Essential Property Market Advice – Mortgage Choice January 2014 Property & Housing Market Update

Mortgage Choice Consumer Market Update – January 2014 with Jessica Darnbrough

Finding and buying your dream home is not an easy task and it can be made all the more stressful if you’re trying to get the property purchase sorted in your summer holiday. But while house-hunting at this time of the year can be taxing, now really is a good time to buy. Interest rates continue to hover around record lows and could be set to fall further still with the reserve bank hinting that there’s room to move rates down if needed. Further, Australian lenders continue to compete strongly for your business. And as such are offering very competitive rates and home loan packages. In addition, research from RP data shows property prices have stagnated over the last month with dwelling values across Australian capital cities climbing by just 0.1% in November 2013.

So, if you’re thinking of capitalizing on the positive market conditions and want to use your summer holiday to find your dream property, there are five tips you can implement to make the whole process a lot easier and stress-free:

Firstly, identify your property needs. Write down a list of the features the property must have, including the number of bedrooms and bathrooms you require. Once you know exactly what you’re looking for you can narrow down the list of homes you wish to expect.

Secondly make the most of property inspections. If you visit six different properties in the space of two hours, chances are the homes will blend into one by the end of the day. Take photos of the different properties you visit. Write notes of the features you both loved and hated and always take the brochures being offered by real estate agents.

Thirdly, define your monetary limits. See a mortgage broker to get an idea of the maximum amount you can spend on your new property.

Fourthly, prepare and regularly update your budget. Identify your income and monthly expenses within a budget. The difference between your net income and outgoing expenses should be more than your expected mortgage repayment.

Finally, research your home loan options. There are a range of factors to consider when comparing loans. Consider engaging a mortgage broker to help you navigate all the options available to you. If you want to speak with a mortgage professional to buy, borrow or refinance, contact Mortgage Choice today at

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