What’s Happening in the Mortgage Market this Winter?

COVID has seen some people’s fortunes turn upside-down, while others, driven by their own unique circumstances, seem to be doing better than ever. And in the property market, things have also been on the move. But…is now the right time to buy? Should you sell?

What about purchasing investment property? With the combination of interest rates being at a historic low and the property market being very competitive, the reality is that buyers can still reach their property-buying goals.

The benefits of buying with low interest rates

Lower interest rates on a mortgage mean that, with some careful budgeting, loans can be paid off faster to save more money.

Of course, what comes down can definitely go back up, so don’t over-extend and do have a repayment plan based on realistic number-crunching and a savings safety net to tide you over, in case of tough times ahead.?

Will it take long to get a loan?

Depending on the financial institution you work with, some delays may occur. Some lenders have been hit by the impact of COVID on international processing centres, or have had staff on reduced capacity, while many other lenders have been stretched with huge numbers of mortgage applications. By using a mortgage broker with access to multiple lenders, you have a more positive chance of finding one that can work with you within the time-frame that matters to you.

Do some banks offer cashbacks??

Some banks or lenders have been offering refinance, or cash-back rebates, to add a competitive advantage. Talk to your broker to see what might be available for your circumstances, and if it offers value.?

Tips for property investors.........read my full blog here

To ensure your finances are in order before buying an investment property, our team of Loans Actually loan brokers and mortgage brokers are here to help. Give me a call on 0438 258 777 so we can discuss further.

Glenn