There can be no doubt that our current predicament is causing many Australian families considerable financial stress. In my last blog, I put the call out to offer my services to help alleviate some of those financial concerns and throughout the many conversations, ‘loan repayments’ was the number one issue that most of us are concerned about. However, with every rain cloud, there is a silver lining. So this month, I want to stick to the positives and focus on ‘opportunity’, and how you can make the most of a bad situation.

REFINANCING YOUR CURRENT HOME
Interest rates have never been lower and some of the fixed rates on offer are particularly attractive, at just over 2%. Wow. Banks are offering these amazing rates but the scrutiny on income security is higher than ever. If you are sure about your employment security over the short to medium future it may be an excellent time to take advantage of these low rates. Let me know if I can do a comparison of how much you could save on your current loan by considering a refinance.

FIRST HOME LOW DEPOSIT SCHEME
The word scheme invokes some negative connotations, but this program will help reverse those misconceptions. Introduced at the start of 2020, the scheme allows eligible first home buyer applicants to buy a property without paying Lender Mortgage insurance, provided they have a 5% deposit in genuine savings. This combined with the waiver of stamp duty for properties under $600,000 can mean a massive acquisition cost-saving for first home buyers.

PURCHASING A PROPERTY
If a property is currently for sale, it is highly likely that the vendor must sell for reasons outside their control, which may give a buyer an edge in negotiations. Also, there are fewer buyers in the market at present, so you’ll have less competition. Whilst, it is unfortunate to profit from the financial pain of others, when it comes to purchasing property - if you don’t, somebody else will. Like it or not, that is the game we are all playing.

So, if any of these opportunities are of interest, give me a call so I can provide some further details. I hope you & your families keep safe and well.

Michael