There are a number of ways to add value to your home – and with the current property market, the simple premise of owning real estate in certain areas will make you money. For example, the Australian Bureau of Statistics found that the price index for the average residential property in Sydney rose 13.1 per cent over the year to […]
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There are a number of ways to add value to your home – and with the current property market, the simple premise of owning real estate in certain areas will make you money. For example, the Australian Bureau of Statistics found that the price index for the average residential property in Sydney rose 13.1 per cent over the year to March 2015. This is a substantial increase, especially given that a normal deposit for a home loan is around 20 per cent of the home’s value. Regardless of whether you’re in the market for a first home buyer loan or are looking to make an investment, here are a few ways to help add value to your home. The location We alluded to it earlier, but it is certainly worth another mention. Before you speak with mortgage brokers about a home loan, decide on the area you want to invest in. According to the Real Estate Institute of Australia, you should be looking for areas that are relatively cheap (in terms of surrounding suburbs), but have certain growth scheduled on the horizon. This could be like future plans such as a new school, supermarket or improved infrastructure. The parking...
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If you’re interested in climbing in to the property market, chances are you’re probably going to need a home loan. The Observations on the value of mortgage broking report commissioned by the Mortgage and Financial Association of Australia made some interesting findings, including the fact that the home loan industry has shown growth for almost 100 straight quarters. Now that is impressive! There is a lot of information for people on their first home buyer loan, but what about the subsequent years of financial commitment? Here are a few tips for achieving financial freedom faster. Budget You had to budget to save for your first home loan, and now that you’ve got it, you have to save to pay for the repayments! The positive side to this is that if you managed to save up for a deposit, you’ve probably already got an effective budgeting plan that you can use again. Basically, study where your money is going and cut out all unnecessary spending. Money Smart suggests setting monthly saving goals, which reward you with money to do with whatever you like provided you achieve them. Pay more The old saying “time is money” fits a home loan like...
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Property investors often wait until the time is just right before making their next purchase, but just how do they make sure this is the case? The fact is that there’s no definitive answer, with many investors relying on intuition to decide when to expand their portfolios. However, there is some key data that can be relied upon to get an insight into the market. The Reserve Bank of Australia (RBA) considers current market conditions at its monthly meeting, and its July 7 gathering was no exception. The Governor of the RBA acknowledged that during the three months to March, dwelling investment increased 9 per cent from a year earlier. This suggests that there’s no shortage of investors who consider now to be a good time to buy, while the market is avoiding boom-like conditions that some experts have speculated about. One factor that might be encouraging people to enter the market at the moment is the fact that the official cash rate remains low. Buyers have benefited from reduced interest rates since May, and it’s possible they won’t not be changing any time soon. The Real Estate Institute of Australia (REIA) recently analysed the Consumer Price Index (CPI)...
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Capital city property markets can be notoriously difficult to enter if you’ve taken out your first home loan. However, there’s a reason why they are so lucrative and once your foot is on the ladder, you could find yourself with a property that keeps growing in value. As with any purchase, you’ll need to make sure that you are making the right decision. This is where area-specific data comes into play. If you are seriously considering making your move into one of the nation’s capitals, here are some of the facts and figures you’ll need to think about. 1. Properties listed for sale One of the first pieces of information you’re likely to come across during your property search is how many homes are currently on the market. This will have an impact on how quickly you find your ideal real estate, as well as how much competition there is. SQM Research recently revealed that during July, the number of national listings increased 3.8 per cent from the previous month. Year-on-year, the rise registered at 4.2 per cent. However, closer analysis shows that results are quite different across the various capitals. Darwin, for example, has seen its listings increase...
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