Property prices in Manly reflect how strong the market is on the Northern Beaches, with the median house price sitting at more than $1 million and until prices at over $600,000.
Loan Market Manly mortgage broker, Andrew Watson, said that such strength in the market has its pros and cons.
"If you are an existing property owner in the Manly area, strong property prices can only benefit you as the equity in your property increases," said Andrew.
"Such a result can open up opportunities for you to invest in property using your equity."
For those looking to purchase property in the area, ...
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Categories: Mortgage Brokers. Tags: Andrew Watson, Commercial Loans, commercial property investment, Investment, Loan Market, Manly, Mortgage Broker.
Major banks are looking to increase variable home loan rates regardless of any movement in official rates by the Reserve Bank of Australia (RBA), says leading mortgage broker Loan Market.
Loan Market Chief Operating Officer Dean Rushton said despite the RBA leaving the cash rate on hold at 4.5 per cent, lenders would lift their rates independent of any RBA decision and could strike soon after the August 21 federal election.
“They have clearly flagged that they are considering lifting their rates against the trend and out of cycle because their cost of funds is increasing due to ...
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Categories: Finance News. Tags: Dean Rushton, Interest Rates, Loan Market, Reserve Bank.
A national survey has shown what Loan Market Wagga Wagga mortgage broker, Kaylene Blencowe, already knew - that family can make a big difference when it comes to buying your first home.
"The deposit requirements have changed significantly over the past few years and such creatures as no deposit loans have disappeared," said Kaylene.
"A lot of potential first home buyers weren't really prepared for that - ready to service a mortgage yes, but provide a deposit for it, no."
According to Kaylene, for first home buyers who don't want to wait to make their first property purchase, using the equity ...
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Categories: Mortgage Brokers. Tags: Family Equity, Kaylene Blencowe, Loan Market, Mortgage Broker, Wagga Wagga.
Gifts and use of family equity have become a more popular method of building a home loan deposit since the global financial crisis, a national survey has found.
The survey of its brokers by leading mortgage broker Loan Market found 56 per cent believed family equity and gifts had become the fastest growing method of acquiring a deposit.
The survey of 114 of Loan Market’s 500 brokers around Australia found 42 per cent cited genuine savings as the most popular means of obtaining a home loan while just two per cent listed a Government First ...
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Categories: Finance News. Tags: Family Equity, First Home Saver Accounts, Home Loan, Loan Market.
If you want to purchase a property and have only a small deposit, or even no deposit at all, there may still be options available to you.
Full no deposit home loans have been withdrawn from the market following the introduction of tougher lending criteria, however there are some alternative options that borrowers with no deposit may wish to explore, including using family equity.
In some cases, you may be able to secure a low deposit loan to the value of about 95% of the property; some of these loans require you to be an existing customer.
In ...
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Categories: Finance News. Tags: 95% loan, Family Equity, Low Deposit, no deposit home loan.
The Australian Bureau of Statistics (ABS) reported recently that one-person households are on the rise, but with house prices as they are, how does this growing group access a home loan to purchase properties?
As with other buyers, a good-sized deposit will help to make qualifying for a home loan much easier. Knowing how much you can borrow will also help you to make some important decisions about purchasing property.
If you don't quailfy for a home loan on your own, there are a couple of options you can consider, including using family equity, ...
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Categories: Finance News. Tags: Deposit, Family Equity, Home Loans, Mortgage Broker, one-person households, purchasing with family and friends.
Reserve Bank spokesman Luci Ellis recently stated that any housing collapse like that seen in the US at the start of the global financial crisis is unlikely to occur in Australia.
Mr. Lucci, the RBA's Head of Financial Stability, cited stricter lending standards as one of the core reasons behind the stability of Australian property.
He also indicated that maintaining prudent lending standards was critical to maintaining a housing finance market that was 'benign'.
Mr. Lucci warned against the idea of easing lending standards to assist with home affordability, instead saying that easing lending standards too far would damage housing affordability in the ...
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Categories: Finance News. Tags: Affordability, Deposit, Housing, Mortgage Broker.
For first home buyers, one of the biggest barriers to buying a home is getting together the deposit required, but how much deposit do you really need?
Generally speaking, you will need to find at least 5 per cent for a deposit, and sometimes as much as 10 or 15 per cent, depending on the lender.
However, if you don’t have a deposit of this size, there are options for low and no deposit holders that will help you to purchase property.
One such option that may work for you is using family equity.
Family equity works by drawing on ...
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Categories: Finance News. Tags: Deposit, Family Equity, First Home, First Home Buyers, how much deposit.
Lack of savings rather than rising interest rates and house prices is the major reason Generation Y’ers are unable to enter the property market, according to a national survey.
A survey of its mortgage brokers by Loan Market found 68 per cent cited lack of genuine savings as the main factor preventing Gen Ys from becoming first home buyers.
The survey of 134 of Loan market’s 500 brokers around Australia found only 13 per cent blamed property prices from deterring Gen Ys, while just five per cent believed interest rate increases were influential.
Twelve per cent of brokers surveyed ...
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Categories: Finance News. Tags: First Home Buyers, Interest Rates, Loan Market.
Banks can enable more first time buyers to get into the property market by allowing people applying for a home loan to use rental payments as evidence of genuine savings, says leading mortgage broker Loan Market.
Loan Market Chief Operating Officer Dean Rushton said activity from first home owners had dropped off significantly since an expanded government grant scheme finished at the of 2009.
Mr Rushton said higher interest rates, tougher lending conditions and the end of the boosted federal government grant were the triple whammy for first home buyers.
“Enquiries from first time buyers are down ...
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Categories: Finance News. Tags: Dean Rushton, First Home Buyers, Home Loan, Loan Market.
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