Welcome to the August monthly update. A quick snapshot of what's been happening in the finance and mortgage worlds.
Interest Rate Update
Here are some of the market leading Interest Rates as of 20th August 2020
To find out if you qualify for any of the above rates contact us today.
RBA cash rate
The RBA cash rate has remained at 0.25% - Read the full August Monetary Policy Decision HERE
Great news for borrowers! The RBA governor Philip Lowe has hinted that the historically low rate of 0.25 of a percentage point will remain in place for years. What does this mean? Well if this is true then you shouldn't expect your interest rates to be rising and now is a brilliant time to take advantage. Are you making the most of the low rates through borrowing or simply trying to pay down debts faster? Read more HERE
Thinking of building and want a holiday?
Here at The Brisbane Broker we've been missing the great outdoors and feeling grateful for not to be in lockdown (thoughts go out to everyone in Victoria). That's why we thought we would add something different in this month's update. We've been getting a lot of inquiry from people looking to build, so why not explore different and more sustainable housing methods, rather than the standard off the shelve home? It doesn't have to cost more and it can come with some big advantages! If you're not convinced or want to see what they are like to live in, then why not book a weekend away and turn it into a holiday as well? We've found some great properties on Airbnb for you to try:
- Tiny Home, Maleny - View HERE
- Compact Earth Home, Sunshine Coast - View HERE
- Upcycled 1912 Train Carriage, Eumundi - View HERE
- Dome Home, Wilsons Creek - View HERE
- Castle (stone built), Lightning Ridge - View HERE
Ok so these might not all work in suburbia but you get the idea. If it's something that's crossed your mind places such as Airbnb are great to try out housing and building types to see if you like them.
Top 10 Tips for First Home Buyers
With First Home Buyers snapping up all the Government grants, we thought we would put together what we think are the 10 best tips to help you save for a deposit. The process of saving and buying your first home can take years but with the right mindset and tools, it doesn't have to.
1. Review your current situation
2. Make a budget
3. Automate your savings
4. Find a savings account with a good interest rate
5. Consider investing in The First Home Super Saver scheme
6. Create a second source of income
7. Pay off bad debts
8. Sell some items
9. Look for bargains
10. Review your subscriptions to find better deals
Read the full article for more information on how to achieve each point HERE
Covid-19
Unfortunately, the threat of Covid is still around and as we start to get used to the rules of getting out and about, signing in to our local shops and restaurants, job losses and unemployment are still a big reality. If you've been affected and are struggling with your finances there is help available and we advise you to seek guidance from your bank and/or credit provider as soon as possible for guidance. Contact details for most lenders can be found HERE
If you would like to find out more information on any of the above topics or would like to see how we can help you with your mortgage Contact us.
WARNING: The contents of this communication are not designed to replace credit advice. We have not taken into account your needs, objectives or financial situation. The comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. The comparison rate is calculated on a $150,000 secured loan over a 25 year term.
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