The Reserve Bank of Australia (RBA) has delivered its final cash rate announcement for the year with the decision to leave the rate unchanged at 0.75%. In making the decision the RBA appears to be assessing the impact on the broader economy of the three previous cash rate reductions together with recent tax cuts, government spending on infrastructure and signs of improvement in the resources sector. The RBA will be keeping a close eye on household consumption and the GDP numbers being released later this week as it stays focused on the aim of restoring inflation to within its target range of 2 – 3 %. From behalf of the MAP Team – we would like to wish everyone a Merry Chrsitmas and a Happy New Year!
If you have plans to take your career in an international direction – or if you are already globetrotting, and wish to dip your toe into the Australian property market – there are plenty of options available to you. Importantly, these are available without you having to put up with uncompetitive interest rates or high deposit amounts. In fact, by purchasing an investment property back in Australia while you are overseas, you can even benefit from attractive tax benefits*, which makes this prospect even more attractive. So how does it work from afar? 1- Confirming eligibility The first step is to confirm your eligibility. Non-resident Australian citizens who live overseas are often eligible for the same loans and financing as those who live locally. Factors that will be taken into consideration include: a) The country you are living in and the currency you are earning. Different lenders accept different countries and currencies. b) Your income: your income needs to… Read More
Your job doesn’t just help you make money; when it comes time to get a mortgage, it can actually also help you save money. This is because your career can influence not only who will lend to you, but also how much they will lend you, and how flexible the terms of your mortgage will be. It’s a little-known secret in the mortgage industry that if your profession falls into one of your lender’s preferred categories, you can access better loan conditions and better interest rates for your mortgage. It is all about the risk factor at the end of the day, and if you can prove to your lender that you are a ‘low risk’ purchaser, then they will be more willing to work with you and woo you as a client. The end result is that you can actually save money when you are buying your house. Your stable employment, a clear credit history and strong financial standing… Read More
If you shuffle between important meetings at work and are responsible for making big decisions, then the odds are, you’re working in a professional capacity. And if this is the case, you could stand to save tends of thousands of dollars when you decide to buy your next home or investment property. A professional home loan package can save you a significant amount off the cost of your loan. Why? Because lenders want to attract low risk borrowers and high-income earners, so they offer special features and rates that aren’t always available to the general public. Could you qualify for a professional home loan package and what are the benefits? Who is considered a professional? Professional home loan packages were once restricted to medical professionals, lawyers and accountants, but now they are available to all sorts of people with sufficient income and assets. Teachers, nurses, defense force personnel, scientists and engineers are among the most widely recognised professions. Interest rate… Read More
Most overseas buyers who are looking to buy real estate in Australia – whether as an Aussie expat, a temporary resident or a foreign citizen – need to save a minimum 20% deposit to purchase property in Australia. Of course, there are exceptions to every rule, so while a 20% deposit is preferred by most lenders, there are certain financiers in the market who will accept smaller deposits and higher LVRs, depending on the strength of your application. At MAP Home Loans, we work with these lenders every day to make sure we can source the best value loans on behalf of our customers. We also negotiate hard to try and secure you the best possible rates and conditions. If your situation falls into one of the ‘exception’ category listed below, you may be in luck. For Australian expats wanting to buy Australian property, a strong employment history, current stable job, clean credit history and earning a currency that is… Read More
It’s official: for all those considering a property investment, NSW is the place to be. Central to the strong revival in Australia’s property market has been the property investor, with the rental market thriving. Owner occupier loans in Victoria and Queensland showed pretty good growth of around 9% and 10% over the last year, and Tasmania’s home loans market grew by more than 20%. But the NSW home loan market outshone even this. Owner occupier finance grew by nearly a quarter in just twelve months. The real action, though, has been in property investment. NSW grew its home loan market for investment purposes by almost 30% in the last year. With a low interest rate environment in Australia looking set to continue for some time, and the draw of Sydney as a hub for students and businesses alike, it is perhaps unsurprising that NSW is leading the way in the property investment market. Prices set to continue to… Read More
With a sluggish economy, seemingly endless wet weather, and their penchant for Australian soaps and lager, it’s no wonder that Australia is the country of choice for British expats. In fact, the attraction of Australia as a relocation destination for British expats has hardly changed over the last thirty years. Many of these immigrants choose to live here on a permanent basis, enjoying the sporting rivalry between the motherland and their new home, and revelling in ‘owning’ the Ashes. Apart from the cultural similarities, language and financial benefits are a big draw to Australia, though many find difficulties in our property market. There are certain rules and regulations – hoops to jump through – which often cause the British expat to be declined when they apply for a home loan. How MAP can help In our experience, the British expat home loan application is most usually declined because of a technicality, and not because of a ‘real’ issue. Such… Read More
Before you commit your deposit money and a mortgage to buying your new home, there are a few ‘must ask’ questions to ask your real estate agent. Being prepared to ask these will ensure the home you buy is the home for you. How much is this home worth? Price and value are two different things. This said, price is how most of us assess the value of a home. Before you commit to paying an asking price, you should find out about the value of the property. Ask for details of recent sales in the area: prices, time on the market, and paid prices versus advertised prices. This knowledge will give you a much deeper knowledge of the current market, and help you make the right offer. What’s wrong with the property? When you see the home of your dreams, it’s easy to get carried away. Your view may be clouded by the potential you see and the vision… Read More
When living and working in Australia on a non-resident visa (perhaps a 457 Visa), it’s likely that you would prefer to buy your own home to benefit from the investment potential of one of the most vibrant property markets in the world. You may have visited a few banks already to check out mortgage possibilities. If so, it’s probable that you’ve been turned away with the advice that you need a deposit of 20% or more. Don’t despair! The mortgage market in Australia is huge; it just takes a little bit of navigating to find your way around it, and this is where using a mortgage broker specialising in helping buyers on non-resident visas comes into its own. 5 reasons to use a mortgage broker specialist It’s understandable that non-permanent residents will be treated differently to natural Australians when it comes to borrowing hundreds of thousands of dollars. So there are different rules for 457 visa holders, and each… Read More
Thanks again for all your help, I strongly doubt I’d have achieved everything so quickly (or at all) without your expert guidance. You’ve been invaluable throughout the whole process and I’ll be happily recommending you to all.