look at The Pros and Cons of a Fixed Rate Home Loan, but what if you are torn between a fixed rate and a variable rate home loan? There is a solution – you can take out a split rate mortgage.
When purchasing a property, refinancing or just renegotiating with your current lender, borrowers can generally decide between fixed-interest loans that maintain the same interest rate over a specific period of time, or variable-rate loans that charge interest according to market rate fluctuations. With interest rates at an all-time low, and many lender’s fixed rates significantly lower than their variable options, refinancing to a fixed rate is a very attractive option at the moment. While none of us know what the future holds, we can look at the facts and make an educated decision. Here are the ins and outs of fixed-rate loans.