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It's too early to say first home buyers are back, but they've certainly made a welcome return to the market, according to the latest data from the Australian Bureau of Statistics.The number of new owner-occupier first home buyer loan commitments rose 15.8% in March, after reaching a five-year low in February.That said, first home buyer activity was 21.8% lower than the year before and 50.5% lower than the January 2021 high. Now that property prices appear to be rising again (see first story in newsletter), it might be wise for first home buyers to enter the market sooner rather than later, before prices rise further. Saving a deposit can be hard, but there are two ways to speed up the process.Under the First Home Guarantee, the federal government helps eligible first home buyers purchase a property with just a 5% deposit without having to pay lender’s mortgage insurance. Income and price caps apply.First home buyers who have parental support can use a guarantor home loan to enter the market with, potentially, a 0% deposit. Again, conditions apply.I love helping first home buyers get on the property ladder.Contact me for expert advice.See how much you can borrow now. Let's talk.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 First home buyer activity jumps 15.8% month-on-month

The Reserve Bank of Australia (RBA) is set for a shake-up, following a review commissioned by the federal government.The review made 51 recommendations, including specific measures to create a clearer monetary policy framework and stronger monetary policy decision-making.Treasurer Jim Chalmers said the government agreed in-principle with all the recommendations and would work with the RBA and parliament to implement them.Subject to consultations with the opposition, the Treasurer said the government would introduce legislation to:Reinforce the independence of the RBA in the operation of monetary policySplit the RBA board into two – with one board to oversee monetary policy and the other governanceStrengthen the RBA’s mandateClarify that Australia’s monetary policy framework will aim for both price stability and full employmentTreasurer Chalmers also said the government would institute a more transparent process for appointing external members to the RBA boards.Need a home loan? 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 Treasurer reveals plans to reform RBA

Australian property prices look to be trending upwards again, judging by the latest data from CoreLogic.After the national median price fell 9.1% between May 2022 and February 2023, it has since risen in consecutive months – by 0.6% in March and 0.5% in April.“Not only are we seeing housing values stabilising or rising across most areas of the country, a number of other indicators are confirming the positive shift,” CoreLogic's research director, Tim Lawless, said. “Auction clearance rates are holding slightly above the long run average, sentiment has lifted and home sales are trending around the previous five-year average,” he said.Mr Lawless said it was notable this housing turnaround was occurring despite interest rates remaining elevated.“The last time we saw housing values trending higher through a rising interest rate environment was during the mid-to-late 2000s when the mining boom was underway. This period was also characterised by surging net overseas migration that contributed significantly to housing demand,” he said.Get in touch if you need a home loan.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 prices have now risen in consecutive months

The Australian Banking Association (ABA) has launched a new campaign to raise awareness about scams.This is a very topical issue, with Scamwatch receiving 14,603 reports about bank impersonation scams in 2022, resulting in more than $20 million in losses, according to the Australian Competition & Consumer Commission.The ABA ads include these key messages:Bank impersonation scams: “Banks will never call you and ask you to transfer money to another account.”E-toll scams: “Never click on suspicious texts, links or emails.”Investment scams: “Always check you’re dealing with a legitimate organisation.”Invoice scams: “Never transfer money unless you’re certain it’s to the right person.”Banks will never:Ask you to transfer funds to another account over the phoneSend you unsolicited texts or emails that ask you to provide your account or personal detailsAsk for online banking passcodes or passwords over email, text or phoneAsk for remote access to your computerThreaten to take immediate action on an issueThe ABA has advised consumers to question the authenticity of texts, emails or calls from people who claim to be from a bank or trusted organisation. The ABA has also highlighted the importance of registering a PayID (only through a bank, not a third party) and using it when available. Consumers should also set up two-factor authentication for online banking, check the legitimacy of invoices or bills, and report any suspicious activity to their bank.Need a home loan? 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 How to protect yourself against scams

Property investors have been put on notice, after the Australian Taxation Office (ATO) said it would scrutinise their tax returns in an attempt to claw back an estimated $1.3 billion in missing taxes.The ATO told The Guardian that it would use “formal information gathering powers” to compel 17 financial institutions – including all the big four banks – to provide data on approximately 1.7 million property investors.That would allow the ATO to assess all the income an investor had earned and all the expenses they'd incurred over the course of a year, and to then compare that with their tax return.According to the ATO, the most common tax mistakes that property investors make are:incorrectly declaring improvements to be repairs rather than capital worksnot apportioning expenses for private use of the propertyeither not apportioning or incorrectly apportioning the loan interest costs after refinancing for private purposesThat’s why it’s generally a good idea for property investors to get professional help when filing tax returns. If you’d like to be introduced to a trusted accountant, reach out and I’ll be happy to recommend someone.Need a home loan? 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 ATO orders banks to provide data on property investors

The home loan refinancing boom, which has lasted for two years and counting, has reached record levels. Refinancing activity has dramatically increased during that time from $13.7 billion worth in February 2021 to $16.2 billion in February 2022 and, now, according to the latest Australian Bureau of Statistics data, a record $19.9 billion in February 2023. The refinancing surge started in 2021 when interest rates were at record-low levels – at that point, many borrowers refinanced so they could lock in ultra-low fixed rates.The surge was given fresh life in May 2022 when the Reserve Bank started raising rates – many borrowers then refinanced to lower-rate loans to 'cancel out’ rate rises.There’s no doubt the mortgage market has changed a lot in a short amount of time. So if it’s been at least two years since you refinanced, there’s a good chance your interest rate is unnecessarily high. My suggestion is to book an appointment so we can review your loan and see if there’s a better deal elsewhere.Want to refinance? 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 Refinancing activity keeps going from strength to strength

Australian property prices rose 0.6% in March, according to CoreLogic – the first monthly increase since April 2022.But while prices increased at a national level, and in Sydney, Melbourne, Perth and Brisbane as well, they did decline in the four smaller capitals. CoreLogic’s research director, Tim Lawless, said one reason prices are rising again is due to the tight rental market, where accommodation is scarce and rents are rising rapidly.That’s motivating some tenants to switch from renting to buying, thereby increasing buyer demand.“Similarly, with net overseas migration at record levels and rising, there is a chance more permanent or long-term migrants who can afford to, will skip the rental phase and fast track a home purchase simply because they can’t find rental accommodation,” he said.Get in touch if you need a home loan.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 downturn may be over

The number of properties listed for sale has increased, although this is due to less new listings coming onto the market than existing listings taking longer to sell.SQM Research has reported that 231,039 properties across Australia were listed for sale in February, which was 7.7% higher than the year before.Significantly, though, the number of new listings (those less than 30 days old) in February was 11.0% lower than the year before. Conversely, the number of old listings (those greater than 180 days) was 30.3% higher. SQM managing director Louis Christopher said relatively few owners wanted to sell – or to set a price that met the market.“This clearly reveals itself by the lower-than-average counts of new stock entering the market for February and what sellers are there, continue to hold the line on their asking price,” he said.“But sellers do need to understand the market is unlikely to catch up to their asking price at this present point in time. Only a minority of sellers recognise this, hence why there has been a rather large rise in older listings.”Need a home loan? Let's talk.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 Home owners reluctant to list their peoperties for sale