An early Christmas Gift from the Reserve Bank
The reserve bank has recently announced some great news, which will surely help to lift the market a little bit. For first-home buyers there are now more funds available if you have less than 20% deposit, which would really help for those people who don’t have 20% deposit. Give me a call if you have a friend or family member who needs some help.
Then, for property investors there is a big reprieve as well. Essentially, the requirement to have 35% deposit for a rental property has now been reduced to 30%. This would really help property investors a lot and the new band does not tie up as much equity as what it did, if you choose to use your owner-occupied house as security to invest into an investment property.
If any of this does not make sense or you have any questions around these new LVR rules please do contact me. I can tailor a response to your specific position.
Tip for the Day: I’ve always found that December is a good time to buy. There are a few vendors whom have had auction or sales campaigns that started in October and November and they would love closure before Christmas, therefore it is a good opportunity to get a property a slightly reduced price.