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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

Reserve Bank of Australia (RBA) governor Philip Lowe has hinted that with monetary policy now in “restrictive territory”, interest rates may be near their peak.In a speech delivered the day after the RBA raised the cash rate for the 10th consecutive time, Governor Lowe said the RBA Board was closely monitoring the effect of all those earlier rate rises. “At our Board meeting yesterday, we discussed the lags in monetary policy, the effects of the large cumulative increase in interest rates since May and the difficulties that higher interest rates are causing for many households. We also discussed that, with monetary policy now in restrictive territory, we are closer to the point where it will be appropriate to pause interest rate increases to allow more time to assess the state of the economy,” he said.However, Governor Lowe also said inflation was “still too high” and that “further tightening of monetary policy is likely to be required” to quash inflation within a reasonable timeframe.“If we don’t get inflation down fairly soon, the end result will be even higher interest rates and more unemployment,” he said.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 RBA “closer to the point” where it will stop hiking rates

Over the past year, it’s become significantly easier for first home buyers to save a 20% house deposit, according to new research from Domain.In February 2022, first home buyers needed an average of 5 years 5 months to save a 20% house deposit. By February 2023, that had fallen to 4 years 11 months.It’s also become easier for first home buyers to save a 20% unit deposit, with the average time falling from 3 years 9 months to 3 years 7 months. Domain calculated the average income and purchase price of first home buyers by assuming they were a couple aged between 25-34 years and were purchasing an entry-level property.The reason first home buyers now need less time to save a deposit is because property prices have fallen over the past year, which means the deposit requirement has also fallen.I love helping first home buyers enter the market. If you want to buy your first home (or your children do), reach out today so I can explain your options.See how much you can borrow now.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 buyers now need less time to save a deposit

New data from CoreLogic suggests we might be near the end of the housing downturn.While Australia’s median property price fell 0.1% during February, values then rose in some markets in the four weeks to March 15:Sydney – up 0.8%Melbourne – up 0.2%Perth – up 0.1%Brisbane – unchangedAdelaide – down 0.4% That said, it’s too early to call the bottom of the market, according to CoreLogic’s executive research director, Tim Lawless. “Interest rates may rise further from here, as well as the fact that we are yet to see the full impact on households from the aggressive rate hiking cycle to date,” he said. “Additionally, economic conditions are set to weaken through the middle of the year, as household savings buffers are being depleted and labour markets are likely to loosen further.” Mr Lawless said one of the key metrics to watch would be the flow of new property listings, as a relative increase in supply would lead to a relative decrease in demand, and “could be a signal this recent trend of growth has run out of steam”.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 Have we reached the bottom of the market?

Evidence is emerging that the national housing market downturn, which began in May 2022, is slowing.CoreLogic has reported that the nation's median property price fell 1.0% in January – the smallest month-on-month decline since June 2022.Meanwhile, while the national median price fell 4.1% in the October quarter, it fell only 3.2% in the January quarter. Here’s how much prices fell in each capital city in both the three months to January and the three months to October:Perth -0.1% (was -0.7% in October quarter)Darwin -0.4% (was 0.0%)Adelaide -1.5% (was -0.6%)Melbourne -3.1% (was -3.1%)Canberra -3.4% (was -4.3%)Sydney -3.9% (was -5.3%)Brisbane -4.8% (was -5.4%)Hobart -5.5% (was -4.1%)In other words, while prices are still decreasing, they're doing so at a decreasing rate.Reach out if you want to buy a property. 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 National downturn slowing although conditions vary from city to city

Despite the recent housing downturn, property prices are higher in most parts of the country than before the pandemic. As a result, deposit requirements are higher.Domain compared property prices in the December quarters of 2019 and 2022, and found that buyers needed tens of thousands of dollars more today if they wanted to buy a house and put down a 20% deposit.The increase in 20% house deposits for our four biggest cities was:Sydney $55,709 increase between 2019 and 2022Melbourne $25,995Brisbane $43,560Perth $25,697 While the deposit barrier is high, it’s not insurmountable.As an expert mortgage broker, I can potentially help you enter the market with a low-deposit loan. Generally, if your deposit is lower than 20%, you will need to pay lender’s mortgage insurance (which can be added to your loan). While it’s never nice to pay an added fee, it can be money well spent if it lets you buy a property several years ahead of schedule.Get strategic mortgage help. 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 How to overcome the deposit barrier