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Lenders adjusting mortgage rates

Lenders adjusting mortgage rates

As speculation builds that a cut to Australia’s cash rate could be arriving in the near future, several of Australia’s lenders have been adjusting their home loan interest rates over the past week.

Beyond Bank has slashed fixed rates across a range of mortgage products, including its Total Home Loan Packages and Pinnacle Plus Packages.

Fixed rates were slashed as low as 3.79% p.a. (comparison rate 4.88% p.a.) for Beyond Bank’s Total Home Loan Package 3-year special, though the most substantial cuts were for its Total Home Loan Package investment loans, which fell 20 basis points to as low as 4.19% p.a. for selected loans (comparison rates: 5.34% p.a. for 1-year fixed, 5.26% for 2-year fixed, and a 5.19% p.a. for 3-year fixed).

Lenders adjusting mortgage rates 1

QBANK also cut fixed rates on a selection of its home loans for owner occupiers and investors, going as low as 3.62% p.a. (comparison rate 4.32% p.a.) for its 3-year Fixed Rate Home Loan Special after a fall of 13 basis points.

The deepest rate cuts from QBANK were for its 4 and 5 year Fixed Rate Home Loans, whose fixed rates fell by 35 basis points to 4.24% (comparison rate 4.46% for 4 year fixed, and 4.43% for 5-year fixed).

Lenders adjusting mortgage rates 2

But not all lenders have been cutting rates – IMB Bank has recently raised variable interest rates on selected principal & interest and interest-only mortgage offers.

Selected interest only loans from IMB Bank saw their variable interest rates increase by 10 basis points across the board, going as high as 6.39% (comparison rate 6.28%) for an interest-only Standard Variable Investment Loan.

Selected IMB principal & interest home loans also experienced rate rises, going up by as much as 65 basis points for the 90%-95% LVR Budget Home Loan, bringing its variable rate to 4.64% (comparison rate 4.70%).

At the same time, IMB Bank cut the interest rate on its Accelerator Home Loan by 50 basis points to 4.17% p.a. (comparison rate 4.72% p.a.).

Lenders adjusting mortgage rates 3

If the Reserve Bank of Australia (RBA) decides to cut the nation’s official cash rate at its next meeting in June 2019, certain lenders could end up dropping their mortgage rates to 3.20% or even lower.

 

 

Source: bloorpm.com.au

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The seaside community getting a new supermarket after signing of 10-year lease

The seaside community getting a new supermarket after signing of 10-year lease

A popular seaside location is finally about to get a new supermarket.

An IGA supermarket is set to open at Noosa Council’s Sunrise Beach shopping complex, within a year, following the signing of a 10-year lease for the anchor tenancy.

The project has been revived after being put on hold earlier this year due to challenging times.

In welcoming the IGA’s signing of the lease, Mayor Clare Stewart said that having an IGA in the Council-owned complex would be a great win for the local community and neighbouring businesses.

“We’re thrilled the IGA has decided sign a lease for the site,” the Mayor said.

“Having an IGA at the Sunrise Beach Shops will provide local residents with another convenient grocery shopping option close to home,” she said.

“Having such a strong anchor tenant will also boost foot traffic to the complex to help drive extra trade for the other quality local businesses also based at the complex.”

The 10-year lease includes options to extend for further periods.

CEO Scott Waters said Council would carry out some work to the property to enable it to accommodate a supermarket, ahead of the IGA’s interior fit-out of the space.

“Council and the IGA will be working as quickly as possible to complete the work in the face of building industry supply chain challenges, so that the supermarket can open as soon as possible,” he said.

Mr Waters said the new lease was good news for ratepayers, as it meant a guaranteed income from the Council-owned commercial asset for at least the next decade.

“Attracting a quality, long-term tenant is the best outcome we can hope for with a commercial property such as this, to help support Council’s strong financial position, which ultimately benefits all of our ratepayers,” he said.

“We look forward to working with the new IGA.”

 

 

Article source: www.sunshinecoastnews.com.au

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Auction action: buyer sets apartment record in Seaview Mooloolaba, but it almost didn’t happen

Auction buyer sets apartment record in Seaview Mooloolaba

A last-minute buyer who almost missed the auction has set a new record in a Mooloolaba complex, with a $1.05 million sale.

The 1980s unit at 27/143 Mooloolaba Esplanade was the highest price paid for a two-bedroom apartment in the Seaview building.

It last sold for $668,000 in 2018.

“ It was all about the size and great position, the front features wide ocean views and from the back you can see the Glass House Mountains,” said James King, of Ray White Mooloolaba.

The spacious apartment was built in the 80s and could be renovated.

The new price not only met the vendors’ expectations but was welcomed by one existing Seaview owner who purchased a three-bedroom unit for the same price six months previously.

“That’s great news,” he commented. “What’s mine worth now?”

But Mr King said the record almost didn’t happen as the successful Brisbane bidder was late.

“The auction was just about to launch and I saw this fellow walking down the hall waving at me,” said Mr King.

“He had the time mixed up and thought he might have missed it.”

As it turned out, he just made it and was quickly signed up as a registered bidder.

The auction attracted five registered bidders and 27 bids.

Seaview apartment bedroom, Seaview Mooloolaba

The Seaview apartment only has two bedrooms but smashed through one million dollars.

No views, no parking but still sets a record

A two-bedroom unit in central Maroochydore, but without views or allocated car space, has broken a record for its complex.

Megan Murray, of Ray White Maroochydore, said the renovated apartment at 19/110 Sixth Avenue sold under the hammer for $585,000 to a Brisbane family.

Ms Murray said while higher prices had been achieved in other areas of the complex, it was a record for level two.

“This was a record breaker for that level and without ocean views” she said.

The successful bidder already owns a unit in the complex.

Street records tumble on beach streets

Old and modern beach houses are smashing street records as lifestyle buyers fight hard for the rare chance to secure a property near the water.

A 1930s Queenslander-style home in Shelly Beach, just a stone’s throw from the sand, set a record for its street, with a stunning price of $2.925 million.

The restored home on a huge block at 5B Albert Street is in one of the best locations in Shelly Beach, with direct access to sea.

The vendors made a $1.61 million profit after paying $1.315 million for the property in 2016.

With two bedrooms and three bathrooms, the house on an elevated 1,831sqm allotment is just a 70m stroll to Shelly Beach.

It features an open-plan living area, stone kitchen benchtops and European appliances and large covered deck with views to the sea.

Andrew Garland of Ray White Caloundra said the Albert Street property attracted eight registered bidders and sold to a local buyer.

Another beach house at 8 Ernest Street, Kings Beach, sold for $2.5 million (it last changed hands for $970,000 just four years ago).

The “contemporary” property with three levels and “first-class fixtures and fittings throughout” has ocean views over Shelly Beach, the Moffat Beach headland and beyond.

Mr Garland said the Ernest Street property sold to a Brisbane family and will be used as a holiday home.

Mr King said the 30-minute auction flowed smoothly.

“It started at $750,000 and went up by 50,000s then $5,000s and finally $1,000s.”

The spacious apartment was built in the 1980s and could be renovated.

“ It was all about the size and great position, the front features wide ocean views and from the back you can see the Glasshouse Mountains,” Mr King said.

The auction attracted five registered bidders and 27 bids.

Auction results

  • 402/180 ALEXANDRA PARADE, ALEXANDRA HEADLAND

UNDER NEGOTIATION

2 Bed, 2 Bath, 1 Car, Ray White

 

  • 19/110 SIXTH AVENUE, MAROOCHYDORE

SOLD UNDER THE HAMMER $585,000

2 Bed, 2 Bath, 1 Bed, Ray White

  • 205/79-83 FIRST AVENUE, MOOLOOLABA

SOLD POST AUCTION $770,000

2 Bed, 2 Bath, 1 Car, Ray White

 

  • 7 SOMERVILLE CRESCENT, SIPPY DOWNS

PASSED IN, FOR SALE OFFERS OVER $1,400,000

5 Bed, 3 Bath, 3 Car, Ray White

 

  • 27/143 MOOLOOLABA ESPLANADE, MOOLOOLABA

SOLD UNDER THE HAMMER $1,050,000

2 Bed, 2 Bath, 1 Car, Ray White

 

  • 5B ALBERT STREET, SHELLY BEACH

SOLD UNDER THE HAMMER FOR $2,925,000

2 Bed, 3 Bath, 3 Car, Ray White

 

  • 8 ERNEST STREET, KINGS BEACH

SOLD UNDER THE HAMMER FOR $2,500,000

4 Bed, 4 Bath, 4 CarRay White

 

  • 8 MARISA COURT, MOFFAT BEACH

PASSED IN  –  UNDER CONTRACT

5 Bed, 3 Bath, 4 Car,  Ray White

 

  • 25 KENNEDY PARADE, GOLDEN BEACH

PASSED IN, NOW LISTED AT OFFERS OVER $929,000

2 Bed, 1 Bath, 2 Car, Ray White

 

  • 14 GRIGOR STREET, MOFFAT BEACH

SOLD UNDER THE HAMMER FOR $1.9M

3 Bed, 1 Bath, 2 Car, Ray White

 

  • 7 FRENCH COURT, GOLDEN BEACH

SOLD UNDER THE HAMMER FOR $860,000

3 Bed, 2 Bath, 2 Car, Ray White

 

  • 1/6 ESPLANADE, BULCOCK BEACH, CALOUNDRA

PASSED IN, NOW LISTED AT OFFERS OVER $1,800,000

3 Bed, 2 Bath, 3 Car, Ray White

 

  • 62 RODERICK STREET, MOFFAT BEACH

SOLD UNDER THE HAMMER FOR $951,000

2 Bed, 1 Bath, 1 car, Ray White

 

 

Article source: www.sunshinecoastnews.com.au

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Council-owned housing left empty amid south-east Queensland rental crisis

Council-owned housing left empty, will be purchased by the state to create more housing for vulnerable residents

The Queensland will buy a council property sitting idle amid a rental and social housing crisis, to create more housing for vulnerable residents.

The Rochedale South property in Logan, owned by Logan City Council, was originally intended to create affordable rentals for pensioners but has been mostly empty for the past year.

Resident George Wright said he’s been at the property for 15 years, agreeing the empty units were “absolutely” a waste.

“I pay about $200 a week,” he said.

“It’s a nice little unit for single pensioners.”

The rental availability in Logan is currently just 0.7 per cent, with several across south-east Queensland forced to sleep in their cars due to an increasingly challenging market.

Seven of the 12 units in the Rochedale South property are currently unoccupied, prompting a push for the government to put the units to use.

“I’ve even said to council, if you haven’t got anybody to occupy them, I’ll give you someone to occupy it,” Logan Ratepayers Association president Rod Shaw said.

Negotiations are underway for the council to sell the property to the state government.

The State Housing Department has signed a lease to take over the vacant units and provide more social housing.

New tenants are expected to move in by the end of this month.

“They’ll do for pensioners, ladies who’ve suffered domestic violence, homeless people,” Shaw said.

 

 

Article source: www.9news.com.au

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