Andrew Merritt - My Finance People

11/11/2022

This could be a good sign for us as Australia usually follows The US

Good news out of the US should be a positive sign for us too, showing that the inflation genie could be getting under control. This is good for interest rate control and stock market positivity.

11/11/2022

I was just saying this to a few of my clients this week. Is raising rates the answer ?

The central bank’s tactics to combat inflation are intensely questioned as the Senate economics legislation committee digs in.

03/05/2022

So after 11 and a 1/2 years the Australian Reserve Bank have raised interest rates by 0.25%.

Listening to the Governer this afternoon he was saying that he can’t see why Australia shouldn’t be heading towards a “normalised rate” which he would like to see at 2.5%. If this is the case, we have another 2.15% to go up still. He gave no indication over what period this was likely to be implemented though.

The rise was due to the inflation rate for the year being 5.1% on the back of fuel going up by 35% due to the Russian Ukraine crisis, shortages on supply of goods and services on the back of the Covid pandemic restrictions and the cost of building materials increases in the housing sector.
To me, all of these are a temporary condition that should correct and normalise.
However, it seems the powers that be are intent on raising interest rates to that target of 2.5% in the coming months and years.

Therefore, please check your current mortgage balances, rates and repayments and then put those into a mortgage calculator and work out what your repayment would be if the rate was 6%.

Could you afford that? What contingencies can you put in place ? Review your household budget.
If you can, start paying that now, if you’re on a variable rate loan this will help you get ahead on your mortgage and get you used to paying this amount.

The gap between a variable and fixed rate has grown over the last few months.
The best variable rates being at around 1.99% and likely to go up by the 0.25% to 2.24% with the best 2 year fixed rate being 2.34% and a 3 year at 3.79%.

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04/01/2022

Go DP 💪✅

07/06/2020

While restrictions may have started to ease, the economic challenge from the pandemic and the restrictions we needed to put in place remains.

That includes our construction industry, where the pipeline of new projects has slowed dramatically, putting local jobs at risk in the coming months.

If we take action, we can help to mitigate or avoid the potential damage.

But we need your help.

If you have been thinking about building - now is the time to get it underway and support local jobs.

To help get new homes under construction, we're introducing $20,000 Building Bonus grants for any Western Australia to build a new house or purchase a property in a single-tier development already under construction.

The grants will be available until the end of the year, and will not be means tested and have no cap on property value.

They will be on top of the Federal Government's HomeBuilder Grants, as well as WA’s First Home Owner Grants and first home buyer duty concession, meaning someone who qualifies for all four could access up to $69,440 in Government assistance to help build their first home.

Simply put, these grants are about getting as many new projects off the ground as possible, and keeping as many WA jobs intact as we can.

We're also making some changes to the 75% stamp duty rebate we introduced for new multi-tier developments last year.

The rebate, which is capped at $25,000, will now also apply to purchases in multi-tiered developments already under construction, in addition to pre-construction contracts.

05/06/2020

A bit more info for you

Broker support is critical for borrowers looking to capitalise on the government’s new housing grants, Aussie Home Loans has stressed, with observers warning that the scheme is “vulnerable to exploitation”.

05/06/2020

Very Exciting news indeed !
New HomeBuilder Grant gives you $25k towards new home builders and renovations. BUT there are some restrictions to be aware of AND there has been no process established yet! So thanks to the Govt for this grant and the excitement but we need to know how you intend us to deliver this to all the hype and excitement of our customers!
Here are some of the parameters:
ALSO a bit misleading on the FHLDS $10k grant as this is NOT a grant but a Govt guarantor for Mortgage Insurance to the lenders and COULD be WORTH $10k IF you were lucky enough to be one of the 10,000 allocated across the country in a financial year. Rumour has it that the First Home Owner Grant will also increase but we haven't had any confirmations of this yet.

Prime Minister Scott Morrison has just unleashed a home reno dream, announcing grants of up to $25,000 to build new homes and refurb existing houses.

06/05/2020

Positive News in our property market. Thanks for some good news Denis Sauzier Slp. Congratulations to your buyers and sellers alike.

13/04/2020

🐰 🐣

19/03/2020

At its emergency meeting today the Reserve Bank (RBA) announced a cash rate cut of 0.25%, bringing the cash rate to 0.25% the lowest in Australian history!

Australia has entered unchartered economic territory and uncertainty associated with the COVID-19 outbreak. The RBA made the decision to decrease the cash rate to help mitigate the economic impact of the pandemic.

03/03/2020

The Reserve Bank of Australia has cut the official cash rate by 0.25 percentage points to a Record Low of 0.5 per cent.

If you're paying over 3% on your home loan, give me a call.

The information contained in this email is general and does not take your personal financial situation into consideration. Your full financial situation would need to be reviewed prior to acceptance of any offer or product.
Credit Representative 382089 is authorised under Australian Credit Licence 389328