Happy Holidays From the entire team at Azura Financial, we would like to take this…
MARCH UPDATE: CASH RATE | 0.1%
Federal budget housing update 2022
With housing affordability a main issue amongst voters and first home buyers predominantly, the Gov. has doubled down on its Home Guarantee Scheme..
- An extra 25,000 more First Home Loan Deposit Scheme (FHLDS) is being released each year, with 35,000 new spots available from 1 July 2022. This is a massive increase from 10,000 released each year
- There have been no changes to the purchase caps with metro Sydney still at $800k for an existing dwelling and $1m for a new dwelling
- An extra 5,000 Family Home Guarantee places are being released, which is the scheme for single parents requiring just a 2% cash deposit
- New scheme announced Regional Home Guarantee with 10,000 spots released from 1 Oct 2022
Seller market prevails
March ends with more solid weekend auction results with over 70% clearance rate in all major cities except Brisbane, sitting just under 70. Compared to this time last year, there is a noticeable drop from the record highs, however, the nation is still remaining strong with a continuation of impressive numbers into the first quarter of 2022
The time it takes to save for a deposit
A report released by Domain last week reveals that the time it takes a young couple to save a 20% deposit has blown out to record levels across the nation, with Sydney siders averaging a huge 8.1 years to save for a deposit in today’s market.
Luckily, there are alternative options for home buyers, such as parental guarantees, FHLDS and LMI waivers. Looking to get into the market but don’t have a 20% deposit? We can help find you the most suitable option. Get in touch today.
Negative gearing to stay
Both major parties now support the continuation of the investment property tax program.
The Real Estate Institute of Australia (REIA) revealed last week that it had secured Labor’s commitment to retaining negative gearing, meaning both major parties now support the continuation of the investment property tax program. Negative gearing is effectively a tax offset that closes the gap between how much an investment property costs an owner and how much they are able to make from it. With negative gearing remaining, we should see a boost in house supply.
It is unbelievable how much you can save by refinancing!
We reduced a $1.6m investment loan with 28 years remaining from 3.29 to 2.29%.
If you keep your repayments the same as before the refinance, you can save over $375k over the life of the loan. Calculated using ASIC‘s Money Smart Mortgage Switching calculator. Get in touch if you haven’t refinanced in the last 12 months..