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Hello,
Welcome to our latest newsletter. Although the Reserve Bank didnt increase the cash rate during their May meeting the volatility continues. Most lenders have increased their variable rates independent of the Reserve Bank yet again in the past month. The big question is when the upward spiral in interest rates is going to end.
The general consensus among economists quoted in the media is that the worst of the funding crisis is over. They are also predicting that the Reserve Bank may start cutting rates mid to late 2009 despite inflation running at 4.2% p.a. Despite the high inflation figure the Reserve Bank didnt increase rates since they believe that the economy is slowing down and over time the inflation rate will come down. There are no guarantees when it comes to interest rates so we just have to hope that the economists are correct!
If you are struggling with home loan repayments in these challenging times it is best to try and solve the problem before it is too late. Please contact me if things are getting difficult. There may be a cheaper home loan available or you may want to think about fixing your interest rate to ensure your repayments dont become too much to manage.
Enjoy this newsletter and feel free to share it with family and friends.
Warm Regards
Patrick OBrien
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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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Borrow Through Super
Investing your superannuation in direct property could now be an option in your retirement strategy, thanks to recent changes to the laws governing self-managed superannuation funds.The changes provide an opportunity for a self managed super fund (SMSF) to borrow money to acquire a beneficial interest in an asset, i.e., property.
Read More >>
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Going, Going, Gone . . . at the right price
When selling your home, the difference between making a disappointing return or earning a tidy fortune can be as simple as knowing how to stand out from the crowd.Property figures show the number of homes being put up for sale is on the increase, yet potential buyers are staying away from the market due to concerns about rising interest rates.
Read More >>
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The Price of Housing
Buying a home in an Australian city could cost you more than it does in London or New York. That's the surprising finding of a recent study of international housing affordability by American public policy consultancy, Demographia.From the 227 cities throughout the world surveyed, 18 Australian cities were ranked in the top 50 of severely unaffordable markets.
Read More >>
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Tax Return Time for Investors
With tax return time getting closer, there is no better time to tidy up the office, organise all your receipts and start looking for all your allowable deductions for your investment property. If you are due a tax refund, getting organised before the end of June may mean you could have your tax cheque in your hand before the end of July.
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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