Share on facebook Share on twitter Share on linkedinAustralia’s banks will let some borrowers extend their repayment pause by another four months, subject to conditions.In March, banks announced borrowers could pause their repayments for up to six months, ending in September.Now, banks have said some borrowers can extend that period by four months, ending in January 2021 – but this extension "will not be automatic", according to the Australian Banking Association (ABA)If you’re able to resume making repayments after the six-month deferral, you’ll be expected to do so.If you can’t, your lender might talk to you about restructuring your loan, such as extending the loan term or switching to interest-only payments.If nothing has been agreed by the end of the six-month deferral, your lender might extend it by four months – but you will be expected to work with your lender during that grace period to find a long-term solution. 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 todayWe partner with over 50 lenders so you can find the perfect solution FollowFacebookLinkedinDo you have questions about mortgages or loans? Ask us in the comments below … [Read more...] about Banks extend mortgage holiday but conditions apply
$25k home builder grant stimulates demand for new homes
Share on facebook Share on twitter Share on linkedinConfidence has returned to the property market in a big way, according to new forecasts from Domain.Domain has forecast house and unit prices to increase in both 2020 and 2021. These forecasts cover Australia as a whole and also the seven biggest capital cities (with Darwin being excluded).The $25,000 HomeBuilder grant has proved very popular, with new home sales jumping 77.6% from May to June, according to the Housing Industry Association.To be eligible for HomeBuilder, you must:Be an owner-occupier Earn less than $125,000 for singles and $200,000 for couples Build a new home or substantially renovate an existing home Sign the contract before 31 December 2020 Start building within three months of the contract date(Other conditions apply. Click here for more details.)But beware of buying a property just to access the grant.The tight December 31 deadline means you might struggle to get a building contract signed with a reputable builder by the end of the year. Need a construction loan? Call me or hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation.Get a construction loanWe partner with over 50 lenders so you can find the perfect solution FollowFacebookLinkedinDo you have questions about mortgages or loans? Ask us in the comments below … [Read more...] about $25k home builder grant stimulates demand for new homes
Switching lenders has never been more popular
Share on facebook Share on twitter Share on linkedinRefinancing has reached record levels, according to new data from the Australian Bureau of Statistics.A record 33,712 Australians refinanced in May, the most recent month for which there are stats. That was up 30% on April, which was itself a record.Of those who refinanced, 64% moved to another lender, while 36% stayed with their current provider.There are two reasons why refinancing is so popular:Interest rates are at record-low levels Lenders are competing hard for business, with cashback offers and other dealsWhile refinancing is a good decision for many borrowers, it won’t suit everyone. Here are some questions to ask:Will you have to pay money to close your current loan early? Will you be forced to pay LMI (lender’s mortgage insurance) if you switch? Will your new loan revert to a higher interest rate after a honeymoon period?Want to refinance? 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.Refinance todayWe partner with over 50 lenders so you can find the perfect solution FollowFacebookLinkedinDo you have questions about mortgages or loans? Ask us in the comments below … [Read more...] about Switching lenders has never been more popular
Houses vs. Units – which has the higher rental yield?
Share on facebook Share on twitter Share on linkedinConfidence has returned to the property market in a big way, according to new forecasts from Domain.Domain has forecast house and unit prices to increase in both 2020 and 2021. These forecasts cover Australia as a whole and also the seven biggest capital cities (with Darwin being excluded).The bullish forecast shows that the property market has really strengthened since this time last year, when prices were falling in many places, especially Sydney, Melbourne and Perth.For home owners who had been reluctant to list their property in 2019 – now might be a great time to finally put your home up for sale.For buyers who had been thinking about entering the market – you might want to move fast so you can get ahead of any future price rises.Whether you want to buy an owner-occupied or investment property, it’s important you get a mortgage pre-approval before you start making offers, so you know how much you can spend. 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 todayWe partner with over 50 lenders so you can find the perfect solution FollowFacebookLinkedinDo you have questions about mortgages or loans? Ask us in the comments below … [Read more...] about Houses vs. Units – which has the higher rental yield?
Government extends $150k asset scheme
Share on facebook Share on twitter Share on linkedin The enhanced instant asset write-off scheme, which was due to expire on June 30, has now been extended to December 31.The scheme lets eligible businesses immediately write off assets they buy for less than $150,000.The threshold applies on a per-asset basis, so your business can use it an unlimited number of times, provided each asset costs less than $150,000.Businesses must have an annual turnover of less than $500 million to participateAssets can be new or second-handIf your asset is for business and private use, you can only claim the business portion In March, the government boosted the asset threshold from $30,000 to $150,000.If you’re looking to take advantage of this opportunity and need help funding your purchases, I can help.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 extends $150k asset scheme
Property market gets $1.5bn boost
Share on facebook Share on twitter Share on linkedin Homeowners and property investors are smiling after the government announced $1.5 billion of new, ready-to-go infrastructure spending.The government has allocated $1 billion to 15 "priority projects which are shovel-ready" and $500 million to road safety works.Traditionally, long-term infrastructure projects attract workers from other states, which often leads to an increase in demand for housing, and therefore property prices. So these projects could be of interest to any one looking to purchase or invest.The infrastructure priority list includes:Inland rail from Melbourne to BrisbaneMarinus Link between Tasmania and VictoriaOlympic Dam extension in South AustraliaEmergency town water projects in New South WalesRoad, rail and iron ore projects in Western AustraliaThe $1.5 billion package will support over 66,000 direct and indirect jobs, according to the Prime Minister.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 Property market gets $1.5bn boost
First home buyers given new financial year gift
Share on facebook Share on twitter Share on linkedin Good news: On July 1, another 10,000 spots will be made available in the popular First Home Loan Deposit Scheme.The 27 participating lenders have begun announcing the number of spots they’ve been allocated – and these spots are likely to go fast.The First Home Loan Deposit Scheme allows eligible buyers to enter the market with just a 5% deposit without having to pay lender’s mortgage insurance (LMI).To reserve a place in the scheme there have been two important changes.Before applying, you must receive conditional approval from your lenderYou will need to provide documents that verify you are:An Australian citizen, aged 18 or aboveA first home buyerMarried/de facto (if applying as a couple) There's also some complexity around filing your tax return quickly if you apply for the scheme after July 1st 2020. Please get in touch if you want to understand how it works.Want in?Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Let's talk 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 given new financial year gift
Property investors receive encouraging news
Share on facebook Share on twitter Share on linkedin Rental vacancies fell between April and May, despite fears cash-strapped tenants would abandon rental properties due to COVID.Across Australia, the vacancy rate decreased from 2.6% in April to 2.5% in May, according to SQM Research. Looking at the different capitals, vacancy rates fell in Brisbane, Perth, Darwin and Hobart, were flat in Adelaide, and rose in Sydney, Melbourne and Canberra.One cause for concern, though, is CBD vacancy rates, which are very high.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 Property investors receive encouraging news