Jimmydee' Jabber - Quarter 3

G’day everyone, and welcome to the second Quarterly newsletter for 2023.

Since my last newsletter, a lot has happened both in the industry and to myself personally. Getting the fun stuff out of the way first.

It has been 5 months since I separated my AC Joint, to say it hasn’t been fun would be a massive understatement, but I am all booked in to get the hook plate removed in November!

I wasn’t going to let my shoulder stop me from having a holiday, my Fiancé Samantha and I went to Uluru in July and had an amazing trip, we seen and done a lot on the trip and the Troopy didn’t do too bad out there, the biggest problem we had was we popped two tires.

I’ve also had a travesty with my lush’s locks! I decided to mix it up and go for the bald look…. Needless to say, I will be growing my hair back haha.

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How is the market doing?

The FNQ market is still performing well, with property prices still seemingly creeping up. All the agents I speak with say that there is plenty of demand, but it’s the stock that is lacking, meaning that when a property is put up for sale its not too long before its under offer, which will keep people who are wanting to sell their properties happy.

Now some good news for people wanting to buy a home, the RBA decided to hold the cash rate at their meeting this month for the third consecutive time, leaving the cash rate at 4.1%, with the RBA having three more meetings this year.

No one has a crystal ball where they can correctly predict where the cash rate is going to go from here, but CBA’s senior economist Belinda Allen & economist Stephen Wu, have said they expect the cash rate to stay at 4.10% for the remainder of 2023, and by early 2024 we will see the cash rate begin to drop and ease to 3.10% by the end of 2024, which if correct will be great news.

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There are still government grants available to assist you in buying your own property, with more inclusions being introduced on the 1st of July 2023. The First home guarantee and regional home guarantee are grants that allow you to buy a property with a deposit of 5% with no Lender mortgage insurance (LMI) being applicable. This saves you thousands in costs and makes your deposit lower as you do not have to accommodate the LMI being added onto your home loan.

There is also the family Home Guarantee where single parent with at least one dependant child can apply for a home loan with a 2% deposit and avoid all LMI implications. This 2% deposit makes affordability for a home loan that much more achievable. I am seeing a lot of my clients who apply for this grant purchasing Units or town houses that are very affordable, making their deposit minimal as well as their repayments.

For example, if you were eligible for this grant and wanted to buy a Unit or Townhouse for $200K, your 2% deposit would be $4,000.

The new eligibility inclusions for these grants are, you can now apply if you are a permanent resident, and not a citizen. And you can apply if you have owned a property in the past, but it was at least 10 years ago.

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If you’re looking to refinance your existing home loan:

·???????? You may have equity in your property you are unaware of and be able to get an interest rate concession (The lenders won’t automatically apply this for you) depending on your Loan to Value Ratio (LVR) – Having equity also means you may be able to borrow more funds on top of your home loan for things such as renovations, car purchase, debt consolidation, etc.

·???????? Some lenders are still advertising cashback offers from $2,000 - $4,000 for applicants who refinance.

Whether you are a homeowner or someone who is aspiring to own a home, the best thing you can do is reach out to a professional such as myself, so you can confidently:

·???????? Understand how your loan is set up.

·???????? Understand how to buy that “dream” home.

·???????? Understand what grants are available to you, and what that means.

·???????? Have a “Go to” for any future questions about anything Home Lending – No random call centre operator or call queues again!

·???????? Have a budget in place.

Remember I work with an amazing team where we can help with all of your financial needs, we have Insurance brokers, commercial brokers, equipment finance brokers, and financial planners, everything you could need all under one roof.

Before I wrap up, I would like to thank you all for reading my third newsletter of the year. If you have found this information helpful, you will also find the benefit in liking my Business page on Facebook?where I regularly post information on the market with some hints and tips.

If you or someone you know wants to have a yarn about anything home lending, reach out anytime.

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Regards,

Jimmydee (JD) Baker Spittles 0475 050 753 [email protected]

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Astute Financial Management Pty Ltd | ACN 093 587 010 | Australian Credit Licence 364253 ?| Cairns Wealth and Insurance Pty Ltd T/As Astute is a corporate authorised representative (377873) of Alliance Wealth Pty Ltd | ABN 93 161 647 007 | AFSL 499221 | centrepointalliance.com.au/AW.General Insurance provided by Astute GI Pty Ltd (ACN 641 609 341) as an authorised representative of Ausure Pty Ltd ABN 94 096 971 854 AFSL 238433. Health Insurance products are underwritten by St Luke’s Medical and Hospital Benefits Association ACN 009 479 618 (St.LukesHealth), a registered private health insurer, [trading as Astute Simplicity Health] and members are introduced by Astute Financial Management Pty Ltd or related entities (collectively known as Astute) for which Astute receives a commission

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