We discuss the five core elements of inflation and delve into the reasons behind the high inflation in Australia. Moreover, we will discuss the repercussions of soaring inflation on interest rates and households, shedding light on its overall impact.
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Traditionally, property prices have been closely linked to the rise and fall of interest rates. But not necessarily in 2023. In this article, we wanted to look at what is causing this unusual trend and whether interest rates play an overstated role in shaping the property market.
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With property prices lifting for consecutive months, the Australian property market has reached a curious junction point. We analyse the question; are property prices finally recovering?
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After a year of pain for borrowers, many Australians have anxiously entered 2023 with the prospect of further cash rate hikes threatening already thin household budgets.Since interest rates began to rise in May last year, the average borrower with a $500,000 mortgage has seen their monthly mortgage repayments rise by $834. For the average borrower with a $1 million mortgage, monthly repayments are an extra $1668. Add inflation and soaring costs to that mix, and you have many Australian families under a great deal of financial stress.
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When you've had a home loan for a few years, your life will undergo many changes during that time. Whether you’ve got a promotion, changed careers or started a family, your financial circumstances evolve as you do.
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Imagine that you’ve been a loyal customer of a lender for many years, getting charged a certain interest rate on your home loan. Then, you find that your lender has been offering new customers much better rates whilst slowly increasing the mortgage rate on your home loan. If it sounds like this might be unfair, you aren’t alone.
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A home loan application is filled with many hurdles you need to jump. One of the biggest mistakes applicants make is failing to understand all the criteria lenders use to assess your credibility as a borrower. These factors will include anything from your credit score, earning capacity, deposit and debt-to-income ratio on the loan.
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There are many different home loan options available including your repayment type and the lender you borrow from. Choosing between a fixed or variable rate is one of the most important loan decisions you’ll need to make and will come down to your personal preferences.
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Repaying your mortgage generally means paying down a portion of your principal balance as well as some of the interest that has accrued through the cost of borrowing.
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Rentvesting is an investment strategy that allows you to live in an area that suits your lifestyle whilst owning property in an area that suits your budget.
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Earlier this month, borrowers were hit by a 50 basis-point hike in the cash rate; the largest rate rise since February 2000. Sadly, rates are expected to continue rising sharply over the next year or so as surging inflation battles the global economy.
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With the 2022 election behind us, it’s time to look ahead and see what Saturday’s result will mean for the Australian property market. Housing affordability became an important issue on the campaign trail, with both major parties putting forward their own proposals to help soften the blow for first home buyers.
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Inflation, rate rises, increased demand and housing unaffordability may finally be putting the breaks on Australia’s runaway property market.
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An offset account is a type of savings or transactional account attached to your home loan. The balance of your offset account effectively offsets your outstanding home loan balance, which in turn reduces the interest you owe.
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It was hard to fathom the property market in 2021. A number of pandemic-led factors propelled Australian property prices to unseen levels of growth - especially in our regional areas.
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