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Refinancing 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 levelsLenders 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 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 Switching lenders has never been more popular

Confidence 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). Units are delivering a higher rental yield than houses, according to the latest ANZ Housing Affordability Report.Across Australia, the average rental yield in June 2020 was 4.00% for units (compared to 4.60% in June 2019) and 3.60% for houses (was 4.00%).However, the figures differed significantly among Australia’s eight capital cities, with Sydney delivering the lowest yields and Darwin the highest.For houses, Perth was the only city that experienced an increase in yields between 2019 and 2020, while Sydney and Melbourne experienced the biggest decrease.For units, Darwin was the only city to increase its yields, while Sydney, Melbourne and Hobart had identical drops of 0.60 percentage point.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 Houses vs. Units – which has the higher rental yield?

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

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

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

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

The Australian Taxation Office has made it easier for locked-down workers to claim deductions for working from home.You can now claim a rate of 80 cents per hour for all your running expenses, rather than needing to calculate costs for specific running expenses.To use this shortcut method, all you need to do is keep a record of the hours you worked from home as evidence of your claim.This new shortcut applies only to expenses incurred from 1 March 2020 – earlier expenses must be calculated using the old working-from-home formula.Legitimate expenses may include power, phone, internet, stationery and the decline in value of computers and furniture.As taxation legislation is complex, I recommend you speak with your tax advisor, financial advisor or contact the ATO for further details and guidance regarding your personal circumstances.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 Taxes just got simpler for WFH Aussies

Feeling more confident about your financial position than when the COVID crisis began? If so, now be a good time to resume your mortgage repayments.More than 400,000 borrowers have taken advantage of six-month deferrals since the crisis began, according to the Australian Banking Association.However some banks are now reporting that there’s an accelerating trend of borrowers switching their repayments back on.For those in a position to do so, this can be very beneficial. The sooner you turn your repayments back on, the less interest you’ll accrue on your loan balance and you’ll shorten the extra time added to your loan term.It is important to note that not all repayment freezes are the same and you need to speak to your bank about your options.You can find the contacts details for all Australian banks here.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 Home owners turning repayments back on