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Hello,
History is in the making as home loan rates are cut to record lows. Its an exciting time to be involved in home ownership, as we see the benefits it brings to buyers, investors and home owners alike.
Recent research released by RP Data stated that it is now cheaper to purchase a property than rent in 74 suburbs across the country. Should interest rates drop by another 0.50% p.a. it is said that this list could double. See http://money.ninemsn.com.au/article.aspx?id=759625 for more information and a list of the suburbs.
Although low interest rates have made taking out a home loan more affordable lenders have been toughening up their eligibility rules in recent months which may count out some borrowers. For example both ANZ and CBA now require purchasers to have genuine savings. ANZ require a 5% deposit to be saved over a period of at least 3 months and CBA a 3% deposit saved over a period of at least 3 months. There are still some lenders out there though that will allow you to use the First Home Owners Grant as your deposit.
We start the newsletter by looking at how low interest rates are expected to go, followed by an article on why refinancing your mortgage can save you thousands.
Our third article reviews property market trends and what this means for your prospects to buy or sell.
Lastly we look at the latest craze of online social networking: is it value or hype?
Enjoy this newsletter and feel free to pass it on to family and friends.
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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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Rates: How Low Can They Go?
The last time mortgage rates were this low we were buying bread for 14 cents a loaf, listening to Elvis Presley on record-players and watching black and white TV.
Official interest rates have dropped to an incredible 50-year low, bringing about massive reductions in fixed and variable home loan rates. For the homeowner with a mortgage of $300,000 on a 30 year loan, a one percentage point cut in interest rates equates to savings of $197 per month.
Read More >>
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Refinance: You Could Save Thousands
This time last year we published an article on whether to refinance in the wake of rising interest rates. Today we re-visit this topic from the opposite side of the coin - whether to refinance in the wake of interest rates that are going down, rather than up!
It's a reversal of fortune that has put the smile back on the face of home owners across Australia.
Read More >>
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Price Tags Count, Postcodes Don't
An exclusive postcode is no longer such an asset as property prices continue to drop at the top end of the market.
It is the wealth belt suburbs, where prices have risen strongly for the past four years, which are now the most affected by the economic downturn.
Read More >>
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Online Social Networking - Value or Hype?
If you haven't already joined a web site like MySpace or Facebook, chances are you will in the near future.
For some of us, it's curiosity that draws us in, for others the chance to connect.
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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