Buying your first home is an exciting milestone, but it can also be a daunting experience, especially regarding finances. Fortunately, the Australian Government has introduced several schemes to help first-home buyers make their dream of homeownership a reality. In this blog, we’ll explore some of the most popular first-home buyer schemes available in NSW and how they can benefit you. NSW Stamp Duty Exemption This program is designed to provide financial support to eligible first-home buyers in NSW. It allows them to pay less or even zero transfer duty on their first home, depending on the val ..read more

The number of expats and other non-residents interested in buying investment property in Australia is rising. Home Loan Experts’ data showed a 100% rise in expat enquiries for investment properties in January 2023, compared with the lowest point in 2022. A further surge of 34% was noted from January to February 2023 alone. Reopened borders and increased immigration have encouraged expats and other non-residents to purchase local property. Investors looking to capitalise on the rental boom have preferred Brisbane, Perth and Adelaide so far, due to higher rental yields. “Most of the enquiries ha ..read more

The latest meeting of the Reserve Bank of Australia (RBA) increased the cash rate to 3.6%, which is its 10th consecutive rate rise. The series of hikes has greatly increased the interest rates on home loans, raising monthly repayments and making it difficult to manage finances. Are you aware of all the potential risks that cash rate hikes can pose to your home loan? This article will explore these risks and suggest ways to prepare for them. What Are The Possible Risks? When the RBA increases the cash rate, it means that banks will have to pay more to borrow money, which can directly affect hom ..read more

If you are in the market for a new home, you have probably heard of pre-approval – an agreement with a lender in which it confirms that it is willing to lend you a certain amount of money to purchase a home. But did you know that rising interest rates can affect your pre-approval, potentially reducing the amount you are eligible to borrow or even rendering it invalid? In this article, we will explore the potential impact of rising interest rates on your pre-approval and what steps you can take to ensure you are still able to secure the loan you need when rates go up. How Do Rising Interest Rat ..read more

The fixed-rate cliff looms over the heads of many borrowers who bought a home during the pandemic at a short-term fixed rate as low as 1.95%. It is understandable for them to feel a sense of unease about the impact of rising rates on their finances. Many are concerned that it could lead to mortgage defaults and affect home values. So how serious is the danger? CoreLogic recently released a report on things to know about the fixed-rate cliff. Here are the key takeaways from the report Key Takeaways The ‘fixed-rate cliff’ refers to the point when the very low fixed rates many borrowers secured ..read more

Investing in positive-cashflow properties is a good strategy for building long-term wealth. These properties can generate a steady source of passive income that will help you achieve your financial goals. It also provides a hedge in case of unexpected expenses or job loss. But where can you find such properties in this year’s difficult economy and how can you identify them? Different factors determine a property’s level of rental income, such as market conditions, location, vacancy rates and more. Let’s find out what a positive-cashflow property is and where to find them across Australia. What ..read more

Refinancing can be a smart financial move for homeowners looking to save money in the long run or reduce their short-term living expenses. Despite the record numbers of mortgage holders who have already taken advantage of refinancing, many have yet to explore whether they could potentially save money each month. Experts warn that procrastination in assessing one’s loan could mean missing out on the chance to reduce mortgage payments. The following case study shows how much a lower interest rate can generate in savings. Case Study John purchased an investment property in Sydney a few years ago ..read more

Investing in positive-cashflow properties is a good strategy for building long-term wealth. But where can you find such properties in this year’s difficult economy and how can you identify them? Different factors determine a property’s level of rental income, such as market conditions, location, vacancy rates and more. Let’s find out what is a positive cashflow property and where to find these across Australia. What Is A Positive-Cashflow Property? A positive cashflow property is one that generates a rental income greater than the expenses related to owning and operating the property, includin ..read more

You might be thinking about buying a home in 2023 but waiting for the prices to hit bottom or for bank interest rates to settle down. While waiting, here are some things you can do. 1. Work On Your Credit Score Lenders use a credit score to check on the trustworthiness of borrowers. It reflects the likelihood that a person will repay their debt on time. Generally, a credit score of above 700 is considered above average. The higher the score, the greater the likelihood of you getting approved by lenders and the better the rates lenders will offer you. It is important to note that not all lender ..read more

The housing market in Australia is constantly evolving, with prices and demand fluctuating over time. Currently, there are concerns about the slowdown in the market, with prices falling in most areas. For many potential homebuyers, this uncertainty can make the idea of buying a house seem daunting. However, despite the risks that come with buying a house when prices are falling, there are also significant opportunities and benefits that can make it a smart move for the right buyer. In this blog, we will explore the pros and cons of buying a house in a falling market. Advantages Of Buying A Hou ..read more