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Rental listings have fallen in seven of Australia's capital cities compared to the start of the pandemic, according to realestate.com.au.The portal has reported that the number of rental properties across Australia was 31% lower in July 2022 than March 2020.Listings declined in every capital city except Canberra:Darwin down 54% (between March 2020 and July 2022)Brisbane down 42%Perth down 42%Adelaide down 38%Sydney down 30%Hobart down 25%Melbourne down 8%Canberra up 33% Amazingly, rental listings declined even more in regional locations, ranging from a 25% reduction in regional Victoria to a 63% reduction in regional Western Australia.Unsurprisingly, the fall in rental listings has led to:An increase in the number of potential renters per listingA decrease in days on marketAn increase in rental rates"As rental price pressures continue in the period ahead, this could increase the attractiveness of buying for some current tenants," REA Group senior economist Eleanor Creagh said.Want to buy an investment property? 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 Why rents are rising in many parts of Australia

Australians are making increasing use of credit cards and buy-now-pay-later services, which could potentially have implications when they make home loan applications.Credit card applications in the June 2022 quarter were 6.0% higher than the June 2021 quarter, according to Equifax, one of Australia's big three credit bureaus.Buy-now-pay-later (BNPL) applications jumped 42.2% during the same period.Lenders look at this kind of spending behaviour when they assess home loan applications.With credit cards, lenders generally assume you’ll use your entire credit limit each month, even if you use only part of it and always pay your bills on time. That can affect your borrowing power. So if you wanted to raise it, you could either reduce your credit limit or cancel your credit card and pay by debit instead.BNPL use can also affect your borrowing power, because lenders may wonder how much of a mortgage you could be trusted with if you make a lot of non-essential purchases and seem unable to pay for them in full at the time. So to protect your borrowing power, you could either reduce your BNPL use or stop it altogether.Need home loan help? Get in touch 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 Consumers embrace pay-later options

Property prices may go up or down in the short-term, but history suggests they increase in the long-term.That’s the key takeaway from a CoreLogic analysis of property prices over the 30 years to July 2022.Australia's median property price increased 382% during that 30-year period.Houses outperformed units (453% v 307%) and metro locations outperformed regional locations (409% v 294%).Crucially, property prices didn’t grow so strongly because there were never any downturns; they grew strongly despite regular downturns along the way. “Over that 30-year period, we have seen six distinct cycles of growth and an equal number of cycles of decline (including the current downswing) across the national index,” according to CoreLogic.“Each of the upswings and downturns have been characterised by different environments and catalysts of change such as taxation policy, monetary policy decisions, economic shocks, fiscal stimulus and broader economic conditions.”While past performance is no guarantee of future performance, history suggests that homeowners who purchase quality properties and hold them for the long-term enjoy significant capital growth.Contact me 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 increased 382% over the past 30 years

There are still a lot of active buyers in the property market, judging by the latest home loans data from the Australian Bureau of Statistics.Borrowers signed up for $28.4 billion of new home loans in July. That was 11.3% lower than the previous year but 47.3% higher than the average over the previous 15 years.So while conditions are much more buyer-friendly than they were during the recent property boom, there’s still quite a bit of buyer competition, especially for quality homes. Meanwhile, refinancing activity is close to record-high levels.Borrowers refinanced $17.9 billion of home loans through new lenders in July – which was not only 7.6% higher than the year before but also the second-biggest refinancing month in history.With interest rates rising, many people realise how important it is to be on a lower-rate loan, so they’re shopping around.I’ve helped many people refinance, and I can help you too. Get in touch so we can discuss your options.Reach out if you want to refinance.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 loan activity falls but remains well above long-term average

Selecting the best mortgage plan can be really draining.For starters, it is not going to be easy to search through all the various pamphlets and schemes to select the one that best suits you.Secondly, every potential borrower wants to know the interest rate, the risks involved, and many more facts before finalizing one.All this can be pretty hard for anyone looking for a mortgage loan. Now imagine how hard it would be for the first time home buyers.They have absolutely no idea about the various schemes in the market or how to select the best one that is suited to their needs.So, here is a list of some mortgage loans for first home buyers Conventional mortgageA conventional mortgage means a mortgage that is not backed by a government agency. So who funds these conventional mortgages? The conventional mortgages are usually funded by private lenders like banks or credit unions. Conventional mortgages have higher interest rates than the  government backed mortgages, such as the Federal housing loans.Jumbo mortgagesJumbo mortgages are, in simple words, nonconforming conventional loans. That is, jumbo mortgages are the apt option for you if you are looking to buy a large house. In fact, Jumbo mortgages are usually sought by people who want to buy a luxurious house in an expensive area.Government-insured mortgagesThese are unique qualification procedures to obtain the government insured mortgages. These loans are aimed at low to mid income buyers. This is because of the flexible qualification required for the mortgage and the down payment criteria.Federal housing loansThese loans are guaranteed by the federal housing administration. Federal housing loans are only be used for primary residences. If anyone has had some credit issues in the past, then a Federal housing loan will be ideal.Do you live in Sydney? Are you looking for the best mortgage loans? If yes, you have to look no more. We at Freshwater Financial Services can help you select the best mortgage loan. All that you have to do is contact us here.Need a construction loan? I can 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. Book a review 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 4 best mortgage loans for first time home buyers

Most taxpayers can now lodge their tax returns, as more than 80 million pieces of information are available in pre-fill. The Australian Taxation Office said much of the information it collects from employers, banks, private health insurers, share registries and other institutions has now been loaded into people's tax returns."While having this data ready to go cuts down time, taxpayers still need to check that their details are accurate and ensure any other information that hasn't been pre-filled is manually added," according to the ATO."For example, income from rentals, side hustles and the Pandemic Leave Disaster Payment from Services Australia will need to be manually added."Your employer will provide an income statement or payment summary that shows the amounts received and the tax withheld. If you had more than one employer during the 2021-22 financial year, you will have more than one income statement. Before lodging, make sure your income statement is marked as 'Tax ready' by your employer. Once you've lodged, you can monitor the progress of your tax return through ATO online services, the ATO app or by phone.Book a free appointment.Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 says most Australians can now submit their tax return

The government's new climate change legislation will have significant implications for Australian real estate, assuming it gets approved by Senate. The Climate Change Bill 2022, which has been approved by the House of Representatives, will enshrine into law an emissions reduction target of 43% from 2005 levels by 2030 and net zero emissions by 2050. Real Estate Institute of Australia president Hayden Groves said that while the legislation does not specifically regulate residential real estate, he expects developers will pay more attention to energy efficiency measures and will also become more transparent about the energy efficiency of their buildings."And with that, the government hopes, so too will consumer preference and markets. Already, there is an emerging body of research that shows that homes demonstrating sustainable features currently command a premium."Mr Groves also noted that the government had called its emissions reductions targets a "floor, not a ceiling", which might lead to further sustainability policies or investments in the future.Contact me for interest rate guidance.Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 industry expected to play its part in emissions reductions

While variable interest rates are continuing to rise, and will almost certainly increase further, some lenders are actually cutting their fixed rates.Lenders started increasing their variable rates in May, once the Reserve Bank of Australia (RBA) began increasing their cash rate. However, lenders increased their fixed rates much earlier, in anticipation of future rate hikes.RBA data shows that interest rates for fixed loans:with terms greater than three years have been trending up since December 2020with terms of three years or less have been trending up since November 2021Recently, some lenders have concluded that the RBA will not increase the cash rate as much as they originally expected. As a result, they feel some of their fixed rates were moved too high, which is why they're now reversing course and making some reductions.Unsure whether to go with a fixed loan, a variable loan or a split loan (which is part fixed and part variable)? I'll be happy to talk you through the pros and cons of each option.Contact me for interest rate guidance.Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 Why some fixed rates are falling