The first home loan deposit scheme - what happened?

The first home loan deposit scheme - what happened?

At the start of the year, the Australian Government launched the First Home Loan Deposit Scheme as an initiative to support eligible first home buyers to purchase their first home sooner.

Usually, first home buyers who have not met the 20 per cent deposit need to pay lenders mortgage insurance. Under the Scheme, however, eligible first home buyers can purchase a modest home as long as they have a deposit of five per cent or higher (this is subject to lenders’ criteria).

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Market Essentials - August 2020

Market Essentials - August 2020

This month the Federal Government announced the extension of the JobKeeper program for a further six months, along with the JobSeeker supplement also being extended.

Combined with more targeted extensions to the ‘mortgage holiday’ on repayments, many Australians will be breathing a sigh of relief as they’re given additional time to manage their financial affairs through the pandemic.

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Market Essentials - July 2020

Market Essentials - July 2020

Downwards pressure on home values has remained mild to-date, with capital city dwelling values falling a cumulative 1.3% over the past two months. A variety of factors helped to protect home values from more significant declines, including persistently low advertised stock levels and significant government stimulus. Additionally, low-interest rates and forbearance policies from lenders have helped to keep urgent sales off the market, providing further insulation to housing values.

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Market Essentials - June 2020

Market Essentials - June 2020

Economists have forecast a drop of between 11 and 32% in house prices over the next three years according to Commonwealth Bank, driven by the end of Government stimulus measures in September. For now, reduced stock levels, willing buyers and sellers transacting on property, and a lower than expected influx of distressed property sales are all preserving property values.

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Market Essentials - May 2020

Market Essentials - May 2020

As consumer confidence hit a record low in April, the real estate market is now faced with buyers and sellers abandoning the market until there’s more certainty. The number of new properties listed for sale in the 28 days to April 19 has fallen significantly, 28.7% below the same period last year.

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Market Essentials - April 2020

Market Essentials - April 2020

Business closures, a rapidly rising unemployment level and a plummeting share market have been the immediate major impacts of the unprecedented government measures put in place in March to stop the spread of the coronavirus.

The government restrictions also include measures that will directly affect the real estate market in Australia.

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