Upgraders Archives - Page 4 of 25 - MO'R MORTGAGE OPTIONS

What’s stopping you from buying a home?

Want to buy your first property, but feel like something is stopping you from buying a home? You know it’s the right time to break free from your parents (or the renting cycle) but you’re also worried about interest rates and the state of the property market. Is it really the right time to buy a home? Here we examine some of the fears you may have a buyer and suggest ways to overcome them. The Fear of Missing Out Good old FOMO often makes an appearance when you’re getting … [Read more...]

What’s happening with property values in 2024?

If buying a home is a priority this year, here are some thoughts on where property values might be headed in 2024. Before we pull out the crystal ball for the coming year, let’s look back at the change in home values we saw over the past 12 months. In 2023, despite five official rate hikes, increases in living costs due to inflationary pressures, home values still increased nationally by 7%. On top of that, there were three capital cities which experienced growth above the national … [Read more...]

What’s changing with the RBA and their interest rate decisions?

RBA Feb 24 Cash Rate Decision The Reserve Bank kept the cash rate steady in February. However, a change to the RBA’s 2024 meeting schedule has commentators theorising about how this will impact interest rates changes this year. The RBA’s decision to keep the cash rates on hold at 4.35% earlier this month wasn’t unexpected, given the latest inflation data. Because after months of steadily rising living costs, inflation seems to be finally heading south, currently at 4.1% down from 7.8% in … [Read more...]

Home loans for Self Employed Borrowers

When you’re self-employed, applying for a home loan can be a little more complex. There are additional checks a lender may want to perform and it’s likely you’ll need to jump through a few extra hoops before you get the green light to go house hunting. If you’re self-employed and hoping to borrow money soon, here are a few things to keep in mind to ensure you give yourself the best chance of getting your finance approved quickly. Understand borrowing requirements for self-employed … [Read more...]

3 ways a pre-approval can put you ahead of other buyers

You don’t have to wait until you’ve found a home you’d like to buy before you reach out to us. In fact, we’d strongly recommend you contact us first. Arranging a pre-approval before you start making offers, will ensure you’re well placed above the competition and also ensure you’re not taking any unnecessary risks. Here are three reasons to arrange a loan pre-approval before you officially start house hunting. 1. A Pre-approval gives you a budget to stick to When it comes to a … [Read more...]

How can I maximise interest savings with my offset account for minimum effort?

You already have an 100% offset account as part of your loan, and you know it’s correctly linked against your owner occupied home loan.* With each monthly statement, you can see you're saving interest but you'd like to see if you can push those savings higher. Here's a few things you can try: Ensure all household income is paid into your offset account You should already have all wages, tax returns, investment income and windfalls (if you're lucky!) paid into your offset … [Read more...]

What’s stopping you from exploring your refinance options?

We’ve had 12 interest rate rises over the last 13 months. That’s 12 times your interest rate has increased on your home loan. And 12 times your monthly loan repayment has increased. (Actually, if we’re being technically correct here, the number of times your repayment has increased is likely to be slightly less than 12, because the last few rounds of rate hikes may not yet be reflected in your minimum monthly repayment.) If you haven’t reached out for a home loan review lately, … [Read more...]

2023: Interest rates and the economy

Despite many experts weighing in on the debate as to where rates and the economy is headed, there’s still varying opinions as to how - and when – things will play out. Rather than adding to the noise on interest rates, we’re not going to add our own predictions here. Instead, we’re going to summarise the key thoughts and ideas being shared by leading economists, so you can get an idea of where things might be headed. What can we expect for the rest of 2023? Market commentators … [Read more...]

Which one should you choose – redraw or offset?

Both redraw facilities and 100% offset accounts can help to reduce the interest incurred on your loan, but they work in different ways. Let’s take a closer look to see which option might be appropriate for you. What is redraw and how does it work? A redraw facility allows you to make additional payments into your home loan, and then access these funds should you wish to take them out of the loan at some point later in the future. For example, just say you received inheritance 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 structure your finances 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') … [Read more...]

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