Women ahead of men in home ownership

Women are increasingly turning to property to provide financial security through different stages of their life.

Source: Women ahead of men in home ownership

NT Government Must Re-Think Housing Affordability Across the Territory

The reserve bank of Australia has taken a national perspective on the economy by taking the brave step of cutting the interest rate once more.  This decision was taken despite the strong rise in Sydney property prices.   Trends in other cities and Australian towns are varied.

Interest rates are at incredible lows but as well as the Reserve Bank making adjustment,  the NT Government must consider what adjustments it can make to help home owners into their first home and to stimulate competition in business to make home ownership more affordable overall.

Reserve Bank Cuts Cash Rate to Record Low!

The Reserve Bank of Australia has announced the result of its monthly meeting following a period of intense market speculation.

In what was probably a close decision, board members decided to reduce the official cash rate from 2.25 per cent to a new record-low setting of 2 per cent.

Which Inner City Suburbs Are Most Affordable

CoreLogic RP Data’s weekly Property Pulse shows which suburbs have the most affordable median value near the CBDs of Australia’s capital cities.

According to the data, the median value for Sydney’s inner city houses is significantly higher than the rest of the capital cities, with Turrella as the most affordable suburb in Sydney having a median house value of $839,676.

Melbourne’s most investment-friendly suburbs | The Real Estate Conversation

Melbourne’s most investment-friendly suburbs | The Real Estate Conversation.

Scrap stamp duty, says Property Council | The Real Estate Conversation

Scrap stamp duty, says Property Council | The Real Estate Conversation.

RBA Announces Cash Rate Notice

by Calida Smylie | 03 Jun 2014

There were no shocks for interest rates today with the Reserve Bank of Australia leaving the official cash rate on hold yet again.   The board has reiterated its firmly neutral stance and kept the cash rate on hold for the tenth consecutive month at a record low 2.5%.  

Governor Glenn Stevens said the board decided to do so as growth in the global economy is continuing at a moderate pace, helped by firmer conditions in the advanced countries.

Elders Home Loans – Northern Territory

My recent acquisition of Elders Home Loans in Darwin, and offices set up in Palmerston and shortly Katherine,  brings the Territory under the one professional lending services umbrella.

Since I established the business in Alice Springs in 2009 I’ve got real satisfaction helping people buy their homes, assisting Territory businesses to grow by sourcing the best financial product and working with families to build property investment portfolios that will secure their financial future.

Expanding the business means new team members and I’d like to introduce Brooke Morley and Peter Nichols, who work from the Alice office.

Knowledge is Power when it comes to your Home Loan

Knowledge is power when it comes to negotiating the best deal possible for your mortgage!

Do your homework and be definite about what you do or don’t need your mortgage to do.  Packages are offered across the banks with interest rate discounts based on borrowing volumes and sometimes LVR’s (loan to value ratio’s which simply is debt divided by the value of your property) the lower the ratio generally the stronger the deal.

Get a strong understanding of your current lending needs and the type/s of loans you currently hold ie. variable or fixed.  Consider your future lending/investment needs – be honest with yourself clarify your potential lending needs and develop an accurate and complete financial picture.

If you are uncomfortable wrangling with the bank get your local lending professional to do it for you,

Mortgage Brokers work across all of the banks and have this information at their fingertips.  Any Broker worth their salt should be negotiating the best deal possible for their client as a matter of business.

At the end of the day you need to present your lending needs in the best possible light.  Amplify your strengths, highlight strong income, good equity, clean account conduct these are all positives for the bank and for you.  Make it clear that if your bank is not prepared to negotiate you will move your business to a bank that is prepared to work with you.

And, yes there are costs in refinancing – some banks will assist a client with these costs to make refinancing existing lending easier should your current bank refuse to assist.  If the reimbursement of costs is not available do your numbers to ensure you’re making the best move before you jump.

Don’t accept advertised rates, scour the market, research what other financial institutions are offering and armed with this knowledge bargain with your bank.

You don’t get what you don’t ask for is the motto I go by and generally I can shave up to 1% or more off the banks advertised rate armed with knowledge and  a bit of negotiation.

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 3.50 per cent.

Growth in the world economy picked up in the early months of 2012, having slowed in the second half of 2011. But more recent indicators continue to suggest weakening in Europe and a slower pace of growth in China. Conditions in other parts of Asia have recovered from the effects of last year’s natural disasters, but the ongoing trend is unclear and could be dampened by the effects of slower growth outside the region. The United States continues to grow at a modest pace. Commodity prices have declined, which is helping to reduce inflation and providing scope for some countries to ease macroeconomic policies. Australia’s terms of trade have peaked, though they remain historically high.

Financial markets have initially responded positively to signs of further progress towards longer-term sustainability in European financial affairs, but Europe will remain a potential source of adverse shocks for some time. While capital markets remain open to corporations and well-rated banks, low appetite for risk has seen long-term interest rates faced by highly rated sovereigns, including Australia, decline to exceptionally low levels. Share markets have remained volatile.

In Australia, recent data suggest that the economy continued to grow in the first part of 2012, at a pace somewhat stronger than had been earlier indicated. Labour market conditions also firmed a little, notwithstanding job shedding in some industries; the rate of unemployment remains low.

There have been no changes to the Bank’s outlook for inflation. Over the coming one to two years, and abstracting from the effects of the carbon price, inflation is expected to be consistent with the target. Maintaining low inflation over the longer term will, however, require growth in domestic costs to slow as the effects of the earlier exchange rate appreciation wane.

Interest rates for borrowers have declined, to be a little below their medium-term averages. Business credit has increased more strongly in recent months, though credit growth remains modest overall. The housing market remains subdued. The exchange rate has been volatile recently, but overall remains high.

As a result of the sequence of earlier decisions, there has been a material easing in monetary policy over the past six months. At today’s meeting, the Board judged that, with inflation expected to be consistent with the target and growth close to trend, but with a more subdued international outlook than was the case a few months ago, the stance of monetary policy remained appropriate.