James Symond’s Quarterly Outlook January 2021

11 January 2021|3 minute read

 

 

With all the disruption of the past 12 months, 2020 has also dished up some amazing opportunities. Let’s take a look at what’s happened over the last quarter – and how you could benefit as a first-time buyer or homeowner.

Home loan interest rates below 2%

The excitement kicked off in November, when the Reserve Bank cut the official cash rate to a historical low of 0.1%, driving home loan rates down to never-before-seen lows.

Many lenders now have rates starting with a ‘1’ – and that’s fantastic news for home owners, upgraders and of course, first home buyers.

Check your home loan rate

Not surprisingly, today’s low rates have seen record numbers of Australians refinance their home loan. It’s a chance to save with a lower rate – and potentially save more with a cash back offer.  

In fact, if you haven’t had your home loan reviewed by your Aussie Broker in the last year or two, you could be missing out.

How much could you save?

Your Aussie Broker can give you an exact figure but switching to a new loan can see you potentially save money each year. That’s valuable extra cash for your 2021 wish list – and your Aussie Broker can make refinancing as easy as possible.

HomeBuilder grant extended to March 2021

The popular HomeBuilder grant available to renovators and new home builders has also been extended till 31 March 2021.

HomeBuilder is worth $15,000 from 1 January 2021, and the property price limits for eligible new builds in New South Wales and Victoria will increase to $950,000 and $850,000 respectively from the New Year.

Already 24,000 Australians have taken advantage of HomeBuilder. Don’t miss out. Set a date to speak with your Aussie Broker for guidance on whether you could be eligible for HomeBuilder, and to start putting plans in place to create your dream home.

Property values head north

It takes more than a pandemic to slow Australia’s property market, with the latest figures from CoreLogic showing that home values rose in November across every state capital and across the combined regions.

Home values nationally have risen 3.1% over the past 12 months – but the figures are a lot higher for:

  • Canberra (up 7.0%);
  • Darwin (5.9%);
  • Hobart (5.6%); and
  • Adelaide (5.3%).

This really is an extraordinary result given the year we’ve had, and it goes to show what a tremendous investment your home is.

CoreLogic is forecasting that housing values look set to beat their pre-COVID highs by the end of the first quarter of 2021. So, it makes sense to start putting your buying plans in place now while property prices are more affordable.

Your Aussie Broker is the go-to expert for home loan help when you’re ready to set the wheels in motion.

There are plenty of opportunities to look forward to this year. The combination of low rates, a healthy home market and generous grants up for grabs is making 2021 look very prosperous indeed!

Want expert home loan help?

Keep reading

Aussie suburbs where it’s cheaper to buy than rent

Think renting is cheaper than buying? Think again.

Read more

How a mortgage broker could help you

Home loans are our bread and butter, so what can we do for you?

Read more