Newsletter - Update on Rates and Introducing Alex Myers from David Murphy Real Estate

Good Morning
 
We trust you are well and looking forward to more relaxation of the lock down rules over the coming months. Its business as usual for us but we will also enjoy having face to face coffee meetings with our clients and colleagues again soon. At the prescribed distance of course!

On the mortgage front as mentioned previously we have found that banks are tightening up, and also taking more time to have approvals through. With our experience we have found this to be a normal practice in uncertainty, for example during the GFC and the banking royal commission.

Our advice at the moment is that if you are looking to purchase over the next six to twelve months start looking at what you may be able to borrow. And not with a quick online pre-approval form but with a full application. Online pre-approvals are extremely basic and come with a number of caveats. The benefit of discussing pre-approval with us is that it is of no cost to have in place and allows you to have certainty that you have approval ready to go. It also allows you to be in a position of making an offer quite quickly.

Pre-Approval is something we always advise to have in place, but with the constricting parameters and longer timeframe to approval during the Covid period, we strongly suggest a discussion to find out your options if it is something you are looking into.

Its an important point as Richard Sheppard, chief property investment advisor at inSynergy, said prices are currently about as low as they are likely to go in most major housing markets.

"For those individuals who are in a position to take advantage of current market conditions, now is the time to organise your finance, finalise your strategy as well as your expert team, and start making offers," Sheppard said would-be buyers who decide to take the leap in the next few months would be able to enjoy prices that are about 3% to 7% lower than a month ago. Furthermore, market conditions remain favourable, given the low cost of borrowing.

"It's almost like a perfect property storm, with record low interest rates, reduced supply, as well as escalating interstate migration in places like Brisbane and Canberra, with coronavirus reducing prices a little bit in some locations," he said.

Existing Loans and Sharpening up your Rate

The banks are still remaining to be extremely competitive in the refinance market. We have some great rates at the moment being offered to us for Loan Group clients.

One in particular is a Professional Package Loan with full offset with a variable rate of 2.69% with one of our major lenders. The fixed rates are also fantastic with a 2 year Fixed Rate of 2.19%.
 
These are extremely competitive and we would be more than happy to help you sharpen your rate with your existing lender, or look at other more competitive options.
 

Introducing Alex Myers – David Murphy Real Estate

One of our referring partners is Alex from David Murphy Real Estate in Mosman. We partner with like minded reputable professionals that we believe add value to us and our clients.

As mentioned in a previous newsletter we believe in this period of uncertainty in the market, its imperative to work with a great Real Estate Agent more than ever. Alex has worked in the lower North Shore market for nearly 10 years and we highly recommend chatting with him should you be looking to buy or sell.

Some of his properties at the moment include:
 
2/2 Thrupp Street, Neutral Bay
https://www.davidmurphy.com.au/1P1234
 
40 Killarney Street, Mosman
https://www.davidmurphy.com.au/1P1283
 
Alex would be more than happy to speak with you should you have any queries on 0414 690 520.


Have a great week and please feel to call us should you have any questions or require any help.
 
Take care