Your local mortgage broker in Adelaide, Burnside, Port Adelaide and around
If you are like many of the home owners I have spoken to recently then you probably have not reviewed your home loan in years! Or even worse, you’ve gone straight to a bank for your home loan on your recent purchase and missed out on some crucial discounts you may have been eligible for!
It’s an absolute passion of mine to make sure all of my clients not only experience a streamlined home loan process, but also save thousands on their home loan by allowing me to shop around for them.
You see, my previous career in mortgage management taught me the value of flexible lenders. It also taught me that in order to help a customer save is truly about being able to offer a broad range of home loan products and the power to negotiate on their behalf. Through Loan Market, I now have access to hundreds of products and that give you a huge advantage.
Finding the right home loan for you can be a pretty daunting task. Offset accounts, monthly fees, application fees, Lines of credit LVR’s! Should you use a guarantor? And what about mortgage insurance?
If you are an investor looking to grow your portfolio or maximise your investment returns, whether you are a buy and hold investor, buy and renovate, or simply first time property investor, you’ve come to the right place.
Being self employed myself, and working with hundreds of small business up to larger company owners I understand which lenders will consider your individual circumstances and require less documentation than you think!
Changes to stamp duty for FHB
The changes, which will come into effect 1st July 2017, also include a $10,000 grant for builders of new homes up to $750,000, and purchasers of new properties worth up to $600,000. The previous $5000 New Home Grant Scheme will end. As part of the reform to address housing affordability, the government has said that the stamp duty charged on lender’s mortgage insurance will also be abolished. For an individual with $50,000 in savings looking to purchase a $800,000 home, this could mean saving approximately $2900. Foreign investment In an effort to slow down the competition first home buyers face, foreign investors will now pay double the stamp duty surcharge - from 4% to 8% - and land tax will increase from 0.75% to 2%.
Federal Budget Highlights from ING
Negative Gearing Negative gearing remains however some rules have been tightened around what can be claimed, specifically travel expenses and depreciation deductions. Under new rules coming into effect from 1 July 2017, depreciation deductions for plant and equipment items such as washing machines and ceiling fans will only be allowed if the investor actually bought them. The "integrity measure", which is intended to address concerns that such items are being claimed as tax write-offs by successive investors in excess of their actual value, is tipped to claw back $260 million over the next four years. The changes will apply to any items purchased after budget night, but existing investments will be grandfathered. Meanwhile, investors will no longer be able to claim tax deductions for travel expenses "related to inspecting, maintaining or collecting rent for a residential rental property" from 1 July 2017.
Is your home loan affected by recent changes?
You may have seen a fair bit of movement on the banks side in recent times under pressure from APRA to make changes to investment lending. Those mainly affected are - Investors with investment purposed variable Principle and interest home loans (Rates likely to have increased) - Investors with investment purposed Interested Only home loans (Increased) - Owner occupied home loans with interest only repayments (possibly increased) Now more than ever it is crucial to check your home loan interest rate and product. You can easily do this if you have online banking and navigate to the loan details tab. (Happy to walk you through this if you want to send me an email or call me direct) If you had an investment loan in the past and recently moved into your home (therefore changed the purpose) then please contact me immediately to see if we can renegotiate your loan product, you could be savings hundreds if not thousands by switching to the correct product!