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DID YOU KNOW? When applying for a home loan, lenders will generally assess your ability to repay the loan at the interes...
02/04/2024

DID YOU KNOW?

When applying for a home loan, lenders will generally assess your ability to repay the loan at the interest rate PLUS a ’serviceability buffer’ which has been between 2.5-3% over the past few years (but can be lower with non-major bank lenders).

This means if you apply for a loan with an interest rate of say 6%, the lender will assess whether you’d be able to repay that loan if interest rates rose to at least 9%.

This serviceability buffer is mandated by APRA, the banking regulator, and is designed to protect borrowers from overextending themselves and lenders from issuing loans that might not get repaid in a higher-rate environment. As a result, the serviceability buffer helps maintain the robustness of Australia’s banking system.

While all banks apply a serviceability buffer, each have different credit policies and assess various other aspects of your application differently, which means your borrowing capacity can differ widely between lenders. So while Bank A might be willing to lend you only $800,000, Bank B might be willing to lend you $1.4 million.

I have found the greatest variance is with self-employed clients, usually the ones with 'creative' accountants. If you have been told NO by your lender, please reach out and get a second opinion. It could be the difference between securing that dream home or missing out.

This post is educational in nature and is not financial advice.

Same income but $190,000 difference in borrowing capacity!Here is an example of how common debts and spending habits can...
09/06/2023

Same income but $190,000 difference in borrowing capacity!

Here is an example of how common debts and spending habits can impact our borrowing capacity.

Did you know? That 70% of home loans in Australia are written through mortgage brokers. Why?✅ Expert Guidance ✅ Access t...
30/05/2023

Did you know? That 70% of home loans in Australia are written through mortgage brokers. Why?

✅ Expert Guidance
✅ Access to Multiple Lenders
✅ Save Time and Effort
✅ Competitive Rates and Terms
✅ Personalised Solutions

Unlike going directly to a bank (where they are likely to only focus on their own products) mortgage brokers can search the market for the best rates and loan options that suit you.

Discover the power of a mortgage broker and experience a streamlined, personalised approach to securing your dream home.

The best part – our services are free of charge to you! At EasyAs Mortgages, we won’t charge you any fees. We believe in providing unbiased advice and solutions that are best suited to your needs.

To find out more, contact Anthony on:
– 0431 026 116
– [email protected]

Thinking of refinancing? Here are 4 key points to consider 🤔⁣⁣✅ What’s your financial picture? Make sure your credit sco...
26/05/2023

Thinking of refinancing? Here are 4 key points to consider 🤔⁣
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✅ What’s your financial picture? Make sure your credit score and finances are in shape before applying to avoid disappointment. ⁣
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✅ Do you have equity? Most lenders require 20% equity to refinance. And if you have more, you may be able to unlock it.⁣
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✅ What are you looking for? An offset account, extra repayments, flexibility… Think about what you need in a home loan. ⁣
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✅ Struggling to get a 'yes' due to new lenders' requirements? Exciting news! New lender products have just launched, offering a way to break free from your current mortgage. Reach out to explore your options today!

And if you don't have the answers? No worries. 👇⁣
⁣
Call us today and we can help you crunch the numbers and find a good home loan fit for you. 👍⁣
⁣
To find out more, contact Anthony on:
☎ – 0431 026 116
💻 – [email protected]
⁣

🏠 Buying a home is still the number one savings goal for young Australians 🏠⁣⁣Both Gen Z and Millenials have 'buying a h...
25/05/2023

🏠 Buying a home is still the number one savings goal for young Australians 🏠⁣
⁣
Both Gen Z and Millenials have 'buying a home' at the top of their savings list. 💰⁣
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That’s according to Canstar’s 2022 Consumer Pulse Report, which surveyed 2157 adults in Australia. ⁣
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16% of surveyed Gen Zs had both 'saving for a home' and 'saving for living costs' as top financial goals. ⁣
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While 18% of surveyed Millenials had 'saving for a home' in the top spot. With 'saving for living costs' a close second. ⁣
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Do you have homeownership as a goal for 2023? Come and chat with us and we'll help you work out your borrowing capacity. 🗣⁣
⁣
To find out more, contact Anthony on:
☎ – 0431 026 116
💻 – [email protected]
⁣

24/05/2023

Income increases are the most powerful way to improve your borrowing power. Here are 3 reasons why:

1. There's no limit on what you can earn. There are limits on what expenses you can cut.

2. Salary income has a 7.5X multiplier. Get a 10k payrise, and you'll improve your borrowing capacity by $75k.

3. Other sources of income, like rents, have a 6X multiplier. That is, a $200 weekly rental income increase is equivalent to a $60k improvement in your borrowing capacity.

Vendor discounting – which captures the difference between the price at which a vendor lists their for sale and the pr...
22/05/2023

Vendor discounting – which captures the difference between the price at which a vendor lists their for sale and the price they ultimately accept – is a good proxy for the state of the market. There’s less discounting in a stronger market and more in a weaker one.

That’s what makes the latest vendor discounting stats from CoreLogic Australia so interesting.

Focusing just on the capital cities, we can see:

* Discounting has significantly increased over the past year – from a median of 3.2% in the April 2022 quarter to 3.9% in April 2023
* But discounting has noticeably decreased since September – when it reached 4.4%

In other words, the combined capital cities market experienced a sharp downturn in the early to middle stages of 2022, before starting to recover towards the end of last year.

Not coincidentally, as property prices have been rising, vendor discounting has been falling.

Buyers take note: if prices continue rising, vendor discounting is likely to continue falling.

A significant share of home loan borrowers are reaching the end of fixed-rate loan terms, which means they’ll almost cer...
15/05/2023

A significant share of home loan borrowers are reaching the end of fixed-rate loan terms, which means they’ll almost certainly have to brace for higher interest rates.

As this Reserve Bank graph shows, more than 6% of the fixed-rate mortgages held by the big four banks will expire in June, followed by another 30% or so over the rest of the year.

Many of these borrowers fixed their loans before interest rates started rising. As a result, their new variable rate is likely to be significantly higher.

It’s vital you speak to a mortgage broker before your fixed loan expires. Your broker can research the market on your behalf, and – if it turns out another lender is offering a comparable loan for a lower rate – potentially help you refinance.

Back-to-Back Strong Results for Melbourne Auctions The Melbourne auction market produced another near-boomtime auction c...
10/05/2023

Back-to-Back Strong Results for Melbourne Auctions

The Melbourne auction market produced another near-boomtime auction clearance rate and is now consistently tracking at its highest levels since late spring 2021.
Melbourne reported another strong clearance rate of 78.1% on Saturday which was just below than the 78.8% recorded over the previous weekend but well ahead of the 66.4% recorded over the same weekend last year.

National Auction Markets Strengthen - Despite Rate Rise

The national auction market reported a booming clearance rate of 79.7% at the weekend which was significantly higher than the 72.5% reported over the previous weekend and also well above the 71.3% recorded over the same weekend last year.

7 ways, over 7 daysHow to increase your borrowing power by $50k
10/05/2023

7 ways, over 7 days

How to increase your borrowing power by $50k

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