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First home buyers have been drifting out of the market, while investors have been piling in, according to the most recent data from the Australian Bureau of Statistics.June was the fifth consecutive month in which the number of first home buyer loans fell and in which the share of first home buyer loans (compared to the overall market) fell.At the same time, June was the third consecutive month in which investors increased their market share.Still, first home buyer activity is at historically high levels – the number of first home buyer loans in June was 47.1% higher than the year before.But so is investor activity – which increased by 116.0% over the same period. Whether you’re a first home buyer or an investor, the market is hot right now and competition for properties is fierce. So it’s important to organise pre-approval before you start house-hunting. That way, if you find a property you love, you’ll be able to make an offer immediately, which will improve your chances of success.Call me to get pre-approved.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 Investors stepping up as first home buyers step down

Keen to get your hands on a tax refund? Well, the Australian Taxation Office has revealed the number one problem that slows down the process.ATO assistant commissioner Tim Loh said some Australians are in such a hurry they file their taxes before they've got a complete picture of their income for the previous financial year."Four out of five people get refunds at tax time. While we usually get these out in under two weeks, it may take longer if we need to address any mistakes and potentially adjust your return," he said."Waiting until the end of July to lodge allows the ATO to add information into your tax return from employers, banks, private health insurers, and government agencies. Agents can access this information too."Employers usually have until July 14 to finalise their employees’ income statements. However, due to Covid, some employers have been granted extensions until July 31.Want more information? Visit the ATO's Tax Time Essentials page.Needing a great deal? 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 FREE appointment 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 Rushing your taxes could delay your refund: ATO

This is a great time to be a property investor, with tenants being forced to fight hard for rental properties, according to new data from SQM Research.The vacancy rate (the share of untenanted rental properties) fell in every capital city, except Melbourne, between June 2020 and June 2021. The harder it is for tenants to find accommodation, the easier it is for landlords to raise rents. So it’s no surprise CoreLogic found that rents rose in all capital cities between the June 2020 and June 2021 quarters – except Melbourne.With rents rising and interest rates at historic lows, this is a great time to be a property investor.However, qualifying for a mortgage is often easier said than done, because banks have tight lending standards and turnaround times can be slow.If you need help navigating this tricky landscape, speak to an expert broker.Want an investment 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. Call me 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 investors collecting more rental income

New analysis from CoreLogic has found that buying a property is cheaper than renting for 36.3% of homes across Australia.This is an improvement on the last time this analysis was conducted, in February 2020, when it was cheaper to buy than rent 33.9% of homes.‘Cheaper to buy’ means it takes less money to meet ongoing mortgage repayments than ongoing rental payments. CoreLogic’s analysis assumed borrowers would put down a 20% deposit, take out a 25-year loan and pay a mortgage rate of 2.40%.The national results hide a lot of geographical variation. For example, a majority of homes in regional locations are cheaper to buy (60.1%) but only a minority in metro locations (28.2%). Of course, these are broad averages, so your personal situation might be different. If you want an expert to crunch the numbers on your behalf and see what impact a mortgage would have on your finances, get in touch.Looking to buy? 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 Why you might want to switch from renting to buying

Buying a home is a complex and lengthy process, it became even more daunting if you're someone who is whirling for the first time. But for everything, there exists a right key, and if you're a first home buyer in Sydney you can get your head around the basics of how it works, you're less plausible to be taken by surprises along the journey and your home shopping experience will indeed be easier. This blog will briefly give an insight into each step you're possibly going to take during the home buying journey. So if you've found your dream home which suits all your needs and can't wait to live into your dreams, then follow the blog through the end to amass all you'll need during the process.Evaluate your budgetIt would be really heartbreaking if you've to give up on the house you've set your heart on. To avoid this from happening, you're advised to evaluate your financial condition, this will give you an insight into where you stand and also an idea of how much you can afford to borrow. Knowing this will help you start searching for the property which fits your budget. Seeking the help of a mortgage broker in Sydney they will help you to keep your credit report on track with their factual guidance. After improving your credit report you can check your affordability by using the affordability calculator and home loan calculator to get an estimate of borrowing power and mortgage repayments.Inspect the propertyYou'll inevitably spend plenty of money buying the property thus it's essential to ensure the property is worth the investment. For that, you need to view the property in person, as well as online. Viewing property in real life will lend you a deeper understanding of their potential (negative and positive both) and you'll be able to gauge whether they give you that same incredible feeling which you got from the screen. Closely inspect all the areas like ceiling, door, windows, water, any signs of mould, taps, flooring conditions, lights, guttering system, roofing, drainage, exterior walls, neighbourhood, enmities, lifestyle, transportation, etc.If everything gives you a positive vibe then go ahead with the purchasing process.Make an offerOnce you're satisfied with the property the next move is to crack the deal. But this can certainly be a tough process because the right approaching price, negotiations can really change the game so it's important to be cautious and use your words smartly. If you're a first home buyer in Sydney then we suggest walking together with your mortgage broker in Sydney during the deal as he might be a great help. Or your estate agent will be another best alternative who can bring forth the deals and offer on your behalf. We also recommend asking your solicitor to narrow down all the key points for the purchase in writing for the vendor, as it'll reduce any chances of misunderstanding as you move further through the process.Due diligenceOnce you've done with your offer, now start … [Read more...] about How the home buying process works

As many parts of Australia have returned to lockdown over the past few weeks, lenders have offered home loan relief to borrowers who may have been affected.Some borrowers may be eligible for deferrals on their mortgage repayments:All borrowers can apply for a mortgage pause, regardless of geography or industryDeferrals are being decided on a case-by-case basisWhere deferrals are being granted, it’s on a month-by-month basisThe Australian Banking Association, which is made up of 22 of the country’s largest banks, including the big four banks, said banks are standing by their home loan customers.“Customers can rest assured that if they need help, they will get it. Your bank will help you find a way through, don’t tough it out on your own.”Are you affected by the lockdowns and with your mortgage? If so, it’s best to speak with your bank first, but if you want additional help get in touch.Needing a great deal? 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 Banks offering mortgage deferrals to struggling borrowers

First-time buyers often have the misconception that all they need is a down payment and monthly mortgage. Many people don't realize there are plenty of other costs associated with homeownership; many first home buyers find themselves in trouble because this detail trips them up later on.Aside from additional costs, stamp duty is something that usually surprises the homeowners while burning a hole in their pocket. Precisely because in Australia, there's no standard rate of stamp duty, rather, every state has its own rates.To simplify your query, this blog particularly aims to inform you of everything relating to NSW stamp duty.  What is Stamp Duty Stamp duty is a kind of tax payable on certain purchases like property or land, as well as on distinct assets that fall under that banner. The tax is levied by the Australian state and territory government on all the legal documents, agreements, and trusts implicated while purchasing an asset, precisely having legal ownership of a particular asset transferred to you.  Who is Stamp Duty payable to in NSWIn NSW Australia, stamp duty is payable to the Office of State Revenue. The transaction can be made by mail or BPay and there are several other ways as well. The money goes towards funding public sectors in NSW which put it back into our economy for a good cause. Usually, the government uses these funds to strengthen the sectors like health, emergency services, transport, education & training, and emergency services.  When do you require to pay the Stamp Duty in NSW?Stamp duty is what you pay when you buy a property, and it can happen in two ways: either the contracts are exchanged and when the transaction is finalised. While buying a property you will need to pay the amount within 3 months after the completion of the transaction. To be more accurate, interest will start to accrue on that purchase from day one so be sure not to let more than 3 months go by before paying your stamp duty.If an individual purchases their home with a loan after this window has expired without exchanging contracts first then they are liable for additional fees such as conveyancing costs (to draw up legal documents), mortgage registration charges (for registering the new borrower's name over the title deeds) and also insurance premiums which may need updating.In case you're buying a residential unit of the plan, then the stamp duty should be paid within 15months of the deal.  How to find out how much stamp duty you'll have to payOne of the best ways to figure out your stamp duty is by researching from your end. No one would like to be left with the large unexpected tax on the day of purchase. Hence, an online stamp duty calculator can be a great help. This can help you give an exact idea of the tax, by feeding the dutiable value of the property, type of property, what are purchasing and location. Stamp Duty Calculator What are the rates for stamp duty NSW stamp duty rates are separated into specific … [Read more...] about The Ultimate Guide To Stamp Duty For Property Buyers in NSW

From July 1, the federal government will release a total of 30,000 openings in three different assistance programs aimed at first home buyers and single parents.At the same time, the government will increase the price caps that apply to two of the programs, making them easier to access.The three schemes allow eligible buyers to purchase a property with a deposit of anywhere from 2% to 5% (depending on the scheme). The government guarantees the ‘gap’ between that 2-5% deposit and a standard 20% deposit, so the buyer doesn’t get charged lender’s mortgage insurance (which generally applies when buyers have a deposit under 20%).Under the First Home Loan Deposit Scheme, 10,000 first home buyers can purchase existing homes with a 5% deposit.Under the New Home Guarantee, 10,000 first home buyers can buy or build new homes with a 5% deposit.Under the Family Home Guarantee, single parents (who may or may not be first home buyers) can purchase a property with a 2% deposit.The schemes have price caps, which vary from region to region. From July 1, the caps will increase for the First Home Loan Deposit Scheme and Family Home Guarantee.Needing a great deal? 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 Government makes it easier for first-time homebuyers and single parents to buy property.