Chiefs on tour! In November 2024, the MJ Financial Chiefs flew up to Gold Coast to attend AFG’s Broker Conference which included two days of keynote speakers, industry updates, workshops and networking events. We’re pleased to be able to provide a recap of the Chief’s experience at the Gold Coast, which is much more humid than Melbourne!
We’ve all been hearing about the ‘RBA’ in the news, but what is it? and why does it impact how much homeowners pay on their mortgage?
The RBA is expecting over 800,000 households to experience a massive increase in loan repayments as there fixed-rate mortgages expire in 2023. On average, loan repayments will increase by $1,114 per month as the interest rate moves from 2% to 5.25%. To minimise the rising cost of interest, homeowners will need to refinance their home loans before increasing rates make them ‘mortgage prisoners’.
As borrowers, we should know all the strategies to save as much money as possible over the loan term. If you have the spare funds, making extra repayments can save a significant amount of money over the loan term.
Refinancing… It’s been the hot topic of the housing market as rising interest rates and inflationary pressures push consumer confidence down to the lowest level last seen during the Global Financial Crisis.
The services conveyancers provide is quite broad and spans from pre-purchase all the way through to settlement when the buyer pays the remaining balance and becomes the new property owner.
The new financial year as of July 1 2023 brings in new opportunities for first home owners to enter the property market using government schemes that reduces the required deposit, while removing costly upfront fees.
We as homebuyers who have relied upon mortgages to help purchase property are always looking for ways to minimise our monthly repayments. The common strategy is refinancing to cheaper loans, however lesser known options are to utilise offset accounts and redraw facilities which can either fully remove, or minimise the interest charged to borrowers.
Soaring house prices over 2021 have reduced housing affordability for many homebuyers, especially younger first-home buyers. Saving up a 20% deposit is difficult at current prices, causing many to purchase property with a low deposit, leading to a downward spiral as the lenders charge LMI fees, further increasing the cost of purchasing.
Stamp Duty (Land Transfer Duty) is a tax charged by the state government upon the purchase of property. The amount charged to the buyer depends on the contract price.