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Freedom to move: stamp duty reforms gain momentum

Stamp duty: two of the most dreaded words in the world of property and finance. Fortunately, NSW and Victoria have unveiled some big changes to the inefficient tax this week, and there’s hope it’ll inspire other states to review their own stamp duty arrangements.

If you’re unfamiliar with stamp duty, it’s basically a state/territory government tax you pay on certain transactions, such as a car or piece of

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Switch lenders if rate cut is not passed on: RBA

Mortgage holders and business operators are being encouraged by the RBA to switch lenders if their bank doesn’t pass on the latest cash rate cut.

The Reserve Bank of Australia (RBA) delivered mortgage holders and business operators a Melbourne Cup Day win by cutting the official cash rate by 15 basis points to a new record low of 0.10%.

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RBA trims cash rate to new record low 0.10%

If you didn’t back a winner on Melbourne Cup Day then fret not: the Reserve Bank of Australia (RBA) has delivered mortgage holders a win by cutting the official cash rate by 15 basis points to a new record low of 0.10%.

RBA Governor Philip Lowe says the cash rate cut is part of a package of measures to support job creation and economic recovery from the COVID-19 pandemic.

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The First Home Loan Deposit Scheme is back; bigger and better!

The First Home Loan Deposit Scheme is back; bigger, better and more buyer-friendly than before. If you’re a first home buyer who missed out on the first two rounds, then here’s how to make it a case of third time’s a charm!

It’s the federal budget week, and this year’s big winners in the world of property and finance are first home buyers, with the federal government announcing a fresh extension to the First Home Loan Deposit scheme (FHLDS).

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JobKeeper 2.0 is about to begin: here’s what you need to know

Like most sequels, JobKeeper 2.0 won’t be as big a blockbuster as the original. But that’s not to say it won’t help many SMEs navigate the difficult times ahead. Today we’ll cover what you need to know about making the transition for your business.

It’s hard to believe that JobKeeper 2.0 is due to begin next week.

But it’s actually been half a year (or 13 fortnightly payments) since the

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Lenders begin contacting borrowers who have deferred loans

If you’ve deferred your home or business loan then it’s likely your bank will reach out to you in the coming weeks. Here’s what to expect and what options are available to you.

As the initial wave of six-month loan payment deferrals comes to an end, banks have started contacting customers to discuss the next step, which could include further support, assistance or deferral.

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Homeowners refinancing in record-high numbers: explore your options

Homeowners in record-high numbers are taking advantage of reduced interest rates and competitive refinancing offers. Are you ready to take the leap? 

When times are tough, the belt gets tightened.

And we’ve seen that play out across the country in a big way recently, with the number of Australian families who refinanced their mortgage in May the highest on record, according to the latest figures from the Australian Bureau of Statistics (ABS).

In fact, 33,712 Australians refinanced a whopping $15 billion worth of mortgages in May.

To put that into context, before COVID-19 struck, that monthly figure floated around the $10 billion to $11 billion.

Anecdotally speaking, the recent 50% increase in refinancing sounds about right to us.

We’ve been flat chat over the past few months helping families refinance their home loans and save thousands of dollars in annual interest repayments.

Why are so many people refinancing?

First and foremost, the economic squeeze brought on by COVID-19 has made people stop and take stock of where they can make savings in their family budget.

And one possible way to do that is by refinancing, as Australian home loan rates have never been lower.

That’s because, on top of the Reserve Bank of Australia (RBA) dropping the cash rate to a record low, lenders are currently competing hard for your business by offering never seen before interest rates.

ABS Chief Economist Bruce Hockman further explains: “The value of existing owner-occupier loans refinanced with a different bank [in May] was by far the highest on record as borrowers responded to reduced interest rates and refinancing offers.”

So how much can you save by refinancing?

Well, that’ll depend on your individual circumstances and a number of other factors, including how big and old your loan is.

But to give you a lower-end-of-the-scale example, a recent RBA study found that for loans written four years ago, borrowers are charged an average of 40 basis points higher interest than new loans.

“For a loan balance of $250,000, this difference implies an extra $1,000 of interest payments per year,” explains the RBA.

And if your loan amount is higher than the above example – or if your loan is older – then there’s a decent chance that refinancing could save you even more than $1000 in interest payments each year.

What’s your next step?

That’s the easy part – get in touch today.

RetainMe is Australia’s 1st home loan negotiating platform. So whether you are looking to re-negotiate your current home loan or refinance, book in your appointment today with one of our home loan specialist so that we can run you through your options and get the ball rolling.

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Final touches on $25,000 HomeBuilder scheme announced

The “crucial final touches” on the federal government’s $25,000 HomeBuilder scheme have been revealed. Will your build be eligible?

When the federal government announced its $25,000 HomeBuilder scheme in early June the immediate reaction from many was ‘you little beauty’, quickly followed by, ‘wait… will my project even be eligible?’

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You might be closer to your first home deposit than you think

You’ve probably heard the federal government is giving $25,000 grants to eligible Australians looking to build or substantially renovate their homes. Today we’ll look at what that means for first home buyers when combined with state and territory schemes.

If you’ve been umming and ahhing about purchasing your first home for a while now, we have great news: you’d be hard-pressed to find a time when

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So, who’s eligible for the $25,000 HomeBuilder scheme?

You might have heard that the federal government will give eligible Australians $25,000 to build or substantially renovate homes as part of the new HomeBuilder scheme. Today we’ll look at who exactly can qualify for the initiative.

The $680 million program, which is part of the federal government’s economic response to the coronavirus pandemic, aims to support more

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First home loan deposit scheme reaches capacity (for now)

The 10,000 guarantees available via the new First Home Loan Deposit Scheme have been filled or reserved, but for those who missed out, there’s a second chance coming soon in July.

There have been 5,500 guarantees issued under the federal government scheme, while another 4500 borrowers have guarantees reserved in the coming months.

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All, News, Property

Goodbye stamp duty?

The dreaded and controversial stamp duty tax could soon be a thing of the past, with calls for it to be abolished gaining momentum.

The Property Council of Australia is the latest body to add their voice to the chorus this month after both the NSW and Victorian state governments ramped up calls for stamp duty reform.

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