Latest news with #keyworkers
ABC News
31-07-2025
- Business
- ABC News
Key workers to be offered pod housing in Byron shire amid social housing builds
Teachers, police and other "key workers" looking to move into the Byron Shire will be offered accommodation in pod-style cabins originally built to house survivors of the 2022 floods. Byron Mayor Sarah Ndiaye said securing the pods at Brunswick Heads as homes for key workers and others in housing stress was "fantastic" news. "We really do need houses as soon as possible … everything just takes too long and when we have many people, as we do, that are homeless or in extreme housing stress, we need to be able to deliver as soon as possible," she said. "Main thing is … that this great resource, that a lot of money was spent on, isn't going to go to waste and that we are going to be able to utilise it. "We need to deliver some long-term affordable housing options for people." NSW Housing Minister Rose Jackson said she was keen to see other councils in the region follow Byron's lead. "We want to have a future for every single one of those pods, none of them are going to end up in landfill," she said. Tweed Shire Council had previously rejected an offer for a similar strategy at its Kingscliff pod village, but Mayor Chris Cherry said she was open to it. "I would be hopeful that our councillors may be able to think about it again and I'd certainly be happy if the state government asked about whether we would reconsider it," she said. The move was announced as the NSW government unveiled plans for a "historic pipeline of housing", which included more than 355 public and community homes to be built across the Northern Rivers by mid-2027. The Tweed Shire is set to get 133 new homes, 69 are slated for the Richmond Valley, and Lismore, Ballina and the Clarence Valley will get about 50 each. "It's actually the largest [housing] pipeline in any part of regional NSW, so we are delivering more homes in this region than we are in the rest of the state," Ms Jackson said. The government announced in February it would transform a former Tweed Heads retirement village into 70 supported temporary accommodation units under its Housing Innovation Fund. It has now purchased the site to make the arrangement permanent. Elderly couple Gloria and Lindsay Judd said they were on the verge of homelessness when they had to move out of their rental home of 30 years, until space was found for them in the temporary accommodation facility. "I was down in the dumps really bad … and I told Linds, 'I'll buy a tent and we can live in a tent on the road'," Ms Judd said. NSW Premier Chris Minns said innovative projects were crucial in a region with more than 4,100 people on the social housing waitlist, including more than 1,200 on the priority list. "We need to be in a situation where we're looking at new ideas to house people in desperate, desperate situations and desperate circumstances," he said. Theresa Mitchell, who operates nearby homelessness outreach service Agape, said 133 new social housing properties in the Tweed was "nothing" compared to the number of homeless people in the area. Ms Mitchell said one client recently entered social housing after 21 years on the waitlist. "It's not going to solve the problem, it's not even going to halve the problem, or a third," she said.
Daily Mail
19-05-2025
- Business
- Daily Mail
Another lender launches 100% mortgages for first-time buyers
A new mortgage has been launched offering the chance to borrow 100 per cent of a property's value - the second such deal in less than a week. Little-known lender Gable Mortgages, which was founded in 2024, is providing home loans which don't require the borrower to put down any deposit. It follows April Mortgages ' launch of a similar 100 per cent product last week. No-deposit mortgages have been extremely rare in recent years, with most lenders requiring the borrower to put down at least 5 per cent. Those that do offer deposits lower than that often require a parent to act as a guarantor. According to Gable's website, its products are aimed at 'generation rent' who can manage to pay their rent - which may be higher than a mortgage on a similar property - but struggle to save a deposit. Justin Le Roux, chief executive of Gable Group, said: 'There is a whole generation of renters out there who are struggling to save to buy and pay their rent at the same time. 'This has made it significantly harder for first time buyers, especially key workers get onto the property ladder. 'We believe in changing this by offering a solution where the buyer can get a quick decision based on affordability and not – like so many other products on the market – based on what they have managed to save up or borrow from the bank of mum and dad.' The lender has two products available -a standard mortgage, and one that is specific to new-build buyers purchasing a home from a list of 'partner' developers. Comparably to many other lenders, Gable's standard mortgage allows borrowing of 4.49 times the buyer's salary. This rises to 5.5 per cent for key workers in certain professions. It means someone earning £40,000 a year could hypothetically buy a home worth £179,600 without any savings - and if they were a key worker, that could rise to £220,000. Gable borrowers need to be aged at least 23 and want to borrow a minimum of £125,000. They must also go through a mortgage broker. Both of the mortgages are offered on a five-year fixed term only. This is different to April Mortgages, where borrowers must fix for 10 or 15 years. The rate on the standard mortgage is 5.95 per cent, and on the new-build mortgage is 5.65 per cent. This is substantially more expensive than the mortgages available for those who could save a 5 per cent deposit. For example, Monmouthshire Building Society has a five-year fix at 4.75 per cent with a £1,409 fee, while Nationwide offers one at 4.79 per cent with a £1,167 fee. Someone borrowing a £200,000 mortgage over 30 years would pay £1,043 every month on the Monmouthshire 5 per cent deposit mortgage, compared to £1,193 on the standard Gable 0 per cent deposit mortgage. On April's rival 100 per cent mortgage, the interest rate initially starts at 5.99 per cent, but this can be reduced over time as the debt is repaid. Gable borrowers will need to look out for the fees, which are considerably higher than those charged on with-deposit mortgages with other lenders. On the standard mortgage, they are tiered depending on the value of the property and range from £2,095 on a property worth between £125,000 and £200,000, to £4,995 on a home worth £400,000 to £500,000 and £9,995 on a home worth between £800,000 and £1million. On the new-build mortgage, though, the fees are paid by the developer. With most mortgage lenders, the arrangement fee is the same no matter what the property price, and usually ranges from nothing to about £2,000. Borrowers will also want to look at the legal fees on Gable's mortgages. If they choose to use Gable's partner solicitor, they will pay between £2,395 and £2,995 in total, including their own conveyancing and Gable's legal costs. It is standard in the industry for mortgage applicants to pay the lender's legal costs, although some offer 'fee-free legals' deals. However, if a Gable borrower chooses to use their own solicitor, they will need to pay £1,495 to cover Gable's legal fees, as well as their own conveyancing solicitor's fees on top. According to Compare My Move's Cost of Moving House Index, the average conveyancing fee in 2024 was £1,567. Are 100% mortgages a good idea? While no-deposit mortgages will help more people get on the property ladder, reactions to them in the property industry are often mixed. Some say that a person's long-term earnings and their ability to pay the mortgage each month are more important than their ability to save a one-off deposit. However, others raise concerns about negative equity, which is when house prices fall and the value of a home falls below that of the mortgage secured on it and makes it harder to remortgage or sell. They also recall the struggles faced by some buyers with 100 per cent mortgages during the financial crisis. Kylie-Ann Martin, mortgage broker at Selby-based KAG Financial, told the news agency Newspage: 'I truly believe there is a place for 100 per cent mortgages, if they are regulated in the right way. 'We speak to many people paying huge amounts of rent that would see a considerable reduction in costs when comparing this to a mortgage - so for some I think it is fantastic that more lenders are offering them an opportunity to become homeowners.' While Kundan Bhaduri of portfolio landlord and property developer The Kushman Group said: 'Gable and April Mortgages' zero-deposit products bear striking resemblance to Northern Rock's pre-2007 folly that culminated in Britain's first bank run since 1866 and left millions in negative equity. 'The UK property market already suffers from endemic structural issues. 'Injecting more unqualified buyers will further inflate prices whilst creating a new cohort of vulnerable homeowners.' Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
