Tag: Financebroker

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Impressive Capital city Auction clearance rates

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There is a continued upward trend in auction clearance rates, strengthening claims of a resurgence in demand for house. 

In the week ending 25 August, preliminary auction clearance rate of 79.6%, was reported by Property research group CoreLogic.

which follows from a final clearance rate of 73 per cent recorded in the week before, being the highest final clearance rate in over two years.

Auction clearance rates are up 25 percentage points from 54.6% compared to same week last year.

The clearance rates were highest in Sydney (84.7%), followed by Melbourne (79.7%), Adelaide (72.4%), Canberra (68.9%), Brisbane (67.7%) and Perth (62.5%).

In the same week ending 25 August, Melbourne was host to the largest number of auctions (665), followed by Sydney (500), Brisbane (94), Canberra (75), Adelaide (56) and Perth (20).

This increase in auction clearance rates has come amid mounting evidence of a recent rise in demand for housing. 

Mortgage Choice’s CEO Susan Mitchell said the group experienced a sharp increase in demand for home loans in response to the Reserve Bank of Australia’s (RBA) back-to-back cuts to the cash rate and the Australian Prudential Regulation Authority’s (APRA) new lending guidance.

Ms Mitchell also mentioned that the demand had not come from a particular segment of the market and had come from “across the board”, adding that lenders had reported similar trends.

“We have seen our loan applications rise significantly since June 30. I think everyone has seen that,” she said.

“The feedback I’ve gotten from the banks is that they are as busy as they’ve ever been.” 

Despite the impressive clearance rates, the auction volumes were reduced from 1,915 to 1,412 relative to the same period last year.

 

190808 key in hand First Home Buyers

More Good news for Borrowers

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First home buyers will now find it easier to get a loan, and perhaps to borrow more money.

Until now, lenders have had to assess a borrower’s ability to repay by using a hypothetical interest rate of 7%. This has now been changed to an extra 2.5% over and above the agreed loan rate.

Considering the recent RBA (Reserve Bank of Australia) significant rate reduction, already record low interest rates and now APRA’s serviceability changes, allowing more borrowing, many experts believe it is a great time to borrow.

Call me on 0410448680 to help you with financing your first home.

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Refinancing: Have you considered your benefits for refinancing?

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Here is a quick, yet simple list of your benefits for refinancing:
1. To get a better interest term and rate on your existing loan
2. Cash out for something such as home improvements or paying out some extra debt.
3. Your Credit score has improved
4. May be looking to buy other investments to build your wealth
5. Not happy with your bank.

As a Mortgage Broker we have access to hundreds of loan product with a wide range of Lenders and credit providers across Australia. We also have access to more information about policy, calculations and requirements.

We put in a lot of work behind the scenes to save you time, effort and most importantly save you plenty of unnessary stress.

Call us or email to discuss you situation. 

You can also follow us via linkedIn, Instagram, or Facebook.

We are keen to help.