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Homeowners still refinancing in record numbers: here’s why

With interest rates still at record low levels, it's not surprising we're assisting record numbers of clients with their refinances. (It might also have something to do with the fact that you've all been at home for a few months and had some time to slowly work through those 'jobs' we tend to put off doing!)  Data released by the ABS last month confirms that we're not just imagining things. Refinanced home loans reached an all-time high of $17.2 billion in July, reflecting a 6% increase on … [Read more...]

Questions you have as a first time buyer, given the current climate

It’s an unusual time for you as a first home buyer. Not only are you trying to work out how to actually buy a property, but you're doing it in an uncertain time when the playing field has changed. However, with all the recent conversations we've been having with first home buyers, we've been reminded of something. When it comes to purchasing your own home (something you've dreamed about and worked hard for a long period of time), there is little chance that *anything* will stand in your … [Read more...]

The Downside to Low Interest Rates…. Have you fallen for this trap too?

Low interest rates mean it's likely you're now paying less interets on your home loan than ever before. And this is good news for you as a home owner, right? Absolutely!   So how can there be a downside to low rates if it means you're saving money? We're not going to talk about the long term economic effects of low interest rates - perhaps that's a discussion for another day. But what we want to talk about is a sense of complacency we see in borrowers, especially in a … [Read more...]

Review your existing loans: How would you spend the money?

We've all played that game where you work out how you'd spend the money if you won lotto. A holiday perhaps (although maybe not right now)? A cleaner to make your life easier? Maybe you'd purchase a new car?! It's a fun game to play, but generally ends in disappointment when your numbers don't come up. Whilst it's not as exciting as the anticipation of a lotto win, there's something else you can do to increase the amount of your bank balance. Plus, if you say yes, you've got a much … [Read more...]

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...]

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