Preparing to bid at an auction is equal parts nerve-wracking and exciting. For many, this is the biggest financial decision you’ll ever have to make, so getting all of your ducks in a row is essential. Pre-approval is no exception.
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We discuss the five core elements of inflation and delve into the reasons behind the high inflation in Australia. Moreover, we will discuss the repercussions of soaring inflation on interest rates and households, shedding light on its overall impact.
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In this article, we delve into the historical performances of both houses and units to help you make an informed decision when the time comes to purchase an investment property.
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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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With property prices lifting for consecutive months, the Australian property market has reached a curious junction point. We analyse the question; are property prices finally recovering?
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Many of us associate upgrading with moving into a larger home, but downsizing can also bring great benefits and has helped many people achieve their financial and lifestyle goals. To assist those considering their property strategy, we have created a guide to help you evaluate whether downsizing is the right option for you.
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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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"In Australia, there are numerous incentives to encourage consumers to invest in property, especially for rental income purposes. In this article, we'll go through the tax deductions that you should be taking advantage of."
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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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"For many, what makes self-employment so appealing is the ability to be your own boss. Unfortunately, it also means earning an irregular income and greater challenges when purchasing your next home. But whilst applying for a home loan as a sole trader may be difficult, it’s certainly not impossible. With an understanding of where to search and how to prepare, sole traders can access a wide range of lenders and financial products that will help them achieve their property goals."
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After a year of pain for borrowers, many Australians have anxiously entered 2023 with the prospect of further cash rate hikes threatening already thin household budgets.Since interest rates began to rise in May last year, the average borrower with a $500,000 mortgage has seen their monthly mortgage repayments rise by $834. For the average borrower with a $1 million mortgage, monthly repayments are an extra $1668. Add inflation and soaring costs to that mix, and you have many Australian families under a great deal of financial stress.
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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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Despite the threat posed by the Royal Commission into banking several years ago, the mortgage broking industry in Australia has emerged stronger than ever. In the June quarter of 2022, mortgage brokers facilitated 68 per cent of all new residential home loans - smashing the previous record in Australia.
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Timing can be everything, especially when preparing for one of the most significant financial decisions of your life. Whilst you don’t want to miss out on capital gains or your dream property, there’s nothing worse than exposing yourself to financial hardship.
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You don’t need to remind first home buyers; buying property in Australia requires an enormous amount of earning and saving. However, on top of the sale price, many buyers don’t factor in all the additional costs that come with the purchase. The most significant of these costs is usually stamp duty, potentially cutting tens of thousands away from your property budget.
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Following on from our first list of five affordable suburbs in Melbourne, there are still investment opportunities out there for buyers of all budgets. Whilst many buyers will be priced out of Melbourne’s inner suburbs, the outer suburbs still have plenty of cheap property options available.
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Our first home loan is the biggest financial commitment most of us will ever make. After years of renting and saving, you can finally start the journey towards the great Australian dream; owning your own home. Your home loan will dictate what you can afford, whether it’s the property of your dreams or just a property you can afford.
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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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With property prices surging to record highs over the pandemic and the median house price in Melbourne nearing $1.1 million, breaking into the property market is as hard as it’s ever been.
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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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There are many different home loan options available including your repayment type and the lender you borrow from. Choosing between a fixed or variable rate is one of the most important loan decisions you’ll need to make and will come down to your personal preferences.
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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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Earlier this month, borrowers were hit by a 50 basis-point hike in the cash rate; the largest rate rise since February 2000. Sadly, rates are expected to continue rising sharply over the next year or so as surging inflation battles the global economy.
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A guarantor home loan is when someone, normally a parent, provides a ‘guarantee’ for the repayment of a home loan. This means that they are legally responsible for paying back that portion of the loan in the event that the borrower is unable to make their mortgage repayments.
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With the 2022 election behind us, it’s time to look ahead and see what Saturday’s result will mean for the Australian property market. Housing affordability became an important issue on the campaign trail, with both major parties putting forward their own proposals to help soften the blow for first home buyers.
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HECS-HELP is a student loan program offered by the government to assist Australian students who can’t afford to pay upfront for the costs of university or higher education.
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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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Inflation, rate rises, increased demand and housing unaffordability may finally be putting the breaks on Australia’s runaway property market.
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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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As property prices continue to reach record levels, saving up a deposit for your home is as hard as it’s ever been. With the median house price in Melbourne nearing $1,000,000, building a 20% deposit (plus the cost of stamp duty) requires years of scrupulous saving and can hold first home buyers back from entering the market.
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The big day is approaching. You’ve bought the place of your dreams and you can’t wait to move in. Settlement day is when your new property officially becomes yours. The contracts are signed, the paperwork is handed over and ownership is transferred onto your name. It’s all smooth sailing…
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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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With house prices skyrocketing again in 2021, breaking into the property market is as hard as it’s ever been. In an effort to combat this, the state and federal governments have several initiatives in place to help first home buyers get their foot in the door sooner.
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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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We all love the thought of a bargain. It’s the reason why we get excited for the boxing day sales or buy the half-price cereal at the supermarket.
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One of the biggest mistakes made by first home buyers and property buyers in general is falling into the trap of underquoting. This is a tactic used by real estate agents with the help of research platforms like realestate.com.au, hoping to swell the interest in a property by attracting a higher pool of buyers.
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It was hard to fathom the property market in 2021. A number of pandemic-led factors propelled Australian property prices to unseen levels of growth - especially in our regional areas.
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2021 was a tumultuous year for property, business and health. As Australia experienced its third and fourth waves of the pandemic, the country also saw its fastest rise in dwelling values over a 12-month period since the 1980’s. An extraordinary 22.1% of growth was observed across the country despite restrictions placed on travel, house inspections and auctions.
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