SEVEN TIPS FOR STYLING YOUR SPRING OPEN HOME

Spring is a popular time to sell homes, with warmer weather and blooming gardens creating an inviting atmosphere that brings out the best of any property.?

To maximise your property’s appeal during open homes, consider these seven styling tips.

Deep clean and declutter?

Before styling, give your home a thorough deep clean. This includes clearing away clutter from bookshelves, surfaces and tables, removing personal items and photographs, cleaning upholstery and carpets and washing windows and mirrors. A clean, clutter-free space allows potential buyers to imagine themselves living in the home.?

Create a cohesive style?

Professional property stylists aim for a unified look throughout the home. To achieve this, choose a specific style (such as Hamptons, contemporary, or vintage), select a cohesive colour palette, ensure furniture and decor complement each other and aim for broad appeal to attract a wide range of potential buyers.?

Freshen up existing furnishings?

Instead of replacing furniture, focus on refreshing what you already have. Clean upholstery using appropriate fabric cleaners, steam clean curtains and drapes, touch up any scuff marks or scratches on furniture and consider reupholstering dated pieces in neutral, modern fabrics. These small changes can have a big impact on the overall look and feel of your home.?

Embrace spring with light fabrics?

Pack away winter items and introduce lighter fabrics. Replace heavy curtains with sheer or light-coloured options, swap out dark bedding for crisp white linens, use cotton or linen throw pillows and blankets and consider light-coloured area rugs to brighten spaces.?

Bring the outdoors in?

Incorporate natural elements to create a fresh, spring-like atmosphere. Add small floral arrangements to tables and surfaces, place potted plants or large leafy branches in corners, use natural materials like woven baskets or wooden bowls and open windows to let in fresh air and natural light.?

Introduce uplifting colours?

Boost buyers' spirits with a cheerful colour palette. Replace dark accent pieces with lighter, brighter versions, use colourful throw pillows, artwork, or vases, and incorporate pastel tones for a soft, spring-like feel. Ensure new colours complement your overall style and existing decor.?

Accessorise thoughtfully?

Add carefully chosen accessories to boost your home's appeal. Select items that complement your chosen style and colour scheme, use mirrors to create the illusion of more space and light, add texture with interesting fabrics or materials and keep personal collections and unique items to a minimum.?

SIX COMMON REFINANCING TRAPS TO AVOID?

Refinancing your home loan can be a great way to save money, but it’s important to avoid common pitfalls. Understanding what your goals are and how refinancing can help is important, so you don’t fall into the trap of refinancing for no reason. Here are six traps to watch out for:?

Falling for the lowest interest rate?

While a low interest rate is appealing, it’s essential to consider the bigger picture. Take into account associated closing costs, fees and charges, evaluate the long-term impact of the interest rate and consider factors such as loan term and the overall cost of borrowing. Remember, the lowest rate isn’t always the best option when all costs are accounted for.?

Overlooking the total cost of refinancing?

Refinancing involves various expenses that can add up quickly, including application fees, appraisal fees and legal fees. It may also apply prepayment penalties on your existing loan. Calculate the breakeven point to determine if refinancing is worthwhile. If you plan to move or pay off the loan soon, the breakeven point may be too far off to justify refinancing.?

Extending the loan term without consideration?

While lower monthly payments are tempting, extending the loan term has long-term implications. You may end up paying more in total interest over the life of the loan. Consider your financial goals and whether a shorter term aligns better. It’s important to balance monthly affordability with long-term savings.?

?Failing to compare multiple lenders?

One of the biggest mistakes is not shopping around. Obtain quotes from multiple lenders, compare interest rates, fees and loan terms, and don't be afraid to negotiate for better terms. This step can save you significant amounts of money.?

?Refinancing without a clear purpose?

Avoid refinancing simply because you can. Evaluate whether refinancing is truly necessary for your current situation and consider the costs involved, including closing fees and appraisal fees. Frequent refinancing can accumulate costs and diminish overall savings, as constantly resetting the loan term can result in paying more interest over time.?

?Overlooking smaller lenders?

Don’t limit yourself to a few choices when refinancing. Smaller lenders can offer competitive rates and personalised service, and they may provide more flexibility and innovative loan products. Expand your options to potentially find more favourable terms by researching and comparing offerings from both big and small lenders.?

?The best way to avoid these issues is to speak to a mortgage broker. They can help you compare your options and make sure you are working towards your personal financial goals.?

?MELBOURNE'S HOUSING PRICES FALL TO THE SIXTH LOWEST AMONG THE CAPITAL CITIES?

Melbourne's housing market has experienced a significant shift in recent years, with its median dwelling value now ranking sixth-lowest among Australia's capital cities, according to a leading property analyst.?

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CoreLogic Australia Research Director, Tim Lawless, said Melbourne's median dwelling value, at $776,000, now trails several other capitals.??

?"At the onset of COVID in March 2020, Sydney had the highest median dwelling value, followed by Melbourne, the ACT and Brisbane," Mr Lawless said. "Fast forward to August 2024, and Melbourne's median dwelling value is ranked sixth-lowest across the eight capital cities, after Darwin ($504k) and Hobart ($655k)."?

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Mr. Lawless said that the gap between Sydney and Melbourne's median dwelling values has widened considerably. "The difference between Sydney and Melbourne's median dwelling value is now 52.1 per cent, the largest differential between Australia's two largest capitals since June 1999," he said.?

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According to Mr Lawless, several factors have contributed to this shift, including demographic patterns and new housing supply. "Victoria saw far more dwelling completions than any other state or territory in the past decade," he said.??

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"Additionally, marked differences in net interstate migration trends, where strict, extended social distancing restrictions were a 'push' factor from Melbourne, while Brisbane, Perth and Adelaide likely benefitted from Melbourne departures."?

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Mr Lawless also highlighted the role of housing composition in influencing median dwelling values. "A key factor in the median dwelling value of Perth and Adelaide overtaking Melbourne is the underlying mix of housing types," he said.??

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"In August, CoreLogic estimates a third (33 per cent) of housing stock in Melbourne falls within the multi-unit sector, compared with 16 per cent of housing stock in Adelaide and Perth." Looking ahead, Mr Lawless suggested that Perth and Adelaide may see increased focus on higher-density housing.?

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"As affordability becomes more stretched and state governments shy away from the expense associated with sprawling infrastructure commitments, we are likely to see some renewed focus on establishing higher densities in Perth and Adelaide," he said.?

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FIVE IMPORTANT STEPS BEFORE MAKING AN OFFER?

This preparation helps facilitate a smooth handover and ensures the tenant's experience remains positive. Making an offer on a property for the first time is both exciting and nerve-racking. To be as prepared as you can, it’s important to take several steps to ensure you’re making a well-informed decision. Here are five steps to follow:?

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Comparing the market?

Before making an offer, it's crucial to understand the true value of the property. Start by contacting a local real estate agent for detailed reports on neighbourhood trends and recent sales. Visit open houses in the area to compare property features and prices firsthand. Use this information to determine if the asking price is reasonable or if there's room for negotiation.?

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Checking the Title?

Different property types come with different Titles, each with its own legal considerations. Houses typically have a freehold Torrens Title, while units, townhouses, villas, and commercial spaces usually have Strata or Company Titles. Consider the advantages and disadvantages of each Title type and think about how the Title might affect your future plans for the property.?

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Reviewing the paperwork?

The seller's contract of sale contains crucial information, such as details about zoning, drainage, land plans and ownership, along with outlines of the sale process, payment terms and transfer of ownership. Given the legal complexities, it's advisable to seek professional advice when reviewing this paperwork.?

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Engaging a conveyancer or solicitor?

Professional legal advice is essential before making an offer. A conveyancer or solicitor can provide valuable insights and guidance, review the specific details of each property you're considering and help identify any potential issues. Engaging these professionals early on can ensure a smoother path to settlement.?

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Organising building and pest inspections?

A final crucial step before making an offer is to organise building and pest inspections. A qualified professional will inspect the property's overall condition, checking for any damage or pest issues. They will provide a detailed report with their findings. This step can potentially save you significant money in the long run. If all inspections check out, you’re ready to make your decision and put forward an offer.?

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HOW TO APPLY FOR A CAR LOAN WITH A NEW JOB?

After starting a new job, applying for a car loan can sometimes be a challenge. Lenders often view job stability and income consistency as key factors in their loan approval process, which can make it tricky if you're settling into a new role.??

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However, by understanding what lenders look for and preparing accordingly, you can improve your chances of getting the loan you need. Here are five things to consider when applying for a car loan with a new job:??

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Employment status and car loan approval???

Your employment status plays an important role in the car loan application process. Lenders prefer borrowers who have a stable employment history, often favouring those who have been in full-time employment for at least two years. If you’ve recently changed jobs, it may be more challenging to get loan approval. However, providing proof of a stable employment history can greatly improve your chances, as it shows lenders that you have a reliable track record.?

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Income stability and loan eligibility???

Lenders want to ensure that you have the ability to repay the loan. A consistent source of income is essential for loan approval, especially if you’re new in your role. If you’re a casual worker or have variable income, you may need to provide additional documentation to prove financial stability. Showing proof of savings can also be helpful in demonstrating that you’re in a good financial position. Be aware that some lenders may have specific income requirements for casual or contract workers.?

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Documentation requirements???

When applying for a car loan, it’s important to have all necessary documents prepared. This typically includes proof of employment, such as an employment letter or contract, along with recent payslips or bank statements. If you’re self-employed, tax returns or other income verification documents will likely be required. Being organised and having these documents ready will streamline the process and give lenders confidence in your financial situation.?

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Improving your chances of approval???

Your employment status isn’t the only thing lenders will consider. Your credit score is also a major factor in car loan approval, as it reflects your overall level of financial responsibility. Lenders will assess your financial history and consider your debt-to-income ratio to determine whether you can comfortably take on more debt. Demonstrating that you have savings, or other assets, can further strengthen your application, as it shows you have a financial safety net in place.?

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Timing your loan application???

The timing of your loan application can significantly impact your chances of approval. Waiting 6-12 months after starting a new job can improve your odds, as this allows you to establish a stable employment record. It also gives you time to save for a larger down payment, which can make you more attractive to lenders. However, if you urgently need a car, some lenders may still consider your application, especially if you can provide evidence of financial stability.?

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The best option is to speak to a finance broker who can take a closer look at your financial situation and compare your options.??

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FIVE THINGS TO KNOW ABOUT CAR LOAN REFINANCING?

Refinancing a car loan can be a smart financial move, but it's important to understand the details before deciding. Many people don’t realise that it’s even possible to refinance your car loan. So, it’s important to understand why you’d want to do it and some of the advantages and disadvantages. Here are five key things to know.?

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What is car loan refinancing??

Car loan refinancing involves replacing your existing car loan with a new one. The new loan pays off your existing debt, allowing you to start making payments on the refinanced car loan. It's generally best to wait at least 12 months after taking out the original loan before refinancing, as this allows you time to recoup credit score points lost when applying for the initial loan.?

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Benefits of car loan refinancing?

Refinancing your car loan can offer several advantages, including potentially lower interest rates and lower monthly payments. It may also provide more flexible loan features, such as adding balloon payments or changing repayment frequency. Refinancing offers the opportunity to modify loan terms, like reducing or extending the loan period, and allows you to add or remove a co-signer from the loan.?

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Potential drawbacks of car loan refinancing?

There are also potential disadvantages to consider before refinancing. For example, you may end up paying more interest over the life of the loan if you extend the term. Refinancing involves additional fees, such as exit fees, early termination fees and application fees. If your car's value is less than the outstanding loan balance, refinancing may be challenging, and refinancing near the end of your loan term may not be cost-effective.?

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When to consider car loan refinancing?

Refinancing might be beneficial in situations where you've found car loans with better rates and terms, or when your credit score has improved, making you eligible for better rates. You may also want to change your repayment amount or frequency, or wish to modify your loan term, potentially paying off your debt earlier.?

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When to avoid car loan refinancing?

Refinancing may not be ideal if you're nearing the end of your loan term, your car's value is less than your outstanding loan balance, the costs of refinancing outweigh potential savings, or you've already paid off most of the loan balance.?

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The best person to talk to about refinancing your car loan is your finance broker, who can compare your options for you.?

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This is general information only and is subject to change at any given time.?

Your complete financial situation will need to be assessed before acceptance of any proposal or product.?