Buying together – 4 tips about property co-ownership
With the romance of Valentine’s Day still in the air, many may be feeling the romantic urge to take the plunge and shack up with a loved one, but property co-ownership is a serious business and getting it wrong can have long-lasting repercussions. Certainly, romantic reasons aside, co-purchasing a property can be a great way to improve your buying power and reduce the burden of debt repayments. It also enables you to split other costs such as rates, water and utilities. Whether it’s young love or simply your first transaction together, when it comes to purchasing with a partner, it pays to proceed with caution and avoid letting your heart play tricks with your head! With that in mind, we’ve compiled a range of tips for successful co-ownership, that won’t leave you heartbroken – or broke.
Housing Affordability, what’s our new PM’s stance?
On 15 September 2015 Malcolm Turnbull was sworn in as Prime Minister, signalling a new era for the Liberal leadership and this may lead to a different approach to the issue of housing affordability. There could also be a fundamental shift in the way the government addresses economic issues, with the Turnbull government set to be “a thoroughly Liberal government committed to freedom, the individual and the market.” At the heart of Turnbull’s economic ethos is the concept of a ‘free market’, encouraging competition wherever possible. Despite low interest rates, the rate of home ownership for those under 65 is declining, along with wages growth. With the median house price in Sydney now at $1 million, housing affordability is an issue felt by many Australians, particularly those in urban areas.
Hassle free home loan applications - how to properly prepare
For the majority of people, a home loan is the biggest financial commitment they will make during their lifetime. Such an obligation requires painstaking and meticulous planning, but with the right resources and careful preparation, you shouldn’t need to stress. Here are a few tips to help you make the home loan application a breeze. Prepare your credit report Before anything, you will need to ensure that your finances are in order.
Could you be tempted by the lenders latest home loan offers?
There’s a lot of competition for Australia’s $1.3 trillion home loan market and one could be easy to be dazzled or confused by the variety of offers available. Indeed, some of the deals might sound more like those on offer from car dealers than the banks, but that’s what happens interest rates are low and every lender is keen to grab a share of the market. Home loan cash back offers
Mortgage Brokers more popular than ever
Mortgage brokers are now responsible for writing over half of Australia’s home loans and are valued for their choice, expertise and convenience, according to a new survey commissioned by the Mortgage and Finance Association of Australia (MFAA). From a 49.9 per cent share of the market in the March 2014 quarter, total new home lending to mortgage brokers increased to 51.9 per cent in the March 2015 quarter. Over this time there was a $44.2 billion increase in mortgage lending across Australia and brokers were responsible for 71 per cent of this increase, Australian Bureau of Statistics data reveals.
What to Consider when Buying a Second Property
Buying your own home remains the great Australian dream – and purchasing a second property may help you take your wealth further. Whether you’re building your property investment portfolio, buying a holiday house, upgrading or supporting a family member, there are plenty of things to think about before you take that all important next step. Consider your cashflow Property tends to be a long-term investment, so do your sums to make sure you can afford the ongoing repayments on two mortgages. Also think about any major life changes on the horizon – for example, you may be planning to expand your family, or you might need to support a parent in the coming years. Get to know the market and location
How will the changes to investment loans affect you?
The importance of a knowledgeable mortgage broker has come sharply into focus following the recent banking system changes to investment loans. Many panicked borrowers have turned to mortgage brokers like us, for guidance in the months since the Australian Prudential Regulatory Authority (APRA) directed the major banks to place limits on investment lending and hold more funds in capital reserves. With each bank responding individually to the directive, the changes in policy and pricing have varied wildly from one lender to the next.
What is home loan portability?
If you are moving house, home loan portability gives you the option to take your current loan with you. By keeping your loan from one property to the next, you won’t have to go through the process of refinancing and you can save on establishment costs like application and valuation fees, government charges and potential exit fees (banned on loans taken out after 1 July 2011). If you have a fixed rate home loan, then loan portability could save you the significant break costs that may be charged for altering your loan before the full term.
No move on Interest Rates again
The final meeting of the Reserve Bank for 2015 produced no surprises as the Board made the decision to keep interest rates on hold. The official cash rate continues to stand at an all time low of 2%. Looking back on the past year, it’s been nothing but good news for the Australian housing market.
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How to Choose a Home Loan Term
Some people pay off their home loan in record time, while others take 30 years. Which is better? Deciding on the length of your mortgage term is an important decision because it can significantly affect the amount of interest you pay, as well as have implications for equity and cash flow.
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The start of a new year is a great time to review your finances. Engaging a mortgage broker now will give you a window of time to figure out what processes and practices you can improve upon. Do you need advice on your home loan? Are you getting the best possible mortgage rates and terms?
