Non-major lenders have started offering another 5,000 slots for the First Home Loan Deposit Scheme, which allows first home buyers to purchase a property with a deposit of 5% without having to pay Lenders Mortgage Insurance (LMI).

The scheme, which is overseen by the National Housing Finance and Investment Corporation (NHFIC), kicked-off on 1 January but only 5,000 spots were initially available through two major banks – NAB and CBA.

NHFIC CEO Nathan Dal Bon says the additional 25 lenders are located around the country and will provide first home buyers with a range of choices.

“More places are now available to help first home buyers purchase a modest home sooner,” Mr Dal Bon adds.

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Tens of thousands of Aussies have an extra reason to love Valentine’s Day this year, with their credit scores set to jump after civil court filings disappear from their credit file.

According to consumer and financial law firm MyCRA Lawyers, the change will allow some people to get credit where previously they were rejected, or simply negotiate lower interest rates.

MyCRA Lawyers CEO Graham Doessel says for years borrowers have had their bank funding cut off or rejected because of trivial and vexatious civil court actions that judged them guilty until proven innocent.

“Now only judgments can be recorded on someone’s credit file and those judgments must relate to ‘credit’ to impact someone’s credit rating,” Mr Doessel says.

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Properties with high energy-efficiency ratings typically sell for up to 10% more, a review of international research shows.

The review, which was conducted by the University of Wollongong, compiled research undertaken in 14 countries and included data from the Australian Capital Territory (ACT), which is the only Australian jurisdiction to require that sellers disclose the energy-efficiency rating of their home.

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If you’re thinking of taking advantage of the new First Home Loan Deposit Scheme then you better act quick, as thousands of first home buyers have already applied for the 10,000 guarantees available.

Between January 1 and 10, more than 3,000 first home buyers applied for one of the 10,000 spots up for grabs this financial year. (more…)

Applications for the new First Home Loan Deposit Scheme are now open, with 10,000 guarantees available to first home buyers looking to get a leg up into the property market.

Now, with 10,000 spots it might sound like you’ve got plenty of time up your sleeve to take advantage of the new scheme, but consider this: 110,000 Australians bought their first home in 2018.

So if you’re interested in applying for this scheme, you’ll want to put it at the top of your to-do list in 2020 and get in touch with us ASAP. (more…)

A new web platform described as a ‘dating app but for home-ownership’ says it can help users enter the property market in half the time it usually takes.

Mortgage Mates – the brainchild of Perth-based mates Daisy Ashworth and Jess Vesely – uses algorithms to match you with like-minded individuals who share similar housing preferences but also don’t yet have a big enough deposit to crack the property market. (more…)

The property price caps in each state have been revealed for the federal government’s new first home buyer scheme. Read on to find out the maximum value of a property you can purchase under the scheme.

Imagine buying your first home with a 5% deposit and not having to pay lenders mortgage insurance (LMI).

Sounds good, right?

Well, the federal government has finally revealed more details in a draft mandate for the scheme, including the property price caps in each state. (more…)

Are you paid weekly, fortnightly or monthly? New research indicates that how often you’re paid has a pretty big bearing on whether you’re a saver or a spender.

The research, conducted by small business platform Xero, shows that Aussies who receive their salaries weekly are more likely to splash their hard-earned cash than those who are paid monthly due to a term they’ve dubbed ‘payphoria’.

This, in turn, can play a big part when it comes to your ability to save for a home loan deposit.

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Got a large, overdue tax debt with the Australian Tax Office (ATO)? Then best listen up, because certain tax debt information can now be reported to credit reporting bureaus (CRBs).

A new Australian law means the ATO will be able to disclose the tax debt information of a business to CRBs when certain criteria are met.

What does that criteria include?

The ATO will only disclose tax debt information if the business meets all of the following criteria:

– it has an Australian business number (ABN), and is not an excluded entity

– it has one or more tax debts, of which more than $100,000 is overdue by more than 90 days

– it is not effectively engaging with the ATO to manage its tax debt, and

– the Inspector-General of Taxation is not considering an ongoing complaint about the proposed reporting of the entity’s tax debt information. (more…)

You know that infuriating habit the big banks have of failing to pass on the RBA’s cash rate cuts in full? Well, it’s finally triggered the federal government to order an inquiry into home loan pricing.

The inquiry, which is being conducted by the Australian Competition and Consumer Commission (ACCC), comes just weeks after the Reserve Bank of Australia (RBA) slashed the official cash rate by 25 basis points for the third time this year to a record new low of 0.75%.

What really drew the ire of the public and politicians alike, however, was that the big banks only passed on between 0.13% and 0.15% (out of 0.25%) of the latest RBA cut to customers.

This is after they only passed on 0.40% to 0.44% (out of 0.50%) for the previous two RBA cuts. (more…)