Traditionally, property prices have been closely linked to the rise and fall of interest rates. But not necessarily in 2023. In this article, we wanted to look at what is causing this unusual trend and whether interest rates play an overstated role in shaping the property market.
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Negotiating doesn't have to be difficult, and there are several things you can do to maximise your position and get the lowest possible rate for your home loan. In this blog, we'll outline six great tips to prepare you for negotiating a better rate with your lender.
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"When it comes to financing a property, borrowers tend to focus on the size of their mortgage rather than the duration of the loan. In this article, we will explore the advantages and disadvantages of both short and long-term home loan terms, helping you determine which option is best for your financial circumstances."
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"For many Australians, the current property market poses a major challenge as rising prices have made it increasingly difficult to find affordable housing, especially for those on tighter household budgets. As interest rates continue to rise, the borrowing power required for traditional property ownership has become even more constrained. As a consequence, investors seeking to enter the market are turning to other property options, which are becoming more and more attractive."
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When you've had a home loan for a few years, your life will undergo many changes during that time. Whether you’ve got a promotion, changed careers or started a family, your financial circumstances evolve as you do.
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Imagine that you’ve been a loyal customer of a lender for many years, getting charged a certain interest rate on your home loan. Then, you find that your lender has been offering new customers much better rates whilst slowly increasing the mortgage rate on your home loan. If it sounds like this might be unfair, you aren’t alone.
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A home loan application is filled with many hurdles you need to jump. One of the biggest mistakes applicants make is failing to understand all the criteria lenders use to assess your credibility as a borrower. These factors will include anything from your credit score, earning capacity, deposit and debt-to-income ratio on the loan.
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Maximising capital growth should be the main objective for any property investor. However, the best path to get there is rife for debate. If you’re searching for the next investment, you’ll be faced with a choice between new or old property. While both options have their advantages, they are also several drawbacks to consider.
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It is so much easier to save when you have a target to work towards. This is why it’s important to your speak to your mortgage broker or lender before you start saving up for a deposit. A skilled finance professional will be able to help you understand what kind of property you can afford and the deposit requirements that come with it.
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If you’re building a new home or renovating your current one, chances are you’ll need a construction loan to finance your build. Unlike a standard home loan, a construction loan is structured around the building process, allowing the borrower to make progress payments to the builder at key stages of the build.
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Buyers can get caught up in the excitement of house shopping and bidding at auctions without first getting a pre-approval from their lender. This can be incredibly risky and leave you in a precarious position if your finance falls through.
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Repaying your mortgage generally means paying down a portion of your principal balance as well as some of the interest that has accrued through the cost of borrowing.
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When it comes to capital growth, the success of an investment property is dependant on the location of your land. Whilst the value of the house itself typically depreciates over time, it's the land that should drive up the price of your property.
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An offset account is a type of savings or transactional account attached to your home loan. The balance of your offset account effectively offsets your outstanding home loan balance, which in turn reduces the interest you owe.
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If you’re planning to buy a second property, the chances are you will need to use the equity on your current home to finance your new purchase.
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"How much property do I need before retirement?" It’s one of the most important questions that every property investor asks themselves. Retirement is the finish line to look forward to after decades of hard work and disciplined saving.
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