Finance advice
Rolf Howard

Be wary of the banks

By Rolf Howard

The banks are once again actively courting potential home buyers with offers of very attractive low deposit loan packages. Almost three-quarters of home loan products now require just a 5 per cent deposit or less to secure them. 

Blogger: Rolf Howard, CEO, Owen Hodge Lawyers

We are warning its customers, particularly first home buyers, to do their ‘homework’ before investing in a property to ensure they do not become a bank repossession statistic.

Low interest rate environments generally draw out risky investment opportunities. People are seeking to make a quick profit and often jump into investment opportunities that, at first glance look good, however careful due diligence often reveals a potentially venomous sting in the detail.

The banks have recognised that borrowers are on the move again and in very high numbers.  Consequently they have started lowering their lending requirements, sometimes to the eventual detriment of unwary customers. The property market, particularly in Sydney, is performing very strongly.

Auction clearance rates are at all-time highs and people are paying well above the reserve price in many cases to secure property.

Like any good investment opportunity, thorough research is the key to ensuring the longer term viability of an investment. First home buyers are securing a significant number of the new loans at the present time to capitalise on the low interest rate environment, however in some cases they are not thoroughly reviewing their borrowing capacity in the event of a change in circumstances such as an income downgrade, job loss or unexpected pregnancy.

A heated property market is a time for great caution, especially when banks are introducing potentially risky home loan products. The current high liquidity environment translates into a greater availability of cash. The outlook is very good for property, particularly in Sydney.  However this inviting investment context must be kept in perspective by property buyers.  This is achieved by ensuring the underpinning financial homework is undertaken with great prudence.

Purchasing property is a great way to enhance financial status. The right time for individuals to do this is always determined by exercising considered due diligence. Stability in personal circumstances such as employment security is a very important consideration prior to obtaining a loan to ensure long term repayment capacity.

The reality is that banks are constantly driven by the need to enhance the quantum of shareholder dividends.  To balance this equation third party providers, such as mortgage brokers, align with borrowers to assist them navigate the maze of financial mortgage products thereby helping to eliminate the risk of choosing a path that could be detrimental to an individual’s longer term financial interests.

Five tips for those about to take out a loan include:
1)    Be realistic about your borrowing capacity. Living on bread and butter to ensure mortgage repayment is neither enviable nor sustainable. Borrow within your means.

2)    Purchasing a property is generally a long term strategy.  Your thinking needs to reflect this.

3)    Shop around and review the various bank products to find one that is right for your situation. Know the criteria required. The cheapest loan is not always the best. Flexibility is the key when considering mortgage products.

4)    Research both the property and loan criteria very carefully to ensure both are the best for your circumstances. Be prepared to pay for a bank evaluation prior to purchasing any property to ensure the amount being paid is appropriate.

5)    Surround yourself with a good team including a financial planner, mortgage broker to educate and guide you through the process, a conveyancer and an accountant who understands property.

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About the Blogger

Rolf Howard

Rolf Howard

Rolf is Managing Partner of Owen Hodge Lawyers. He has been in the legal practice since 1986 and a partner of Owen Hodge Lawyers since 1992. Rolf focuses on assisting clients to proactively manage legal responsibilities and opportunities to achieve competitive advantage.

Rolf concentrates on business planning and formation, directors’ duties, corporate governance, fund raising and business succession. His major interest is to assist business owners and their financial advisers plan and implement strategies to build and exit from successful businesses.

FROM THE WEB

podcast

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Caifu Property\u2019s Automatic Equity program is designed to add a minimum of double the value of your salary to your portfolio every 12-18 months.\u00a0The program deals with five to six figures of instant equity, helps time poor investors generate equity in the shortest time possible without compromising your lifestyle or demanding your time.\u00a0<\/p>\r\n

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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      More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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When buying property, it’s important to focus on what’s important. Investor Katarina Taurian shares just what exactly is important to her: having the mindset of looking past superficial cosmetic matters and homing in on the structural suitability and potential of a property.

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In this episode of the Smart Property Investment Show, Katarina joins host Tim Neary to unpack her entry into the property market and experiences of rentvesting, and how the Smart Property Investment Show was vital  in a number of decisions which she made along the way.

Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Why buying new property doesn’t mean buying better property

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