Good Afternoon and Happy Monday!
Apologies for last week and not getting this out. A small technical issue stopped this from going out and I was out west visiting clients.
The last two weeks have been quite busy news wise. From Matt Comyn stating that there is an abundance of credit available. He’s obviously not really in touch with what is real.
Credit is certainly available, though in the last few weeks and Months it has certainly been hard to attain.
With what seems to be an ‘on the go approach’ to policy from some lenders.
Even with the research I do prior to lodging an application making sure the lenders have appetite for a particular application this doesn’t always mean a 100% hit rate to Formal approval.
The difference though is not taking a No as the be all and end all. I always try to have a back up plan B and C should this eventuate. This also means working on managing your expectation moving forward so you know whats going on and how long things will take.
The biggest news for first home buyers is the announcement from the Fed Govt. This will see the Govt guarantee up to 15% or $10,000 of the loan making it hopefully easier for first home buyers to get into a hotly contested market.
There are a few commentators out there calling it a Ponzi scheme and others believing that it will likely inflate housing prices.
There are caps in place as to combined earnings and purchase prices, it’s also yet to be seen whether the guarantee wipes out LMI as it is meant to do.
It'll be interesting to see how this will pan out, though hopefully it does what it’s intended to do and gets first home buyers into the market.
I have read a couple of articles in the last week or so around the ATO’s drive to recover monies owed on their payment plans. If your have outstanding ATO debt then it’s virtually impossible to arrange new finance or refinance existing debt.
However I have avenues available that might assist to refinance and help wipe out that debt so you can borrow.
Sometimes that means looking at a second tier lender like Pepper who will refinance and pay out the debt. As long as you aren't credit impaired by way of missed repayments or have defaults then Peppers rates are still quite competitive.
With BAS statements in the main probably now completed, perhaps it’s time to have a look at whether a your ATO debt is growing and how we can plug up one hole in your money funnel.
Have a great week, I am always here to help.
Justin
Comments