Ohana Finance

11/03/2024

If you've got the income but not the savings, a Deposit Loan could be the answer.

07/03/2024

Ask us how !

06/03/2024

https://financefocus.connective.com.au/property-investment-jargon-explained-2/

If you’ve ever found yourself scratching your head at the complex lingo, we’re here to turn that confusion into clarity. Imagine dazzling your dinner guests with your newfound knowledge, effortlessly chatting about the ins and outs of the market.

04/03/2024

https://financefocus.connective.com.au/4-common-mistakes-to-avoid-as-a-first-home-buyer/

You want your first-time buying property to be as straightforward and stress-free as possible, and so do we. Here are some common mistakes to avoid when first starting out.

01/03/2024

A couple of utes that we helped existing customers purchase in Feb. Whether you are looking for a car, boat, caravan or front end loader, we have a solution for you.

09/01/2024

28/12/2023

Caravanning gives you access to the great outdoors while having the comforts of home with you, a mode of transport and it can be done on a budget.

If you’ve ever thought about buying a caravan, now could be the perfect time. Let me find you the right finance package to fund your new ‘home-on-wheels’ within your budget.

Need some inspiration? Here are some great resources to help start planning your adventure:

https://caravanningoz.com.au/
https://www.australiantraveller.com/

Get in touch today to find out how I can provide you with a tailored loan solution to help you get on the road soon.

25/12/2023

If you love spending summer at the beach, why not make it more fun? We can tailor a finance solution to suit your personal financial circumstances - and that could make a new jet-ski or another lifestyle asset more affordable.

So why wait? We’d love to help you increase your fun factor at the beach this summer, so please give us a call today.

PS. Know someone else in the market for a new lifestyle asset like a jet-ski? Please tag them here.

As always, your full financial situation will need to be reviewed prior to acceptance of any offer or product.

22/12/2023

Santa may not come through with a big-ticket item at Christmas, but why not treat yourself to that car you really want.

I can help you find the right car finance package that suits your budget and lifestyle. Let me organise a loan with a suitable repayment option that’s perfect for you.

Message us today to find out how we can provide you with a tailored car loan solution that suits your needs.

20/12/2023

As the year draws to a close, I wanted to wish you and your loved ones a wonderful holiday season and a happy New Year.

Our office will be closed from Wednesday 20 December and will reopen on Monday 8 January. To contact us during this time, please text 0418348859 in the first instance.

18/12/2023

It’s hard to believe that it’s almost the end of the year, and what a year it’s been in the property world!
Let’s take a look at some of the highs and lows of 2023, and what we can expect to see in 2024.

Looking back on 2023
Interest rates climbed and then plateaued
From May 2022, the Reserve Bank of Australia (RBA) began an aggressive cycle of tightening the cash rate in order to get inflation under control.

In 2023, we saw the RBA lift the cash rate in February, March, May, June and November, leaving mortgage holders grappling with rising repayments and cost-of-living pressures.

This month, the cash rate has remained on hold at 4.35% as the RBA assesses the impact of the increased interest rates and the economic outlook.

The RBA went under the microscope
In April 2023, Treasurer Jim Chalmers released the findings of the Review of the Reserve Bank. It was the first external review of Australia’s central bank in four decades.

Some of the key recommendations included:

The RBA should have a ‘monetary policy board’ with greater economic expertise and shift to eight meetings a year (instead of 11) to allow more time to consider issues.
There should be a press conference after each meeting to encourage more transparency, and board members should speak publicly about the board’s work.
Two separate boards should be established – one for monetary policy, the other for governance of the RBA.
The inflation target of two to three per cent should be retained.
There should be five-yearly reviews of the RBA’s monetary policy framework and policy tools.
Meanwhile, Michele Bullock was appointed as the RBA’s first female Governor, taking over from Philip Lowe on September 18. She said her priority was to develop a “culture of sharing, debate and respectful challenge” inside the bank.

Property prices rebounded in many markets
In good news for homeowners, property prices climbed in many markets in 2023.

Despite rising interest rates, we saw a 2.3% increase in property prices over the first six months of 2023, and the upwards trend continued in the second half of the year.

A lack of supply of available properties was one of the main driving factors propping up property price growth.

Rents skyrocketed
Rents across Australia rose at a rapid pace in 2023, with landlords hiking rents to cover rising mortgage repayments.

Limited rental supply added fuel to the fire, set against the backdrop of a surge in Australia’s migrant population growth.

What’s ahead in 2024
Interest rates may drop
All four of the Big Banks are predicting the cash rate will drop in 2024.

Commonwealth Bank expects a cash rate drop as early as March, while NAB is anticipating the RBA will cut the cash rate in August. Westpac believes the RBA will lower rates in September and December. ANZ anticipates a cash rate drop towards the end of 2024.

The RBA will have a shake up
Treasurer Jim Chalmers and RBA Governor Michele Bullock are working through the details, but we will likely see some of the recommendations of the RBA review implemented in 2024.

Former governor Philip Lowe in July committed to cutting the number of board meetings to eight from 11 from next February.

For borrowers, that means there will be more time between decisions for borrowers to adjust to any changes in the cash rate.

Property prices may continue to climb
The property price rebound looks set to continue into 2024.

According to the Domain Forecast Report Financial Year 2023-24, house prices in Sydney, Adelaide, and Perth, and unit prices in Brisbane, Adelaide and Hobart, could have fully recovered from the 2022 downturn by the end of this financial year. Sydney is expected to lead the way, with house prices rising 6% to 9% by the end of June 2024.

Rental growth may slow
It may not be great news for investors, but renters will be happy to know that rental growth may slow in 2024. There are a number of reasons for this, according to CoreLogic Head of Research Eliza Owen.

For one, rents move with interest rates, and interest rates could fall next year.

Housing preferences could also change, with people moving to share houses as income growth softens and rents become less affordable.

Planning a 2024 property purchase?
With interest rates expected to come down and property prices on the rise, 2024 is shaping up to be an exciting year for property owners.

If you’re planning a property purchase, talk to us about getting pre-approved on your finance, so that you’re ready to dive in when you find the right property.

15/12/2023

Planning to purchase a property in the near future?
Here’s what you can do today to optimise your chances of being approved for a home loan down the track.

✅ Do your research
It’s a good idea to do some research and start thinking about what kind of home loan may suit your needs.

If you like the idea of knowing exactly what your ongoing repayment will be so that you can budget for it, a fixed home loan may work for you.

However, keep in mind there’s talk of interest rates going down in 2024. Opting for a fixed rate loan means you won’t benefit from a drop in interest rates.

If you prefer to have flexibility and don’t mind the idea of your interest rate potentially fluctuating with any cash rate changes, a variable home loan may be more up your alley.

As a mortgage broker, we can explain the ins and outs of fixed versus variable mortgages, plus how you may benefit from interest-saving features such as offset accounts and redraw facilities.

✅ Clean up your credit rating
When you apply for a home loan, lenders look at your credit report.

If you don’t know much about this, your credit report includes a credit score – a value up to 1000 or 1200 depending on the credit reporting agency – which indicates how reliable you are as a borrower. It includes information about how you’ve managed any past or current loans or debts, as well as your repayment history.

You can get a free copy of your credit report every three months from the following credit reporting agencies:

Experian 1300 783 684
illion 132 333
Equifax 138 332
If you notice something’s amiss, get in touch with the agency to sort it out promptly (find tips here).

And be proactive about keeping your credit report clean by:

Paying your bills on time;
Limiting applications for credit;
Paying off your credit card; and
Reducing your credit card limit.
✅ Domino your debts
Now’s a good time to pay off any debts where possible. That means knocking over any personal loans, car finance, outstanding credit card bills or other debts.

When assessing your home loan application, lenders will consider your income, expenses and existing debts, among other things. If you can show them that you can cover your existing debts with surplus money to cover the home loan repayments, it can enhance your credibility.

✅ Get busy saving
The bigger deposit you can save, the more attractive you’ll be as a borrower to lenders. Usually, it’s best to aim to save 20% of the value of the property.

Having said that, there may be other ways to get into the market if you don’t have a sizeable deposit saved. For example, some lenders will still accept borrowers with a deposit of 5%, provided they meet certain conditions.

Keep in mind if you borrow more than 80% of the property’s value, you may need to pay Lenders’ Mortgage Insurance.

✅ Avoid switching jobs
Employment stability is important to lenders. They want to know that as a borrower, you have healthy spending habits, a solid credit history and long-term secure employment.

Moral of the story? Try not to switch jobs if you are planning to buy a property in the foreseeable future.

✅ Get the ball rolling
If you’d like to talk through the first steps of getting a mortgage, we’re here to help.

We can organise pre-approval on your finance so that you can start shopping for the right property. Get in touch today.