1. APRA’s Proposed Changes to Interest Rate Serviceability Buffer
Wait… what? What does that even mean?
Basically, the Australian Prudential Regulation Authority (APRA) currently requires lenders to measure whether you can afford your loan at a rate that’s higher than what you currently pay (so you can afford your repayments if interest rates rise).
So with interest rates at a record low (and likely to remain low for some time) bank regulator APRA is loosening home loan rules, which will make it easier for borrowers to access a mortgage.
So, what does this mean for you? Well, if you have no other financial obligations, you could now borrow between $20,000 – $100,000 more than you currently can. Dang! Imagine how much you could express yourself with that kind of cash?
2. RBA has cut the national cash rate (for the first time since August 2016!) to a record low of 1.25%
This could lead to a saving of approx $700 per year, which is equivalent to almost $21,000 over the life of a loan! Crazy right.
Why is RBA doing this?
The 0.25 per cent decrease will reduce financial pressures for current home owners and encourage new home buyers to enter the market. It will assist with faster progress in reducing unemployment and achieve more assured progress towards the inflation target.
The RBA cuts as well as the proposed APRA changes to servicing rates, the Federal Government’s proposed first home loan guarantee scheme, and recent Keystart changes will all make it easier for first-home buyers to get into the market, meaning now is the perfect time to get started on building your new Express Living home!
With more West Australians able to access home loans, property investment and home ownership will become more affordable, which should help stimulate our local property market, and have a positive flow on effect to the rest of the economy – a shift we are all keen to see grow momentum in the second half of 2019! #winning!
3. Keystart Increasing Their Maximum Income Limits
Keystart is the State Government home loan lender who gives super low deposit home loans (as in 2% low) and doesn’t require lenders mortgage insurance or monthly account keeping fees. (Saving you thousands)
Keystart’s eligibility criteria can seem pretty hectic sometimes, but things just got a little easier.
So, starting now (until December 31st), Keystart have increased maximum income limits for their low deposit home loan; [read more here]
The Metro Perth income limits will increase by $15,000 for singles and couples and by $20,000 for families:
These changes mean more people can own their first home, even if it wasn’t possible in the past, so why not you too?
4. V Homeloans: 30 Lenders at Their Fingertips
Finance can be so confusing and stressful. There are so many lenders offering so many different things, where do you even start?
We don’t like to brag, but we reckon our team of mortgage brokers at V Home Loans is the best in the business! V Home Loans will sit down with you to review your current situation and what you’re looking to do, let you know if you’re eligible for grants, concessions, or rebates, and as they’re partnered with over 30 lenders and service providers offering a massive range of loan products they’ll look at everything that makes you *you* and find the lender that will suit your dreams best.
5. Get a Boost in Your Savings of up to $1080 this Tax Time
The Government wants to increase the low and middle-income tax offset this July. Awyeaaah!
There’s nothing worse than submitting your tax return and seeing that you’re getting very little back, but if you earn $90,000 or less, you’re about to get a bit of a boost. You can get tax relief of up to $1,080 this year.
So what are you gonna do with that little bit of extra money in your pocket? You can spend, save or invest it; why not use it to contribute to building your very first home? (that would be our #1 pick!)
6. Express Living Has a Super New Promotion
So let’s recap…. You’re allowed to earn more, you’ve had some help saving for your deposit at tax time, you’ve obtained your loan with some help from V Home Loans (and you were able to borrow more!) Things are looking pretty good… but we can help you make them look even better!
In fashion they say dress to impress… When it comes to building a home with Express, the same goes down! You’ve picked your perfect home design, it looks HOT from the outside, but what about the inside? Hello Super Styler!
Our Super Styler package is your one-stop complete interior styling service!
Let us take the headache and leg work out of furnishing your brand new Express home, our team of stylists will do all the thinking and creating for you, and we’ll even give you a $5000 shopping spree to get your started – all you have to do is move in, with style!
Your Super Styler Package includes:
Step 1: Meet with our Express Living Interior Designers who will help you select your personal style and make your fixtures and fittings match that selection.
Step 2: Meet with freedom’s Interior Decorators who will help you get that décor to match your home selections.
Step 3: You receive a personal mood board with all your selections.
Step 4: Your $5,000 Express Living Shopping Spree* we’ll let you express yourself with a $5,000 shopping spree on any freedom product you’ve selected!
All the signs are pointing to now! Now is the time to take the first step and get on your way to your new home journey. If you would like to chat more about any of the steps explained above, please get in touch or view our home designs here. We’d love to help you explore your own unique style and express this in a home that perfectly fits you and your life.
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