Most Australians aspire to buy their own home and for the majority of us it is the most significant asset we’ll own in our life, but is now the right time to buy? Should you go ahead and bid in the up-coming auction of that stylish apartment? Or should you wait and see whether interest rates are going up? Our mortgage brokers in Melbourne analyse the data to give you the ideal advice.
The Melbourne property market is one of the strongest in Australia and Melbourne has one of the strongest economies in Australia for jobs and growth. Melbourne’s property prices are holding strong due to Melbourne’s popularity as a place to live and because of the attraction of job security and lifestyle. House prices may level off but there is no expectation that they will fall. We still have strong economic activity and high demand for housing.
We have built our reputation as expert mortgage brokers in Melbourne because of our market knowledge and because we have access to over 30 lender products – we can find the right mortgage for your circumstances.
Changes in stamp duty
Mortgage brokers in Melbourne have seen increased demand for services since the State Government removed stamp duty obligations for first home buyers. These savings are making first homeownership possible for more young people looking to get on the property ladder. First home buyers are now exempt from paying stamp duty for properties less than $600,000. For houses between $600,000 and $750,000 there is a sliding scale of concession rates of duty to be paid. The stamp duty (actually called ‘land transfer duty’) exemption is available for both established and new home purchases – this amendment offers significant savings.
The exemption or concession has been available since 1st July, 2017 for contracts entered into after that date.
For those looking to get into the residential market or wanting to buy an investment property, apartments are emerging as the ones to watch. There has been an abundance of building activity in the apartment market in recent years but there are now fears that there has been an over-supply. Mortgage brokers in Melbourne are receiving more enquiries about home loans for apartments. New apartment prices have fallen by 10 percent over the past six months so keep your eye on this sector to secure your first home or investment property.
Further analysis of the housing market is showing that residential housing prices have levelled out and should stay that way through to 2021. With interest rates remaining stable this could be the ideal chance you’ve got to finally make your dream purchase.
We are a mortgage broker in Melbourne who examine all relevant market data and analyse the various packages and partner with you to get the ideal mortgage for your circumstances and needs. We act as your adviser and your advocate.
You’ve been budgeting carefully and you finally have enough money saved for a deposit on your new home. Call us now to and we’ll assist you in securing the optimal mortgage package to meet your home ownership needs.