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Australian Retail Sales up; Better than expected economic data for the UK; Low sentiment and low hopes in the Eurozone, and the relentlessly Un-United States of America. That Was The Week That Was. https://www.moneycorp.com/en-au/news-hub/weekly-brief-27-november-2020/

Happy Hump day! To celebrate the occasion of the upcoming end of the work week I would like to share some great mortgage rates and special offers from the various lenders we deal with. I will try keep you updated when things change, so check back to the end of the last post for the most up to date offers. Here are the current standout offers from our panel of lenders: First home buyers special 3.79% 3 year fixed principal and interest (owner occupied) Investment property 3.99% 2 year fixed principal and interest $2,000 refinance cash back offer Important: these are separate offers not in conjunction with each other and are subject to meeting lender terms and conditions. If you have any questions just ask.

Hi PIO members, We will be returning to Australia at the end of the year after a three-year stint in the UK. When we lived in Australia before we never got on the property ladder but we are just in the process of selling our house in the UK, so we will definitely be buying a place on our return to Cairns. I'm very fortunate to have a job there, starting next January. I lived in Australia for over 10 years before and I have always rented, so I'm a little unsure about what my obligations will be in terms of paying council tax, water rates etc. I recall when I was renting before this was always included in the price of the weekly rent, and the only thing we needed to pay on top was the quarterly electricity bill. I know these figures are likely to be quite different depending on where you live in Australia, but if anyone has some general figures for council tax and water rates in Cairns (or Queensland for that matter), that would be most appreciated. I believe that if we buy a unit/apartment there will also be an annual body corporate fee to pay too? Many thanks in advance for helpful replies, Martin.

Hi All, my job offer has now come in (on a 457 visa) and just doing the final household calculations to see if we can survive on my single salary. Looking at the rental market first until my wife has sorted her registration papers and exams to become a practicing Physio, (she has been a professional Physio for 20 years, anyway that is another story) what we have been wandering is that...... is the rental charge all you pay or do you have to pay the council tax and water rates etc as in the UK? or does that fall on the landlords shoulders. I understand we pay the utilities bills (although that would be good if we didn't and that was the landlord too) Can anyone advise what you pay above the rental price quoted? i.e $450 per week + + +. Also any links for calculators would be useful Thanks. We have also found it difficult to budget an expected cost for a "Council Tax" type equivalent for properties any help on this would also be appreciated.

Hiya--seen the Wise miser ad(for flights) and had been led there thru another website as well.Anyone has any experience with them? They seem to advertise verrrry low rates so just wondering if anyone has actually used them.

I've been comparing purchasing a house in Sydney versus keeping my house and just renting it out One of the items that jumped to my mind was the actual interest rate that Banks are charging. is it the same as what is online or are you able to negotiate a better rate How does the Stamp duty work ? I can see depending on the site some are giving 6 or 7 percent interest? Alan.

The Reserve Bank’s Monetary Policy Committee has left the cash rate unchanged at 4.75% for the 10th straight meeting. It is now 11 months since the RBA last raised the cash rate. It raised the rate by 25 basis points to 4.75% in November 2010. In his statement accompanying the decision, RBA governor Glenn Stevens said the board noted that “financial conditions have been easing somewhat, with interest rates for some housing and business loans declining slightly due to increased competition and the fall in some funding costs in financial markets”. “The exchange rate has also declined from the very high levels of a few months ago. Credit growth remains low, however, and asset prices have declined,” he said. Global factors continued to weigh on the mind of the RBA, Stevens said: “Conditions in global financial markets have continued to be very unsettled, with uncertainty increasing about both the prospects for resolution of the sovereign debt and banking problems in Europe, and the outlook for global economic growth. While temporary impediments that had contributed to a slowing in growth in some countries over recent months are lessening, recent data suggest a continuing period of soft economic conditions in both Europe and the United States. Moreover, the uncertainty and financial volatility have reduced confidence, which could result in more cautious behaviour by firms and households in major countries,” Stevens said. The decision was in line with a survey of 22 economists by Reuters, with all forecasting no rate change in October. Four institutions, including Westpac, are tipping the cash rate to come down before the end of the year. The dollar fell slightly, trading around the 95 US cents mark, 0.2% down on the day. Laing + Simmons general manager Leanne Pilkington says she hopes the decision to leave rates on hold will continue to entice potential buyers to invest in the still-fragile property marketplace. “The residential property market has been sluggish in recent months, to say the least,” she says. “Uncertainty is understandable given the continuing instability of the Australian stock market, which has recently seen huge losses wiped from the value of shares, and the lingering unpredictability of US and Eurozone financial markets. Falling confidence has inevitably led to reduced spending and the underlying fear of another recession has everyone sitting on their hands.” While she says there is still a strong case to be made for a cut in the official cash rate in the coming months, the decision to leave interest rates on hold does give a certain reprieve for those looking to enter the property market. “A strong spring season will restore much-needed confidence in the housing market. Already there is evidence that it is being buoyed by a rush of [NSW] first-home buyers looking to get a foot in the door before the removal of stamp duty concessions on existing properties kicks in on December 31.”

The July rental vacancy rates show that the availability of rental homes in Melbourne continues to improve. REIV Communications Manager Robert Larocca said that the rental vacancy rate for Melbourne increased to 2.5 per cent from 2.2 per cent in June and was now well above the average for the past 12 months of 1.75 per cent. Mr Larocca said “the reduction in population growth and increase in construction of new dwellings is now beginning to provide easier conditions for renters. “The availability of rental homes has been very poor for the past six years and renters will welcome the recent increase in the vacancy rate. The fact that the vacancy rate is still below three per cent indicates that there are still too few rental homes. “The highest level of vacancies is in the outer suburbs, where 3.2 per cent of rental homes are vacant. This is a substantial improvement from June, when the vacancy rate was 2.1 per cent. “In the middle suburbs the vacancy rate is 2.6 per cent – a small improvement from June, when it was 2.1 per cent – and in the inner city there has been a slight tightening from 2.4 to 2.2 per cent. “Rental homes in regional Victoria are still scarcer than in the metropolitan area, with a vacancy rate of 1.6 per cent compared to 1.5 per cent in June. Of the three main regional centres, Bendigo still has the tightest rental market, with a vacancy rate of only 0.3 per cent, down from 0.5 per cent in June. In Ballarat the vacancy rate was stable at 0.8 per cent and in Geelong there was a minor reduction from 2.4 to 2.1 per cent” Mr Larocca concluded.

Im trying to put together a budget for what to expect if we ever make it over and for one reason or another i cant find any definitive information on local council rates other than the rates are based on the value of the property. Could anyone give me an idea of what i should expect to pay on a $375,000 house around Port Noarlunga or Onkaparinga. Thanks

Westpac has cut home loan rates for new borrowers, lowering its three-year fixed Premier Advantage Package home loan rate by 0.2 per cent to 6.59 per cent. The rate cut applies to new home loans of at least $150,000, Westpac said in a statement. The package also offers a discount of up to 0.8 per cent per year off the variable rate on a new variable rate home loan of at least $500,000. The move follows cuts by other banks to mortgage rates for existing customers. Last weekend, ANZ announced cuts to its fixed-rate mortgages, including its three-year rate, to 6.44 per cent. This followed the Commonwealth Bank cutting its fixed rates, including its three-year mortgage, to 6.59 per cent. Westpac also recently reduced the rate on its three-year fixed rate Premier Advantage home loan by 20 basis points for existing customers. The three-year fixed rate for will fall from 6.99 per cent to 6.79 per cent. The moves come after Westpac subsidiary St George cut its two and three year fixed home loan rates, by 0.1 and 0.3 per cent respectively, late in July.

Found this quite interesting. UK has 7.7% of the population unemployed while Oz is only 5.1% France is a surprising 9.7%, but look at some of the less developed Countries below.:eek: http://www.tradingeconomics.com/unemployment-rates-list-by-country

can I just do a big rant at the exchange rate. ALL and EVERY thing is crashing. Dow Jones has never been redder and same for asia, russia, everywhere. WHO FOR Fś SAKE IS THE EURO STILL GOING UP :arghh::arghh::arghh::arghh::arghh: We gambled last night, that the euro would go crashing again together with wall street. So brought over our savings (about 20.000 euro, not tonnes). We have, in the space of 12 hours, lost 3000 dollars :cry: that is a lot of yarn :cry::cry: I bet it will go up to $1.80 now, just to spite us. Because for all the love in the world, we are not allowed to ever have any luck. :sad:

Does anyone know if you have to pay council rates for living in a rental property.

Australian dollar dives as Westpac forecasts cut to interest rates OK, so 1.07 US and 1.51 GBP is hardly a dive but expectations seem to be shifting from higher interest rates to lower ones, while higher rates may be forced on the big Western economies and those waiting for a better time to exchange pounds may still be in for a very long wait - no-one knows. One thing that can't be argued is that this a big change in sentiment from a few months ago. Mods - consider not moving this to money & finance as very few people read that and exchange rates are important to a large number of people. Of course no paper currencies are really rising, they're just sinking against real money at different rates :wink:

Hoping someone could throw some light on the Market salary rates criteria, I note from the potential employers point of view they have to clarify rate of pay for potential employee etc. I note it states within the five Market salary rates categories that if you have benefited from falling under the concessional English category that the base Market salary rate is $81040.? can anyone shed any light on this, and am I assuming rightly that means if you hold a UK passport then this should be the base rate prescribed by the employer?? From a skype call I believe our potential employer is offering an annual salary of below that and nine weeks on his application for sponsorship and nomination is yet to be approved- and I am starting to worry now something is wrong..... I'll attach the link also, thanks in advance http://www.immi.gov.au/skilled/457-market-salary-rates.htm Karen

stay on hold, welcome news to those with a mortgage:wubclub:

Just had this article sent through to me thought it would be of interest to those members following the property market. Property prices won't experience huge losses over the next three years but interest rates will rise to almost 9.5 per cent by 2014 to force buyers back onto the sidelines, a new study says. The report by BIS Shrapnel, released today, dismisses forecasts of sharp falls in prices over the short to medium term and predicts prices to remain steady through the rest of 2011 "with some cities even showing moderate price growth over the two following years". Report author Angie Zigomanis said the drop in home prices to June this year had been caused by the government's withdrawal of stimulus spending, rising interest rates and a 50 per cent pull-back in the number of first-home buyers entering the market. But he said buyers would return as investment from the mining boom started revving up the economy through 2012. "The only question mark for us is interest rates. Our forecast is for a half a per cent rise later this year, and another half a per cent rise in the first-half of next year," said Mr Zigomanis. "In an environment that is strengthening, we can probably handle that at current price levels. People have factored those rate rises in, so as the economy picks up people will wade back into the market knowing that there is a couple of interest rate rises on the horizon." He said the forecasts were based on unemployment falling below 4 per cent in "a strong economic environment" where rising wages and inflation would see the RBA hike rates. "Housing rates are consequently forecast to peak at 9.4 per cent by the end of 2013. While the momentum in purchaser activity is expected to continue into 2012-13, rates at this level will eventually bring about a downturn in both the residential market and the economy over 2014." City by city Mr Zigomanis forecast Sydney's median house price to be $640,000 in June 2011, or a 1 per cent rise on a year earlier. The report noted that house prices would "remain 9 per cent below the peak of March 2004" but home loan affordability was "at its best level since 2002". Melbourne's forecast median house price would hit $575,000, a 3 per cent rise on a year earlier, but Mr Zigomanis noted there was "little upward pressure on prices" as the construction of new dwellings was beginning to exceed demand. In Brisbane, the median house price would slide 4 per cent over the year to $440,000. The report noted that "underlying demand in the Queensland market has been weakened by lower overseas and interstate migration inflows that have fallen to long term lows". The Gold Coast and Sunshine Coast regions were expected to have moved in tandem with Brisbane. Adelaide's median house price to June 2011 was predicted to remain static at $410,000, while Perth home prices would settle at $480,000, down 4 per cent for the year and 10 per cent since the March quarter peak of 2007. The median price of a home in Hobart was steady at $365,000 over the year to June and Canberra's median house price was estimated to have fallen 2 per cent to $512,000.

hello all just a quicky do you pay Council Rates if you rent in perth thanks alan

Hi what are the rates of pay you can expect and the hours?

Just hoping some kind soul can answer this one about rates. We are planning to rent a 3 bed property in Joondalup. In anyones experience what rates have to be paid. I take it refuse collection, council rates and water, are these normally included in rent?? Would much appreciate someone currently in Joondalup giving some valuable info:wink:

I am moving to Perth later this year and am trying to put together a fairly accurate budget. The thing I am struggling with is mortgage interest rates. I know that the official reserve bank cash rate in Aus is 4.75% so banks make their money from the difference in this rate and what they lend at. I guess in Aus like a lot of countries you can shop around and get a good interest rate with fixed options / variable options etc. If I look at commonwealth bank they offer a rate of around 7.24% NAB offer around 7.6% I was wondering if anyone would mind sharing their current mortgage percentage so I can see what the rates are so that I can bargain from a position of strength?:biggrin: Obviously the rate they give you is dependant on a whole range of factors eg risk etc but it would be good to hear what people on PIO have managed to get from their banks :wink:

No change in Aussie interest rates for the time being. Michael Pascoe | RBA: it's all good, mate | Interest Rates |

Hi everyone. I am trying to put together a budget for living in Perth and am struggling to find out one piece of info. What are the cost of rates on property in the area covered by the city of Stirling? I have emailed the council but they said it depends on the GRV. I am not sure why they could not provide me with a table and take it from there?:confused: Can someone who lives in Stirling please let me know how much they pay per annum in rates and what the GRV is on their property. I would like to possibly settle in Sirling one day and would like to get a budget sorted prior to seeking work. Any advice would be much appreciated! Thanks Regards Richard

Hi guys, I'm hoping to go to Western Australia myself on a business visa. I have all the paperwork submitted and just wonder if you could help me. I'm just curious what rates of pay a dryliner gets an hour hanging plasterboard and taping and jointing it? And is there much of this type of work around? I'm hoping to relocate to south of Perth, maybe around Mandurah area. Also wondering how I can find out the rates drylining subcontractors charge per square meter or per house. Any help would be great.

Well the reserve bank have decided to keep the interest rates on hold. They don't meet again now until February.:wubclub: