Results Home Loans
April 2024 Update
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Rate Movements
As of 18 April 2024, RBA has decided to leave rates unchanged, keeping the Cash Rate at 4.35%.
RBA Cash Rate in April 2014 was 2.50%.
Westpac
Peak of 4.35% in November 2023, then dropping to 3.10% by December 2025
NAB
Peak of 4.35% in November 2023, then dropping to 3.10% by November 2025
CBA
Peak of 4.35% in November 2023, then dropping to 2.85% by June 2025
ANZ
Peak of 4.35% in November 2023, then dropping to 3.60% by June 2025
CURRENT INTEREST RATES FOR HOME OWNERS
Based on a $500,000 loan over a 30 year term at 80% LVR with Principal and Interest repayments.
CURRENT INTEREST RATES FOR INVESTORS
Based on a $500,000 loan over a 30 year term at 80% LVR with Interest Only repayments.
Lender Turnaround Times
As at 19/04/2024
Under 24 hrs
2 Days
3 + Days
Industry News
Government announces boost to housing construction
The Albanese government aims to spur investment in the build-to-rent sector as part of its ambitious housing initiative. Proposed legislation introduces tax incentives for such developments, citing success overseas.
Amendments include increasing capital works deduction rates and reducing final withholding tax rates for eligible projects.
Requirements include a minimum of 50 dwellings, retention under single ownership for 15 years, and 10% availability for affordable tenancies. The incentives apply to new projects initiated after May 9, 2023. The government plans to collaborate with all levels to ensure affordable housing.
The Property Council sees the draft legislation as crucial for achieving housing targets, emphasizing the need for careful technical details.
Despite concerns, the government seeks feedback on the legislation before April 22, 2024.
Estimated Maximum borrowings
Based on joint annual income of $140,000.00
Flip to reveal answer
$770,000.00
Case study
Securing Construction Funding for a Partially Built Home
Sue and Ian, sold their primary residence to finance the purchase of a block of land in Lakes Entrance. They planned on constructing their dream home and were currently at the frame stage of the construction process. In the meantime, they were residing in a rental property. We helped them seek additional funds amounting to $176k for various construction elements such as a pool, fence, solar panels, and landscaping. The current estimated value of the land stood at $220k.
Many lenders were hesitant to provide financing due to the property being under construction and the land serving as security. Some cited concerns regarding the location’s population size, while others insisted on the completion of construction and obtaining a certificate of occupancy before considering their application. Additionally, some lenders were unwilling to accept partially built properties as security or demanded involvement in the construction process.
We found a solution for Sue and Ian with Westpac. Westpac were willing to consider their application provided that the loan-to-value ratio (LVR) remained below 70%. Although this loan amount was slightly lower than required, it enabled Sue & Ian to proceed with the bulk of the improvements they were seeking, with a plan to top-up the loan once construction of their home is complete to finish the remaining landscaping.
Helping Sue & Ian explore multiple lenders and understand their respective terms and conditions allowed them to make an informed choice. By comparing offers and evaluating each lender’s requirements, we were able to identify the best fit for their situation.
Thank You!
The value of a strong network and reliable partnerships cannot be overstated, and your referrals have not only brought us new business opportunities but have also reinforced the belief that we are on the right path to providing exceptional products and services to our customers.
So we wanted to take a moment to express our deepest appreciation for the outstanding support and collaboration we have received from you as our referral partner.
Your willingness to recommend our company to your own network speaks volumes about the trust you place in us, and we are honored to have earned such trust.
We truly appreciate the effort you put into every referral. Please know that we are always here to reciprocate your kindness and support. Should you ever require assistance or need a reliable partner for any venture, please don't hesitate to reach out to us.