Happy Holidays - Time To Close Off Another Year!

This year has been a winner on many fronts for borrowers - interest rate stability and record low interest rates, first home buyers winning with stamp duty reductions plus lots of lender competition resulting in excellent conditions for refinancing. Over the last 12 months, we have seen the official RBA cash rate remain at just 1.50% with many economists forecasting minimal movement (upwards or downwards) over the next 2-3 years.
First Time Borrowers
Plenty of first time borrowers took advantage of the stamp duty savings when these came into effect on 1st July 2017 –  how wonderful to not have to find that extra 3-5% to cover legal fees and stamp duty on top of the obligatory 5-10% deposit! On the flip side however, this new ruling has seen pockets of the Melbourne market inflate sale prices above true market value, causing many bank valuations to fall short (not surprisingly).  This situation has created angst for some borrowers having to find additional funds that they hadn’t planned for.      

Our Year in Review
At VFS, we have had another incredible year throughout 2017 helping many people from all over Australia (and abroad) secure their place in the Australian property market. We’ve assisted newly-arrived families purchase their first homes, helped up-graders get into new properties and numerous investors improve their property financing portfolio. It’s been consistently busy and we have enjoyed every moment!

The most commonly asked question throughout 2017 was ………

How long will interest rates remain at this level?

The standard answer was …..

In our opinion, we can expect a change at some point in the next 12 months, but nobody knows for certain - whilst we don’t have a crystal ball, the general consensus is that various factors are pointing to rates staying on hold for a while

We would like to take this opportunity to thank all of our borrowers, investors and partners throughout 2017 for choosing VFS and for your continued support. We wish everybody a warm and prosperous festive season filled with love, laughter and fun times. Here’s hoping 2018 brings you all good health and everything that you could possibly wish for.

And most importantly, as 2018 approaches, remember to make time to get your finances in order. Please call me on 0438 041 111 to arrange a confidential discussion early in the new year and get the proverbial ball rolling

As always, enjoy life, work hard, play safe and remember that we are always here to help you
‘Take the Confusion Out of Lending’ 

Happy Holidays and Happy New Year

Peter Vinci - 0438 041111