Exclusive Loan Solutions

24/05/2024

CoreLogic says rate hikes have had little impact on the performance of many Australian suburbs, with 43.6 per cent hitting a record high. Some interesting numbers coming out of capital cities despite record rate rises by the RBA.

Amidst Australia's historic two-year rate hike cycle, the property market has become a picture of resilience and decline, showcasing stark contrasts across cities, suburbs, and regions.

21/06/2022

First home buyers in NSW will be able to choose between an upfront payment or a smaller annual property tax from next year, it has been confirmed.

NSW Premier Dominic Perrottet has confirmed that the state will be giving eligible borrowers the option of paying stamp duty or an annual property tax (based on the ‘dutiable value’ of the property) from 16 January 2023.

The property tax option will be available for properties for up to $1.5 million and the property will not be locked into the scheme if it is sold.

Homebuyers must move into the property within 12 months of purchase and live in it continuously for at least six months.

Under the new initiative, first home buyers who opt into the property tax will pay an annual property tax plus a percentage of the land value of the property.

The property tax rates for 2022-23 will be:

- $400 plus 0.3 per cent of land value for properties whose owners live in them;
- $1,500 plus 1.1 per cent of land value for investment properties.

These tax rates will be indexed each year, so that the average property tax payment rises in line with average incomes.

First home buyers will continue to be eligible to apply for full stamp duty exemption for properties up to $650,000. Stamp duty concessions remain in place for properties between $650,000 and $800,000.

However, FHBs will not be eligible if they have received a First Home Buyer Grant or duty concessions.

All other purchasers must continue to pay stamp duty as normal.

NSW Premier Dominic Perrottet says the stamp duty reform to be announced in today's state budget will "lower the barriers" to owning a home for first-time buyers.

16/05/2022

𝗪𝗶𝗹𝗹 𝗳𝗶𝗿𝘀𝘁 𝗵𝗼𝗺𝗲 𝗯𝘂𝘆𝗲𝗿𝘀 𝗯𝗲 𝗯𝗲𝘁𝘁𝗲𝗿 𝗼𝗳𝗳 𝘂𝘀𝗶𝗻𝗴 𝘁𝗵𝗲 𝗟𝗶𝗯𝗲𝗿𝗮𝗹 𝗼𝗿 𝗟𝗮𝗯𝗼𝗿 𝗹𝗼𝘄-𝗱𝗲𝗽𝗼𝘀𝗶𝘁 𝘀𝗰𝗵𝗲𝗺𝗲𝘀?

First-home buyers could save about $1,000 a month on their mortgage repayments by choosing Labor’s Help to Buy scheme over the government’s , but may trade-off up to $455,000 in equity gains.

Each major party has pledged to help first home buyers, but only the Coalition would allow them to access up to $50,000 of their superannuation.

The Coalition will also retain and expand its low-deposit loan scheme, which allows a purchase with a 5% deposit (raised independently of super) without paying lenders mortgage insurance ( ). Labor will match this and add a shared equity scheme, where it co-purchases a home with the buyer, who may have owned previously.

If a first-home buyer purchases a $900,000 home in Sydney with a 5% deposit of $45,000. Using the First Home Guarantee scheme, their monthly mortgage repayment would be $3,595. But under the Help to Buy program, where the government owns 30% of their home and they have a smaller mortgage, they would pay $2,460 per month, a saving of $1,135.

If property values fall, low-deposit buyers risk owing more money to the bank than their home is worth, known as negative equity.

Assuming a drop in line with economist forecasts, the same home could be worth $799,200 by the end of 2023.

Someone in the unfortunate situation of needing to sell due to job loss or family breakdown would face negative equity of $28,733 under the First Home Guarantee but only $7040 using Help to Buy, because the government shares the loss.

Source: Sydney Morning Herald(SMH)

https://www.smh.com.au/property/news/will-first-home-buyers-be-better-off-using-the-liberal-or-labor-low-deposit-schemes-20220513-p5al1a.html

19/04/2022

***Upcoming Changes to FHLDS ***

property price caps have increased for FY23. See below:

05/01/2022

Yes it was 22.1% in one year.

The increase in House Prices that we all saw last year has been confirmed by Corelogic's analysis.

On the other end of the spectrum, momentum has slowed quite sharply in Melbourne and Sydney dwelling markets, with both cities recording the softest monthly reading since October 2020.

If you are looking to invest, upgrade or simply looking for a better rate, speak to us for a comparison of more than 30 lenders and their rates.

Australian housing values were 1.0% higher in December, taking the annual growth rate to 22.1%. However, conditions are diversifying amongst the capital cities and regions, with the monthly change ranging from a 0.1% fall in Melbourne to a 2.9% surge in Brisbane. Tim Lawless explores what's happenin...

09/05/2021

**Single parents set to be helped by the Govt** You will only need to save a 2% deposit and pay no lender mortgage insurance ( ) under the Governments new guarantee scheme being announced in next weeks budget. The Govt is set to announce plans to offer 18% deposit from July. The maximum amount of voluntary contributions that can be released under the First Home Super Saver Scheme ( ) will also be increased from $30,000 to $50,000.

The 2021 Federal Budget is set to include a plan to allow single parents to buy a house with just a two per...

07/02/2021

Core Logic reveals suburbs where median values have slipped below the FHLDS thresholds.

The list comprises 23 suburbs across the four largest capital cities. In each of the suburbs, it is unit medians that have slipped below the threshold.

Source:- https://infogram.com/suburbs-where-median-values-have-slipped-below-fhlds-thresholds-1hxj48pmngnpq2v

23/12/2020

The Exclusive Loan Solutions Team would like to thank you and wish you and your family a wonderful Christmas and New Year🎁.

2020 has been full of ups and downs and it is almost over and we hope 2021 brings more happiness to the world.

We wish you good health, prosperity and happiness for the year ahead. Please stay safe over the holiday season.

Remember, while our office is closed during the break, we are still contactable over the mobile phone📱 and keep in touch with any clients who have purchased or are due to settle during this break.

27/07/2020

**Breaking News*** The NSW state government has abolished stamp duty for new homes under $800,000, in a bid to support first home buyers and the construction industry.

The threshold for stamp duty being charged on new homes for first home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million. The stamp duty threshold on vacant land will also rise from $350,000 to $400,000 and will phase out at $500,000.

The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes, and will last for 12-months, starting on August 1.

The state will also continue to offer a $10,000 first homeowner grant, which is available to people buying a new first home worth no more than $600,000, or buying land and building a new first home worth no more than $750,000.

This means the maximum benefit a homeowner could be entitled to is $32,335 if purchasing a new home and accessing the grant.

The Berejiklian government will use stamp duty concessions to boost the state's economy.

13/06/2020

Your questions answered regarding grants and government assistance... !!! Happy to answer any questions or check Serviceability for First Home Buyers....

Including $25,000 from HomeBuilder, the grants and exemptions available to first-home buyers range from $35,000 to $55,000. Here's how each state compares.

04/06/2020

HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations.

You will be able to apply for when the relevant State or Territory Government that you live in, or plan to live in, signs the National Partnership Agreement with the Commonwealth Government.

Information on when and how you will be able to apply will become available through the relevant State or Territory revenue office in due course. Here is the fact sheet👇

HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations. You will...

03/06/2020

Excitement is growing among Buyers and Sellers with what the Government is about to unveil.

Who else is excited for this weeks announcement?

The next phase of government stimulus designed to revive the economy in the wake of the coronavirus crisis will focus on housing construction, it’s been reported.