You would have to be living under a rock if you had not noticed the escalating prices in the property market over the last three years-in fact the market has grown a whopping 29%-This rapid growth is spurring concern from our regulators of a price bubble.
What you may not know is what the banks and regulators are doing to prevent the “bubble” and how it affects you:
1. Banks have reduced the discount offered to new investors to discourage new lending
2. Tightened up the new lending credit criteria, making it harder for clients to qualify
3. Increased existing variable rate to investment loan clients.
What this means for you?
1.If you are an investor-owner, for the first time since 1997, you will pay more than owner-occupiers on mortgage.
2.You may receive a smaller loan relative to the price of your house.
3.Bottom line, you will find it harder to get a loan.
Daniel Pym a mortgage broker and financial adviser at loan market, “My personal opinion is that the banks are profiteering by increasing existing investment clients rates.”
With more than 25 years of experience in mortgage broking, Daniel Pym, Director of Loan Market Double Bay, sat down with Daniel Hakim on the ‘Catching up with CUB’ podcast; to share his insights into how borrowers can approach lending strategically. Exploring strategies from negotiating better interest rates to planning for future property investments. … […]
One year ago, Property Manager Julie Feller, Sales Executive Danny Taylor and their team joined Ray White Double Bay, bringing decades of experience, established relationships and a deep understanding of Rose Bay, Vaucluse and the wider Eastern Suburbs. Today, Danny Taylor, Courtney Pashley, Mikayla Giannaklis, Julie Feller and Lachlan Yelds mark 12 months as … […]