Archive for the ‘First Home Buyer’ Category

Channel Direct Home Loans through it’s affiliation with Real Estate Inverstar can now offer property owners or purchaser the opportunity to get an Australian Property Monitor (APM) Automated desktop Valuation of their property or a property they may be interested in buying.     

Value my Property

To get a copy of this all you have to do is follow this link  

The changes to NSW Government stamp duty exemptions will come into effect on 1^st January (unless you are purchasing a newly constructed house).  These changes will effectively mean that first home buyers will need to save another 5% to cover their stamp duty.

If first home buyers want to jump off the rental treadmill, buy their own home and avoid getting knocked out of the market for some time, a little over 90 days remains to enter into a contract to purchase and qualify for the stamp duty exemption.

Natasha, Charlene and Clayton had these comments after their  Home Loan Finance experience with Channel Direct Home Loans

“We truly believe that we woudn’t have got this home (our dream home by the way) if it wasn’t for Robyn. Thank you so much. It is more than a house, it’s our home,our dream and the future we want to provide for our child. Robyn did a wonderful job and we look forward to our future interaction with her.”

Can we help you, for a no obligation consultation inquire here 

 Melyn had this to say about the experience she had with Channel Direct Home Loans.

“ As a first Home Buyer the Process was rather daunting, however with the help of Channel Direct Home Loans the entire process became stress free.”

 Thanks Robyn

For a no obligation consultation contact us here

ABS figures have indicated 60,000 fewer first home buyers entered the property market in the 12 months to May 2011 than in the 12 months to May 2010.  The ABS figures showed around 7,500 first time buyers per month active in the property market in the 12 months to May. This compares with around 12,500 per month in the previous corresponding period.

It seems that even with property prices being largely flat over the past year and the fact that the RBA has not increased interest rates for the past 7 months , first home buyers are cautious .

While the end of the FHOG Boost may have taken many prospective first time buyers out of the market, RateCity CEO Damian Smith says “reviving the boost would be counter-productive.”

“The answer is not to introduce further grants to stimulate growth in the first home buyer market. Historically, grants doled out to new buyers have tended to increase property prices without increasing the supply of new housing,” he said.

Rather, Smith says the answer to stimulating first home buyer activity was increasing incentives for prospective buyers to save for a deposit.

A possible solution is an easing of the restrictions on the government’s First Home Saver Account Scheme so as to make funds available within a shorter time frame.

Source:  RateCity CEO Damian Smith

A recent survey by Lender Mortgage Insurer, QBE, gives some interesting statistics.  In March this year First Home Buyer (FHB) activity dropped to it’s lowest level in 6 years.  It reached it’s all time high in May 2009 when FHB activity represented 28.5% of the home loan market.

$359,786 – The average FHB Loan size  

60% – The proportion that believes they will have trouble making their repayments due to the increased cost of living.

60% – The proportion that consider the interest rate to be the most important consideration in choosing a mortgage.

76% – The proportion of FHB’s that want to buy a pre-existing house.

If you don’t have a 20% deposit, Lenders Mortgage Insurance (LMI) will let you get into the property market with as little as a 5% deposit (depending on lender criteria around how much you can borrow).  If you buy a property for $300,000 with $285,000 of the Bank’s money, the Bank is investing in you, the client;  you will take all the benefit of a capital gain and so for that you need to pay a fee.

First time home buyers in Newcastle and Lake Macquarie typically have $20,000 in genuine savings.  With LMI they can look to purchase a property up to $400,000.  If you take LMI out of the picture, borrowers with a $20,000 deposit would only be able to purchase a property with a value of $100,000. 

The major benefit of LMI is that it lets you get into the property market now rather than waiting until you have saved a 20% deposit and house prices have increased $50,000. 

Three Things To Remember about Lenders Mortgage Insurance:

1. LMI is the insurance that covers the lender not the borrower agains the borrower defaulting with his loan repayments.
2. LMI is a one off premium at the time of taking out your home loan.
3. Most lenders will let you put the cost of the premium into your home loan

The City of Lake Macquarie has 11 suburbs record 10% and above capital growth in property for the first quarter of 2010 in figures recently published by Rp Data.

This shows that Lake Macquarie still has strong growth and supports it’s claim to being one of the fastest growing economies in NSW and a suitable place to invest.

As  you can see from this list the growth there is in all areas of the City.

Brightwaters 39% Hillsborough 23% Kahibah 23% Kilaben Bay 18% Windermere Park 18%

Belmont 15% Lakelands 15% Garden Suburb 13% Morisset 11% Fennel Bay 10% Nords Wharf 10%

Blacksmiths 9% Pelican 9% Cardiff 8% Wangi Wangi 8% Woodrising 8% Argenton 7% Speers Point 7%

Tingara Heights 6%

For a free copy of the Rp Data report on your suburb or any suburb you may consider investing in follow the link below and enter detail of the property.

Free Property Report

 

Figures just released by Rp Data show that the top performing suburbs in the Newcastle LGA  for the first quarter of 2010 were:        

Lambton Median Growth Graph

New Lambton 37%   Elermotre Vale 11%   Lambton 9%   Waratah West 9%   Merewether 6%   New Lambton Heights 6%

Channel Direct Home Loans offer anyone considering investing or buying another property a FREE Rp Data report valued at $89.95  by following  this link  and providing the details of the property.

From the latest report many suburbs within the Hunter Valley, Lake Maquarie, Central Coast and Port Stephens had capital growth in the first quarter of 2010. If you would like to know how you property or suburb performed follow the “free property report” link to receive a copy 

Now as we enter a new financial year it may be time to consider  entering into property as an investment, may be you would like to look at  property in you own area. 

Channel Direct Home Loans offer an obligation free consultation and can assist you should you wish to consider this option to wealth creation.

Get your free report here

Free Property Report

When you are applying for a home loan, refinancing existing loan, car loan or any transaction involving finance the most valuable asset is your CRA report.

What’s on your credit bureaus report?
Your credit report contains information about you and your credit history, including:

• personal details – Your name, date of birth, Social Security number, driver’s licence number, employer, and spouse’s name are routinely noted. The CRA also may provide information about your employment history, home ownership, income, and current and past addresses
• credit applications - credit provider, amount of credit and type of credit (for example interest free loan, home loan, credit card)
• credit defaults – overdue payments of 60 days or more when you have been sent a letter notifying you of the default
• credit defaults that have been paid
• serious credit infringements or ‘clearout’ listings – this is when the credit provider has unsuccessfully tried to contact you in writing and has reported you as a missing debtor.
• information on the public record – for example judgment debts or bankruptcy orders

Lending institutions have different scoring methods when it comes to lending money for home loans, personal loans, refinancing of existing loan, vehicle & equipment and debt cosolidation.  

Since the GFC lenders have become less likely to lend when there are credit issues on your report.

How do I Get a Copy of My Credit Report.

You can obtain your report at any time by making application to the reporting agency, this can be obtained free (5-7 Days) or for a fee of $32.95 the report can be emailed within 4 hours. Link to my credit report