Why do Canberrans ask MMO for help with their home loans. Watch this video to find our why. … [Read more...]

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. Here is an extract of the Media Release issued by Phillip Lowe, Governor: Monetary Policy Decision.  Conditions in the global economy are continuing to improve. Labour markets have tightened further and above-trend growth is expected in a number of advanced economies, although uncertainties remain. Growth in the Chinese economy is being supported by increased spending on infrastructure … [Read more...]

Following the Government’s release of their housing affordability discussion paper,“Towards a New Housing Strategy,” in July 17 and the recent release of 2016 Census data, we wanted to take a closer look at housing affordability in Canberra and across the nation. What do the numbers tell us? 2016 Census data tells us the Canberra median weekly household income is $2,087, the second highest in the country behind Darwin. Canberra’s comparatively high household income is likely to be explained by … [Read more...]

At the RBA Meeting held today 1 August 2017, the Board decided to leave the cash rate unchanged at 1.50 per cent.  Here is an extract of the Media Release issued by Phillip Lowe, Governor: Monetary Policy Decision.  Conditions in the global economy are continuing to improve. Labour markets have tightened further and above-trend growth is expected in a number of advanced economies, although uncertainties remain. Growth in the Chinese economy has picked up a little and is being supported by … [Read more...]

According to the minutes released from the Reserve Bank of Australia’s July 2017 meeting, officials believe the neutral real interest rate may sit at 3.5 per cent, this magic number being described as the, “interest rate at which output growth is at potential and inflation is stable.” This is quite an increase above the current cash rate of 1.5 per cent and analysts believe these comments act as a signal to the market that a series of increases are on the horizon. As usual, there are … [Read more...]

Anyone else feel that despite the vast amount of research conducted into the property market, there’s never anything particularly relevant for those of us living in Canberra? Us too! So we decided to change that. We were particularly interested to see how Canberra's property prices compared to Sydney.  We know how they differ right now, but how has this changed over the last decade? Here’s what our team discovered. Right now, the gap between Canberra and Sydney house prices is the … [Read more...]

We have spoken about off-plan property purchases before. Here we cover what an off-plan purchase is. And here, we mention the things you need to consider when committing to one. Due to the unprecedented level of change in the lending environment, we wanted to add to the conversation about an off-plan purchase to ensure you’re completely across the risks and doing everything you can to minimise them. The first step if you’re considering purchasing a property off-plan, is to get your … [Read more...]

At the RBA Meeting held today 4 July 2017, the Board decided to leave the cash rate unchanged at 1.50 per cent.  Here is an extract of the Media Release issued by Phillip Lowe, Governor: Monetary Policy Decision.  The broad-based pick-up in the global economy is continuing. Labour markets have tightened further in many countries and forecasts for global growth have been revised up since last year. Above-trend growth is expected in a number of advanced economies, although uncertainties … [Read more...]

Variable rates are now anything but standard. Not only do the rates vary between lenders, but they can also vary within a lender, depending on the specific loan features you want as part of your home loan. The options you choose will determine how much interest you pay. Follow these tips to ensure you don't get caught out paying more for your home loan than you need to. Select your repayment type wisely To encourage borrowers to make Principle & Interest repayments (and actively … [Read more...]

What can you do about it? You can't be in a strong position financially without solid foundations in place.  It all starts with your home loan. Following the budget announcement early in May, the Big Bank Tax has received significant attention in the media. And rightly so, because it could see the biggest banks raise up to $6 billion over the next four years, if the forecasts are accurate (something which has been hotly debated). Whilst the major lenders hit back early in strong … [Read more...]

If you’ve been searching for a new set of wheels lately, you’ve probably come across the promise of greener pastures, a brighter future or something otherwise described as, the most amazing deal ever - "0% Vehicle Finance." Let's have a closer look to see just how amazing the deal is... So you’re out shopping for a new car. The price tag says $42,000. And right along side it, there's a big sticker plastered across the front window that reads - “0% Finance Available – Just Ask!” That … [Read more...]

Whilst it has long been a popular strategy for investors, there used to be a strong argument for borrowers to select Interest Only repayments on their owner occupied loans as well. Making Interest Only repayments on your owner occupier loan provides additional flexibility. It allows you to preserve your debt for future deductibility purposes - which is helpful if you want to rent your home as an investment later on. And, you can still reduce your net debt by building up funds in a linked … [Read more...]

If you own property - or want to own property - here are the key May budget announcements that may have an impact on you: The First Home Super Saver Scheme From 1 July 2017, individuals can make voluntary contributions of up to $15,000 per year and $30,000 in total, to their superannuation account to purchase a first home. These contributions, which are taxed at 15 per cent, along with deemed earnings, can be withdrawn for a deposit. Withdrawals will be taxed at marginal tax rates less a … [Read more...]