Jul 23 2020 32 mins
The Mainlanders are away- but the locals will pay.
With Borders closed & mainlanders unable to come to Tasmania, Local buyers are out in force with Record numbers at Open Home over the weekend for two local agents.
Debunking the strong feelings of fly-in, fly-out investors outbidding locals on many listings.
How has this affected both of you as agents?
$1 Lenders Mortgage Insurance
St. George has announced a bold strategy to help first home buyers enter the property market.
From today, the bank has reduced Lenders Mortgage Insurance (LMI) to only $1 for eligible first home buyers with a Loan to Value Ratio (LVR) of up to 85%.
The LMI reduction paves the way for first home buyers to buy a home with a 15% deposit, rather than the traditional 20%, potentially shortening the process greatly
St. George said a family home with a property value of $650,000 would have to pay more than $6,000 for LMI if they had a deposit under 20%.
The offer is available to owner-occupier first home loans on principal and interest repayments (P&I), with a maximum loan size of $850,000 for a maximum property value of $1,000,000.
St. George General Manager Ross Miller said many first home buyers were in a financial position to make home loan repayments but struggled to overcome the time it takes to save for a deposit.
The 2020 St. George Home Buying Report found 64% of first home buyers expected to face financial problems leading up to their first property purchase.
Almost half (48%) were saving more in order to buy in their desired area, and nearly three in every ten were struggling to find a property that suits their needs.
The 2020 St. George Home Buying Report found 64% of first home buyers expected to face financial problems leading up to their first property purchase.
Almost half (48%) were saving more in order to buy in their desired area, and nearly three in every ten were struggling to find a property that suits their needs.
By Alex Brewster on July 13, 2020