Property prices rising fast throughout Australia
Remember 2003? Well, that was the last time property prices were rising this fast.
Across Australia, the median property price jumped 2.1% in February, according to CoreLogic. That was the largest month-on-month change since 2003.
Meanwhile, prices rose in every capital city and every rest-of-state region – something that hadn’t happened since 2010.
Home loans demand soars thanks to record-low interest rates
Australians took out a record amount of mortgages in January, according to the most recent data from the Australian Bureau of Statistics.
Home loan commitments hit $28.8 billion – a staggering 44.3% increase on the year before:
• Owner-occupier loans = $22.1 billion (up 52.3%)
• Investment loans = $6.6 billion (up 22.7%)
Demand is being driven by record-low interest rates, rising property prices and government incentives.
3 Home Loan Tips for 2021
Here are three things to do if you want to give yourself the best chance of locking in a low rate and buying the home of your dreams
• Speak to a broker – lenders are competing hard for business and are offering special deals that many consumers don’t know about.
• Get your finance organised early– some lenders are taking longer to process loans and you may need to wait longer than you’re used to.
• Impress lenders with a clean credit profile– pay bills on time, reduce your credit card limit and minimise the number of credit applications