The coronavirus has been recognised as one of history’s most economically disruptive events and although the Australian government has lead the world, moving swiftly into action to reduce its effects, the ongoing impact on the economy still continues for many of us.
When it comes to mortgages finance and lending, banks and lending institutions are becoming stricter on their customer lending assessments which will have a negative impact on the property market as a whole in the short term.
Some of the recent changes we have seen are:
- Reduced ‘loan-to-value’ ratios
- More scrutiny when it comes to self-employed financials
- More questions being asked regarding a person’s employment
- Pre-settlement employment checks being conducted
These changes highlight the importance of speaking with experienced Mortgage Advisors like the team at Ramsey Property Wealth who understand the nuances each Lender carries, ensuring you pass the gate openers and restrictive criteria the banks are enforcing.
Interest Rates Stagnate at 2.09% for the 3rd week in a Row
Many of our customers are asking us ‘will rates go down more?’ and ‘should I fix my loan for 5 years?’… You, like many of our clients, like the idea of a low, locked-in guaranteed interest rate but don’t like the idea of not having any flexibility or don’t want the associated break cost if you decide to sell or refinance.
Timing in the current cycle lends itself to the split loan strategy, this loan strategy gives you the ability to get the best of both worlds; a record low interest rate with guaranteed repayments AND a low variable rate loan that gives you both flexibility and an interest saving facility like a mortgage offset facility. This strategy works particularly well in today’s current circumstances where there is significant difference between variable rate and fixed rates. If you would like to know more about how this strategy can help you pay off your home loan 10 yrs faster, talk to one of our specialist Mortgage Advisors today on 1300 1001 215.
First Time Home Owners Are in Store for the Largest Incentive Ever
As written in previous updates surrounding the opportune timing in the marketplace for First Home Buyers, it seems now there are discussions within the governing bodies that the government is looking to issue cash grants for first time buyers of newly built homes of $50,000.
Not only will this continue to stimulate jobs in the residential building industry in Australia, this is a positive step to ensure young Australians get assistance in buying their first home in a generally highly competitive market.
Onto Your Second/Third Property?
Are you getting the right mortgage advice to continue growing? There is nothing we are more passionate about than helping our clients achieve financial success through property investment.
Our Property Portfolio Plans allow you to shrink debt and build long term wealth through strategic property investment over several years. Rome was not built in a day and neither should your property portfolio.
Your long term property position and, in turn, wealth generation is achieved with the help of our expert team who take the time to understand your current financial situation and life stage and model out your very own personalised Property Portfolio Plan to acquire 6 – 8 profitable investment properties over the next 10 years.
Book a complimentary consultation below with an experienced Ramsey Property Wealth Strategist and discover how you can generate a passive income of $2,000 per week by following expert advice and proven customised strategies.