Home Loan

After the Mortgage Cliff – Is Your Rate Competitive?

Written by Tricia Williams, Manager - Edney Ryan Mortgage & Finance

Interest rates fell to record lows during the pandemic, which lead to a dramatic rise in fixed rate borrowing and refinancing. Many borrowers who locked in low rates for two to three years, are now coming off their fixed term onto the now much higher variable rate. This is the so called “mortgage cliff” that we are hearing about frequently... Read more

Changes to the First Home Buyer Assistance Scheme

Written by Andrew O'Donnell, Director - Edney Ryan Legal

First home buyers in NSW may be eligible for a full or partial exemption of transfer duty, with some changes to the purchase price thresholds and residence requirements effective from 1 July 2023. Individuals over 18 who are purchasing a new or existing home or vacant land in NSW for the first time are eligible for the assistance scheme. The... Read more

Interest Rates Rising – Is Your Loan Still Competitive?

Written by Tricia Williams, Manager - Edney Ryan Mortgage & Finance

With expectations that the Reserve Bank will continue to increase interest rates given inflationary pressures, now is the time for borrowers to reassess their existing loans. At the time of borrowing, loans are assessed for serviceability based on interest rates well above the rates we’ve experienced over recent years. The RBA suggests that most households are ahead on mortgage repayments,... Read more

Fixed vs. Variable. Is it Time to Reassess?

Written by Tricia Williams, Manager - Edney Ryan Mortgage & Finance

Following years of ultra-low interest rates, discussion is rising amongst economists about a sooner-than-expected interest rate rise. The Reserve Bank of Australia has indicated that if economic recovery continues faster than expected, then the timing of interest rate rises would be brought forward from the RBA’s previous suggestion of 2024. Which raises the question, for the six million home loans... Read more

Know Your Property – Free CoreLogic Report

Written by Tricia Williams, Manager - Edney Ryan Mortgage & Finance

Property prices remain strong with the median price of a house in Sydney now $1.186 million, while the median unit price is $782,000, according to CoreLogic. Prices increased during May on the back of earlier growth this year. We are offering Edney Ryan Group clients a free Property Profile Report. Produced by CoreLogic, the report provides a comprehensive view of... Read more

Mortgage Brokers Act in Your Best Interests

Written by Tricia Williams, Manager - Edney Ryan Mortgage & Finance

Best Interests Duty New legislation affecting mortgage brokers was introduced following the Royal Commission into banking. The new ‘Best Interests Duty’ means that as mortgage brokers, we have to choose a loan, rate, product and lender that is in the best interests of our client. What Changes for Our Clients? Since our establishment, Edney Ryan Mortgage & Finance has always... Read more

Deferring Loan Repayments and Other Relief

Written by Tricia Williams, Manager - Edney Ryan Mortgage and Finance

Banks have outlined how they are supporting those affected by the coronavirus pandemic and its economic impacts. All members of the Australian Banking Association (ABA) will suspend principal and interest loan repayments for distressed small-business customers for six months. All four major banks (CBA, NAB, ANZ and Westpac) will also extend this to distressed home loan customers, enabling them to... Read more

Where in Australia is a Mortgage Less Than Rent?

Written by Tricia Williams, Manager - Edney Ryan Mortgage and Finance

With interest rates low, many Australian’s are looking to transition from renting to home ownership. Housing affordability continues to be a major challenge, however there are areas where home ownership could be a reality for renters. CoreLogic recently released data showing that more than a third of properties across Australia had estimated mortgage repayments that were less than weekly rental... Read more

Prices on the Move – What is Your Property Worth Now?

Written by Tricia Williams, Manager - Edney Ryan Mortgage and Finance

Talk of Australia’s housing market recovery is back, with our biggest markets – Sydney and Melbourne  – increasing property prices once again this month. For a concise overview of the Sydney Property Market’s latest performance, click here to watch a short video from CoreLogic. If you’re considering your options, now is a great time to get an estimate of your... Read more

Low Fixed Rate Mortgages – Not Always What They Seem

Written by Tricia Williams, Manager - Edney Ryan Mortgage and Finance

The record low interest rates we currently have in Australia has put borrowers squarely in the box seat when it comes to choosing a home loan. There are some highly competitive loans available as lenders eagerly battle for new business. However, it is important buyers are aware of the hidden dangers that may come with some of the cheaper home... Read more