Whether you're looking at increasing your investment portfolio or wanting a better deal on your current mortgage, these finance industry facts could make a big difference.
Taylors Strategic Partner, Dylan Salotti – Managing Director of Divitis Finance – shares these top finance industry facts to help you with your property portfolio:
1. Cash Rate
This is now 0.750% however, lenders are not always price matching existing customers to new bank offerings.
2. Interest Rates
Investment interest only rates are now starting at 3.48%, with owner occupied rates starting at 2.89%.
3. Interest Savings
Did you know that a 0.50% better interest rate can save you $60,000 on a $500,000 mortgage over the life of the loan, saving you $2,500 per annum?
4. Lenders Floor Rates
These have dropped to 5.50% or 2.5% above actual rate, improving borrowing power by 10% to 15%.
5. Interest Only Cap
This was removed approximately 6 months ago, with some lenders now offering a 90% interest only loan for investment properties, with some lenders offering as high as 95%.
6. New Lender Offering
There is a new lender offering available with no minimum limit on income, allowing 100% borrowing with NO deposit, NO Lenders Mortgage Insurance (LMI) and NO guarantee. To qualify, you must meet the following criteria:
- University educated
- Same Industry / Profession for 3 years
- Professional Role / industry – Legal, Medical, Engineering, IT, Accounting & Finance
- Australian Citizen / Permanent Resident
- Purpose is for Owner Occupied
- Full documentation assessment and must service the loan
Like To Learn More?
For more information on these finance industry facts, please see your mortgage broker or contact Dylan Salotti on 0430 227 328