Posts

What does this mean for Sydney’s already over-inflated property market?

Two weeks ago, we met with a young couple who live and work in Sydney and want to buy their first home in Sydney.  They’ve been married for a few years and plan to start a family in the next year or two. After months of going to auctions in Sydney and being forced out of the bidding they started to look elsewhere and entertained the idea of buying in the Central Coast region.  They had a bad experience with a property shark in Gosford and came very close to buying a property well over-valued.  They came to see us, frustrated yet hopeful we could find them a good property in Sydney that they could live in.  Sadly, we weren’t able to help them and yesterday’s news of the RBA cutting the cash rate is just more bad news for them. Even with a deposit of $110K they will not be able to get into the Sydney home market.

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Applying for your first home loan can be a daunting task and I’m often amazed at the preconceptions people have about lending policy.  So what do you need to know and what are the banks looking for?

Lending policy falls into two main areas – 1. Security and 2. Serviceability.

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