First Home Buyers who buy newly constructed homes will receive an extra boost as their first home buyers grant will triple to $21,000 while first home buyers purchasing existing properties will see their grant double to $14,000.
The move is part of the Rudd government's economic package aimed at kickstarting the economy.
Under the package, the federal government will invest $1.5 in the housing market between September 2008 and October 2009.
The Economic Security Strategy comes just two days after the Federal government announced that it would guarantee savings deposits and bank wholesale borrowings amid fears of a worsening global financial crisis.
"The ...
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Categories: Banking and Finance, Media Articles, Mortgage Tips, News, Real Estate.
Thornbury Mortgage Broker Paul Moulday said today that recent Budget announcements by the Victorian State Government have significantly reduced the cost of buying a new home, making it an ideal time to look at purchasing property.
The Victorian government has built upon changes to stamp duty begun in 2006 by remodeling the stamp duty rate bands to make purchasing a home more affordable for the average Victorian.
The changes have seen stamp duty on the median house price in Victoria fall by 17 per cent for property purchased for use as a principle place of residence.
Moulday has particularly applauded additional bonuses for ...
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Categories: Mortgage Brokers, Mortgage Tips, News.
Thornbury Mortgage Broker Paul Moulday said today that mortgage stress wasn't just about mortgages, it also included personal loans, credit cards, interest free periods, school fees and margin calls on share holdings. The truth is that the mortgage is the last thing a person stops paying. All the other loans and fees are first.
A simple way to combat any interest rate risk and mortgage stress, is to get a good mortgage broker to stress test your budget and finance situation.
Look at whether you can split your loans into deductible and non deductible debt, or simply ease the burden of cash flows. You might split your debts ...
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Categories: Mortgage Brokers, Mortgage Tips, News.
X Inc Mortgage Broker, Grant Rheuben, today finalised what he believes is a perfect example of how cash flow lending can work for a savvy business person.
He organised loans of $3,000,000 to provide a business with cash flow to purchase stock and fund their working capital. The client is an importer and wholesaler of clothing. The budgeted turnover was in excess of $7,000,000 such that a change in the distribution agreement with their overseas supplier had a significant impact on the local business.
The client was forced in to a position to increase their stock levels and needed the cash flow to ...
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Categories: Mortgage Brokers, Mortgage Tips, Press Releases.
(X Inc Newsletter August 2007)
The Reserve Bank raised interest rates this week by a further .25% - adding another $17 per month for every $100,000 of your mortgage. If your rates are set to rise, now is the time to check with your mortgage broker and ensure you have the best possible home loan deal. Or go to the Interest Rate Rise Action Plan information page for help.
For more information on interest rates go to X Inc's Interest Rate Watch Page or for more information on X Inc and Home Loans, go to X Inc Home ...
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Categories: Media Articles, Mortgage Tips.
Bridgette Stills Real Estate
(Bob Staley)
An Equity Finance Mortgage (EFM)® might be for you.
An EFM (Equity Finance Mortgage) can effectively help you even purchase a more expensive property than you may otherwise be able to afford or alternatively reduce your monthly home loan repayments. An EFM (Equity Finance Mortgage) works in conjunction with a traditional home loan and together the EFM (Equity Finance Mortgage) lets you move some of the expense of a traditional home loan to later when you eventually sell your property.
Here's how:
An EFM (Equity Finance Mortgage) allows you to borrow up to 20% of a ...
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Categories: Mortgage Tips, Press Releases.
The latest NAB survey showed more than 90% of 16 to 24-year-olds believed buying their home was the biggest goal in their life.
X Inc Finance CEO Jennifer Nielsen said that goal is achievable and twenty-somethings should jump on the real estate merry-go-around as market conditions are better for Gen Y than ever before.
She explained young employees earning a steady wage and enjoying the luxury of living at home rent-free should use their savings to buy affordable investor property before prices bounce out of reach.
"Young people living at home and holding down fulltime jobs don't always realise what a ...
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Categories: Mortgage Tips, Press Releases. Tags: 100% Home Loans, Investment Loans, lo doc, low doc, low-doc-loans, Property Finance.
Costs to refinance a loan range from minimal to thousands of dollars, depending on the change.
Entry costs are similar to ones paid initially. Typical mortgage setup fees include:
â– Mortgage stamp duty, which may have to be paid to refinance, but you could have to pay up front and have the lender apply for a refund on your behalf. In most cases you have to pay the stamp duty again, unless the names and the security property are the same. Mortgage stamp duty is not applicable in Victoria.
â– Application fees are not payable on all loans and even those that ...
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Categories: Media Articles, Mortgage Tips. Tags: 100% Home Loans, lo doc, low doc, low-doc-loans.
Whittlesea Times
(Steve Matsoukas)
Refinancing your mortgage could allow you access to cheaper interest rates, new ptions such as offset accounts or to unlockadditional equity in your home to renovate, buy an investment property or consolidate debt. The most important thing to review when considering refinancing is to identify if there is enough equity available in your property to go ahead.
A review of your credit history will also be required, so make sure it is in good shape.
People usually want to change loans when they are refinancing or consolidating their debts. Typically they are refinancing to:
Borrow more money to renovate,invest ...
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Categories: Media Articles, Mortgage Tips. Tags: Investment Loans, Property Finance.
Sunday Telegraph
(Jim Dickens)
Fixed rates have risen recently and analysts are not tipping any downward movement until the end of the year.
Mortgage broker Jennifer Nielsen of X Inc Finance advised borrowers should not let fears about rising variable rates affect their judgment.
"While it might be tempting, fixing at a point where rates are on the high side is probably not a good idea. You would do better to wait for rates to come down again and then fix."
Some economists are still tipping rate rises late this year or early in 2008. However, Ms Nielsen said fixing rates now could still leave ...
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Categories: Interest Rates, Media Articles, Mortgage Tips.
Sydney Morning Herald
John Collett
Seeking to change perceptions that some mortgage brokers are nothing more than commission-driven salespeople, the Mortgage and Finance Association of Australia has released the results of a shadow shop that shows its members in a more positive light.
Market researcher brandmanagement conducted the secret survey where real shoppers made 104 visits to brokers throughout Australia. The shadow shop was restricted to MFAA members, which paid for the study.
"Brokers were rated above average across all areas of the services they provide, performing particularly highly when it came to customer focus, knowledge of products and honesty and integrity", says MFAA ...
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Categories: Media Articles, Mortgage Tips, News. Tags: 100% Home Loans, Investment Loans, lo doc, low doc, low-doc-loans, Property Finance.
No-deposit home loans are great for first home buyers because they help people enter the housing market before prices rise beyond their reach, particularly when house prices have been rising faster than the average person's ability to save.
They are also often attractive to investors wanting to maximise gearing for taxation purposes or income return. However, lenders generally apply a slightly higher debt-servicing ratio (the level of debt you're carrying compared to your income) to these types of home loans. They are ideal for people with a good income and credit history who, for different reasons, may be paying high ...
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Categories: Media Articles, Mortgage Brokers, Mortgage Tips. Tags: No Deposit Home Loans.
