John Adams - Mortgage and Finance Broker

It's Merry Christmas from the RBA this year. Thankfully rates have been left on hold and we can enjoy Christmas.

As expected, the Reserve Bank of Australia has lifted the official cash rate by 25bps to 4.35%. Obviously this can put many under more financial strain just before Christmas. Please reach out if you would like to discuss your options.

*Free Geelong Cup Tickets*
Who wants them? 2 available.

**********Great News**********
The Reserve Bank of Australia (RBA) has again elected to keep interest rates on hold at its August board meeting, with the cash rate remaining at 4.1 per cent.

Wishing all of our wonderful clients, colleagues and referrers a very Merry Christmas and a Safe & Happy New Year.

The Reserve Bank of Australia has lifted the official cash rate for the first time in nearly 12 years.

At its meeting on Tuesday, the RBA board decided to increase the rate by 25 basis points from a record low of 0.1% to 0.35% and the interest rate on exchange settlement balances to 25%.
It will be interesting to see what the banks do.

We deliver what the banks can’t:

Choice – Unlike the big banks, we work with a diverse range of lenders, giving you access to more options and the freedom and flexibility to choose what’s best for you.
Service – Whether it’s a quick question or a conversation over coffee, help is always at hand. We have access to all the info on current legislation and regulation without any of the confusion.
Advice – Make decisions with confidence, knowing you have an expert by your side. We’re industry qualified and have one agenda, to match you with the solution that serves you best.
Ease - No travel, no time wasted, just easy, convenient, expert advice when you need it. We can meet you virtually or face-to-face.
Savings - We save you time and frustration by doing the research for you and guiding you through the home loan process, and we can also potentially save you money on interest rates and fees.

Need simple finance solutions tailored to your needs?

Ready to explore the best options available to you?

Want expert support throughout the entire process?

You’re in the right place.
Whether you’re looking to refinance your mortgage, apply for a home loan or secure finance for your business, we’re here to help.

Does your home need a bit of a makeover? Whatever type of home renovation project you're thinking of undertaking, you'll need funds to make it happen. Here are five ways to finance your next home reno:

1. Cash

Saving for a home renovation means that you won't need to access credit to transform your home from drab to fab.

2. Home equity loan

This involves borrowing against the current equity you hold in your property.

Be aware though, that the cost of your renovations may actually be higher than the equity you have available.

2 Construction loan

This is similar to a home equity loan, except the lender will take into account the final value of your home after the renovation.

You'll receive the loan in staggered amounts over a period of time.

3 Line of credit

This may be ideal for ongoing or long-term renovations.

When you apply, you can establish a revolving credit line that you can access whenever you want up to your approved limit.

You'll need to make sure you can make repayments on the line of credit.

5 Personal loan

This could be an option to consider if you're only looking at doing a small reno. Personal loans are usually capped at around $30,000.

The catch is, interest rates on personal loans are higher than on home equity loans.

This isn't an exhaustive list of financing options. No matter what type of home renovation funding option you're considering, make sure you set a realistic budget and seek expert guidance. We can help you understand your options and guide you through the financing process.

Mortgage brokers act for you; a lender sells you products.

When providing credit assistance, a mortgage broker is legally required (under the Best Interests Duty) to act in your best interests.

Banks and lenders are not bound by the Best Interests Duty. Which means that, when a bank or lender provides you with credit assistance, they are NOT legally required to act in your best interests.

So, if you’re looking to refinance your mortgage or apply for a home loan, we’re here to help. Unlike the banks, we work with a diverse range of lenders, giving you access to more options and the freedom and flexibility to choose what’s best for you.

How much deposit do you need for a home loan?

The short answer is, it depends… Banks and lenders have different lending assessment criteria. Your financial situation will also affect how much deposit you’ll need to put down.

Ideally, most banks and lenders would prefer that you have a 20% deposit. So, that’s 20% of the purchasing value of the property you want to buy.

If you aren’t able to save a 20% deposit, you may still have options. Some banks and lenders will accept as little as 5%, but conditions and eligibility criteria may apply.

We can help you calculate how much you can borrow and how much deposit you’ll need. Plus, we’ll also help detail any other costs involved in buying a property, so you won’t be left short.

🏡⬆️ Property Market Update 🏡⬆️

Property prices continue to increase.
In the three months to February, national home property prices increased by 2.7% overall. Over the past 12 months, dwelling values have increased by 20.6%.

Here's a breakdown of the increases across the capital cities:
Canberra: +3.1%
Darwin: +1.5%
Hobart: +3.5%
Perth: 1.3%
Adelaide: 6.4%
Brisbane: 7.2%
Melbourne: 0.2%
Sydney: 0.8%

Here’s a quick summary of support for home buyers in the 2022/23 federal budget:
Family Home Guarantee
The Family Home Guarantee allows eligible single parents with dependent children to buy a home with a deposit as low as 5%.
The government guarantees up to 15% of the property purchase price, so borrowers can avoid paying Lenders Mortgage Insurance (LMI).
The Family Home Guarantee scheme will be expanded from 1 July to 30 June 2025.
There will be 5,000 places a year for families. The guarantee is not limited to first home buyers.
First Home Guarantee

The First Home Guarantee (previously the First Home Loan Deposit Scheme) allows eligible first home buyers to buy a new or existing home with a deposit as low as 5%.
The government guarantees up to 15% of the property purchase price, so borrowers can avoid paying Lenders Mortgage Insurance (LMI).

There will be 35,000 guarantees available per year for the First Home Guarantee, up from the current 10,000 from 1 July 2022.

Regional Home Guarantee

The government has launched the Regional Home Guarantee. Borrowers in regional areas will be able to buy or build a new home with a deposit as low as 5%. The government will guarantee up to 15% of the property purchase price.
The scheme will be reserved for residents who haven’t owned a home in five years.
The regional scheme is expected to kick off in the 2022-23 financial year (subject to legislation being passed). Up to 10,000 places each year will be available.
First Home Super Saver Scheme
The First Home Super Saver Scheme (FHSSS) helps borrowers boost their savings for a first home by allowing them to build a deposit inside superannuation, giving them a tax cut.
From 1 July 2022, the maximum amount of voluntary contributions that can be released under the FHSSS will be increased from $30,000 to $50,000.

It’s important to remember that eligibility criteria apply to these initiatives. You’ll also need to meet the lender or bank’s lending criteria. Places are limited on these schemes, so it’s important to act quickly. Please get in contact with us to organise your home loan application and find out which scheme you’re eligible for.

John Adams - Mortgage and Finance Broker is now on WhatsApp.

I just love photos of my clients having fun with their Sold signs. We made some magic happen for Meg & Abbi. You have both been a lot of fun to work with.

Good afternoon, I need you to do me a huge favour please. I am trying to build my online profile and need your review of my service on Google. Thanks, I owe you one.

Looking to upgrade your vehicle? I can get you a great deal on your finance.

It was great to see all of my fellow Brokers, Support staff and management face to face at our 2021 Buyers Choice Awards/Xmas celebration. After my 5th year of working hard to help my clients get the best finance deals and achieve their goals, it was great to receive the Business Growth Award. 2022 is going to be bigger and better again.

Wishing you all a very Merry Xmas and safe and happy new year with the ones you love. Please keep safe and have a successful 2022.

Mortgage Brokers are writing 2 out of every 3 new home loans. It's great to see so many customers getting the best advice with many loan products and lenders to choose from. If you are loyal to the one bank, you may be missing out. If you would like a no obligation discussion or review of your finances, please message or call me to make an appointment.

Brokers write two-thirds of Australian mortgages Mortgage brokers wrote a record 67 per cent of all new residential home loans in the September quarter, according to MFAA data. More than two in three home loans (66. 9 per cent) were written by mor