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"Many thanks to the Team at Finance and Mortgage Solutions which helped me to secure my bank loan without any fuss."
Currency and money in soil with young plant seedlings representing sustainable development in finance, economic investment and in the mortgage industry for the future.
I have been a mortgage broker for over 10 years now and all I see are the same old products - home loans with fixed rate, variable rates and Line of Equity. As a mother of 20 year old children, I am beginning to question, how best to advise a young client. The aim is to save, earn, invest and grow in a global economy which is changing, but we don’t have products that change. #MarkBouris #Innovation #OlderAustralians #Mortgage #Homeloan
Look ahead, but don’t forget your rear-view mirror: Before venturing into an investment unknown, historical data and forecasts are essential, as input factors and indicators respectively. These provide a comprehensive picture of what you’re diving into.
Don’t go surfing into the storm: Pay extremely close attention to market anxiety levels. You must measure your own ability to react to a crash and avoid it above all.
Should we all not evolve and find a way to sustain ourselves? We can work and be productive till about 55 years of age, then our physical limitations change to a more passive life, but we still want to engage and do things with money and get pleasure out of life.
I love the fact that Mark Bouris is talking about innovation of mortgage products. Why can’t we lend to older Australians ,when we know we will have an aging population? Why not advice reverse mortgage? Why can’t we have a Whole of Life Insurance products that a young 25 year can buy to boost their super, with the knowledge that they are insured till age 99?
“We are always exploring different funding lines," he said. Reports indicate that more than $15 billion of RMBS deals have been issued since January double the amount over the same period in 2016.
“The banks have to change what they can and can’t do, and that is leaving a big gap for many different types of products,” Mr Bouris explained. “One of the things to consider is manufacturing those products ourselves, whether on our own or with somebody else. We’ve got great distribution, and our distribution channels are asking for these types of products. We should all be thinking how we can change the looming social problems with housing unaffordability and create a solution."
The world is evolving and we need to adapt to it, if we want to stay in the race. What changes would you like to see? Let's discuss your ideas on 0425 341 086. You can also read this on LinkedIn and view others' comments.
The post code with the highest number of households in mortgage stress in December 2016 is Harristown – 4350 – in Queensland. It is located about 109 kms from Brisbane. This area covers Toowoomba, Harristown, Glenvale and Rockville etc and a population of close to 60,000. Many of the households here are younger. Incomes are lower than the QLD average. More than 4,500 households there are in difficulty and more than 170 households in the district risk mortgage default.
We need to be diligent while taking on a mortgage and keep into account the chances of interest rates rising.
We are an award winning mortgage team with over a decade of experience. Contact us at loans@financeandmortgage.com.au.
Have you ever wondered why a home can be listed for one price, valued at another, lender-valued at yet another price and then sold for a figure that leaves everyone scratching their heads?
This scenario is like the tale of the 6 blind men and the elephant. Each touched a part of the elephant and decides the whole big picture without any input from the others.
If your home is mortgaged, your lender will definitely value it. This gives the lender confidence your asset offers ample security against the borrowed amount if, for some reason, you cannot pay your mortgage and the lender must sell the property to recoup its debt.
It is therefore unsurprising that a bank valuation will usually be conservative, sometimes 10%-20% less than the current selling prices of comparable homes.
Real estate agents are commonly asked to assess the market value of your property. This will often help a vendor decide who to engage to sell their home.
An agent will inspect the home and research comparable sales in the local suburb or town before producing written feedback with a sale price estimation such as “between $X and $X” or “from $X”. This price guide is used when advertising the house.
The price the successful buyer is prepared to pay, and the vendor is willing to accept, on the day the contract is signed is the property’s legally binding sale price.
Hot markets, high demand in certain areas and a big turnout on auction day can all have an effect on the final sale price for a property.
The annual local municipal rates bill shows the notice a Capital Improved Value (CIV), site value, net annual value (NAV) and/or gross rental value (GRV).
These figures are calculated using varied methodology including comparable sales data and the bi-annual figures from the State Valuer-General’s offices.
Councils, and water and fire authorities, use these figures to work out how much homeowners owe them for using their infrastructure and services.
Every property owner will have a ‘dream price’ in their minds when they come to sell. It includes the memories, convenience factor and any add-ons made to the property.
In the end the market will usually decide a property’s value by what a buyer is willing to pay for it at auction or through private sale. What are your views? Are you looking for a valuation on your property? We can help you. Contact us today.
Homeloans Limited, last week informed the market of its plans to merge with securitisation pioneer and leading non-bank lender RESIMAC in a deal that would create a significant mortgage lender with a combined portfolio in excess of $13 billion.
The proposed merger between two of of the country's largest non-banks, will result in a non-bank lending giant with a total loan book of $13 billion, easily rivalling some of Australia’s smaller banks.
RESIMAC shareholders will hold 72.5 per cent, while Homeloans shareholders will hold 27.5 per cent of the merged group. However, the group’s majority shareholder is actually a fund manager based in the British Overseas Territory of Bermuda.
If successful the deal will put the group’s mortgage book on par with challenger bank ME ($14.3 billion) and well above AMP Bank ($10.5 billion), Citi ($7.4 billion) and HSBC ($9.8 billion).
“The Homeloans brand is an important part of the merged group. It is very much the street brand and the broker brand. So there will be no change there,” Mr McWilliam, CEO Homeloans said. “Assuming this goes through, there will be a change of control. But it doesn’t change things for our borrowers, brokers or business partners.”
Mr McWilliam said the value proposition of non-banks today is stronger than it has been in a long time.
Off the plan or volume builders are not only cheaper but can also save headaches when it comes to managing a new build, including securing land and building permits and overseeing construction.
Here are 5 ways to customize your own standard off the plan homes. If there are cosmetic or structural changes – they must be made before the plans are drawn up and sent to council for approval.
Most standard floor plans by volume builders will provide downlights throughout, but adding your own light fixtures is one of the simplest ways to personalise the home. This can include pendant lights over the kitchen bench, ball lights in the bathroom or even chandeliers in the dining room.
Home owners prefer to add a stone-top island kitchen bench to maximize the space available.
Walk-in-pantries are extremely popular and you can have a clean and minimalist kitchen by storing your things in the pantry. Including a walk-in-pantry could cost around $2000 depending on the builder you use.
Glass splashbacks (the wall behind the gas) are popular right now and can add an element of luxury into an otherwise basic kitchen. You can also opt for a colourful tile mosaic.
Extra space in a living room or bedroom can make a world of difference. Look through the plans and make sure it fits your lifestyle. Having master bedrooms at different ends of your home is great for your privacy but not practical if you have young kids.
Sliding doors can be a great option because you can leave them open to get the open-plan feel most of the time and then only close them when you really need.
The standard ceilings in most fixed price new homes will be around 2.44 metres but you can opt to have those extended to give the illusion of more space.
To distinguish your home from a neighbourhood of similar buildings, you need an expressive entryway. The entry to your home should reflect your personality. Many volume builders will do a front render, bagging, stained timber or painted timber on the facade.
These are just a few of the multitutde of options available. You can make the best of both worlds by customising a standard plan to fit your need!! Read more such tips at our website.
Property valuation.
"A valuer assesses the value of land, buildings, improvements and other factors that influence the current or past value of your property, a process that usually involves an external and internal inspection of the property. Valuers are independent with no vested interest in the properties they value."
There are risk ratings that a valuer must assess and classify from low to high risk (rating 1-5).
The risk ratings are based on the following 8 factors:
What goes into a valuation report
The valuer will visit the property, measure it and note details on the building structure and its condition.
The following features are noted
The purpose of a valuation report
A valuation report is a professional and legal assessment of the value of your property prepared for many different purposes:
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