The 2025 federal budget offers a few modest measures for Australians hoping to secure a mortgage, and it might have implications for interest rates.
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More Australians turn to mortgage brokers for expert home loan guidance
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The government is adopting the MFAA’s recommendation for APRA and ASIC to revise their guidance on how HECS‑HELP debts are factored into mortgage serviceability.
Lenders often treat student loan obligations in a way that significantly reduces a borrower’s assessed capacity to repay a home loan. By updating this guidance, the hope is to remove or lessen the “penalty” from HECS-HELP debts, especially for first-home buyers - making it easier for them to qualify for a mortgage.
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The changes to the foreign resident capital gains withholding (FRCGW) legislation means all Australian residents now require a clearance certificate from the ATO for all property contracts signed on and after 1 January 2025, regardless of the sale price.
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The ATO is using property management data to cross-check rental income and expenses declared by property investors. To avoid errors, investors must accurately report gross rental income, claim expenses appropriately (e.g., distinguishing between capital costs and repairs), and correctly split rental income/expenses among co-owners. If a mistake is made, prompt correction is advised to maintain compliance.
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The Federal Government has announced a further 50,000 places under the Home Guarantee Scheme.
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Looking to secure a home loan without the wait? The timeline between your initial contact with a broker and your loan approval can be unpredictable, but did you know that you can influence the speed of this process? Delays often occur due to a lender's assessment turnaround time, especially when they have attractive offerings that result in a high volume of applications. However, the most crucial factor affecting your loan approval speed is your level of preparation. In this blog post, we offer insider tips on accelerating your home loan approval process - from having all your financial documents ready to being completely transparent with your broker. Skip the waiting line and get the keys to your dream home faster. Read on to find out how.
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Are you a property investor? Check out the latest policies and policy changes that could impact you. Federal Treasurer Jim Chalmers has announced the Federal Budget 2023-24, which includes important updates for property investors and the housing market.
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Published by MFAA
Knowing what your repayments will be each month can help you with budgeting and locking in an interest rate on your home loan to guard against possible future fluctuation may be attractive. However, it pays to know the ins and outs of fixed rate loans before committing to one.
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Article by Gerv Tacadena for Your Mortgage
The successive rate hikes last year have discouraged many first-home buyers from opening the property market doors — will it be the same this year?
First-home buyers must keep an eye out for changes in lending requirements and other market trends that will impact how to tackle their purchasing strategies this year.
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By Gerv Tacadena for Your Mortgage
The surging inflation and rising interest rates will be making 2023 a challenging year to navigate for home loan borrowers.
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The historic legislation enables first-home buyers to opt for a smaller annual tax instead of an upfront stamp duty.
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Published by MFAA
Prospective home buyers use mortgage brokers to secure home loans because they expect brokers will save them money and assist them through the home loan application process.
If you decide a broker is for you, you’ll engage with them in several key stages throughout the application process and beyond. Read our blog post and learn more.
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The property is a solid option if you’re looking for a stable and secure investment. Far less volatile than other investment strategies, investment property has the potential to deliver consistent rental returns for years to come. While you may start with a single property, careful consideration and management of your investments could see you grow this to a full and profitable portfolio with our help.
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If you apply for a home loan, particularly if the loan is for more than 80% of a property’s value, you’ll more than likely have to prove to lenders that you have a satisfactory amount of savings. This is to demonstrate your ability to funnel a portion of your income into repayments.
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Published by MFAA
Making extra repayments on your home loan can be a clever financial strategy. Investing your extra cash into your home can speed up your loan’s life cycle, with the added benefit of saving money in the long run. However, care must be taken to ensure that extra repayments are planned and the right type of loan taken out to allow for them.
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By Gerv Tacadena for Your Mortgage
Mortgage borrowers will have to stretch their budgets over the next few months as the Reserve Bank of Australia continues its hike trend for the cash rate. The question is, how much could these rate increases add to mortgage repayments?
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By Gerv Tacadena for Your Mortgage
With the apparent victory of the Australian Labor Party (ALP)’s Anthony Albanese as the 31st Prime Minister, learn what five key housing policies to be expected this year are.
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So you’re thinking about starting your own self managed super fund. That’s great – but are you aware of what’s really involved?
If you set up a self-managed super fund (SMSF), you're in charge – you make the investment decisions for the fund and you're held responsible for complying with the super and tax laws. It's a major financial decision and you need to have the time and skills to do it.
Let’s take a quick look at a typical self-managed super fund.
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