Richard Ng Finance Broker

Richard Ng Finance Broker My interest is to provide Affordability and Simplicity to all my clients, friends and family.

With my guidance, I will navigate through abundant banks and products that are available to design a home loan that is suitable for your financial status.

Property investors spotting opportunityWith property prices falling over the past few months, many investors believe thi...
05/10/2022

Property investors spotting opportunity

With property prices falling over the past few months, many investors believe this is a golden opportunity to enter the market at a discount.

Changing market conditions have made 47.8% of property investors more likely to buy within the next 12 months, according to the annual Property Investor Sentiment Survey.

That compares to 30.6% who are less likely and 21.6% who are unsure.

The survey was conducted by the Property Investment Professionals of Australia, an association of buyer’s agents.

There are three interesting statistics in CoreLogic’s latest summary of the housing market.1. Most of our household weal...
26/09/2022

There are three interesting statistics in CoreLogic’s latest summary of the housing market.

1. Most of our household wealth (57.3%) is tied up in residential real estate

2. Australia’s loan-to-value ratio is a low 21.6%, given that we have $2.1 trillion of mortgages against $9.7 trillion of property

3. That $9.7 trillion valuation is bigger than the combined value of the commercial real estate, superannuation, and the share market ($7.3 trillion)

So, yes, Australians really do have a love affair with property. And with debt levels relatively low, our housing market is in good shape.

Who is the boss today? 😎😎😎
22/09/2022

Who is the boss today? 😎😎😎

The number of properties listed for sale generally rises in August, ahead of the spring selling season. So it’s surprisi...
15/09/2022

The number of properties listed for sale generally rises in August, ahead of the spring selling season. So it’s surprising to discover the opposite actually occurred this year.

National listings fell 3.5% month-on-month in August, according to SQM Research, and also declined in every capital city.

SQM believes vendors are cautious about selling right now given that prices are falling in many parts of Australia.

Ironically, falling stock levels are likely to firm up prices. That’s because lower seller supply should mean higher buyer demand.

The Australian Bureau of Statistics has reported some positive economic news, with the economy expanding by 3.6% year-on...
12/09/2022

The Australian Bureau of Statistics has reported some positive economic news, with the economy expanding by 3.6% year-on-year in the June quarter.

That’s up from 3.3% in the March quarter.

In quarterly terms, economic growth rose from 0.7% in the March quarter to 0.9% in the June quarter.

As the chart shows, Australia’s economy has experienced only three-quarters of negative growth since 2014 – all due to covid lockdowns.

Since the turn of the century, the economy has experienced only six negative quarters.

That shows, over the long-term, that despite occasional dips, Australia gets progressively wealthier.

The Reserve Bank of Australia has increased the cash rate for the fifth consecutive month.During that time, the cash rat...
06/09/2022

The Reserve Bank of Australia has increased the cash rate for the fifth consecutive month.

During that time, the cash rate has increased from 0.10%, a record-low setting, to 2.35%, which is still low by historical standards.

In a statement announcing the cash rate decision, the RBA board signalled it would make several more cash rate increases.

“The board expects to increase interest rates further over the months ahead, but it is not on a pre-set path,” it said. “The size and timing of future interest rate increases will be guided by the incoming data and the board's assessment of the outlook for inflation and the labour market.”

As the cash rate increases, so will home loan rates, which is why so many people right now are speaking to mortgage brokers about refinancing. Switching to a comparable loan at a lower interest rate could save you thousands of dollars per year.

Consumers are using mortgage brokers in record numbers, according to new data from research group Comparator.Brokers ori...
01/09/2022

Consumers are using mortgage brokers in record numbers, according to new data from research group Comparator.

Brokers originated 68% of new home loans between April and June, which was a record for the June quarter.

That 68% market share is a big increase on the 59% share recorded the year before and the 57% share the year before that.

Now that more than two in three Australians are using brokers when they take out a home loan, that means fewer than one in three people are going directly to a lender.

That’s not surprising, because when you go to a lender, you receive information only about that institution's products – even if another lender is offering a comparable loan at a much lower interest rate. But when you go to a broker, the broker compares the market on your behalf, which means you're far more likely to get a great loan for your personal situation.

There’s one key takeaway from this Reserve Bank graph on interest rates.No, it’s not that interest rates are rising, bec...
25/08/2022

There’s one key takeaway from this Reserve Bank graph on interest rates.

No, it’s not that interest rates are rising, because that’s obvious.

It’s that people who take out new loans (the bottom line) are being charged significantly lower interest rates than loyal customers with existing loans (the top line).

Lenders compete hard for new business, so they generally offer lower rates to new customers.

That’s why now might be a great time to speak to your mortgage broker about potentially refinancing to a comparable loan with a lower interest rate. Depending on your situation, you might be able to save hundreds of dollars per month and thousands per year.

I wonder how many of you have made it this far? 😅
18/08/2022

I wonder how many of you have made it this far? 😅

Not sure if I should be worry or scare at this time seeing a head pops up staring at you 🤨
17/08/2022

Not sure if I should be worry or scare at this time seeing a head pops up staring at you 🤨

The federal government’s first home buyer incentive, the Home Guarantee Scheme, has had a big impact on helping first-ti...
17/08/2022

The federal government’s first home buyer incentive, the Home Guarantee Scheme, has had a big impact on helping first-time buyers enter the market, according to a new review.

Between January 2020 (when the HGS started) and May 2022, the average loan size of people who bought a property through the scheme ($442,000) and the total first home buyer market ($444,000) was virtually identical.

However, people who bought through the scheme had much smaller deposits ($34,000) than first home buyers in general ($122,000). That’s because most HGS buyers can purchase a property with just a 5% deposit – and without having to pay lender’s mortgage insurance.

"Less than 30% of HGS participants’ income was used for mortgage repayments for their new home. Around half the costs that were previously paid as rent are now mortgage principal payments, representing genuine savings in the form of home equity,” according to the review.

The review was conducted by the National Housing Finance and Investment Corporation, a government agency, and was based on data from Commonwealth Bank and NAB.

The average value of all the new houses approved in June was $408,782, according to the latest data from the Australian ...
10/08/2022

The average value of all the new houses approved in June was $408,782, according to the latest data from the Australian Bureau of Statistics.

That was 19.8% higher than the year before.

It was also the 15th consecutive monthly increase and the 10th consecutive double-digit increase.

The rise in the value of houses that have been approved (but have yet to be built) reflects the increase in property prices that has occurred since the pandemic and the more recent increase in building costs.

Address

1/755 Albany Highway
East Victoria Park, WA
6101

Telephone

+61433539342

Website

Alerts

Be the first to know and let us send you an email when Richard Ng Finance Broker posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Richard Ng Finance Broker:

Shortcuts

Share

Category