Finance advice
Richard Symes

Banks have reduced their fixed-rate home loans

By Richard Symes

It seems we are in the midst of a mortgage war with many of the big banks reducing their fixed-rate home loans to all-time lows.

Blogger: Richard Symes, CEO, Credit Repair Australia

The recent reduction from CBA has seen their more popular three-year rate drop 15 basis points to 4.94 per cent, aligning with the National Australia Bank and ANZ. Meanwhile, CBA’s four-year rate has fallen 50 basis points to 5.09 per cent.

This is not the first time the banks have reduced their rates in recent times.  In July, the big four reduced their five-year fixed mortgage rates to record lows below five per cent. This decision has already had an impact on the market as borrowers seek to lock in low rates.

We believe this is great news for everyone, whether you’re a first home buyer looking to enter the property market or a budding investor wishing to expand their portfolio. These new rates are clearly a welcomed relief.

Recently, CBA's general manager of home loans, Clive van Horen was reported within a major metropolitan paper as saying that the share of new mortgage customers taking out a fixed-rate loan had increased from 13 per cent to 20 per cent.

It’s no great surprise that this has led to a spike in people looking to take advantage of the great terms the banks are currently offering. If you are one of those people, you may want to spring clean your credit report prior to applying for pre-mortgage finance.

Understanding what is on your credit file can go a long way to ensuring that you gain mortgage approval, and that you are offered the best possible terms.

We see thousands of Australians denied finance and their opportunity to secure their dream home diminished because of a problem related to a black mark on their credit report. In most instances, clients didn’t even know there was an issue. In some cases, they had placed a deposit on a home and subsequently learned that they’re unable to get finance. If the cooling-off period has also been waived, the dream of purchasing a property can become a nightmare.

To be sure you aren’t surprised like many others, consider a credit health check prior to seeking finance. There are many ways to check the health of your credit report including:

•    Veda Advantage – This is the largest credit reporting agency in Australia. Everyone is eligible to a free copy of their credit file. Veda will provide you with your credit file within 10 days if:
o    You haven’t applied for your credit file in the last 12 months
o    You have been declined consumer credit in the preceding 90 days
o    You have requested a correction to your consumer credit information and that correction has been made

Alternatively, if you don’t meet the criteria you can order a copy for $69.95 including GST. Veda will dispatch a copy of your credit file within one working day via email, fax or mail.

•    Dun and Bradstreet – They are the second largest credit reporting agency in Australia. Similar to Veda Advantage you are entitled to a free copy of your credit report to be received within 10 days. Alternatively, you can opt to pay a fee for their Fast Track service, which costs $30 and provides you with your credit file in one business day.

•    Credit Repair Australia – We can obtain your Veda credit report free of charge (if you meet our criteria). With your permission, we can download your credit report instantly, analyse it and provide an in-depth assessment of the results.

Once you have your credit report, you are well on your way to determining if there are any black marks, and dealing with them before they cause obstacles to your real estate goals.

 

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About the Blogger

Richard Symes

Richard Symes

Richard Symes is the CEO and founder of Credit Repair Australia, the leading provider of credit and debt solutions. Richard pioneered the credit restoration sector and developed Australia’s first credit restoration process over a decade ago, allowing Australians to have black marks completely removed from their credit report. In 1999 Richard also played a pivotal role in using new Australian laws to develop workable solutions for people struggling with debt. Known as Credit Repair Australia’s debt solutions, these options now allow Australians to pay back their debts at an amount that is affordable, which may not include interest or paying the full amount of what is owed.

“We are good at what we do because we believe in what we do. We enjoy helping people get their lives back, especially when they are affected by their credit rating. We built Credit Repair Australia with one purpose in mind, to get results that can give people back control of your life.”

For more information on Credit Repair Australia visit www.creditrepairaustralia.com

Email:
promoted stories

podcast

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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

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!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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  ["title"]=>
  string(38) "From pirouettes to property investment"
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  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

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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AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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