Latest news with #HelptoBuy
The Age
2 days ago
- Business
- The Age
Miles gets the blues with ‘Temu' Labor budget in reply speech
Queensland Opposition Leader Steven Miles has blasted the Crisafulli government's first state budget as full of broken promises, while claiming credit for many of its measures and announcing some new ones of his own. In his first budget reply speech on Thursday, the former premier said the best parts of Treasurer David Janetzki's budget were continuing Labor initiatives. 'It's just a Temu version of what we had planned,' Miles said of the budget during his 58-minute speech in parliament. 'Labor's 50¢ fares, our signature transport policy. Help to Buy – a Labor initiative. All of the capital program is Labor's – just less of it and delivered later. 'Health checks for kids? Labor policy. Fair play vouchers? That was ours too. So we welcome all of those things.' Miles used the speech to announce some new Labor policies, including a $10 million commitment to assist the community services sector store, refrigerate and distribute food to vulnerable people across the state should Labor be returned to power in 2028. 'It's not the answer to the growing problem that is food insecurity, but it's one way I know we can make a practical difference,' he said. What had been a 20-year commitment to reduce land tax by 50 per cent for build-to-rent developments in 2023 would also be extended. 'The rental market is continuing to tighten and vacancy rates remain incredibly low – that's why driving this kind of investment is what we need,' he said.
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
Miles gets the blues with ‘Temu' Labor budget in reply speech
Queensland Opposition Leader Steven Miles has blasted the Crisafulli government's first state budget as full of broken promises, while claiming credit for many of its measures and announcing some new ones of his own. In his first budget reply speech on Thursday, the former premier said the best parts of Treasurer David Janetzki's budget were continuing Labor initiatives. 'It's just a Temu version of what we had planned,' Miles said of the budget during his 58-minute speech in parliament. 'Labor's 50¢ fares, our signature transport policy. Help to Buy – a Labor initiative. All of the capital program is Labor's – just less of it and delivered later. 'Health checks for kids? Labor policy. Fair play vouchers? That was ours too. So we welcome all of those things.' Miles used the speech to announce some new Labor policies, including a $10 million commitment to assist the community services sector store, refrigerate and distribute food to vulnerable people across the state should Labor be returned to power in 2028. 'It's not the answer to the growing problem that is food insecurity, but it's one way I know we can make a practical difference,' he said. What had been a 20-year commitment to reduce land tax by 50 per cent for build-to-rent developments in 2023 would also be extended. 'The rental market is continuing to tighten and vacancy rates remain incredibly low – that's why driving this kind of investment is what we need,' he said.
Scottish Sun
3 days ago
- Business
- Scottish Sun
Nationwide is changing first-time buyer mortgage rules and you'll be able to get a loan with just a 5% deposit
Plus, a top property expert shares if the deal is right for you KEY TO IT Nationwide is changing first-time buyer mortgage rules and you'll be able to get a loan with just a 5% deposit Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) NATIONWIDE will make it easier for first-time buyers with 5% deposits to purchase a home from this week. The high street lender is giving customers a chance to secure a mortgage which covers 95% of the purchase price when buying a new build home. Sign up for Scottish Sun newsletter Sign up 1 The building society is launching the scheme as part of its Helping Hand initaive Credit: PA The offer will be available from tomorrow, Thursday June 26 and will also allow customers to borrow six times their annual income through its Helping Hand scheme. Nationwide's product helps aspiring home owners buy a property in expensive areas such as London without borrowing as much. Many lenders ask for buyers to secure a minimum deposit of 10% or more when buying a new build property as the value of the property can fall in the first few years. The bank is also increasing its loan to value (LTV) cap on new build flats. A LTV is the maximum percentage of a property's value that a bank is willing to lend. From tomorrow, Nationwide customers will be able to buy a new build flat with a 15% deposit as opposed to the previous figure of 20%. Nicholas Mendes, mortgage technical manager at John Charcol said Nationwide's offer should "help more buyers who are currently priced out of the market". But the expert warned that there are still some important things buyers need to consider before taking out a high loan-to-value mortgage. He said: "Borrowing with just a five per cent deposit typically comes with higher interest rates than mortgages available to those with a larger deposit. "This means repayments can be noticeably more expensive over time." BLOWS TO FIRST-TIME BUYERS He also said that customers should be wary about borrowing up to six times their income. "While it can certainly help buyers afford the property they want, it does mean committing to a significant level of debt." He added: "This can leave households more financially stretched, particularly if interest rates were to rise further or if their personal circumstances were to change." TOUGH TIMES FOR FIRST TIME BUYERS The shake-up comes amid a challenging period for first time buyers, with wage stagnation and rising property costs acting as a barrier to entry. The end of stamp duty relief available to first time buyers in April and other government schemes such as Help to Buy have also bruised buyers. The mortgage guarantee scheme, which helps people get on the ladder with a 5% mortgage is also due to end on June 30. The scheme provides a guarantee that the Government will cover some of a lender's losses if a borrower can't afford to repay their mortgage and the home is repossessed. It's been available for buyers since April 2021 but it's scheduled to end on June 30, and the Treasury wouldn't confirm if it plans a replacement scheme. It comes as the FCA is looking at ways to loosen lending to help boost the property market. Just this week, the watchdog said it would like to hear views on whether its rules "could better support more interest‑only mortgages'. The body said: "Interest‑only mortgages could be suitable for consumers who may struggle to afford a repayment mortgage and can support sustainable home ownership.' With this type of product, all you pay each month is the interest on the amount you borrowed. The product was hugely popular before the 2008 financial crash, but has become a rare find since.
South Wales Guardian
4 days ago
- Business
- South Wales Guardian
Nationwide makes huge change for thousands of customers
This means that borrowers need just a 5% deposit to qualify for a new build loan, an option also extended to first-time buyers. For those taking their first step on the property ladder, Nationwide said prospective homeowners can also use its 'Helping Hand' initiative to make new build purchases up to the maximum LTV. Helping Hand aims to help first-time buyers by allowing them to borrow a little bit more. In other words, a loan for six times their income, as opposed to the usual 4.5 times income standard amongst lenders. Whether you want to speak to a real person in branch, or do your banking online, there are many ways you can bank with us. If you need support, get in touch: According to Nationwide, mortgage new build sales in 2024 were around a third lower than in the last full year of the government's Help to Buy scheme in 2022. It said deposit requirements and affordability challenges have played a major part in this, and Nationwide's latest changes will support the new build sector by tackling them. Nationwide said it would also be increasing the maximum loan-to-value available for applications involving new build flats to 85%. Whilst the majority of new build purchases complete within six months, this change aims to offer customers and brokers greater certainty and flexibility during the construction process. The longer offer period reduces the risk of needing to reapply for the mortgage in the event the property takes longer to complete. Henry Jordan, Nationwide's director of home, told WhatMORTGAGE: 'A strong housebuilding sector drives growth, and as the UK's biggest building society, we're backing it with a trio of positive changes.' He added: 'These changes have the potential to meet the strong first-time buyer demand for new builds that has gone unmet since the end of Help to Buy, whilst also stimulating the construction sector to build more homes with the confidence that buyers can get a mortgage on them.' Recommended reading: Ceri Pearce, UK sales and marketing director, Taylor Wimpey, said: 'Nationwide's latest mortgage enhancements are a welcome step at a time when desire for home ownership is strong but affordability continues to challenge some customers – especially first-time buyers. 'The increase in the maximum loan-to-value on new build houses to 95% will make it easier for buyers to secure a mortgage with a smaller deposit, and the extension of mortgage offers to nine months will give borrowers greater certainty and flexibility during the construction process. 'These changes reflect a strong commitment to supporting the housing market and responding to the underlying demand for new homes.'
The Irish Sun
7 days ago
- Business
- The Irish Sun
We built our dream home from scratch in Irish countryside on budget – our smart approach means we're €175k better off
A SAVVY young couple's smart approach to building their dream home in the Irish countryside has seen them €175,000 better off. Newlyweds Jodi and Philip Kerr were "first time buyers and builders all in one' when they started their new home project on a tight budget. 5 Newly-weds Jodi and Phillip Kerr decided to take a leap of fate when building their dream home Credit: Collect 5 The pad is located in the countryside and is only weeks away from being finished Credit: Collect 5 And they've now shared all of their tips to other couples looking to follow suit Credit: Collect But thanks to tight cost control and smart budgeting the young couple are just weeks away from living happily ever after in their dream pad - and it's already worth €175k more it cost them. As house prices continuing to skyrocket in Ireland, self-building can be a practical way to cut costs and have complete control over the design decisions. Statistics show that the And the number of self-build mortgage approvals has also grown steadily, with over 1,300 approved in Ireland last year alone. Many of these are young couples choosing to build their own pads from the ground up. And one such savvy couple is Jodi and Philip who are in the final weeks of building a breathtaking home in the Northern Irish countryside. And after two years of building, the couple, who are only in their 20s, have revealed how they went about their bargain dream build. Jodie said: 'We got engaged in February 2023, and we went straight to an architect. 'My husband had a plot of land near where we were living and that's what we wanted to start working on. 'We had no experience at all. Both of us were only 24 when we first started the process and we were just thrown in there - first time buyers and builders all in one.' We renovated two homes in Dublin on a budget and completely transformed them - here's our major tips for home buyers Now only weeks until it is finished, building the pad cost the couple €408k - but it will have a market value of a whopping €584k. The couple chose to build near Philip's Since teenagers, Jodi and Philip also saved money in a Help to Buy ISA. And while this did not directly apply to funding their self-build project, it still gave them a strong start and helped them build good savings habits early on. The pair also secured a self-build mortgage through Ecology Building Society in the ECO COST-SAVING To qualify for this mortgage, their home had to meet environmental standards such as installing solar panels and an air source heat pump - both of which will also save them money in the long run on utility bills. However, despite being their last resort, it turned out to be a suitable option for their stunning pad. Jodi said: 'So we had a lot of savings to start off, and then we got a self-build mortgage with Ecology Building Society based over in England. 'When going with them we had to have an ecological house - heat pump, solar panels, and a different septic tank to make sure that everything's economical. 'We had to prove all of that on our plans and that they were going ahead, and then they accepted us." CASH BACK At the time they began their project, there were no government grants available specifically for self-builders in Northern Ireland. However, they now will be eligible for a £500 (€584) eco-friendly home grant once the build is complete and the house is signed off due to their choice in 'We had no experience at all. Both of us were only 24 when we first started the process and we were just thrown in there - first time buyers and builders all in one.' Jodie Kerr Up next was sourcing an architect that fit all of their needs while sticking to a budget - and they happened to find their ideal match on Instagram. Their architect provided a lot of advice on both the design and budgeting, and helped them find ways to reduce overall costs. What's more, they also sourced cheaper materials where possible and adjusted some FLEXIBLE PLAN And whenever costs went over budget in one area, they cut spending in other areas to stay within their overall financial plan. Jodi said: 'We've been able to kind of reel it in in different places, splurge and cut back on different things. "But we've been so happy with our architect, he was able to guide us to stay within the budget. 'There's no point getting stressed with spending more money in one area because it's always possible to save on other things along the way. 'It just kind of weighs itself up. You can stay in your budget with good advice and planning.' COST CHALLENGES However, there building experience was not without its challenges - such as the cost of building insurance and But living close to the building site allowed the couple quickly solve any problems that came up - only delaying their move-in date by a few weeks. The couple also admitted that managing the budget required a lot more of their time and effort than they could have imagined. And to help, they even hired a quantity surveyor who kept a close eye on pricing and costs. But despite the difficulties, building their home from scratch did also come with a surprise benefit - it brought the newlyweds even closer together. ADVICE FOR OTHERS The experience also taught the savvy couple many lessons about planning and patience. And they are keen to share their insight with others as they are sharing their building journey on Her advice to other young couples is to work with a reliable and trustworthy team throughout the process to alleviate stress. It is also essential to be clear and realistic about your budget from the start as costs can add up quickly and unexpected expenses are almost guaranteed. 'There's no point getting stressed with spending more money in one area because it's always possible to save on other things along the way." Jodie Kerr What's more, patience is crucial because delays and changes are almost inevitable in any self-build And finally, make sure you listen carefully to the professionals, such as architects and builders, as it will save you time and money in the long run. 'BE CLEAR ABOUT WHAT YOU WANT' Jodi added: 'Make sure that you're working with a team that you trust, and then your builder and your architect are trusting and listening to you too. 'Be clear about whether you want an energy efficiency house or whatever sort of design elements you want while making sure you're set in your budget and don't run off on it. "Be patient within the whole situation, we've waited two years for our house to come together, and it finally feels like it's coming home straight. 'And just listen to the people that you employ – take their advice on board, and you'll be 100 per cent. 'If you just kind of go off with your own ideas and think that you know better, then that's where you come into problems." 5 The couple are set to move into their dream pad this summer Credit: Collect 5 The property is now worth €180,000 more than it cost to build Credit: Collect
