image description

Mortgage Market Update - July 2020

It’s the questions on everybody’s mind – What will the property market look like post-COVID? The short answer is woeful for the short-term. However, long term analysis points to an eventual recovery, unfortunately it’s almost impossible to put a finger on the ‘when’.

The best thing market-related right now is the HomeBuilder grant as many are looking to take full advantage of it. Remember, if you’re in the market to buy through this time, there are a plethora of government grants available to assist you with getting a foot on the property ladder including:

First Home Loan Deposit Scheme

First Home Super Saver Scheme

First-Home Owner Grant

First-Home Buyer Assistance Scheme

Stamp Duty Exemption

It’s important to note that some of the above are only applicable to specific states and also have a range of conditions.

Here’s what’s been happening in the world of lending, at a glance:

  • Interest rates are still at an all-time low and are likely to remain that way.
  • Refinancing rates are on the rise – Coronavirus has affected small business, families and just about anyone with some type of loan severely.
  • There’s a push for the government’s $25,000 HomeBuilder grant to be extended beyond December 31st – Buyers are yearning for eligibility clarification.
  • First-Home Buyer Assistance Scheme
  • Changes were made to the HomeBuilder scheme – Buyers now have a three-month period in which they may organise building and finance approvals before work must begin on their new home.

As changes are being made across every industry sector on a daily and weekly basis, it’s anyone’s guess as to how the markets react through July and well into the winter months.

Do you need to review your home loan? Contact Us.

Important note: While every care has been taken in the preparation of this article, ADNA Financial Services makes no representations or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This article has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this article, and seek professional advice, having regard to the investor’s objectives, financial situation and needs.