First time home loans surge to 7-year high

first_imgFirst time home buyers are at their highest level in seven and a half years.First time home loans have surged to a seven year high as latest figures show a major rise across all borrower segments post rate cuts.Latest Australian Bureau of Statistics data out Monday showed a 5.1 per cent bounce in home lending, led by 5.3 per cent rise in owner occupiers, with first time buyers at their highest level in seven and a half years. Investor numbers were also up 4.7 per cent.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:38Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:38 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreen5 tips for first home buyers01:39This after the Reserve Bank of Australia pushed out two 0.25 percentage point cuts in its cash rate targets in a row in June and July, which was followed by banking watchdog APRA relaxing its hold on mortgage serviceability requirements.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:28Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:28 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenWhat to look for in the Brisbane property market01:28MORE: Epic home with Motocross track back on marketHome fetches almost $1m for charity at auctionState offers bang for buckRateCity.com.au research director Sally Tindall said the stars were beginning to align for borrowers — a good sign in the lead up to Spring which is the biggest property selling season of the year.“Borrowers are feeling buoyed by a combination of plummeting interest rates, tax cuts, more relaxed serviceability measures and clarity around negative gearing,” Ms Tindall said.“Interestingly, this is the first month that factors in APRA’s axing of its 7 per cent serviceability floor. It’s likely that part of the bounce can be attributed to this, and we expect it to continue to have a positive effect on the market.”First home buyers, % share of owner occupier loans excluding refinancing. Source: RateCityThe ABS data showed the proportion of first home buyers making up new owner-occupier numbers hit its highest level since January 2012, going to 29.4 per cent in July from 29.3 per cent in June.Housing Industry Association economist Angela Lillicrap said first home buyers were taking advantage of “a less competitive environment and more affordable house prices”.But she says the full positive effect of the two RBA interest rate cuts were yet to show in data.“Given the lag between loan applications and final approval, it is unlikely that the full effects of the tax cuts and the two RBA rate cuts will be seen in the figures released (Monday). These changes should lead to more positive data as the year progresses”.More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours agoVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:13Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:13 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow to save for your first home01:13CoreLogic research analyst Cameron Kusher said demand for mortgages was starting to rise.“In July 2019, there was $26.5 billion worth of housing finance commitments, marking the second consecutive month of increases,” he said. “The $26.5 billion was 5.2 per cent higher over the month, which was the largest monthly increase since March 2015.”Around $19.3b worth of commitments was for owner-occupiers and $7.2b for investors, he said.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:14Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:14 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenMillennials talk about financing their first home!01:14“For both owner-occupiers and investors it was the second successive months in which the value of lending has increased. The $19.3b worth of commitments to owner-occupiers was the greatest value since November 2018 and the $7.2b in commitments to investors was the greatest since December 2018.”“Although it is now early in spring, auction clearance rates are continuing to rise as is the volume of stock available for sale and at the same time lenders are offering attractive mortgage rates for borrowers. Given all of this, we would expect that demand for mortgages will continue to climb over the coming months,” Mr Kusher said.last_img read more

Double trouble as Turbo football semi-finals kick off tonight

first_imgTWO sets of highly anticipated matchups are set for the Ministry of Education ground on CARIFESTA Avenue when the Turbo knock-out football tournament gets going tonight.The semi-final stage of the tournament will take place from 18:30hrs when Pouderoyen play Fruta Conquerors U-20.The only remaining Youth team in the competition, Fruta Conquerors, will have a lot of pressure on their shoulders.The Youth side will be eager to show that they have not been ‘a flash in the pan’ against the more seasoned Pouderoyen side.Still, the proverbial veterans will have to use their experience in taking on the hot-blooded youngsters.The second game of the tournament is also expected to be a fire-cracker when Northern Rangers take on Georgetown Football Club (GFC).Northern Rangers have been playing eve-catching football throughout the tournament and while many feel that they were ‘lucky’ to get out of the quarter-finals on penalty, they will have a point to prove.They will be hot to prove themselves against a youthful GFC side who have had a mixed bag for 2019.Several tournaments may have eluded them but the GFC side are definitely gunning for the crown.  Which-ever teams make to the final they will start the year on a positive note.last_img read more

O’Loughlin in the spotlight

first_imgAlso on the Irish team are Daire Feeley, Darragh O’Mahony, Mark Downey, Matthew Teggart and Ryan ReillyThey will be managed by Neill Martin. Photo © Team Wiggins Carrick on Suir’s Michael O’Loughlin will compete in what’s described as the Under 23 Tour de France.The 20 year old has been selected on the Irish team for the Tour de l’Avenir which starts tomorrow.The current Irish Under 23 road race and Time Trial champion will be among the 144 riders on 24 teams facing into the nine day race which covers over 1,200 kilometres of racing.last_img