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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.

The total value of residential dwellings in Australia has surpassed $8 trillion for the first time, according to new data from the Australian Bureau of Statistics. During the March quarter, the total value of Australia's 10.6 million homes rose by $449.9 billion – the biggest jump on record.At the same time, national property prices rose 5.4% – the fastest rate of growth since the December 2009 quarter. The breakdown by capital city was:Sydney = 6.1%Hobart = 6.1%Canberra = 5.6%Perth = 5.2%Melbourne = 5.1%Darwin = 4.7%Brisbane = 4.0%Adelaide = 4.0%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 Red-hot property market sets new record

Reserve Bank governor Philip Lowe has reminded banks they need to continue rigorously assessing home loan applications.“It is important that lending standards remain sound in an environment of low interest rates and rising housing prices,” he said in a recent speech.“The RBA does not, and should not, target housing prices. We do, though, have a strong interest in trends in household borrowing, especially given the already high level of household debt in Australia.”What, exactly, are 'high lending standards'? Well, it can differ from lender to lender, but it's based on three core factors:Employment status and incomeSavings and credit historyExisting loans and equityWhere it gets tricky is that different lenders assess those factors differently, and so reach different conclusions on who they lend to. As a mortgage broker, I can give you expert advice on which lender would best suit your personal circumstances.Need trusted home loan advice?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 RBA urges banks to keep lending standards high

Buying a home is perhaps one of the biggest financial decisions a person makes in their life. I would say it's the biggest and beautiful decision which will age with you, and see the ups and down together with you. Now when it dwells ready to become a part of your life how can you make the experience you regret. So of course you want to be sure the decisions you're making are the right one.Now when you've found your right home at the right price, then the next thing that awaits is the right source of borrowing money. There are so many options out there that can be tempting for ease to opt for a mortgage with one out of them.Now with the changing time gone are days when Australians were only reliant on the banks rather it has turned out to be mortgage brokers in Sydney are the new guide and financial aid who are rescuing you from the luring deal while steering you through the process and hitching on the best deal for you. But the good news is they don't just help you find the perfect mortgage but also save you time, money as well as are legally obliged to put your interest first. They're always on your side As we all possibly know, always a mortgage broker in Sydney is obliged to serve you. So the time you join your hands with a mortgage broker, they will do things to benefit you. They don't work for the lender, they work for you and to profit you, they can give access to far more products than the bank or if you went direct. They give you unbiased advice and an array of options from their lending panel to choose the one which suits you the most and best. They abide by the law A Sydney mortgage broker is abide by the law 'Best Interest Duty' obligation. According to Best Interest Duty, a broker will work for you, not the lender. So, even though a particular product may add a commission to the broker, they won't recommend it until it lies in your true interest. They understand your financial need A mortgage broker in Sydney works to provide the best out of their knowledge and only a mortgage with the lowest interest rate is best is not necessarily true. That's why the best mortgage broker will always first analyse your financials to understand your financial needs, circumstances and goals.They ask you several questions and go through your credit scores, and use this information to filter out the most suitable options from their lending pane. You may save some extra bucks Several different types of fee can be involved in taking a new mortgage loan or say while working with a new lender, which includes an origination fee, application fee, appraisal fees. Working with a mortgage broker in Sydney may be able to get lenders to waive some or all of the fees, which can eventually save hundreds to thousands of bucks. You're protected While in the process your mortgage broker has a duty of care to you. Thus out of their duty, they must recommend a suitable mortgage and must be able to justify the reasons for selecting that particular loan. Why he thinks the … [Read more...] about When you visit a Mortgage Broker, your interests are better protected