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There was a sharp rise in the number of consumers taking out car loans in 2024, as motorists purchased a record number of new vehicles.Australians bought an unprecedented 1,220,607 new vehicles last year, with Toyota, Ford, Mazda, Kia and Mitsubishi being the most popular brands, according to the Federal Chamber of Automotive Industries.As a result, consumers took out a record $4.7 billion of car loans in the December quarter, which was 13.0% more than the year before, according to the Australian Bureau of Statistics. Interestingly, there was an even larger rise in personal loans taken out to purchase holidays, household goods and other items – that rose by 25.9% to a record $3.9 billion.If you’re looking to secure funds for a car or a consumer purchase, please get in touch, as a car loan or personal loan may be a better option than a credit card.Need a home loan? Let’s chat.Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about More consumers using loans to purchase cars, holidays & whitegoods

Treasurer Jim Chalmers has instructed financial regulators to make it easier for Australians with student debt to take out a mortgage.Currently, the banking regulator, APRA, and the financial services regulator, ASIC, expect lenders to take HELP-HECS debt into account when assessing home loan applications. However, Dr Chalmers said he wanted lenders to be able to exclude student debt repayments from serviceability assessments when they expected the borrower to pay off the debt in “the near term”, the Australian Financial Review reported.“I’ve agreed these changes in discussions with regulators and convened the banks to discuss them,” Dr Chalmers said. “People with a HELP debt should be treated fairly when they want to buy a house and we’re working with the regulators to make sure they are.”While Dr Chalmers has not indicated when these changes would take effect, if you contact me, I can calculate how much you can borrow now and estimate how much you might be able to borrow under the new rules.Want to know your borrowing power? I can helpHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Govt plans to relax home loan rules for younger borrowers

The federal government has announced plans to ban foreign investors from buying established homes and to crack down on illegal land banking, in an effort to cool demand and increase supply.Foreign investors need to apply for approval before purchasing residential real estate in Australia. Under the current rules, they’re generally restricted to buying new properties although they are allowed to buy established properties under certain circumstances. Under the new rules, they will be banned from buying established properties between 1 April 2025 and 31 March 2027; a review will then be conducted to decide whether to continue the ban.The government will also take action against foreign investors who buy vacant land, sit on it and then sell it for a profit, rather than following the regulations that require them to put the land to productive use within reasonable timeframes. To enforce the policy, the government will provide funding to the Australian Taxation Office to do more auditing and compliance work with foreign investors.“This is all about easing pressure on our housing market at the same time as we build more homes,” Housing Minister Clare O'Neil said.“These initiatives are a small but important part of our already big and broad housing agenda which is focused on boosting supply and helping more people into homes.”Need a home loan? Let’s chat.Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Foreign investor framework gets tightened

Owner-occupiers are stepping up in the property market as investors are stepping down, according to new data from the Australian Bureau of Statistics, while average loan sizes now range from $465,000 in the Northern Territory to $811,000 in New South Wales.During the final three months of the year, loan commitments fell 4.5% quarter-on-quarter for investors while rising 2.2% for owner-occupiers, reflecting a changing dynamic in the market.Meanwhile, the average mortgage across Australia reached a record $666,000 at the end of 2024, an increase of 8.5% on the year before. Given those large loan sizes, accumulating a deposit can be hard. So here are five things you can do to either save your deposit faster or reduce the size of the deposit required:Ask me about borrowing strategies that require less than a 20% depositSpeak to your parents about a guarantor home loan, which could potentially reduce your share of the deposit to 5% or even 0%Consider buying in conjunction with a partner, relative or friendResearch the Home Guarantee Scheme, which lets eligible buyers purchase a property with just a 5% deposit without having to pay lender’s mortgage insuranceIncrease your savings rate, by looking for opportunities to cut your spending and grow your incomeLet’s talk home loan strategiesHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Five deposit strategies to consider as loan sizes rise higher

Australia's median property price fell by 0.1% in December, after 22 consecutive months of growth, according to CoreLogic. So while most property markets tended to favour sellers in 2023 and 2024, they're likely to favour buyers in 2025.With that in mind – subject to local market conditions – there's a good chance you can be more calculating in your property search. Reduced buyer competition will give you more time to shop around and conduct due diligence. It will also give you more scope to ask vendors for discounts and more favourable settlement terms. There are several steps you should take before you start home-hunting. Try to restrict your spending, to make yourself look as creditworthy as possible in the eyes of lenders. Also, order a free copy of your credit report and look for errors: if you find any, apply to have them removed, otherwise they might affect your credit score.Most importantly, apply for a home loan pre-approval before you attend open homes, so you know what your budget will be. I can help you with that.Need a home loan? Let’s chat.Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Property market predicted to favour buyers in 2025

One of the biggest home loan mistakes you can make is to ‘set and forget’ your mortgage for 30 years, because as the market shifts and your financial situation changes, there's a good chance your mortgage will no longer be as competitive or suitable. With that in mind, here are five signs it might be time for you to refinance:It's been at least two years since you took out your loan. Credit policies, interest rates and borrower incentives have changed a lot in that time, so you might find that better loan options are now available.Your financial situation is now different. Just as you need new clothes when your body changes, you generally need a new loan when your personal circumstances evolve.Your fixed-rate period is coming to an end. Instead of reverting to your lender's standard variable rate, look around to see if better loan options are available – because the answer will probably be yes.You've built up equity in your property. If your equity position is stronger, you might now be able to qualify for a loan with a lower interest rate or better features.You want to cash out equity. If you want to buy an investment property, you might be able to cash out equity – via a refinance – and use that money to fund the deposit.Get in touch if you need refinancing helpHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about New Year, new loan? five signs it’s time to refinance

Getting on the property ladder is challenging, but it might be easier than you think thanks to a range of first home buyer assistance measures.The federal government offers the First Home Guarantee and Regional First Home Buyer Guarantee, which help eligible first home buyers purchase a property with just a 5% deposit, without needing to pay lender’s mortgage insurance. Also, at some point this year, Help to Buy is expected to launch – this is a shared-equity scheme that will allow buyers to reduce their cost to as little as 60% of the purchase price, by offering the government a stake of up to 40% in the property. State governments also offer a range of incentives for eligible first home buyers, including:New South Wales – a $10,000 first home buyer grant and stamp duty discounts for purchases up to $1 millionVictoria – a $10,000 grant and duty discounts for up to $750,000Queensland – a $30,000 grant and duty discounts for up to $800,000Western Australia – a $10,000 grant and duty discounts for up to $600,000South Australia – a $15,000 grant and duty discounts for up to $700,000Tasmania – a $10,000 grant and duty discounts for up to $750,000ACT – a duty discount for all purchasesNorthern Territory – a $50,000 grantConditions apply for all these schemes, so please speak to me to confirm your eligibility.Want to buy your first home? Let’s talkHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about List of first home buyer grants in 2025

There was conflicting news for property investors and tenants in the latest rental numbers, pointing to a mixed outlook for the rental market.On the one hand, the national median rent hit a record-high $620 per week at the end of 2024, according to PropTrack. On the other hand, rental growth fell to its lowest level since 2021, after rents increased by just 1.6% in the December quarter. For tenants, this rental slowdown reduces financial pressure, especially if you’re trying to save a deposit for your first home – although the market still favours landlords.For investors, please note that while rents are likely to keep increasing, the rate of growth will be much slower than in the past three years. As a result, it's important to be realistic at your next rental review and to take guidance from your property manager about what tenants in your local market are willing to pay.If you’re thinking about buying your first home or purchasing an investment property, contact me to organise a pre-approval.Need a home loan? Let’s chat.Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Rental market slowing despite rents hitting record-high