Top 10 regions Aussies are moving to

Top 10 regions Aussies are moving to

They say the grass is always greener, and for the growing number of Aussies making the move out of capital cities this might just be a few kilometres outside of them.

CoreLogic has analysed regional population and migration data for 2016-17, helping to paint a picture of where people who are migrating away from capital cities are moving to.

According to CoreLogic Head Researcher, Cameron Kusher, the data shows that overall “a significant number of those people that moved away from a capital city over the past financial year moved to an area adjacent to the capital city”. 

“Some of these are coastal/lifestyle markets while also being locations where housing is more affordable.

“The reality is the reasons for moving to these locations likely vary somewhat from one in which the residents are seeking more affordable housing or one in which residents are looking for a sea change/treechange,” said Mr Kusher.

Top 10 regions for people leaving Sydney
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Region of Arrival

State

Number of Arrivals

Newcastle and Lake Macquarie

NSW

5,502

Illawarra

NSW

5,301

Australian Capital Territory

ACT

5,219

Gold Coast

QLD

5,179

Mid North Coast

NSW

4,484

Southern Highlands and Shoalhaven

NSW

4,435

Hunter Valley exc. Newcastle

NSW

3,997

Central West

NSW

3,647

Melbourne – Inner

VIC

3,511

Melbourne – West

VIC

3,098

Top 10 regions for people leaving Melbourne 

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Region of Arrival

State

Number of Arrivals

Latrobe – Gippsland

VIC

7,259

Geelong

VIC

6,894

Hume

VIC

3,824

Bendigo

VIC

3,375

Ballarat

VIC

3,368

Gold Coast

QLD

2,475

Australian Capital Territory

ACT

2,454

Shepparton

VIC

2,128

North West

VIC

1,755

Sunshine Coast

QLD

1,524

Top 10 regions for people leaving Brisbane  

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Region of Arrival

State

Number of Arrivals

Gold Coast

QLD

8,834

Sunshine Coast

QLD

6,687

Wide Bay

QLD

4,100

Toowoomba

QLD

2,324

Central Queensland

QLD

2,244

Melbourne – Inner

VIC

2,216

Darling Downs – Maranoa

QLD

1,998

Townsville

QLD

1,949

Richmond – Tweed

NSW

1,882

Australian Capital Territory

ACT

1,739

 Top 10 regions for people leaving Adelaide             

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Region of Arrival

State

Number of Arrivals

South Australia – South East

SA

3,741

Barossa – Yorke – Mid North

SA

2,427

Melbourne – Inner

VIC

1,481

Melbourne – West

VIC

1,212

South Australia – Outback

SA

1,176

Australian Capital Territory

ACT

968

Melbourne – South East

VIC

929

Darwin

NT

850

Gold Coast

QLD

750

Sydney – Parramatta

NSW

570

Top 10 regions for people leaving Perth                   

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Region of Arrival

State

Number of Arrivals

Bunbury

WA

4,403

Western Australia – Wheat Belt

WA

3,904

Western Australia – Outback (North)

WA

3,130

Western Australia – Outback (South)

WA

2,649

Melbourne – Inner

VIC

2,357

Melbourne – West

VIC

1,440

Darwin

NT

1,173

Melbourne – South East

VIC

1,065

Gold Coast

QLD

975

Australian Capital Territory

ACT

923

Top 10 regions for people leaving Hobart                 

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Region of Arrival

State

Number of Arrivals

South East

TAS

1,007

Launceston and North East

TAS

477

Melbourne – Inner

VIC

356

West and North West

TAS

344

Melbourne – West

VIC

237

Gold Coast

QLD

237

Melbourne – South East

VIC

177

Australian Capital Territory

ACT

161

Sunshine Coast

QLD

127

Melbourne – North East

VIC

109

Top 10 regions for people leaving Darwin                 

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Region of Arrival

State

Number of Arrivals

Northern Territory – Outback

NT

948

Townsville

QLD

467

Gold Coast

QLD

413

Cairns

QLD

410

Melbourne – West

VIC

398

Perth – South West

WA

379

Sunshine Coast

QLD

351

Australian Capital Territory

ACT

344

Ipswich

QLD

330

Adelaide – North

SA

321

Top 10 regions for people leaving Canberra            

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Region of Arrival

State

Number of Arrivals

Capital Region

NSW

3,273

Melbourne – Inner

VIC

837

Sydney – City and Inner South

NSW

615

Sydney – North Sydney and Hornsby

NSW

583

Melbourne – West

VIC

556

Gold Coast

QLD

492

Sydney – Inner South West

NSW

436

Sydney – Parramatta

NSW

420

Sydney – Eastern Suburbs

NSW

414

Sydney – Inner West

NSW

405

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Learn more about home loans

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

How is interest charged on a reverse mortgage from IMB Bank?

An IMB Bank reverse mortgage allows you to borrow against your home equity. You can draw down the loan amount as a lump sum, regular income stream, line of credit or a combination. The interest can either be fixed or variable. To understand the current rates, you can check the lender’s website.

No repayments are required as long as you live in the home. If you sell it or move to a senior living facility, the loan must be repaid in full. In some cases, this can also happen after you have died. Generally, the interest rates for reverse mortgages are higher than regular mortgage loans.

The interest is added to the loan amount and it is compounded. It means you’ll pay interest on the interest you accrue. Therefore, the longer you have the loan, the higher is the interest and the amount you’ll have to repay.

How to use the ME Bank reverse mortgage calculator?

You can access the equity in your home to help you fund your needs during your senior years. A ME Bank reverse mortgage allows you to tap into the equity you’ve built up in your home while you continue living in your house. You can also use the funds to pay for your move to a retirement home and repay the loan when you sell the property.

Generally, if you’re 60 years old, you can borrow up to 15 per cent of the property value. If you are older than 75 years, the amount you can access increases to up to 30 per cent. You can use a reverse mortgage calculator to know how much you can borrow.

To take out a ME Bank reverse mortgage, you’ll need to provide information like your age, type of property – house or an apartment, postcode, and the estimated market value of the property. The loan to value ratio (LVR) is calculated based on your age and the property’s value.

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

What do people do with a Macquarie Bank reverse?

There are a number of ways people use a Macquarie Bank reverse mortgage. Below are some reasons borrowers tend to release their home’s equity via a reverse mortgage:

  • To top up superannuation or pension income to pay for monthly bills;
  • To consolidate and repay high-interest debt like credit cards or personal loans;
  • To fund renovations, repairs or upgrades to their home
  • To help your children or grandkids through financial difficulties. 

While there are no limitations on how you can use a Macquarie reverse mortgage loan, a reverse mortgage is not right for all borrowers. Reverse mortgages compound the interest, which means you end up paying interest on your interest. They can also affect your entitlement to things like the pension It’s important to think carefully, read up and speak with your family before you apply for a reverse mortgage.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

How much is the first home buyer's grant?

The first home buyer grant amount will vary depending on what state you’re in and the value of the property that you are purchasing. In general, they start around $10,000 but it is advisable to check your eligibility for the grant as well as how much you are entitled to with your state or territory’s revenue office.

Will I be paying two mortgages at once when I refinance?

No, given the way the loan and title transfer works, you will not have to pay two mortgages at the one time. You will make your last monthly repayment on loan number one and then the following month you will start paying off loan number two.

What's wrong with traditional ratings systems?

They’re impersonal 

Most comparison sites give you information about rates, fees and features, but expect you’ll pay more with a low advertised rate and $400 ongoing fee or a slightly higher rate and no ongoing fee. The answer is different for each borrower and depends on a number of variables, in particular how big your loan is. Comparisons are either done based on just today or projected over a full 25 or 30 year loan. That’s not how people borrow these days. While you may take a 30 year loan, most borrowers will either upgrade their house or switch their home loan within the first five years. 

You’re also expected to know exactly which features you want. This is fine for the experienced borrower, but most people know some flexibility is a good thing, but don’t know exactly which features offer more flexibility than others. 

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

They’re not always timely

In today’s competitive home loan market, lenders are releasing new offers almost daily. These offers are often some of the most attractive deals in the market, but won’t get rated by traditional ratings systems for up to a year. 

The assumptions are out of date 

The comparison rate is based on a loan size of $150,000 and a loan term of 25 years. However, the typical loan size is much higher than that. Million dollar loans are becoming increasingly common, especially if you live in metropolitan parts of Australia, like Sydney and Melbourne. It’s also uncommon for borrowers to hold a loan for 25 years. The typical shelf life for a home loan is a few years. 

The other problem is because it’s a percentage, the difference between 3.9 or 3.7 per cent on a $500,000 doesn’t sound like much, but equals around $683 a year. Real Time Ratings™ not only looks at the difference in the monthly repayments, but it will work out the actual cost difference once fees are taken into consideration. 

What is an investment loan?

An investment loan is a home loan that is taken out to purchase a property purely for investment purposes. This means that the purchaser will not be living in the property but will instead rent it out or simply retain it for purposes of capital growth.

What are the responsibilities of a mortgage broker?

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.

In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for,  actually meet your needs, and don’t prove unnecessarily challenging for you.

Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.

Does Real Time Ratings' work for people who already have a home loan?

Yes. If you already have a mortgage you can use Real Time RatingsTM to compare your loan against the rest of the market. And if your rate changes, you can come back and check whether your loan is still competitive. If it isn’t, you’ll get the ammunition you need to negotiate a rate cut with your lender, or the resources to help you switch to a better lender.