Welcome to the FY2024-25! This July edition highlights a client success story and provides insightful property tips tailored for your clients. Stay tuned for valuable information designed to assist you and your clients make well-informed financial decisions!
Client case study of the month
Jenny and Michael needed funds to renovate their kitchen and floors but were worried about doing it as they approached retirement. With Michael's inconsistent income, their bank declined their loan application. Referred by their son, a recent client of ours, we found them a lender that accepted Michael's income. We secured a better interest rate, allowing them to make the same repayments on a higher loan balance over the same term. Additionally, we structured their loan for weekly repayments to align with Jenny's pay cycle, helping them budget better and pay off the loan faster.
Join us for an exclusive MY Professional Power Hour!
Don't forget about our next MY Professional Power Hour! We have created a Microsoft Teams Channel dedicated to the Power Hour in response to popular demand. This channel will allow us to continue our conversations, share resources, and keep in touch before and after the event.
Event Details:
Theme: Client Case Studies
Bring a client case study to showcase what you do for your clients. For example, if you are a tech expert who installs software, put it in a case study. We will go around the room and compare what we do, as we get to know each other better!
Date: Wednesday, 14th August
Time: 7:30 am (60 minutes long)
Location: My Finance Agent Sydney - U2 56 O'Riordan Street, Alexandria, NSW 2015
Market insights for your clients
Young Aussies jump on new landlord trend
First-time home buyers are increasingly purchasing properties in other states as investments, a strategy called "rentvesting." Karen Nguyen, unable to afford a home in Sydney, bought properties in Adelaide and Rockhampton to build equity and generate rental income. This trend, driven by high local housing costs, allows young buyers to invest affordably and plan for future homeownership in their desired location.
‘Buy property now’ as prices, costs are only going one way
With rising property prices and building costs, potential buyers are advised to purchase now as these expenses are unlikely to decrease. Economic factors, including supply chain issues and labor shortages, continue to drive costs up, making property a valuable hedge against inflation. Delaying purchases could result in higher expenses and reduced opportunities for future equity growth.
Why first-time buyers are finding it harder to get a mortgage
First-time home buyers in Australia face increased challenges in securing mortgages due to stricter lending criteria, rising property prices, and higher interest rates. These factors make it difficult for new entrants to accumulate sufficient deposits and meet serviceability requirements. Additionally, economic uncertainties and fluctuating market conditions further complicate the home-buying process for newcomers.
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