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Mortgage Brokers Northern Beaches

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22.01.2022 *** Loyal Borrowers Charged Extra on their Mortgage *** Staying loyal to your bank could cost you thousands of dollars, according to the new Reserve Bank of Australia data. At the end of August, there was a gap of 0.29 percentage points between existing variable owner-occupier mortgages and new ones.... Existing owner-occupiers were being charged an average of 3.21%, while new borrowers were being charged 2.92%. There are two ways you can avoid paying this 'loyalty tax': 1. Negotiate a rate cut with your existing lender 2. Refinance to a new lender with a lower-rate loan If you do refinance, make sure the loan you're switching to doesn't revert to a higher interest rate at a later date. Banks compete hard for new customers, but sometimes take existing borrowers for granted, so the longer you stay with one lender, the more likely it is your loan is uncompetitive. If you’ve got a steady income and you’ve built up equity in your home, you could potentially refinance to a loan with a lower interest rate and lower fees. #mortgagebrokersnorthernbeaches

15.01.2022 *** Aussies Eyeing Up Regional Move *** COVID-19 has changed the housing preferences of many Australians, according to a new survey of nearly 1,100 property investors. The PIPA Property Investor Sentiment Survey found coronavirus has made 17% of respondents consider moving to another location.... Of those who are thinking about moving, the most popular reasons were: - Improved lifestyle = 78% - I will be working from home in the future, so I can live anywhere = 46% - Housing affordability = 40% - I don’t want to live in a crowded city any more = 28% - Money is not the most important thing to me any more = 16% So it’s no surprise more Australians are thinking about buying property in regional markets. The survey found 22% of respondents believe regional markets are the most appealing place to buy right now compared to 15% in last year’s survey. If you’re considering moving to a regional area, I can help you calculate how to fund the move. #mortgagebroker #mortgagebrokersnorthernbeaches

13.01.2022 The federal government has doubled the number of openings for its popular First Home Loan Deposit Scheme. When the scheme started in January, only 10,000 eligible first home buyers were able to participate each financial year. That has been increased to 20,000 for this financial year. Under the scheme, the government acts as a guarantor for eligible first home buyers, allowing them to:... Take out a mortgage with just a 5% deposit Skip the usual requirement to pay lender’s mortgage insurance (LMI) The scheme includes 27 participating lenders who are now accepting applications. To be eligible, you must earn no more than $125,000 for singles and $200,000 for couples. Also, you must purchase a home under the price cap, which ranges from $250,000 in regional South Australia to $700,000 in Sydney. #mortgagebrokersnorthernbeaches

09.01.2022 *** Good News for Buyers as ScoMo Changes Home Loan Rules *** It will soon become easier to qualify for a mortgage, under reforms proposed by the federal government. Lenders will no longer have to comply with strict 'responsible lending obligations' when issuing mortgages, although they will still have to follow certain lending standards.... Under the current ‘lender beware’ system, lenders can be held accountable when borrowers default on their mortgages which has made nervous lenders less willing to give out loans. But under the proposed ‘borrower beware’ system, borrowers will become more accountable for their loan applications which should encourage lenders to assess applications faster and say yes more often. The government feels the current system forces lenders to use one-size-fits-all criteria when assessing loan applications; it wants to move to a system that allows lenders to take a more flexible, commonsense approach. This change is expected to particularly benefit first home buyers and self-employed borrowers, who can struggle to qualify for loans under the current rigid system. The reforms will take effect on 1 March 2021, if approved by parliament. #mortgagebrokersnorthernbeaches

06.01.2022 *** Millennials keen to enter post-COVID property market *** Australians are passionate about homeownership, with Millennials particularly keen about climbing onto the property ladder. More than one in four Australians (26%) plan to buy a property in the next two years, according to an ING survey of 2,113 people.... The number is even higher for Millennials, with about one in three (32%) planning to buy a property within the next two years. There’s a feeling COVID has softened the property market and made homeownership more achievable 46% of Millennials hold that view. The key reasons why Australians believe buying a home in the post-COVID market is more achievable are: Low interest rates = 39% A more affordable housing market = 33% New government schemes = 32% Also, 69% of people say the pandemic has forced them to take more control over their finances. The average price people want to spend on a home is $644,000 in NSW, $575,000 in Victoria, $504,000 in Queensland, $477,000 in Western Australia and $467,000 in South Australia.

06.01.2022 *** National Credit Card Debt falls to 14-year Low *** Australians have paid off enormous amounts of credit card debt since we entered lockdown, according to new statistics from the Reserve Bank. Between March and July, the most recent month for which there is data, Australian consumers reduced their credit card debt from $41.3 billion to $34.7 billion a drop of 16%.... This is the lowest amount since 2006. Consumers not only paid off old credit card debt between March and July but also cut back of new spending: Value of transactions = down 6% Number of transactions = down 17% At the same time, as the graph shows, the amount of interest being accrued on all credit cards (both personal and business) fell from $28.2 billion to $22.5 billion, a drop of 20%. It seems Australians have responded to the economic crisis by cutting back on non-essential spending. If you're thinking of taking out a home loan and you've been eliminating your credit card debt smart move. Your borrowing power can significantly improve if you have less credit card debt and a lower credit card limit. #mortgagebrokersnorthernbeaches