Is your home loan in your best interest?

Graeme Salt Broker 2, News Leave a Comment

Great news for anyone planning to take out a home loan – new legislation means consumers are even better protected when they use a mortgage broker. But your bank does not have the same responsibility towards borrowers. The Best Interests Duty, which took effect this year, legally obliges brokers to act in the best interests of their clients. This new …

2021 Property. Growth – but..

Graeme Salt Broker 2, News Leave a Comment

Australian property prices will go up this year – but not everywhere.  And not all the time! Sometimes one part of the market will be up while another will be down. Others will tread water. Property buyers will have to learn how diffent parts of the market are operating at anyone time – just as they have had to learn …

Stamp Duty Changes Good for Property?

Graeme Salt Broker 2, News 1 Comment

‘Be careful what you wish for’ goes the old adage. Nowhere is the more true than in proposed changes to Stamp Duty which may have huge impacts on the way the property market operates. Changes proposed by NSW (and likely to be followed by other states will see stamp duty phased out and replaced by a (smaller) property tax paid …

What’s driving interest rates?

Graeme Salt Broker 2, News Leave a Comment

Once upon a time, once-a-month, we waited on the Reserve Bank to announce its cash rate and that determined mortgage rates.  But now there’s a new mechanism of determining interest rates and it impacts how much we pay on our home loans. The RBA has already cut the cash rate to 0.25 per cent (with more to come) at the …

The end of repayment holidays – are we going to see lots of borrowers forced to sell their homes?

Graeme Salt Broker 2, News Leave a Comment

This month, the Australian Banking Association (ABA) released figures showing that the number of mortgages under deferral had dropped to 270,000 meaning that almost half of the households receiving deferrals had started repaying their mortgage and that 82,000 SMEs had also started repaying. Three months before, 470,000 (1 in 11) Australian households and more than 200,000 (1 in 8) small …

Has property reached the bottom?

Graeme Salt Broker 2, News Leave a Comment

Over the years, Australia’s population growth of 250-300,000 a year has been one of the drivers of the property market. Now, with international borders closed, many are wondering if the property market will go into hibernation. Undoubtedly, cutting off immigration and international students will have an impact on property market. But what many commentators have missed is the number of …

Government to make borrowing easier – but how much?

Graeme Salt Broker 2, News Leave a Comment

This week, Treasurer Josh Frydenburg, announced changes to lending rules designed to make it easier to get a loan. Treasurer Frydenburg announced the removal of many Responsible Lending obligations that have forced banks to pore over loan applicants’ living expenses and then decline a loan because a would-be borrower was perceived to spend too much money on the gym or …

Closer to the city? Prices down. The Burbs & beyond? Prices up

Graeme Salt Broker 2, News Leave a Comment

A two-speed market is developing for both rentals and owner-occupied properties Research from Corelogic showed that rents have fallen by as much as 10 per cent in certain inner locations since the onset of Covid-19, but that locations some distance from the CBD have enjoyed rental growth. With poor rental returns, it’s difficult to see investors making a bee-line for …