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The gap between house and unit prices in Australia continues to widen, despite the affordability advantage offered by units, according to new figures released by property data firm Cotality. Over the past five years, house values in capital cities have increased at nearly two and a half times the rate of unit values, pushing the premium for a house to a record 32.4% in September. In Sydney, the gap between the median house and unit value has reached 76%.

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Variable Rate

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Tasmanian-based lender MyState Bank and Queensland-headquartered Auswide Bank recently announced a merger, which came into effect from 19 February. The merged entity offer the great niches both lenders had become well regarded for including - Construction for owner occupied housing 95% LVR, fixed rate on Construction, Servicing based on fixed rate when taken, Multiple Offsets (10), 4 Units on 1 Title, Self employed-One year financials + 2 BAS. Under the old My State brand but still available are - 100% LVR option for owner occupied housing, 95% LVR INV Inclusive of LMI, No probation, minimum 3 months employment, Common Debt Reducer Available, Genuine Savings Policy (Rental Ledger), Acceptable up to 40ha security land size, Fully assessed Pre-Approvals.

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Good news for renters: Rent prices are finally showing signs of stability across the country. Although rents in Australia remain at record highs, they are no longer increasing, according to Domain's September quarterly rental report. From June to September, median asking house rent prices in Australia's combined capital cities held steady at $650 a week. That marks the fifth consecutive quarter where median house rents in the nation's combined capital cities have gone unchanged. It's also the longest period of stability in almost a decade: since the period from 2014 to 2016.

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Great Southern Bank has just announced a 40-year variable home loan product tailored to first-home buyers seeking lower monthly repayments. Per internal research at the customer-owned banking giant, 29% of Gen Zedders and Millennials would consider taking out a 40-year loan, as would 19% of Gen Xers, if it meant lower monthly repayments. Ask and ye shall receive – Great Southern Bank has made the products available to all Australian citizens aged between 18 and 40, for first-home buyer owner-occupiers only, at a maximum 90% LVR. Launching the product, Rolf Stromsoe, chief customer officer, said: "For some Australians having lower monthly repayments is the difference between renting and buying their first home. "This could be their 'starter home loan' – exactly what they need to get their foot in the door at the beginnings of their home ownership journey."

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