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29, June, 2021 - News

2 minute Read

Last Week in Review

Joseph Daoud

2 minute Read

Last week, due to the spread of covid-19 and some unfortunate circumstances, NSW and much of Australia has been forced back into lockdown.

Although we could see some varying results, the property market remained strong over the weekend and we’re still here to provide you the best service.

In other news, we saw some good news for first home buyers with the price cap being increased across the nation for the First Home Loan Deposit Scheme. EOFY is also coming up so be sure to check where you could be saving money!

 

There has been debate over whether interest rates will rise sooner rather than later with the RBA sticking to its guns and stating that interest rates will not increase until 2024. The banks, however, believe that interest rates will increase by 2022 or 2023.

Property Price Caps Increased For First Home Loan Deposit Scheme – It’s Simple

How much money can you spend and remain eligible for the FHLDS and Family Home Guarantee?

– NSW: $800,000 (Sydney, Newcastle/Lake Macquarie, Illawarra) and $600,000 (rest of state).

– VIC: $700,000 (Melbourne and Geelong) and $500,000 (rest of state).

– QLD: $600,000 (Brisbane, Gold Coast, Sunshine Coast) and $450,000 (rest of state).

– WA: $500,000 (Perth) and $400,000 (rest of state).

– SA: $500,000 (Adelaide) and $350,000 (rest of state).

– TAS: $500,000 (Hobart) and $400,000 (rest of state).

– ACT: $500,000.

– NT: $500,000.

EOFY Alert! Financial Year End Just Days Away – It’s Simple

See how to take advantage of the federal governments temporary full expensing scheme this financial year. To be eligible the asset needs to be:

– new or second-hand (if it’s a second-hand asset, your aggregated turnover must be below $50 million);

– first held by you at or after 7.30pm AEDT on 6 October 2020;

– first used, or installed ready for use, by you for a taxable purpose (such as a business purpose) by 30 June 2023; and

– used principally in Australia.

Sydney’s average first-home buyer needs to save for 7 years just for a deposit, according to confronting new Domain data – Business Insider Australia

Amid rising living costs, low wage growth, weak saving rates and rapidly rising property prices, new buyers are facing ever more challenges when entering the market. It now will take on average, 7 years to save up a deposit for first home buyers. Low interest rates have improved affordability of mortgage repayments but it’s also one of the key drivers of rising property prices.

More Articles.

...
June 21, 2022 - Blog
Choosing Between Fixed and Variable Rate Home Loans

Considering the recent interest rate hikes, more than ever, it’s important to consider all options to avoid paying more on your mortgage. Following the RBA’s 50-basis-point hike in the cash rate on 7 June 2022, it is no surprise that many banks increased their rates as well. Australia’s big four already announced that they would […]

Joseph Daoud

5 minute Read

...
June 16, 2022 - Blog
Surviving RBA’s highest rate hike in 22 years

The Reserve Bank of Australia’s highest single-raise cash rate in 22 years leaves everyone thinking, ‘How can I handle this?’ In a statement made by RBA governor, Philip Lowe, the Board decided to increase the interest rate by 50 basis points leading to the cash rate of 0.85%. So, where does this leave you? Here’s […]

Joseph Daoud

6 minute Read

...
May 15, 2022 - News
Price Caps Raised For Home Guarantees

Prime Minister Scott Morrison has just recently declared that the government’s Home Guarantee Scheme will have higher maximum property prices and more available places per year. From July 1, this price upgrade will qualify houses in two out of five (40%) suburbs nationwide for the scheme. This is up from 24.1% according to analysis by […]

Joseph Daoud

3 minute Read

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It's Simple 2022 © Its Simple Pty Ltd. Trading as It’s Simple Finance (Credit Representative 495852) is authorised under Australian Credit Licence 389328. ABN: 22 637 831 157 | ACN: 637 831 157

Interest Rates are correct as at 27/05/2021 and subject to change at any time. The interest rate provided applies for a 4 year fixed rate with a LVR of 80% or lower. The comparison rate is based on a loan amount of $150,000, over a 25 year term.

WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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