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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. Which is great for borrowers, because it means we all have access to information which can help us make better financial decisions. BUT... the information borrowers can access 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 rates to an … [Read more...]

Tips to buy property in a hot market

If you’re trying to buy a house right now, we know it’s tough. We know it’s disheartening when you turn up to an open home with 100 other couples. Or when you turn up to an auction thinking you have a chance, only to see the property snapped up for $80,000 more than the price guide. Given the current state of the property market, should you just give up on finding your home altogether? We don’t think so. However, there are a few things we think you can do, to give yourself the best chance … [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...]

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