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News.com.au
18 hours ago
- Business
- News.com.au
Bombshell deal to give select buyers the upper hand
Are first-time buyers are finally getting the attention they deserve? Queensland's state government announced its Boost to Buy shared equity scheme – a similar but separate initiative to the federal government's Help to Buy scheme that's due to launch later this year. This is great news for first-home buyers who don't have access to the 'bank of mum and dad' – but it's not without risks. It's a cautious welcome from me. I've done some digging with the comparison experts at Compare the Market to break down the key differences in the two schemes. First, what's a shared equity scheme? Inside billionaire Annie Cannon-Brookes' revamp of trashed island A share in value growth Governments are finally coming to the table with one of the biggest helping hands for first-home buyers I have seen. The government acts essentially as a partner to contribute to the deposit purchase of a home in exchange for a share in the equity. So, the affordability barrier is lowered, and eligible participants buy out the government's stake over time or when the property is sold. Both the Queensland Government's and the federal government's work on the same premise but differ in terms of eligibility criteria and limits on support. Strangely, it appears Queenslanders may have a choice between the two – but it's unclear at this stage. HERE'S A COMPARISON: Help to Buy (Federal) Eligibility: Single income: Up to $100,000/year; Couple income: Up to $160,000/year. Minimum Deposit: 2pc of purchase price Maximum Property Value: – QLD: $1 million (Brisbane and regional centres) or $700,000 (other) – NSW: $1.3 million (Sydney and regional centres) or $800,000 (other) – VIC: $950,000 (Melbourne and regional) or $650,000 (other) – ACT: $1 million – TAS: $700,000 (Hobart) or $550,000 (other) – SA: $900,000 (Adelaide) or $500,000 (other) – WA: $850,000 (Perth) and $600,000 (other) Shared Equity: New homes: 40pc; Existing homes: 30pc. Allocation Cap: – National: 10,000 per year for four years in total – QLD: Around 2,000 per year for four years – NSW: Around 3,300 per year for four years – Other states: TBA Boost to Buy (QLD only) Eligibility: Single income: Up to $150,000/year; Couple income: Up to $225,000/year. Minimum Deposit: 2pc of purchase price Maximum Property Value' – $1 million (all regions in Queensland) Shared Equity: New homes: 30pc; Existing homes: 25pc. Allocation Cap: – 1,000 in the 2025-26 Queensland Budget We have already seen Victorians benefit from the Homebuyer Fund, a similar scheme where the state government contributed up to 25 per cent for an equivalent share in the property, but this has recently been discontinued. Govt pays $3.3m for unliveable derelict house So, are shared equity schemes worth it? Anything to give a leg up for Australians to own a home is fantastic. It provides an opportunity for Australians to afford a home or one that was otherwise less achievable than before, with no payable Lenders' Mortgage Insurance (LMI). It's especially helpful for those whose parents can't chip in for a deposit or act as guarantors. Eligible would-be homeowners may also be able to stack Help to Buy or Boost to Buy schemes with other first-home buyer government incentives as a bonus – but be sure to check first. However, it's worth remembering that there are risks. Here are my key tips if you're considering a shared equity scheme. 1. Rates may be higher. Only select lenders will participate in these first-home buyer initiatives, reducing your choice and likelihood of being on a competitive rate. Mortgage brokers like Compare the Market can help you look for lenders offering these schemes. 2. Know your limits. If you can only save for a 2pc deposit, should you really be buying a home? It may seem like an 'easy' win, but don't overreach yourself and understand what you can afford realistically now and down the line, accounting for potential interest rate increases and decreases and changes to the value of the equity share. I think a 2.5 per cent deposit for a single person is okay, but for couples, 5pc means pitching in $17,500 per person for a $700,000 purchase. It's not easy to save, but that effort means you're in a better position to buy. 3. Understand the risk. Governments aren't just giving out money with no scrutiny. For Help to Buy, if your income exceeds the annual threshold for two consecutive years, you may be required to repay the government's contribution by refinancing. Essentially, they can pull out of the deal if you end up having a higher-paid job. Remember, a lot can happen in 30 years. 4. Increased demand. These initiatives will again put increased pressure on the housing market that's already at boiling point – and will likely drive-up prices even more. Allocation caps may help but they're not a panacea. 5. Supply continues to be a barrier. The federal government is still incentivising Australians to buy new, up to 40pc deposit for newly built homes. However, many first-home buyers cannot afford a new build, because of high construction costs which will likely continue for the foreseeable future. Until this is remedied, first home buyers are priced out in most areas. Other than increased demand, there is also a side-effect on the property market here. I'm never comfortable with governments using a specific property value as a criteria benchmark for these types of incentives. Why? Because it messes with home values. For example, a set $1m maximum means a home with around that now will end up selling too cheap in order to meet the shared equity incentive threshold. Conversely, any units around the $900,000 value may get artificially high selling figures. The solution is to base thresholds on incomes only – which is simpler and makes more sense to dictate budgets. Some details remain patchy, but overall, it's great to see more being done to get young Australians into the property market sooner. Let's hope it helps. *Andrew Winter is a property expert at Compare the Market.
Courier-Mail
a day ago
- Automotive
- Courier-Mail
Revealed: How Australia's cities rank for electric vehicle readiness
Don't miss out on the headlines from On the Road. Followed categories will be added to My News. Shocking new data has painted a grim picture for Australia's electric vehicle future, revealing that our major cities are among the least EV-friendly in the entire world. A comprehensive global analysis by Compare the Market, which assessed 106 cities, found that some of Australia's major cities consistently landed in the bottom 10 across five crucial factors for EV readiness, including incentives and charging station availability. Each city was ranked based on the following factors: chargers per capita, national average electricity cost, incentives score, EV sales relative to the city's population, and the number of EVs per capita. While some cities are better equipped for electric vehicles than others, it doesn't look good for Australia. Canberra emerged as Australia's top performer, securing the 33rd spot globally with a score of 2.94 out of 10. X SUBSCRIBER ONLY Sydney placed 74th in the rankings. Picture: Daily Telegraph / Monique Harmer MORE: Major brand's unthinkable act in EV war Hobart ranked 89th, trailing behind the Gold Coast, which secured the 88th position. Perth performed a little better, achieving 66th place in the rankings. Brisbane also outperformed Hobart, landing in 85th position. And in a closely contested comparison, Melbourne was ranked 73rd, just ahead of Sydney, which came in at 74th. The most EV-friendly cities in the world Ranking City Chargers per capita # of EVs by city population INDEX SCORE 1 The Hague (Netherlands) 744.92 26,526.39 5.14 2 Rotterdam (Netherlands) 467.13 33,456.32 5.10 3 Amsterdam (Netherlands) 664.22 41,478.52 5.00 4 Paris (France) 8.97 142,820.30 4.86 5 Oslo (Norway) 120.00 78,956.70 4.71 6 Utrecht (Netherlands) 606.05 16,248.82 4.45 7 Montreal (Canada) 55.28 124,384.59 4.31 8 Trondheim (Norway) 77.47 20,030.36 3.95 9 Bergen (Norway) 52.43 29,075.80 3.94 10 Lisbon (Portugal) 163.76 10,448.34 3.86 While electric cars have gradually made their way into the Australian market, they haven't achieved mainstream appeal, and most states and territories have limited incentives for EV owners. While Queensland and New South Wales have previously offered rebates and subsidies for EV purchases, they initiatives have since ended, with EV owners getting at least one incentive: discounts on car registration fees every year. Canberra emerged as Australia's's best city when it comes to EV friendliness. Picture: Jonathan Ng MORE: Jet pilot tech to change Aussie cars Canberra stood out as an exception, receiving full marks for its comprehensive incentives, which included registration discounts, rebates on the purchase of an electric car, and grants for installing charging stations, helping it achieve a higher ranking than other Australian cities. Another significant challenge affecting the adoption of electric vehicles in Australia is the national average electricity cost, which is notably higher than the global average. In addition to this, Australians encounter further obstacles in embracing EV technology, such as range anxiety and high initial purchase costs, which are often associated with soft resale values. Photo of roadside EV charging MORE: What is the best car of the 21st century? Dutch cities claimed the top three positions in the ranking: The Hague (5.14/10), Rotterdam (5.10), and Amsterdam (5.00). The report highlighted that these cities had the highest number of charging stations per capita, a key factor in the ranking system that allowed them to surpass other EV-friendly cities. Originally published as Aussie cities ranked among the least friendly for EVs
News.com.au
a day ago
- Automotive
- News.com.au
Aussie cities ranked among the least friendly for EVs
Shocking new data has painted a grim picture for Australia's electric vehicle future, revealing that our major cities are among the least EV-friendly in the entire world. A comprehensive global analysis by Compare the Market, which assessed 106 cities, found that some of Australia's major cities consistently landed in the bottom 10 across five crucial factors for EV readiness, including incentives and charging station availability. Each city was ranked based on the following factors: chargers per capita, national average electricity cost, incentives score, EV sales relative to the city's population, and the number of EVs per capita. While some cities are better equipped for electric vehicles than others, it doesn't look good for Australia. Canberra emerged as Australia's top performer, securing the 33rd spot globally with a score of 2.94 out of 10. Hobart ranked 89th, trailing behind the Gold Coast, which secured the 88th position. Perth performed a little better, achieving 66th place in the rankings. Brisbane also outperformed Hobart, landing in 85th position. And in a closely contested comparison, Melbourne was ranked 73rd, just ahead of Sydney, which came in at 74th. While electric cars have gradually made their way into the Australian market, they haven't achieved mainstream appeal, and most states and territories have limited incentives for EV owners. While Queensland and New South Wales have previously offered rebates and subsidies for EV purchases, they initiatives have since ended, with EV owners getting at least one incentive: discounts on car registration fees every year. Canberra stood out as an exception, receiving full marks for its comprehensive incentives, which included registration discounts, rebates on the purchase of an electric car, and grants for installing charging stations, helping it achieve a higher ranking than other Australian cities. Another significant challenge affecting the adoption of electric vehicles in Australia is the national average electricity cost, which is notably higher than the global average. In addition to this, Australians encounter further obstacles in embracing EV technology, such as range anxiety and high initial purchase costs, which are often associated with soft resale values. Dutch cities claimed the top three positions in the ranking: The Hague (5.14/10), Rotterdam (5.10), and Amsterdam (5.00). The report highlighted that these cities had the highest number of charging stations per capita, a key factor in the ranking system that allowed them to surpass other EV-friendly cities.
South Wales Argus
15-07-2025
- Automotive
- South Wales Argus
Highway Code: Drivers risk £1,000 fine for sun visor mistake
With the sun's glare at its peak, drivers are using their sun visors more than ever at the moment, but a little-known Highway Code rule means that you could be risking a £1,000 fine. With bright summer sunlight making visors essential, many drivers also use them to hold sunglasses, toll receipts, face masks, festival passes, or parking stubs. However, these items could be deemed an obstruction if they block the driver's view of the road ahead. Cherie Carter, director at Indigo Car Hire, explained: 'Most people wouldn't think twice about clipping a receipt or sunglasses case to their visor, but anything that affects your field of vision could lead to enforcement action. 'We see countless hire cars returned with cluttered visors, which is not only a safety risk, but could invalidate insurance in the event of a crash.' Under Highway Code Rule 94, drivers are legally required to ensure their vehicle is safe to drive, including having an unobstructed view. If police believe an obstruction contributed to dangerous or careless driving, fines can reach £1,000, plus points or driving bans in severe cases. Cherie added: 'Our advice is simple; keep your visor clear. Store passes or receipts in your glove box or wallet instead. It's a small change that can keep you, and everyone else, safer on the roads this summer. Recommended Reading: 'It's a good habit to do a quick sweep of your car interior before every journey. Remove anything hanging from your mirror or visor, check your windows are clean inside and out, and adjust your seat for maximum visibility. 'These small checks only take a minute but can significantly reduce your risk of fines or accidents.' Drivers risk £50 fine over roundabout mistake For new drivers, and some experienced ones, mastering roundabouts can be tricky, and experts are warning that millions of us are still making a simple mistake that is putting us at risk of a fine. One in six drivers believe roundabouts make their journeys more stressful, according to a study from Compare the Market. (Image: Getty/yevtony) And experts at the insurance firm warn that almost six million of us are not following roundabout rules correctly, putting them in danger of getting a £50 fine. Compare the Market's study found some drivers failed to give way to the right at roundabout junctions. Rule 185 of the Highway Code states: 'Always give priority to the traffic coming from the right, unless you have been directed otherwise by signs, road markings or traffic lights.' Furthermore, over half of UK licence holders (55%) could be at risk of the same fine due to driving over mini-roundabouts. Nearly half (48%) admit to driving over a raised roundabout and almost two-thirds (62%) to driving over a flat one. Rules 188 to 190 of the Highway Code reveal that when it comes to mini-roundabouts the regulations are no different from regular roundabouts - 'It is important to remember that all vehicles must pass round the central markings, unless they are too large to do so. You will find that when driving around mini-roundabouts there is less room to manoeuvre and less time to signal, so take extra care.'
North Wales Chronicle
15-07-2025
- Automotive
- North Wales Chronicle
Highway Code: Drivers risk £1,000 fine for sun visor mistake
With the sun's glare at its peak, drivers are using their sun visors more than ever at the moment, but a little-known Highway Code rule means that you could be risking a £1,000 fine. With bright summer sunlight making visors essential, many drivers also use them to hold sunglasses, toll receipts, face masks, festival passes, or parking stubs. However, these items could be deemed an obstruction if they block the driver's view of the road ahead. Cherie Carter, director at Indigo Car Hire, explained: 'Most people wouldn't think twice about clipping a receipt or sunglasses case to their visor, but anything that affects your field of vision could lead to enforcement action. 'We see countless hire cars returned with cluttered visors, which is not only a safety risk, but could invalidate insurance in the event of a crash.' Under Highway Code Rule 94, drivers are legally required to ensure their vehicle is safe to drive, including having an unobstructed view. If police believe an obstruction contributed to dangerous or careless driving, fines can reach £1,000, plus points or driving bans in severe cases. Cherie added: 'Our advice is simple; keep your visor clear. Store passes or receipts in your glove box or wallet instead. It's a small change that can keep you, and everyone else, safer on the roads this summer. Drivers warned they risk hefty fines over common headlight mistake 'It's a good habit to do a quick sweep of your car interior before every journey. Remove anything hanging from your mirror or visor, check your windows are clean inside and out, and adjust your seat for maximum visibility. 'These small checks only take a minute but can significantly reduce your risk of fines or accidents.' For new drivers, and some experienced ones, mastering roundabouts can be tricky, and experts are warning that millions of us are still making a simple mistake that is putting us at risk of a fine. One in six drivers believe roundabouts make their journeys more stressful, according to a study from Compare the Market. (Image: Getty/yevtony) And experts at the insurance firm warn that almost six million of us are not following roundabout rules correctly, putting them in danger of getting a £50 fine. Compare the Market's study found some drivers failed to give way to the right at roundabout junctions. Rule 185 of the Highway Code states: 'Always give priority to the traffic coming from the right, unless you have been directed otherwise by signs, road markings or traffic lights.' Furthermore, over half of UK licence holders (55%) could be at risk of the same fine due to driving over mini-roundabouts. Nearly half (48%) admit to driving over a raised roundabout and almost two-thirds (62%) to driving over a flat one. Rules 188 to 190 of the Highway Code reveal that when it comes to mini-roundabouts the regulations are no different from regular roundabouts - 'It is important to remember that all vehicles must pass round the central markings, unless they are too large to do so. You will find that when driving around mini-roundabouts there is less room to manoeuvre and less time to signal, so take extra care.'
