Articles (All) - MO'R MORTGAGE OPTIONS

What’s the Latest on Housing Prices? Do you know what your home is worth?

Whilst we haven't seen house prices grow this fast in the last 17 years, the latest data from CoreLogic suggests the growth cycle may be tampering. It’s no secret that house prices have reached record-breaking highs this past year. We've seen it every day when yet another home sells for higher than auction reserve, and a client comes back to us wanting to increase their pre-approval limit. CoreLogic’s latest Hedonic Home Value Index reveals that home values grew by 16.1% over the past 12 … [Read more...]

COVID hardship arrangements that may help

As the effects of COVID and rolling lockdowns are felt across the country (this time with no JobKeeper), here we look at the grants, schemes and hardship arrangements available to small businesses and individuals, should you need some support. Home loans and business loans If you're a small businesses impacted by COVID with a good conduct on your business loans, you may be eligible for a repayment deferrals of up to three months. For individual borrowers, lenders are providing a range of … [Read more...]

Buying established vs off-plan vs land & build: the different ways to buy property and things to keep in mind

You were thinking about buying an established property, but now you’re thinking an off-plan purchase might be the way to go. You’re buying a house either way, so it’s pretty much going to be the same thing, right?! Actually, not quite… The requirements for finance (and the loan structure) can vary depending on the type of property transaction. Here we outline the different types of property transactions you might be considering. Buying an established property via private … [Read more...]

Can I increase my pre-approval amount? (& all your other questions about pre-approvals answered) – Part 2

If you’re thinking about purchasing property soon, it pays to have a pre-approval in place. Not only does it provide comfort that a lender is likely to lend you the funds you need to buy a house, but it can also speed up the assessment process once you’ve had an offer accepted, as outlined here in our recent blog post “What you need to know about a pre-approval.’ Here, we provide some more information about pre-approvals and cover the additional things you want to know - like ‘Can I increase … [Read more...]

What you need to know about a pre-approval – Part 1

What is a pre-approval? A pre-approval (or Approval-in-Principle) is when a lender has assessed your application and conditionally approved you to borrow a specific loan amount, based on a max property purchase. Whilst a pre-approval doesn't guarantee funding and is subject to terms and conditions, it can give you the confidence to start seriously looking for a property to buy. If a pre-approval doesn't guarantee funding and is subject to terms and conditions, should I bother getting … [Read more...]

Tool to help calculate median price per square metre

Perhaps it's an effect of COVID-19, or maybe buyers are just wanting to get more bang for their buck. We're seeing a shift in property preferences, with first home buyers having a stronger preference for larger properties - ideally with a backyard or courtyard. To help with your search in finding such a property, we've found a tool which may be helpful. This tool by realestate.com.au, calculates the median estimated price per square metre (based on block size) of various suburbs around … [Read more...]

What is a discounted interest rate and how do you get one?

There's so much information online about the latest home loan offers, interest rates or special deals available. This is great for borrowers because it means we all have access to information, which helps us make better financial decisions. BUT... the information available online doesn't always tell us the whole story.... What is 'discretionary pricing' in relation to home loan interest rates? Discretionary pricing is when a lender offers a discounted interest rate to an … [Read more...]

Fixed Rate home loans – May 2021

With some attractive fixed rates available at the moment, it's likely you've thought about fixing in some (or all) of your existing variable rate loan. Which then raises questions like, "But what are variable rates likely to do over the short-medium term?" Let's take a look at that question a little closer. Please note analysis and commentary on interest rates provided here is based on data available as at 28 May 2021. Cash Rate Futures Yield Curve The Cash Rate Futures Yield … [Read more...]

Bank Valuation: Why do I need one? What can I do if it comes back low?

If you’re looking to buy a home or currently exploring your refinance options, it's likely that the lender will want to order a valuation on the property. Here we explain what a valuation is, why it's necessary and what options you might have should one come back lower than you expect it to. What is a valuation? A valuation is an assessment of a property's value - for mortgage purposes only. Valuations are used to determine the Loan To Value Ratio in a loan application and can … [Read more...]

Australian property price growth fastest in 17 years

All signs point to the notion that Australia’s housing market is in the midst of a broad-based boom with the national home value surging 2.1% higher in February; the largest month-on-month increase since 2003. The February surge, as reported by CoreLogic’s national home value index, was spurred on by record low interest rates, improving economic conditions, government incentives and low stock levels. What areas experienced growth? Maybe the correct question is, 'What areas didn't … [Read more...]

2021: Off to a flying start with record house prices

If 2020 taught us anything, it's that things can change. And quickly we might add. Not too long ago, many highly-regarded economists predicted property prices could plummet 30% due to COVID-19. Instead, now we’re seeing official RBA documents predict that house prices could increase as much as 30% over the next three years, providing the official cash rate remains near record low levels (at or below 0.5%). Suffice to say, market sentiment is soaring with 2021 already re-writing the … [Read more...]

Still haven’t found what you’re looking for? Property listings to pick up soon

While you were having some down time over the festive season, did you find yourself scrolling through real estate listings? If so, you might’ve noticed there were fewer properties available for sale than usual. There's a reason for that. If you couldn’t find the home you're looking for over the break, don’t stress - it’s actually much harder to find ‘the one’ at this time of year. That’s because property listings traditionally drop in December, with 2020 no exception. In fact, … [Read more...]

How is 2021 shaping up from a lending perspective? What does that mean for you as a borrower?

There’s no doubt that 2020 created challenges for many of us. Entire industries struggled, financial markets were significantly impacted and there’s still a great deal of uncertainty on the horizon. But lenders are still lending, right? Yes. And Canberrans are still buying property, right? Yes! (Double yes!) We helped record numbers of Canberrans buy homes and/or prepare to buy in 2020 and 2021 is shaping up to be no different. With a large portion of Canberra’s population in secure, … [Read more...]

Australia’s homes are some of the biggest in the world

In 2019/20, the average new house built in Australia measured a massive 236m2. This represents 2.9% growth on the year before, and represents the biggest increase in home size in 11 years. CommSec's recent report into home size trends shows Australian houses are now being built bigger than anywhere else in the world. In fact, we just reclaimed the number one spot from the US. Apartment sizes in Australia have grown too, with the average new apartment increasing 6% in the last year to … [Read more...]

RBA cuts cash rate to new record low – 3 Nov 2020

At its meeting today, the RBA decided to lower the cash rate by 15 basis points to 0.10 per cent. “Given the outlook for both employment and inflation, monetary and fiscal support will be required for some time,” Governor Lowe said in his statement. Governor Lowe added the low cash rate is likely here to stay until actual inflation is sustainably within the 2 to 3% target range. “Given the outlook, the board is not expecting to increase the cash rate for at least three years,” Governor … [Read more...]

Boost your home loan deposit: you may have cash lying around the house

If you're looking for a way to boost your house deposit, or could do with a few thousand dollars to make additional payments into your mortgage, maybe a Spring clean is the answer. According to the a Gumtree Second Hand Economy Report, the average Aussie household could make nearly $6,000 from selling pre-loved items. Apparently as a nation we like to hoard items, with more than 85% of us having unwanted items that are just collecting dust around our homes. The Report found that the … [Read more...]

Is property a still good investment? The ‘experts’ think so

You've probably heard the the saying ‘safe as houses’? Well, it appears that tightly-held belief of many Australians is still tightly-held, with some of Australia's economic experts saying they'd be putting their money into property right now. A Finder Study surveyed 28 leading experts and economists and asked for their opinion on future cash rate movements, as well as other issues related to the Australian economy. When these experts were asked: “Where do you think is the best place … [Read more...]

Homeowners are refinancing in record-high numbers. Is it time to explore your options?

Homeowners in record-high numbers are taking advantage of reduced interest rates and competitive refinancing offers. Are you ready to take the leap? When times are tough, the belt gets tightened. And we’ve seen that play out across the country in a big way recently, with the number of Australian families who refinanced their mortgage in May the highest on record, according to the latest figures from the Australian Bureau of Statistics (ABS). In fact, 33,712 Australians refinanced a … [Read more...]

Loan deferrals can be extended for certain borrowers

Home owners struggling financially due to COVID-19 may be given another four months to resume paying back their loans. Extended loan deferrals will be provided to those who genuinely need more than the current six-month timeframe, says the Australian Banking Association (ABA), however, extensions won’t be automatic. While each bank’s deferral policy differs, it’s important to note that deferring repayments on your loan generally doesn’t stop interest from accruing. As such, customers … [Read more...]

So you want to buy your first home?

So, life in isolation in your rental property (or your family home with the parents!), has cemented your goal to get out on your own and buy your first home. You’ve been fortunate enough to retain employment over the last few months and actually have more cash saved than you’d anticipated saving at the start of 2020. After all, you haven’t spent money on petrol. You haven’t spent money on dinners out with friends. You’ve maybe saved on childcare costs. And maybe you’re even considering … [Read more...]

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