A year of major financial change in all areas
- Mortgage interest rates have risen by about 1.6-1.8% depending on the lender
- Individual lender rates, lending policies and loan to value levels are now quite different
- Median house prices have risen by 18-29% in Melbourne according to whichever survey is believed
- Property stock on the market has been limited but May and June have had much higher levels of houses for sale in Melbourne and an easing on auction clearance levels
- The sharemarkets around the world came back to life but have softened recently reflecting current uncertainty
- Investors seem to be reducing their share portfolios in favour of less volatile investments
Regardless of the immediate outlook, we all need to work to a plan and review it regularly. This includes reviewing our financial position, our existing finance loans and structures, our financial goals and how to achieve growth of our assets in the long term. Or just buy a home.
FIRST HOME BUYERS
- The grants will change from 1 July 2010 to just $7,000 for established property; $20,000 for new or land/build in Melbourne and $26,000 new or land/build in Regional Victoria
- Parents can help without cash gifts, by using their property as part security and avoiding mortgage insurance costs
EXISTING HOME OWNERS
- Your current loan may not suit your needs or be competitive with other products. You may be able to reduce your monthly repayments significantly
- You may want extra funds to renovate or consolidate debts
- You may wish to buy a new home and keep the current one as an investment property
INVESTORS
- You need to know your borrowing structure and ability to qualify for finance
- Those who purchased more than 3 years ago may have good equity in their home to consider using for further investment
- Established property can be hard to find. Alternatives are land and build rental housing or off the plan apartments
- BVS Finance Brokers have teamed up with groups to offer you those alternatives in growth areas
Whatever your situation, call me now on 0411 282 493 to arrange a review of your current position, your finance options and borrowing capability. Visit me on www.assetrich.com.au
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