Whether you’re searching for your first home loan or refinancing, there are some great opportunities available.
Your home is your major asset and your mortgage is your largest (positive) debt. So getting the best deal is critical. Thankfully, there are great opportunities available for first home buyers and those wishing to refinance.
Opportunities for first home buyers
It’s a great time to be a first home buyer. Government assistance has increased in some states. Meanwhile, incentives for property investors have decreased while lending restrictions have tightened. According to the Australian Bureau of Statistics (ABS), in October 2017, first time buyers accounted for 17.6% of owner occupied loans – the highest rate since November 2012.
In NSW, first home buyer initiatives by the state government have included abolishing stamp duty for first-home buyers on all homes up to $650,000 and reducing it for homes up to $800,000. Builders of new homes up to $750,000 and purchasers of new homes up to $600,000 have also been given a $10,000 grant.
The First Home Super Saver Scheme, introduced in the 2017-2018 Federal Budget, aims to reduce pressure on housing affordability. It allows people to save for a first home inside their superannuation fund, meaning first home buyers can save faster thanks to the concessional tax treatment within super.
Is it time to refinance?
Many people take a ‘set and forget’ approach to their home loan. However, given that it’s the most expensive finance product you’re likely to have in your lifetime, it’s worth paying it closer attention. If you haven’t reviewed your home loan package and interest rate lately it’s probably high time to reassess and see if refinancing could save you money.
Even though the Reserve Bank of Australia (RBA) is considered unlikely to increase the cash rate any time soon, mortgage rates will continue to rise, due to other factors such as regulators urging banks not to lend too much. Getting a lower interest rate is always wise, regardless. The lower your interest rates, the lower your repayments. You could knock years off your loan, not to mention saving thousands in interest.
Let us help with your home loan
Finding a home loan or refinancing can be daunting and time consuming – let us help you take the hard work out of finding the right loan.
At IAS, we work with lenders that have the buying power, experience and expertise to provide you with competitive rates for loans personalised to your individual financial needs. They’ll consult with you and your accountant to provide lending options that suit your current and future plans. With dozens of lenders and hundreds of home loan products to choose from, you can be confident of finding the right loan for your circumstances.
Contact us today and we will put you in touch with a home loan specialist. Call us anytime on (02) 8268 2900 for an obligation-free chat.
