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Download your 2018/19 Canberra Land Values & Property Prices Report (Nov, 2018)

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1 in 3 people know there are better deals out there, but still don’t take action

The latest Deloitte Access Economics' latest report makes for pretty interesting reading. It turns out the average Australian has a, “wide-ranging hesitancy to make any sort of change” when it comes to their mortgages and other financial products. In fact, a reported 41% of Australians with a mortgage don't check for interest rate changes because they either have no interest, don't know what the RBA cash rate is, or don't see its relevance. Does it surprise you that educated borrowers … [Read more...]

Canberra Housing Prices

It may seem as though every time you open a newspaper there's another story about the sky falling in on the property market. But what's actually happening?  We've all seen the news. Auction clearance rates are down, property prices are dipping, loans are becoming harder to source. Housing prices in Sydney and Melbourne have experienced the most significant drop, with Chris Richardson from Deloitte suggesting prices in these areas could be falling as, "much as $1,000 a week.” Richardson … [Read more...]

If you want your loan approved, here are five things to avoid

Due to the banking royal commission and increased lender regulations, it's no secret that lenders are cracking down on home loan applications. Applications that would have been approved in just a few days last year, are now being put under the microscope for much longer periods. To give yourself the best chance of having your loan approved, here's five things you want to avoid.   1. No proof of genuine savings Lenders use the term ‘genuine savings’ to describe funds you've saved … [Read more...]

What does “loan serviceability” mean? How is it calculated?

If you already have a home loan, or have started to think about getting one, you've probably heard the term "loan serviceability." Serviceability is one of the key things a lender will assess before they approve a loan, but what is it? And how is it calculated? Here's some insight into how loan serviceability is determined and why your choice of lender can dramatically impact your capacity to service a loan (and therefore secure the funds you need to buy the home you want). When a … [Read more...]

Buying a house? Here’s what you need to know about paying your deposit

So you've finally found the property of your dreams and you can't stand the thought of someone else moving in?! We know what that's like - we've been there too! BUT... don't rush to hand over your hard earned deposit, without understanding the timing of things. One of the most common questions we're asked is when and how to make the deposits on a new property. Whilst the process varies slightly from state-to-state and in private sales vs auctions, the following gives a general idea of … [Read more...]

What makes your debt tax deductible?

There are two kinds of debt in this world: the kind that is tax deductible and the kind that isn't. Knowing the difference, and how to plan your purchases accordingly, can significantly improve your cashflow, opportunities and overall financial position. So what makes debt tax deductible or not?   Non-tax deductible debt Let's start by clarifying that we're talking about whether the interest on a debt is tax deductible. A non-tax deductible debt (also known as 'bad debt') is … [Read more...]

Moving on up: you and interest rates

You would have seen over the last few weeks that lenders have started to raise their variable home loan rates. We spoke it about it here previously, suggesting that a rate rise was imminent. But now that it's happened, what can you do about it?   Find out what your lender is doing Usually when one of the big 4 banks makes a move, the rest will follow. That's because the first bank to move their rates generally gives the others cover. The first lender takes all the heat and the … [Read more...]

RBA Interest Rate Decision – September 2018

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. Here are Phillip Lowe's comments with respect to the Australian housing market. Inflation is around 2 per cent. The central forecast is for inflation to be higher in 2019 and 2020 than it is currently. In the interim, once-off declines in some administered prices in the September quarter are expected to result in headline inflation in 2018 being a little lower, at 1¾ per cent. Conditions in the … [Read more...]

Negotiating a Settlement Period

In a perfect world, you find the perfect home - complete with white picket fence - and settlement goes through on the agreed date with any dramas. So you don't end up with a truck full of moving boxes and no home to move into, here are a few things to consider when negotiating the settlement period on your next property purchase. When you buy property, there will be a 'settlement period'. It refers to the time that occurs between signing of the contract and completion of the sale i.e. … [Read more...]

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