Happy Straya Day all!
I hope you are all able to enjoy this day even though it is fraught with angst for some. Having many close indigenous mates I can understand where they are coming from, what saddens me is that as a society we are still fractured and separated by invisible divides. We should be celebrating our diversity, our ingenuity our ability to be Australian and muck in to help a mate while remembering that inside, our hearts beat the same and all of our blood flows red.
*gets off soap box…
The surge in the property market continues to dominate most financial articles, though it would seem that some have not yet read or seen the flow of the tide. I had a valuation falls short in reginal Vic – Ballarat to be exact. The valuation fell short by $50k of the agreed $265k price. Many factors were the cause here. The property was brought directly from the developer, the block is in a very new section of the suburb where the next closest comparable vacant land data was several years old. Even though the developer had sold several blocks and had exchanged contracts of similar prices. The purchasers were cash buyers and because the blocks had not settled there were no real comparable sales. In any new suburb or development it is always hard for a valuer to justify a property’s price when comparable sales are not recent or really comparable. I was always taught that something is only worth what someone is prepared to pay, this is not always the case. It’s also an important point to make that this is where upfront valuations are hugely important because they save time on an application and the client knows upfront whether they want to proceed or not with a purchase.
The biggest rate news came this from U-Bank with a 3 year fixed rate at 1.75%. Smashing the closest 3 year fixed by nearly 0.15%. The fine print here is that U-Bank is an on line only lender. There is no call centre. The rate ONLY applies to Owner Occupier loans below 80% with principle and interest payments only this also only applies for loans lodged before Feb 26 2021. This is a huge headline grabber as you can imagine, though U-Bank do not deal with brokers, they have difficulty with self employed clients (according to reviews) and the client needs to be able to deal with all of the paperwork and process themselves.
There are several banks I have on panel with me that have sub 2% fixed rates that clients don’t need to do all of the legwork on, as well as being able access via me a knowledge base to employ and find the rid lid for the tea pot. Whether it’s a purchase or refinance or something as complex as a restructure because of a death in the family or a separation.
Not all banks play in the same space or even do the same things. Their process are all different which is why its important to have someone in your corner assisting in the navigation so no one ends up on the rocks. This goes the same for every aspect in ones life, employ the services of an expert, remember you are a Ferrari not a Daewoo…
Lets “Throw another shrimp on the barbie…”
JC
Scenarios and rates quoted are indications only and don't take into account your personal situation.
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