More and more we are seeing the banks become uncertain and cautious on lending. The last few weeks have seen changes to lending criteria and even some declines on finance. When was the last time you checked with your bank or broker?
Most banks will require minimum of 5% deposit,
3 month proof of savings, stable employment with history between 3-6 months, credit reference checks and the go ahead from a mortgage insurer.
Due to the global finance uncertainty, it is now more important to be pre-approved, up to date and have the latest information.
My clients like to use Andy Iriks from Loan Market : 0413 999 286
Call him and double check you have the latest information and the package the bank offers you is in your interest, not just theirs. Brokers provide a free service and often save people substantial amounts of money.
Tuesday, 19 June 2012
37 Dalyup Road, Southern River
Great investment with the owner wanting to rent back for 2 years or more
http://rwht.com.au/wa/southern-river/802075/
Need an investment with a long term tenant and no vacany period? Check out this lovely home priced to sell! Owner keen to move on with the property so make sure you check it out before it's sold!
http://rwht.com.au/wa/southern-river/802075/
Need an investment with a long term tenant and no vacany period? Check out this lovely home priced to sell! Owner keen to move on with the property so make sure you check it out before it's sold!
Some up to date stats
Like to keep an eye on what the market is doing? The signs are there that things are improving.
Stats from reiwa.com.au show the following for the 3 months to May
Vacancy Rate is 1.7% with median rent at $420 per week
There are 7897 homes currently online for sale
There are 2250 units online for sale
This confirms what we are seeing at home opens. More buyers are out, more investors are returning to the market and that rent prices are being pushed up due to short supply. We had an open for inspection in Thornlie on the weekend with 30 groups through and 3 offers and sold at a price the owner was more than happy with that day.
Looking to buy? Get in now before the potential of more interest rates cuts and more competition in the market.
Stats from reiwa.com.au show the following for the 3 months to May
Vacancy Rate is 1.7% with median rent at $420 per week
There are 7897 homes currently online for sale
There are 2250 units online for sale
This confirms what we are seeing at home opens. More buyers are out, more investors are returning to the market and that rent prices are being pushed up due to short supply. We had an open for inspection in Thornlie on the weekend with 30 groups through and 3 offers and sold at a price the owner was more than happy with that day.
Looking to buy? Get in now before the potential of more interest rates cuts and more competition in the market.
Weekly Update National Property Market
Please see below the weekly update from Ray White's CEO of Growth, Mark Mcleod
As always, buyers continue to be influenced by the combination of local area market conditions overlaid by the general economic environment. During the week, the recent boost to consumer confidence created by falling interest rates was dampened by a renewed fear of a second full-blown global financial crisis, with speculation rife over the Greek general election ballots on Sunday.
An AP article said bankers, governments and investors were preparing for Greece to stop using the Euro, with the outcome dependent on which party wins Sunday’s election. In the lead up to the ballots, savers across Europe were making a run on the banks, withdrawing their savings either in fear their money will be devalued or that the banks are on the verge of collapse. Particularly in Spain and Greece, billions of Euros are being taken out of bank accounts, magnifying the financial stress those countries are already under. The article terms the trend a “jog” rather than a “full-bore run”, but suggests that if the mass withdrawals do turn into a flood, it could hasten financial turmoil in Europe which would then potentially spread around the world.
Domestically, AAP reported interest rate cuts and Government handouts are set to boost retail spending at the fastest rate since the GFC. Deloitte Access Economics is forecasting retail sales will grow by three percent in 2012/2013, up from .7% in 2010/2011. Conversely, the Daily Telegraph said the mid-year sales are a fizzer as interest rate cuts have failed to ignite spending. Retailers say they are facing the worst environment in more than 30 years, with many reporting lower sales than this time last year.
Meanwhile in the property market, Westpac boss Gail Kelly told the economic forum in Brisbane last week that Australia is unlikely to ever again see the housing boom that sparked a massive rise in personal wealth over the last decade. Kelly told business leaders that the years of compound growth in property prices are over for good
As always, buyers continue to be influenced by the combination of local area market conditions overlaid by the general economic environment. During the week, the recent boost to consumer confidence created by falling interest rates was dampened by a renewed fear of a second full-blown global financial crisis, with speculation rife over the Greek general election ballots on Sunday.
An AP article said bankers, governments and investors were preparing for Greece to stop using the Euro, with the outcome dependent on which party wins Sunday’s election. In the lead up to the ballots, savers across Europe were making a run on the banks, withdrawing their savings either in fear their money will be devalued or that the banks are on the verge of collapse. Particularly in Spain and Greece, billions of Euros are being taken out of bank accounts, magnifying the financial stress those countries are already under. The article terms the trend a “jog” rather than a “full-bore run”, but suggests that if the mass withdrawals do turn into a flood, it could hasten financial turmoil in Europe which would then potentially spread around the world.
Domestically, AAP reported interest rate cuts and Government handouts are set to boost retail spending at the fastest rate since the GFC. Deloitte Access Economics is forecasting retail sales will grow by three percent in 2012/2013, up from .7% in 2010/2011. Conversely, the Daily Telegraph said the mid-year sales are a fizzer as interest rate cuts have failed to ignite spending. Retailers say they are facing the worst environment in more than 30 years, with many reporting lower sales than this time last year.
Meanwhile in the property market, Westpac boss Gail Kelly told the economic forum in Brisbane last week that Australia is unlikely to ever again see the housing boom that sparked a massive rise in personal wealth over the last decade. Kelly told business leaders that the years of compound growth in property prices are over for good
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