News

This is an area of lending that is about to change markedly, and it impacts on how much money you need to buy your first home. (in a good way!!)

This is where we are right now – 95% loans are all about the treatment of Mortgage Insurance. (A one-off premium to protect the lender’s position, approximately 3.5%)

1. Lenders require YOU to pay all of the mortgage insurance (MI) from your money – so their loans are still 95%.

Costs vary from state to state – but let’s look at a $500k purchase in Qld where a first home buyer pays no stamp duty; Costs will then be approx. $2,500 and are inclusive of things like Solicitor, settlement and government fees. (I can explain these all in more detail, for your particular circumstance, if you “Ask Alan”).

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Here are three truths;

1.     If you own a house, then you hope prices go up.

2.     If you are in the market to buy a house, then you want prices to come down.

3.     5 minutes after you buy that house, you hope prices go up.

Hence – everyone who owns or hopes to own a house hopes that prices go up.

Before I start – let’s make sure we acknowledge the needs of the five main age groups in Australia;

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According to Macquarie Bank chief economist two rate cuts are fully priced into the current market. (The Australian p 17 Apr 30^th)

• What does this mean?
• Why is it happening?
• What should you do? 

Fixed interest rates typically indicate where Variable interest rates are headed – they are the “canary in the coal mine”.

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In the upcoming election there is a policy divide between the parties over “negative gearing” which  if one side wins, will only be able to be applied to brand new property.

To help you make sense of this let’s look at the whole issue –  what Negative Gearing is and why it matters.

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Property is still the Pot of Gold at the end of the Rainbow. 

With all the current negative talk about property, buyers have left the market. Listings are at all-time highs. This is what makes a Buyers’ Market.

Better still, Markets are now pricing in a rate cut in the next 12 months. In fact, Bill Evans (Westpac Chief Economist) goes further, and anticipates two rate cuts this year in August and November (Bill Evans, AFR Tuesday 04 March 2019). Watch Bill Evans’ comments in the video below.

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For the second blog in my Construction series, I look at the simple home renovation.

I have helped many of my clients turn the simple renovation into two things;

• The home of their dreams
• The foundation of a property portfolio

These are their real renovation stories (used with permission, thank you to all who have let me share your inspiring stories!)

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