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The 2020-21 Federal Budget was finally revealed after a six-month delay as Australia navigates the impact of the economic fallout caused by COVID-19. As Australia enters its first recession in 29 years, the 2020-21 Federal Budget presents an opportunity to stimulate economic growth and boost jobs in various sectors.

To mitigate the impact of the COVID19 pandemic on the country’s financial climate, the Australian government plans to relax stringent credit laws and regulations, making it easier for Australians to take out a new mortgage or to refinance their existing home loan.

A second property can be a great investment option, but the expectations and requirements for a second property are very different from that of the first. If you don’t have a substantial deposit saved up, you might think you’re out of the running entirely.

There’s no denying that the property market has seen a lot of disruption over the past few months, brought on by the devastation of COVID-19. However, as serious as the effects of the coronavirus have been, doom and gloom property market predictions aren’t the only side of the story.

COVID-19 has caused a flurry of refinancing activity. It is a financially savvy decision for the property owner where they can benefit from reduced mortgage payments. And banks have responded to the surge in demand by offering attractive refinancing packages, such as cashback offers. Here’s why you should look out for them. 

If you’re buying your first property, Lenders Mortgage Insurance (LMI) is an important concept to learn before you sign on the dotted line. We’ll look at what LMI is, how it works, and how much you’d have to pay. Finally, we’ll examine how you should take the next step towards buying your dream home.