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Australians with mortgages significantly increased their financial buffers last year, according to Reserve Bank of Australia data.As the graph shows, indebted homeowners now have an average of four months worth of expenses in the bank.That compares to less than two months for renters and 10 months for people who own their home outright. The average household doubled their savings rate last year, to 12% of income, according to the Reserve Bank.Those extra savings were used to pay down debt and/or increase financial buffers.At the same time, lending standards are “largely unchanged and remain robust”.In other words – borrowers have improved their individual financial positions while the banking system remains just as strong as before.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. 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 Borrowers and banking system in good health: RBA

With the property market running hot, mortgage lending is at historically high levels, according to the most recent data from the Australian Bureau of Statistics.Australians took out $28.6 billion of home loans in February – 1.8% lower than the month before but a massive 55.2% higher than the year before With so much demand for home loans right now, the system isn't functioning as smoothly as it usually does. So here are my top three tips for getting a loan in the current environment:Start early, because lenders are taking a long time to process applicationsShop around, because there are many great deals that aren’t being advertised or shown on comparison websitesTry hard to maintain a high credit rating, and fix any blemishes you might haveThe great advantage of using a broker is you’ll be covered in all three areas.A broker will know all the hush-hush special deals, be able to advise you on maintaining your credit rating and manage the time-consuming application process on your behalf.Book a free appointmentHit 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 How to get a great home loan in this red-hot property market

What you need to know : First meeting with mortgage broker Buying a home for the first time can be a real task! From house-hunting to palpating your wallet to finally getting to live into that, it's a long process. However, the whole process can be a little easy if you get a helping hand. Since we're talking about the assistance we all are well aware that it's none other than a mortgage broker who can make the process like a dream. Meeting your finance broker for the first time can be very existing as well as can be a nervous experience. After all, it's an opportunity to get hitched with the one who can really get cracking on turning your dream into reality. But meeting the perfect broker is not as you'll rub your shoulder in just one click, regardless you need to pitch in as well. So it’s important to do your homework before your first meeting. Since finding the perfect broker is just the beginning of the home buying journey, you need to kick off the start at the right point. Thus here are some tips to make your appointment a success. Understand Where you Stand Before you pitch into anyone to represent you, you need to analyse first where you stand. The initial meeting between a mortgage broker and you will focus on understanding your position and giving a clear picture of your position. You will need to figure it out first.The brokers might question your financial goals, how much you've set a limit of borrowing, and your ideal investment. Preplan when and where you want to buy a property, what suburb you've selected, how it will go along with your lifestyle and most importantly why. Therefore, it's always advisable to figure out your answer before your meeting so you can articulate your needs. And also will help your broker to give shape to your vision. Ready-build house Before you jump to a conclusion, weigh the benefit of buying a new 'ready- build house' and 'house and land package'.A ready build house privileges in saving stamp duty, low maintenance costs, faster process.Whereas, buying a house and land package profit in various ways like- you get to design your house, power to customise finishes, floor plans, and facades, and stamp duty saving. Stay Prepared with the Document Your mortgage broker might expect you to have your documents (two payslips or if you're self-employed then tax returns) prepared as much as you can. Furthermore, if you include paperwork like transaction histories, any other income and assets like shares, dividend income, other investments or anything which can help your broker to draw a clear picture of your financial condition. This information will make the process much easier for you, can help the broker to filter more accurate options and can provide a speed start to the process. Research about the broker you're Meeting This is another thing you can do to maximize the possibility of the meeting. Do your homework and filter out as much information you can from the sources, … [Read more...] about What you need to know : First meeting with mortgage broker

Many property investors are in a strong position right now, with five of Australia’s capital city rental markets titled heavily in favour of landlords.Hobart is leading the way, with a vacancy rate of just 0.6%, according to SQM Research. That means just 0.6 out of every 100 rental properties are vacant. That, in turn, means it’s very hard for tenants to find a property, putting upwards pressure on rents.Adelaide (0.7%), Darwin (0.7%), Canberra (0.8%) and Perth (0.9%) are also landlords’ markets.Conversely, Sydney (3.3%) and Melbourne (4.5%) are tenants’ markets.In Brisbane (1.5%), the balance of power is evenly split. Not only are rents rising in many parts of Australia, but so are property prices, which means landlords are enjoying a double win.If you’re thinking about buying an investment property, call me to discuss your options.Need finance?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 Most capital cities are now landlords’ markets

Looking for proof that Australia has bounced back from the Covid recession?  Well, the economy grew 3.4% in the September 2020 quarter and 3.1% in the December quarter, according to the latest Australian Bureau of Statistics data.That is the first time in recorded Australian history that GDP has grown faster than 3% in successive quarters.Nevertheless, the Australian economy still went backwards in 2020, by 1.1%, because of the negative March and June quarters. Speaking earlier this month, the governor of the Reserve Bank, Philip Lowe, said the back-to-back large increases in GDP had exceeded forecasts.“They reflect the success that Australia has had on the health front, the very large fiscal and monetary policy support, and the flexibility of Australians in getting on with their lives and businesses,” he said.“As a result, we are now within striking distance of recovering the pre-pandemic level of output.”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. 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 Australia sets economic growth record

10 tips for a first home buyers in Sydney 10 tips for a first home buyers in Sydney Beaches, astonishing harbour, all-year-round sunshine; who doesn't strive for all these quirks! And, you can enjoy all the perks, if you get to live in one of the most beautiful cities, Sydney!The city doesn't only offer a scenic view but also a unique lifestyle, with beautiful beaches and affordable abode within 10km of the Sydney Central Business District.Everyone dream of their own house where they can dwell in peace and moving from a rented house to owning one is one of the greatest leaps anyone makes in their lives. Earlier it had been an oft-touted label that the destination of owning a home has become out of reach for many first home buyers. But the good news is - although the coronavirus has created havoc in everyone's life whilst, somewhere it has been benefiting the one aspiring for their first home.Yet, there are distinct issues to be aware of while buying real estate in Sydney. And in this blog, we have compiled a list of which first home buyers should consider before closing the deal. Goal setting Buying a home is not one day-dream. From planning to shop for property to rummaging your wallet, it all takes a lot of time - actually planning begins long before you inspect your first property, and of course! We appreciate that in the fulness of time it will sure help in setting your goals and in proper execution. Ready-build house Before you jump to a conclusion, weigh the benefit of buying a new 'ready- build house' and 'house and land package'.A ready build house privileges in saving stamp duty, low maintenance costs, faster process.Whereas, buying a house and land package profit in various ways like- you get to design your house, power to customise finishes, floor plans, and facades, and stamp duty saving. Stamp Duty Stamp duty is an important factor to consider while calculating your budget. It's a tax payable by the buyer while purchasing a property which needs to be paid within the period of three months from the date of an exchange of contracts. The size of the house directly affects the stamp duty, precisely the huge the cost of the property, the more your stamp duty will be.Although there are benefits like 'transfer exemption' and 'concessions' which are available for the help of the first homeowner that leverages them for a concession or even a complete exemption, depending upon the type of property they buy - it can be applied directly through the NSW government. Research your finance option The home loan market is complex and competitive, which is why it's always a smart idea to compare loans! The comparison helps in selecting the right rate and features according to your needs.From interest-only to fixed-rate to variable and investment, there are numbers of options and types of mortgages to pick one that suits your situation. Get help From house-hunting to shifting, the whole … [Read more...] about 10 Tips for a First Home Buyer in Sydney,Australia

Australians took out a record amount of mortgages in January, according to the most recent data from the Australian Bureau of Statistics.Home loan commitments hit $28.8 billion – a staggering 44.3% increase on the year before:Owner-occupier loans = $22.1 billion (up 52.3%)Investment loans = $6.6 billion (up 22.7%)Demand is being driven by record-low interest rates, rising property prices and government incentives. 3 home loan tips for 2021 Here are three things to do if you want to give yourself the best chance of locking in a low rate and buying the home of your dreams:Speak to a broker – lenders are competing hard for business and are offering special deals that many consumers don’t know aboutGet your finance organised early – some lenders are taking longer to process loans and you may need to wait longer than you’re used toImpress lenders with a clean credit profile – pay bills on time, reduce your credit card limit and minimise the number of credit applications you makeNeed 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. 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 Home loans demand soars thanks to record-low interest rates

Remember 2003? Well, that was the last time property prices were rising this fast.Across Australia, the median property price jumped 2.1% in February, according to CoreLogic. That was the largest month-on-month change since 2003.Meanwhile, prices rose in every capital city and every rest-of-state region – something that hadn’t happened since 2010. In a rising market, it’s vital to get a home loan pre-approval in place as soon as possible if you’re thinking of buying. That way:You know what your limits areYou have peace of mind you can make a competitive offer on a great homeAgents or vendors often favor buyers who have their finance sorted earlyHelp me get pre-approvedHit 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 prices rising fast throughout Australia