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Hello,
Summer has arrived and it is a time when many of us are thinking about installing a pool or extending the family home.
To achieve these goals your options are to sell your current home, and buy elsewhere, or to renovate your existing home. We discuss the pros and cons of each method in this edition. The issue of whether or not to fix your interest rate is also covered given the current speculation on interest rate movements. If you are interested in evaluating your options, we look forward to recommending the most suitable finance available to you.
If you decide to buy a property you may be purchasing via the auction process. This can be a great way to purchase but also a little daunting for those who have not experienced it before. To ensure that you can bid with confidence, please read our tips in this issue and contact us so we can organise your finance prior to auction day.
If you have friends or family members who are buying a property, and may find this newsletter of interest, please forward it to them as we would be happy to assist them with our professional advice.
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PO Box 319
Toongabbie NSW 2146| Tel: | 1300 66 12 11 | | Mob: | 0404 037 663 | | Fax: | 02 8214 6592 |
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Renovate or Sell/Buy
If your present home is where you want to be, meaning it is a great neighbourhood, amenities are just right, transport is handy and the family and kids love the school and friends, but you need more room, you have a tough decision to make.
Read More >>
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Minimise Interest Rise Exposure
Variable or fixed: Which is best for you?
For most of this year commentators have been saying there is likely to be another rate rise by Christmas. A few months ago they were predicting this as if it were an absolute certainty. Just recently however many have changed their tone and are now saying that the Reserve Bank may leave interest rates on hold or even drop them.
In the current uncertainty about the future direction of rates, it may be worthwhile for you to review if your existing loan is the best one to minimise your exposure.
Read More >>
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Auctions - The finance musts!
From time to time we are asked how people can make sure that finance will be available if they make a successful bid at an auction.
When the hammer goes down on the final bid at an auction, the offer is final and there is no cooling off period. This contrasts with the situation where you purchase a property 'through the Real Estate Agent's window' because the offer in this type of purchase can be made 'subject to finance' and it also includes a cooling off period (except in WA). In an auction you cannot afford to bid more at than you can borrow. It is good to attend an auction in the security that you know your borrowing limits.
Read More >>
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Sub Prime crisis - Is it likely in Australia?
RBA concludes a low risk of sub prime meltdown in AustraliaThe subject of the sub prime credit crisis in the United States is coming up regularly on the evening news and some television reporters are implying terrible flow-on effects in Australia. Many home owners and property investors are wondering how the sub prime crisis may affect their financial arrangements.
Read More >>
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Mortgage & Finance Association of Australia
Mortgage World Australia is a full member of the MFAA. As a member we must adhere to an Industry Code of Practice, which requires professionalism, ethical behaviour, transparency and a commitment to you, the borrower.
This helps to ensure that your best interests are at heart whenever we make a finance recommendation.
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News & Specials
- Bankwest have brought back their Rate Tracker Home Loan which offers a 0.90% p.a. discount off the average standard variable rate of the big 4 banks for the first 3 years of the loan. There is also no early repayment penalty on this loan which means you can refinance after 3 years without being charged a hefty exit fees.
- As of Monday 13th July RAMS are offering a FlexiFix product where up to a maximum of 50% of the loan amount can be fixed for 2 years at 4.99% p.a. rolling over to the Smartway Variable rate after 2 years. Variable portion can only be taken as a Smartway Variable loan which currently offers an interest rate of 5.49% p.a.
- St.George are offering a 0.15% p.a. discount off their fixed rate home loans if taken under their Advantage Package. Westpac are offering a 0.20% p.a. discount off their fixed rates under their Premier Advantage Package.
- Although most lenders are no longer offering cheap low doc interest rates RAMS are still very competitive in this market.
- Go into the draw to win $10,000 in Cold Hard Cash by either booking an appointment with us, using our services to take out a home loan or by referring a friend. Competition ends on 31st July 2009.
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Disclaimer: This newsletter is intended to provide general news and information only. Readers should rely on their own enquiries before making any decisions regarding their own interests. Please do not rely on any part of this newsletter as a substitute for specific legal or financial advice. All material is copyright 2009.
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