Tag: mortgage calculator tool
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Parliamentary Inquiry Explores Impact of Lending Regulations on Homeownership
As the Reserve Bank considers potential interest rate cuts, the focus on housing affordability intensifies in Australia. With the likelihood of rate cuts being low until early 2025, the pressure on prospective first-time home buyers is mounting. The stringent lending criteria pose significant challenges for individuals like 22-year-old Cassie McLaren, who seeks parental financial assistance…
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Westpac Simplifies Home Loan Process for Self-Employed Borrowers
Westpac has introduced a new home loan application process tailored specifically for self-employed individuals, aiming to simplify the often complex and cumbersome process. The big four bank now requires only one year of income documentation from self-employed applicants, a significant reduction from the previous requirement of two years’ worth of personal and business income statements.…
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Australian Home Loan Market Insights: Expert Analysis and Trends
Real estate holds a significant place in the hearts of Australians, with over 10.8 million residential properties across the country, 3.2 million of which are mortgaged. Mozo diligently monitors more than 400 home loan products, offering valuable insights into the dynamic Australian home loan market. The Ultimate Guide for Home Buyers in Australia 2025 |…
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Homeowners Consider Refinancing Amid Record-Low Interest Rates
Following the recent interest rate cut by the Reserve Bank of Australia, homeowners are contemplating refinancing their home loans to capitalize on potential savings. With the target cash rate now at its lowest since May 2023, major banks swiftly announced passing on the rate cut benefits to borrowers, prompting many to consider their options. The…
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Study Reveals Rising Income Needed for Australian Property Buyers
Aspiring home buyers in Australia are facing a daunting reality as the housing market continues to surge. A recent study by Canstar has shed light on the substantial increase in minimum annual household income required to avoid mortgage stress when purchasing a property. The data reflects the impact of escalating property prices across various states,…