As the coronavirus pandemic continues to make headlines around the world, property and finance related matters continue to change in light of the current pandemic we are all faced with. Change is happening so fast I felt it was timely to update you on a number of key issues relating to home loans and property finance.
In light of the current coronavirus crisis, it is inevitable some mortgage customers will experience financial difficulties - as some jobs will be put on hold for an extended period, and job losses will also occur. Cash flow is the life blood of any business, and your household is no different.
By now you may be wondering how the corona virus issue may impact our property markets given that the stock market has been spooked globally with values plummeting over the last couple of weeks. The question on some people's minds is whether our property markets will be next and whether you should take some sort of action. Let me share my thoughts.
A new year, a new government scheme. Late in 2019, the Federal Government announced the introduction of a First Home Loan Deposit Scheme which commenced on the 1st January 2020. This new scheme is designed to help eligible first home buyers on low and middle incomes to purchase a home with a deposit as little as 5%...
If kryptonite is the only chemical substance that could kill Superman, procrastination and fear is the only thing that can (and will) kill your wealth plans. Therefore my question to you is this, if not now... when? Let me explain...
For some people peace of mind is all about holding a secure job, after all it's what pays the bills right? For others it's about having a rewarding career, or to own a business, in order to achieve (and grow) their income - the common motivator in this case is usually to live a better quality lifestyle. The truth is peace of mind comes from assets that make you money in your sleep - whether you work or not. Let me explain...
You've probably heard (or read) me say this before... "you can't manage what you don't know". When it comes to your living expenses, this is more important, and more relevant, than ever before. Knowing what you spend is not only smart to ensure you're on top of your money management, but it is also necessary when it comes to borrowing money. Let me explain...
On the 5th July 2019, APRA wrote to all Authorised Deposit-Taking Institutions (ADIs) notifying them that it no longer expects them to use a benchmark rate of 7.25% when stress testing a borrower's ability to borrow money.
A large percentage of home buyers usually make their move in the warmer weather, simply because spring and summer is a more pleasant time of year to be out and about. Rightly or wrongly, people are more likely to get out and shop when the weather is nice. However, if you want to potentially bag a great buy, you should look to buy counter-cyclical.
Every cloud has a silver lining, and our property markets are no different. Whilst I don't have a crystal ball, and whilst I'm not Nostradamus, I am confident that our property market will turn the corner sooner rather than later.
