The year has flown past, and as our thoughts turn to trees, tinsel and turkey, we’d like to thank all our fantastic clients for your support throughout 2023.

It’s been quite a year, with higher interest rates, soaring national property values (who’d have thought?) and a few welcome surprises including more help for first-home buyers.

There is plenty in store for 2024, and we look forward to partnering with you again to help you navigate whatever goals you have planned in the new year.

In the meantime, we hope you can take the time to relax, unwind and enjoy all the fun of the festive season.

There’s no doubt the next 12 months will dish up its fair share of surprises. But some things never change – we will be here for you in 2024 and beyond.

So, wear that ugly Christmas sweater with pride, relish the magic of the festive season, and celebrate all you have achieved this year.

May your happiness be large and your bills be small! We look forward to being part of your property journey in 2024!

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

Home owners have been battling rising interest rates for over a year and a half now. But a new report reveals the important step some savvy borrowers are taking to rein in higher rates and swap “oh no!” for “ho, ho, ho!”.

It’s no secret that refinancing has the potential to slice a big chunk off your monthly loan repayments.

And according to Canstar, 1 in 10 mortgage holders chased a better deal in 2023 and switched to a new lender to save on their repayments.

But what’s surprising to us is that 9 in 10 didn’t.

So what’s holding them back? Let’s dive in.

Some score a discount, others don’t

To be fair, many home owners have been on the front foot this year.

According to Canstar, 1 in 5 home owners with a mortgage have negotiated a better rate with their current lender – which is great news.

Having a chat with your bank can be a fuss-free way to save, especially if they come to the party with a rate discount.

A further 14% of home owners say they have tried to switch to another lender but weren’t able to do so because they didn’t have enough equity, or didn’t meet the new lender’s requirements.

That’s why it pays to speak with us before talking to a lender.

We have in-depth knowledge of different banks’ lending criteria, so we know which lenders are likely to give you the green light for a better deal.

Too many borrowers wearing higher rates

The thing is, there are plenty of home owners who have just copped rising rates without taking action.

As Canstar puts it: “Too many borrowers remain complacent even in the face of rising repayment costs”.

The scary thing is, half (49%) of Australia’s home owners with a mortgage don’t intend to change lenders at all.

Some believe they have a good interest rate. But as many as 1 in 5 think refinancing is too hard.

Busting the myths

Let’s sort some facts from fiction.

First up, it’s great if you think you are paying a competitive interest rate. The key is to know for sure.

Right now, variable home loan rates are anywhere from 5.69% (very rare) through to 9%-plus.

With that sort of range, there’s plenty of scope to save, especially as lenders often make lower rates available to new customers.

There is an easy way to know if you’ve got a good rate: pick up the phone and call us.

And if you’re worried that refinancing is hard work, rest assured that we’ll do the bulk of the leg work for you.

We’ll sort through hundreds of home loan options to find the loan that’s right for your needs. We’ll also make the paperwork easy, liaise with your old lender, and your new bank. Simple.

So if you’re keen to find out if you can do better with your home loan these summer holidays, give us a call and we’ll help you put your best foot forward going into 2024.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

If buying a home is at the top of your wish list for 2024, don’t miss our rundown on how the property market has fared in 2023 – and why the new year is shaping up as potentially another big year for real estate.

As we turn the page on 2023, let’s take a quick rear mirror look on how home values moved over the past 12 months.

In a year that saw five official rate hikes, and a cost of living squeeze thanks to high inflation, home prices still jumped by 7% nationally.

Several cities eclipsed those gains, with double-digit price growth in Sydney (up 10.2%), Brisbane (10.7%) and Perth (13.5%).

But it wasn’t just price growth that took everyone by surprise.

The speed of home sales was also astonishing, with plenty of suburbs in Perth, Sydney, Brisbane and Melbourne selling houses in as little as eight to 25 days on average.

Will property values keep rising in 2024?

Well, higher interest rates are starting to take a little heat out of the market.

According to CoreLogic, home values across Australia rose 0.6% in November – the smallest monthly gain since early 2023.

But here’s the rub.

The factors that pushed prices higher in 2023 are still in place, and plenty of experts are tipping house prices will keep rising in the new year.

Three factors that could drive prices higher

Three main drivers look set to support house price growth in 2024, including:

1. Strong population growth: Population growth is rebounding strongly, driven by high immigration levels. More people generally means more demand for housing.

If you’re not convinced, a recent Domain report says “unprecedented” population growth will exert “extraordinary upward price pressure” on the property market.

2. A housing undersupply: On the supply side, we’re just not building enough new homes.

Australia’s housing shortage made headlines through 2023, and it doesn’t look like it’ll get better any time soon. Building approvals for new homes are reported to be well below average levels.

3. A rental market that’s as tight as a drum: Anyone looking for a rental can face an uphill battle. Vacancy rates are at record lows, making rental conditions tough.

This could encourage more people to buy a place of their own through one of the government’s low deposit buying schemes.

The First Home Guarantee scheme for instance, lets first home buyers get into the market with just a 5% deposit and zero lenders mortgage insurance.

Price growth is expected to be (slightly) lower next year

Most experts are tipping house prices will keep rising in 2024 though maybe not at the breakneck speed seen nationally in 2023.

That said, price growth won’t be anything to sneeze at.

Domain is forecasting house prices to jump 5-7% nationally, and in each capital city by:

– 7-9% in Sydney
– 2-4% in Melbourne
– 7-8% in Brisbane
– 6-7% in Perth
– 7-8% in Adelaide
– 3-5% in Canberra
– 2-4% in Hobart

The bottom line is that we could be facing another bumper year of price growth in 2024, and if buying is on your radar, it may be worth trying to buy sooner rather than later to potentially avoid paying more.

So call us today to get the ball rolling on a home loan that helps you achieve your new year property goals sooner.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.