I am writing this from Numbulwar out on the gulf. An amazing spot, yes I went fishing and yes I caught a fish.
In the lead up to Christmas lenders are calling for last drinks on home purchases that want to settle before Christmas.
Settle before Christmas?
This year we have seen very slow loan approvals, settlements that have been drawn out due to getting payout details arranged amongst other issues.
To speed up the process there are few tips:
- Look for the lenders with the shorter loan approval times such as Macquarie, ING, Virgin, Choice, Pepper or Firstmac
- Talk to your broker and get all your paperwork in order before you go to market
- For settlement look for vendors with realistic expectations
- Discuss with your Conveyancer and Broker what a reasonable settlement date will be
- Don't delay in providing any additional paperwork required
Rates go sub 2%
Since the November Melbourne Cup Day Reserve Bank interest rate cut, lenders are offering interest rates under 2%. An example is the AMP 2-year and 3-year Owner Occupied fixed rate of 1.97%. Variable rates have stubbornly stayed around the >2.4% at the bargain end of the market.
First Home Buyer and not purchased a home in two years
The stamp duty extensions for First Home Buyers and those who have not purchased a home in the Territory in the last two years have been extended out to mid 2021. This will allow more time for raising a deposit and is good news.
If you are wondering want the current grants and refunds are I have written up a page here: How much can I save?
$500 Cash back
Finally, more good news. We are giving a $500 cash card to any settled home loan before July 2020. So if you are considering a home loan and would like some free, no obligation advice please don't hesitate to call on 0447 499 794.
Regards
Nick
