Finance advice

These Australian suburbs are paying too much on their mortgages

By Hannah Blackiston
These Australian suburbs are paying too much on their mortgage

A mortgage marketplace has revealed which Australian suburbs are the most ripped off when it comes to their interest rates.

HashChing has released data showcasing the suburbs in Australia where mortgagees are paying the highest interest rates, and it has highlighted some worrying discrepancies.

More than 1,000 mortgage applications over December 2016 and January 2017 were analysed in the data, which showed that several suburbs in Sydney, Melbourne and Brisbane had borrowers who were paying well above the average home loan interest rate.

The average interest rate in Sydney is 4.46 per cent, but HashChing data shows that mortgagees in The Ponds, Doonside, Quakers Hill, CampbelltownCampbelltown, NSW Campbelltown, SA and Stanhope Gardens are paying up to 7.88 per cent.

Melbourne’s mortgages told a similar story; the average rate is 4.46 per cent but those in Blackburn, Glen Waverley, South Morang, Mernda, Narre Warren and Cranbourne were paying rates as high as 7.04 per cent.

In Brisbane there was also a large difference; the average sits at 4.72 per cent but in the suburbs of CoomeraCoomera, QLD Coomera, QLD, Advancetown, Austinville, Labrador, Surfers Paradise, Brendale and Springbrook the home owners were paying interest rates as high as 7.39 per cent.

A factor behind the higher interest rates in these suburbs is the larger populations of self-employed borrowers, according to Mandeep Sodhi, CEO of HashChing.

“The data demonstrates that mortgagees who are paying interest rates of more than 5 per cent tend to be currently or formerly self-employed, and this is due to a misconception that they aren’t able to negotiate a better rate,” said Mr Sodhi.

“Previously, banks charged higher interest rates for self-employed borrowers as they were deemed riskier due to an unstable income. However, the market has changed, and banks have become more amenable to offering a competitive interest rate to these customers,” he said.

Self-employed borrowers were found to be paying as much as 1 per cent more on average than salaried borrowers; on a $500,000 loan over 25 years this amount can equal an additional $87,383 over the life of the loan.

“Self-employed borrowers may not realise they can get a better home loan rate, especially as this information isn’t being communicated from their bank or lender, and this disconnect is costing them tens of thousands of dollars,” said Mr Sodhi.

The survey also showed how many Australians are beginning to grow tired of the big four banks; Commonwealth Bank had the highest number of possible mortgage deserters at 17 per cent.

ANZ and NAB came second with 13 per cent and Westpac had 12 per cent of mortgagees who were potentially looking to refinance.

“Sticking to the same home loan provider out of some misguided sense of loyalty is costing borrowers tens – or even hundreds – of thousands of dollars over the life of their home loan,” said Mr Sodhi.

“The good news is that our data demonstrates that Aussies have finally had enough. There’s now an exodus from the big banks and a rush to refinance with more competitive lenders,” he said.

“Despite the fact that the big four banks (along with some of the smaller financial institutions) have hiked up their interest rates, there are still plenty of low interest rate options out there for borrowers who do their homework,” said Mr Sodhi.

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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"]=>
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  ["introtext"]=>
  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!

RELATED AREAS OF INTEREST:

The hard-to-swallow truth: The prickly points of the Airbnb reforms
Airbnb reforms unpacked for property investors
Airbnb leasing: What are a landlord’s rights and responsibilities? 


AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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