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The weekly round-up of the biggest news stories from across Momentum Media’s property titles for the week ending 4 December.
Welcome to The Adviser’s weekly round-up of the stories that are getting big reads across Momentum Media’s property titles: The Adviser, Mortgage Business, Real Estate Business, Smart Property Investment and nestegg.
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We hope it helps inform you of the biggest issues shaping the mortgage and property markets.
HomeBuilder extension details revealed
On Sunday (29 November), the Treasurer announced that the HomeBuilder program will be extended to 31 March 2021, albeit in a modified form.
This will provide a $15,000 grant for building contracts (new builds and substantial renovations) signed between 1 January 2021 and 31 March 2021, inclusive.
There has also been an increase to the property price cap for new build contracts in NSW and Victoria. These are rising to $950,000 and $850,000, respectively.
BID changes could see brokers earning nothing on some loans
Aggregation group Connective has warned that further consideration and clarity is needed on how the conflicts priority rule applies, which requires brokers to put the interests of the consumer ahead of their own, should a conflict arise.
According to Connective, the expanded BID could threaten the remuneration of brokers when writing consumer asset finance that are subject to flex commission structures.
RBA hands down December decision on cash rate
The already record-low rate of 0.10 of a percentage point will remain unchanged as Australia heads into the festive period.
New-look NSW corporate team looks to 20% market share
Ray White has revealed a new-look corporate team spearheaded by Andrew McCulloch as CEO, as his co-CEO of two years, Jason Andrews, makes the move to Queensland.
Bridgette Collis has taken on the role of chief growth officer, while Tim Snell is now the state’s chief performance officer.
Underquoting tars ‘every agent with the same brush’
In conversation with REB, Century 21 Radar Properties principal Peter Brack has reminded agents that not only is the practice of underquoting illegal, but you are actually attracting the wrong type of buyers to the property you are trying to sell.
Pets putting landlords in awkward positions
While the recent judgment that prevented owners corporations from introducing blanket bans on pets was considered a “big win” for animal lovers, a number of stories have since emerged of tenants mistakenly assuming the right to keep a pet in a rented apartment extends to them.
REINSW CEO Tim McKibbin said it’s not widely understood that landlords can refuse a tenant from having a pet.
Building to 11 property investments amid pandemic: Arjun Paliwal
Buyer’s agent and investor Arjun Paliwan did not let COVID-19 stop his wealth-creation journey and went on to purchase his newest property in the middle of a lockdown.
How to buy investment property in New Zealand
As an Australian citizen, you do not need to apply to the Overseas Investment Office to buy an investment property in New Zealand.
You do need to check that the land isn’t classified as sensitive for another reason. If it is, you will need to apply for consent.
For more analysis and insight into these stories, tune in to Momentum Media’s new live talk show on Facebook, What’s Making Headlines, featuring Momentum Media’s executive editor - real estate, Phillip Tarrant, and business coach and Real Estate Gym trainer Tom Panos.
You can also catch up on the show via the What’s Making Headlines podcast, which is released every Friday.
[Related: Hot Property: The biggest property headlines from the week 23-27 November]
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