Vendors and buyers should be wary of certain practices that may be employed in a negotiation.
In Britain and the US they call it ‘‘gazundering’’. It’s when a buyer makes an offer on a property that is accepted but then reduces that offer. Gazundering is just one of the pitfalls of buying and selling residential property. Continue reading Tricks and tactics in buying and selling
With more and more first home buyers jumping straight into the investment property market, there’s a whole new world of landlord insurance that needs to be explored.
As Wizard chairman Mark Bouris says: “Young Australians in particular are choosing an alternative road to home ownership for a range of financial and lifestyle reasons. Research confirms that first home investors are a distinct group in the market and are here to stay.” Continue reading Landlords Insurance
The federal government’s announcement on 25 March that home loan exit fees are banned from July 1 onwards is causing confusion with a number of borrowers who are trying to decide whether to switch now or later.
Many are unsure whether it will be more beneficial for them to wait until this expiration date passes before committing to a new loan, says Australia’s largest independently-owned mortgage broker. Continue reading Exit fee ban – so when’s the right time to refinance?
Prospective borrowers have been cautioned to get a home loan while they can.
Some may soon find it tougher to borrow, with major banks expected to quietly turn the screws on who qualifies for a home loan.
Steep price rises across a number of key household items, combined with tougher lending rules, are likely to lead banks to take a more cautious view on how much they lend. Continue reading Home loan borrowing may become harder
Perhaps it was all the green grass, but driving halfway across the nation and back over the last few weeks had me wondering – could I live in the country?
When you check out the property prices, country towns certainly look appealing.
With median house prices in Australia’s capital cities reaching levels that must take the breath away of “average” workers, you have to wonder why there isn’t a bigger exodus to the bush. Continue reading Would you, could you, move to the country?
Buying a property at auction can be a stressful event, even if you have done it once or twice before. It is the fact that there are other people there to compete in price for a property that you have already decided you would like to buy.
That is one of the reasons why people take properties to auction – to create that emotion and build that feeling in the buyers that they may miss out; moreover it is in our nature that once we have decided we want something, we’re very likely to go after it.
This is why it is so important, as an investor, to be well prepared beforehand. Continue reading Preparing To Buy An Invesment Property At Auction
We’re frequently asked to explain the stamp duty conecessions for new home builders which were introduced last year by the NSW Government, under the NSW Home Builders Bonus (HBB), to stimulate the construction of new homes in NSW.
HBB provides a full exemption on stamp duty for purchases of vacant land where a new home will be built, homes bought off the plan (e.g. apartments) and purchases of new homes by over 65 year olds who sell their current residence. The concessions apply to transactions completed after 1 July 2010. Continue reading NSW Home Builders Stamp Duty Concessions
Every property has lots of issues which you need to know about when you are planning to purchase a house or a unit, be it new or existing.
A common question many prospective buyers ask is “Do I really need a building inspection?”
Some financial institutions and most Solicitors/Conveyancers require you to have a Pest Inspection and Building Report carried out on the home you are interested in purchasing. This will give you an indication of any pest issues or structural defects. Continue reading Do I really need a building inspection?
When your settlement is being delayed, this is a big problem. There are too many things to look after when moving home, and if the date shifts, the same work you’ve already done arranging everything around your settlement date doubles or triples.
What’s more, nobody is expecting this to happen, so when it hits – it hits people hard. If a buyer is renting a house, while he’s waiting for his settlement date, a delayed settlement (by vendor) means that he needs to extend his lease, which may not be that easy on a couple of day’s notice, re-arrange the removalist, re-arrange the disconnection and re-connection of the utilities, re-arrange the redirect of mail, take another day off at work, etc. These are just a few examples of the amount of pain a delayed settlement can put you through. And the first reaction to a situation like this is a question: Continue reading Delayed Settlement – buyers’ rights explained
Mortgage holders were given a boost today when the Reserve Bank decided to keep interest rates on hold.
While the move is hardly a surprise, it will still be welcome news for people paying off a mortgage.
Each 0.25 per cent interest rate rise adds another $60 to the monthly cost of an average Australian mortgage. Continue reading Interest rates on hold