On Sunday night, the Andrews Government announced plans of a "slow, steady, and safe" <a href="https://www.theage.com.au/national/victoria/andrews-maps-out-long-road-to-covid-normal-20200906-p55ss9">road map</a> to guide Victoria out of the strict lockdown imposed to reduce the spread of the virus during the second wave of the pandemic. With the decline in&nbsp;infection cases, record low-interest rates, new and existing&nbsp;<a href="https://www.urban.com.au/news/everything-you-need-to-know-about-australias-25000-homebuilder-grant">government grants</a> available to first home buyers as well as the competitive discounts offered by developers in the current environment – now provides a unique opportunity for buyers to enter the <a href="https://www.urban.com.au/guides">off-the-plan</a> market.

If you’re considering purchasing an off-the-plan property in Melbourne, here are 5 of the capital city’s most exquisite and luxurious <a href="https://www.urban.com.au/new-apartments">developments on the market </a>right now.

1. Melbourne Square

93-119 Kavanagh Street, Southbank VIC 3006

[smartcode_project:default project_id=2929]

Situated right in the heart of ­­­Southbank, <a href="https://www.urban.com.au/new-apartments/melbourne-square-93-119-kavanagh-street-southbank">Melbourne Square</a> is a short stroll away from the incredible Yarra River, Melbourne’s renowned art precinct, and some of Australia’s top fine-dining restaurants including The Atlantic and Nobu. The world-class residential tower designed by<a href="https://www.urban.com.au/architects/cox-architecture-0"> COX Architecture</a> with interiors by <a href="https://www.urban.com.au/architects/carr-design">Carr</a>, offers residents a premium level of personal services and luxury amenities that redefine the meaning of bespoke living.

Amongst the list of incredible amenities and communal facilities include private and bookable dining rooms, a cinema, golf simulator,&nbsp;&nbsp;a sun terrace, and a fully-equipped gymnasium&nbsp;for residents to enjoy.

<figure><a href="https://www.urban.com.au/new-apartments/melbourne-square-93-119-kavanagh-street-southbank" target="_blank"><img alt="" class="image-article_full_width_580px" data-entity-type="" data-entity-uuid="" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/2503_23_13_190206_052807-w800-h600_0.jpg?itok=pLS9E2EP" title="Melbourne Square - 93-119 Kavanagh Street, Southbank. Image: CBRE" width="580" /></a>

<figcaption>Melbourne Square - 93-119 Kavanagh Street, Southbank. Image: CBRE</figcaption>
</figure>

<figure><a href="https://www.urban.com.au/new-apartments/melbourne-square-93-119-kavanagh-street-southbank" target="_blank"><img alt="" class="image-article_full_width_580px" data-entity-type="" data-entity-uuid="" height="385" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/oskh9386_melbourne_square_ia06_spa_small.jpg?itok=T9qxsCRb" title="Melbourne Square - 93-119 Kavanagh Street, Southbank. Image: CBRE" width="580" /></a>

<figcaption>Melbourne Square - 93-119 Kavanagh Street, Southbank. Image: CBRE</figcaption>
</figure>

2. Capitol Grand

257 Toorak Road, South Yarra VIC 3141

[smartcode_project:default project_id=357]

<a href="https://www.urban.com.au/buildings/capitol-grand-257-toorak-road-south-yarra">Capitol Grand</a>, located in one of Melbourne’s most bustling and affluent inner-city suburbs, <a href="https://www.urban.com.au/new-apartments/south-yarra-vic">South Yarra</a> is the newest and upcoming 50-storey development by the <a href="https://www.urban.com.au/developers/lk-property-group">LK Property Group</a>. The development offers its residents a New-York style of living, fulfilled through a six-star hotel-style lobby and 24-hour concierge service desk.&nbsp;

With a David Jones Food Hall anchoring the three levels of luxury retail stores, a state-of-the-art gymnasium, an infinity pool overlooking the city skyline as well as a six-star spa and wellness centre, residents of Capitol Grand will be able to enjoy the <a href="https://www.urban.com.au/projects/capitol-grand-257-toorak-road-south-yarra/amenities">amazing collection of world-class amenities</a> across two levels (The Deck and Azure Club).

<figure><a href="https://www.urban.com.au/buildings/capitol-grand-257-toorak-road-south-yarra" target="_blank"><img alt="" class="image-article_full_width_580px" data-entity-type="" data-entity-uuid="" height="725" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/capitol-grand-257-toorak-road-south-yarra-414ea5535fb1cfc9d53f23ca11dc40e3_1.jpg?itok=8gQ3ZKun" title="The Capitol - 257 Toorak Road, South Yarra. Image: Amity" width="580" /></a>

<figcaption>The Capitol - 257 Toorak Road, South Yarra. Image: Amity</figcaption>
</figure>

<figure><a href="https://www.urban.com.au/buildings/capitol-grand-257-toorak-road-south-yarra" target="_blank"><img alt="" class="image-article_full_width_580px" data-entity-type="" data-entity-uuid="" height="361" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-09-11_at_3.04.59_pm_0.png?itok=706J3bNR" title="The Capitol - 257 Toorak Road, South Yarra. Image: Amity" width="580" /></a>

<figcaption>The Capitol - 257 Toorak Road, South Yarra. Image: Amity</figcaption>
</figure>

3. R.Iconic Melbourne

253-273 Normanby Road, South Melbourne VIC 3205

[smartcode_project:default project_id=5234]

An urban sanctuary adjacent to the affluent Albert Park, Middle Park and South Melbourne suburbs, R Corporation’s latest residential project, <a href="https://www.urban.com.au/new-apartments/riconic-melbourne-253-273-normanby-road-south-melbourne">R. Iconic </a>is the only park front development with protected, endless views to the water and the city.&nbsp;

The $850 million property features a wealth of amenities through its carefully considered building design and philosophy which is focused around the long-term benefits to its residents and their wellbeing.&nbsp;

With a series of high-end shared facilities including an expansive outdoor infinity pool, a running track, yoga studio, private dining pavilions, and a wine vault, residents of R.Iconic can expect a truly unique dwelling environment that is metropolitan, yet provides a place of sanctuary.

<figure><a href="https://www.urban.com.au/new-apartments/riconic-melbourne-253-273-normanby-road-south-melbourne" target="_blank"><img alt="" class="image-article_full_width_580px" data-entity-type="" data-entity-uuid="" height="593" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/facade-7_0.jpg?itok=W7kphWuq" title="R.Iconic Melbourne- 253-273 Normanby Road, South Melbourne. Image: Mediaplus" width="580" /></a>

<figcaption>R.Iconic Melbourne- 253-273 Normanby Road, South Melbourne. Image: Mediaplus</figcaption>
</figure>

<figure><a href="https://www.urban.com.au/new-apartments/riconic-melbourne-253-273-normanby-road-south-melbourne" target="_blank"><img alt="" class="image-article_full_width_580px" data-entity-type="" data-entity-uuid="" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/image-1.jpg?itok=OoJoxf6c" title="R.Iconic Melbourne- 253-273 Normanby Road, South Melbourne. Image: Mediaplus" width="580" /></a>

<figcaption>R.Iconic Melbourne- 253-273 Normanby Road, South Melbourne. Image: Mediaplus</figcaption>
</figure>

4. Voyager

103 South Wharf Drive, Docklands VIC 3008

[smartcode_project:default project_id=3494]

Comprising 315 contemporary apartments across 43 floors that dominate the Docklands skyline at 138 metres, <a href="https://www.urban.com.au/developers/mirvac">Mirvac’s</a> brand-new residential development, <a href="https://www.urban.com.au/new-apartments/voyager-103-south-wharf-drive-docklands">Voyager</a> will become the tallest building to date in Melbourne’s award-winning waterfront sanctuary <a href="https://www.urban.com.au/news/docklands-places-and-spaces-part-one-yarras-edge">Yarra’s Edge.</a>&nbsp;

Residents of Voyager will be able to enjoy exclusive access to the private rooftop lounge and bar, complete with open-air fire-pit and panoramic views of the city skyline.

Furthermore, with full access to the Wharf Club, a health and wellness facility just a short stroll from the Voyager lobby, residents will be able to meet their fitness goals in chic style with state of the art gymnasium equipment complete with an indoor pool, spa, and steam room.

Alongside the expansive list of premium and uber-luxurious amenities, the proximity of the CBD from the residential building will provide residents with a convenient and relaxing waterfront way of dwelling.

<figure><a href="https://www.urban.com.au/new-apartments/voyager-103-south-wharf-drive-docklands" target="_blank"><img alt="" class="image-article_full_width_580px" data-entity-type="" data-entity-uuid="" height="349" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/yarrasedgevoyagerrooftopskydeckcitypanorama_1030x620pxl_0.jpg?itok=Glf6GiuR" title="Voyager- 103 South Wharf Drive, Docklands. Image: Mirvac" width="580" /></a>

<figcaption>Voyager- 103 South Wharf Drive, Docklands. Image: Mirvac</figcaption>
</figure>

<figure><a href="https://www.urban.com.au/new-apartments/voyager-103-south-wharf-drive-docklands" target="_blank"><img alt="" class="image-article_full_width_580px" data-entity-type="" data-entity-uuid="" height="266" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/3_1200x550-1.jpg?itok=dwMjSk7C" title="Voyager- 103 South Wharf Drive, Docklands. Image: Mirvac" width="580" /></a>

<figcaption>Voyager- 103 South Wharf Drive, Docklands. Image: Mirvac</figcaption>
</figure>

5. UNO Melbourne

111 A’Beckett Street, Melbourne VIC 3000

[smartcode_project:default project_id=3281]

<figure><a href="https://www.urban.com.au/new-apartments/uno-melbourne-111-a%E2%80%99beckett-street-melbourne" target="_blank"><img alt="" class="image-article_full_width_580px" data-entity-type="" data-entity-uuid="" height="353" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/uno-melbourne-111-abeckett-street-melbourne-6a0d7b61b17e1abc0fd510b68795495c.jpg?itok=l_Ljje8a" title="Uno Melbourne - 111 A’Beckett Street, Melbourne. Image: S P Setia" width="580" /></a>

<figcaption>Uno Melbourne - 111 A’Beckett Street, Melbourne. Image: S P Setia</figcaption>
</figure>

<figure><a href="https://www.urban.com.au/new-apartments/uno-melbourne-111-a%E2%80%99beckett-street-melbourne" target="_blank"><img alt="" class="image-article_full_width_580px" data-entity-type="" data-entity-uuid="" height="322" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/uno-tower-in-melbourne-e120919-3.jpg?itok=WceQhfMm" title="Uno Melbourne - 111 A’Beckett Street, Melbourne. Image: S P Setia" width="580" /></a>

<figcaption>Uno Melbourne - 111 A’Beckett Street, Melbourne. Image: S P Setia</figcaption>
</figure>

Widely known and respected internationally as a market leader in property development, <a href="https://www.urban.com.au/developers/s-p-setia">S P Setia</a>’s latest landmark project, <a href="https://www.urban.com.au/new-apartments/uno-melbourne-111-a%E2%80%99beckett-street-melbourne">UNO Melbourne</a> embodies the notion of chic and unparalleled living in the heart of Melbourne’s CBD.

The architectural masterpiece designed by <a href="https://www.urban.com.au/architects/elenberg-fraser">Elenberg Fraser</a>&nbsp;features a 65 level multi-residential tower complete with generous open plan living and high-quality materials and finishes. Conveniently located on A'Beckett Street, the building is situated right within the free tram zone and is within walking distance to Melbourne Central Station and Shopping Centre, Flagstaff Gardens, and the renowned Queen Victoria Market.&nbsp;

Alongside its proximity to some of Melbourne’s trendiest brunch spots and restaurants including Operator25, residents of UNO Melbourne can find world-class amenities right at their doorsteps with an onsite childcare facility, 24-hour concierge, a fully-equipped wellness centre as well as access to a teppanyaki private dining space, perfect for entertaining local or out of town guests.

vivian_48447

Melbourne’s top 5 luxury apartments in 2020

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When buying a property – be it a detached dwelling or an <a href="https://www.urban.com.au/developments">off-the-plan</a> apartment, it’s essential to make sure you have your legal documents drawn up correctly. Which is why getting legal advice early in the process is so important. 

Here’s what a sound off-the-plan contract should include: 

<h2>A reasonable cooling-off period</h2>

The cooling-off period affords the buyer time to change their mind. Once this period ends, the buyer is legally bound to buy the property. 

In NSW, new legal protections (which came into effect in December 2019) give buyers a 10-business day cooling-off period. This period is longer than the usual five business days for most properties. Buyers who change their mind will forfeit 0.25% of the purchase price. The cooling-off period can be waived or shortened, but only if the buyer’s lawyer or <a href="https://www.urban.com.au/guides/a-new-step-by-step-home-buyer-checklist-for-2020--post-covid-19">conveyancer</a> provides a certificate to prove the buyer understands the consequences of varying the cooling-off period. This helps protect the buyer from exploitation. 

Make sure the cooling-off period in your contract is reasonable and in line with the legislation in your state. If the seller asks to shorten or waive it, give this a serious consideration first and talk to your lawyer or conveyancer about whether this is a good idea. 

<h2>The disclosure of key information by the developer</h2>

Your off-the-plan contract must include <a href="https://www.urban.com.au/news/everything-you-need-to-know-about-australias-25000-homebuilder-grant">key information about the project</a> such as proposed plans and specifications, a floor plan, a detailed list of fixtures and finishes, sunset clause dates, other conditional events, and draft by-laws.

Before signing the contract, ensure you have a thorough understanding of the plans and are satisfied with the level of disclosure. Make sure you have asked questions if you’re confused about anything listed in the plans. 

Remember that developers will almost always have a right to alter their plans, within reason, to complete the project. Make sure your conveyancer reviews the contract to make sure enough information has been disclosed and that only reasonable alterations are permitted. 

<h2>The ability to withdraw or be compensated if significant alterations take place</h2>

While the contract will require the property to be constructed in accordance with what is disclosed in the contract, developers usually have the right to alter things in certain circumstances. Those changes must be delivered at the same quality and must not materially prejudice the buyer. 

To mitigate the risk of the <a href="https://www.urban.com.au/news/why-is-design-important-is-bigger-better-a-developers-perspective">developer making alterations</a> which substantially change the quality of the project and disadvantage the buyer, the contract should be very clear on warranties and inclusions. It should also give the buyer the right to withdraw and have the deposit returned to them or claim compensation. 

In NSW, for contracts entered into from 1 December 2019, vendors must notify purchasers of changes outside of what was disclosed, and which will adversely affect the use or enjoyment of the lot being purchased. Make sure you seek legal advice on the rules in your state. 

<h2>Other things to consider:</h2>

Building/apartment defects 

Other parts of the contract that require <a href="https://www.urban.com.au/guides">close review</a> include how defects are treated. Ideally, it will be up to the developer to remedy defects prior to settlement. Your lawyer and conveyancer should review your contract to make sure you are protected. 

Deposits

You should also have a look at the rules in your state on who holds your <a href="https://www.urban.com.au/news/build-your-deposits-to-grow-a-large-investment-portfolio">deposit</a>. In NSW, for example, deposits are held by the stakeholder (usually the real estate agent) and that money cannot be released to the developer before settlement. That protects the buyer in the event the developer becomes insolvent. 

Sunset clauses 

A <a href="https://www.urban.com.au/guides">sunset clause</a> provides a deadline whereby if the property has not been completed in time then the potential buyer’s deposit is refunded, and the contract is cancelled. The problem is that the clause has been exploited by developers who were delaying completion of projects in order to cancel contracts and re-sell properties at a higher price in a rising market. 

In NSW, new legislation has been introduced which requires that developers seek the buyers’ consent before ending contracts using the sunset clause. Alternatively, the developer will need to apply to the NSW Supreme Court to justify terminating the contracts. Seek advice from your lawyer or conveyancer on the sunset clause in your contract and the rules in your state. 

For both property investors and potential new homeowners, the <a href="https://www.urban.com.au/guides">concept of buying off-the-plan</a> is enticing due to its affordability and flexibility compared to buying an already existing property. However, it is important that you take all these considerations into account and seek legal/conveyancing advice before you sign the contract of your future home or investment property. 

Want to learn more about off-the-plan contracts? Leave a comment below.
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Sign with confidence: How to ensure you have a sound off-the-plan contract

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Almost 2 months ago the property industry was abuzz with talk of the <a href="https://www.urban.com.au/expert-insights/buying/why-axing-stamp-duty-will-help-everyone">removal of stamp duty</a> on property transactions. The NSW Treasurer announced he was seriously contemplating such a move and was being advised by a high-powered advisory board. At the time, no one asked the obvious question – when has any Government voluntarily given up such a significant revenue contributor without replacing it with another way to collect the same amount (if not more) revenue or relying on bracket creep? I cannot recall one time in the last 30 years.

On the 20th anniversary, David Thodey and the NSW Treasurer did a song and dance routine at the <a href="https://www.smh.com.au/politics/federal/nsw-calls-on-other-states-to-back-recession-busting-gst-plan-20200701-p55820?ref=rss&amp;utm_medium=rss&amp;utm_source=rss_feed">National Press Club</a> calling on a broad-based land tax amongst other things.

When you view the public statements since then, it now makes perfect sense.

Since the initial announcement, we have seen numerous kites being flown. The first one in the air was a <a href="https://www.parliament.nsw.gov.au/committees/DBAssets/InquiryOther/Transcript/8810/Additional%20information%20Tenants'%20Union%20of%20NSW%20Land%20tax.pdf">broad-based land tax.</a> From a pure public policy perspective, this isn't such a bad idea and has been around since the late 1800s. There’s only one issue, and that is that in New South Wales there is an unimproved capital valuation regime for all properties – so valuations only relate to land and not improvements. Hence, as it relates to the land alone, a whole range of economic distortions will emerge. 

In addition, when all things are considered a broad-based land tax under the current conditions have the impact of increasing <a href="https://www.urban.com.au/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">Council rates </a>(it would be levied on a rather similar basis). Raising $9 billion per annum from a broad-based land tax could have the impact of almost doubling local rates.

Other questions also emerge such as, should homeowners that have already paid stamp duty still be liable for new broad-based land tax? If they are liable, then they are being double-taxed – if they are not, the imposition of the new tax may have a lock-in effect and reduce potential revenue collections.

The ACT has started a program to replace stamp duty with a broad-based land tax. The ACT has no private ownership of land and has a 99-year leasehold. The Government is largely responsible for land release and its population is about the size of the Northern Beaches of Sydney. Sure, lessons should be learned but differences should be acknowledged.

By far the scariest proposals are betterment taxes and value capture. This has been the topic du jour of the Sydney Morning Herald (SMH). Many Government agencies are enticed by the prospect of capturing the uplift created by a pen stroke without taking any risk. The SMH reported that the Government could <a href="https://www.smh.com.au/national/nsw/value-capture-adored-by-academics-and-despised-by-developers-its-time-may-have-finally-come-20200604-p54zch">capture 75% of the value uplift.</a> Such methods of taxation are lauded as international best practice. What they fail to mention, is the contention surrounding the drawing of tax increment financing boundaries and the community division it creates in the United States. They also fail to mention the small contributions to the <a href="https://www.crossrail.co.uk/">CrossRail project</a> from value capture as it also included reimbursements for value decrement. Admittedly, value capture did work rather well in Hong Kong with the development of the <a href="http://www.mtr.com.hk/en/customer/tourist/index.php">Mass Transit Railway (MTR)</a> but that was for a discrete and continuous piece of infrastructure where value could be clearly demonstrated.

You don’t replace one <a href="https://www.urban.com.au/news/what-do-we-want-stamp-duty-changes-when-do-we-want-them-now">distortionary tax </a>(stamp duty) with another distortionary tax. There are pros and cons of all proposals. But the trick will be in the design. A broad-based land tax appears the best way to go but it should be levied on the improved capital value of land.  This will incorporate elements of all the taxes discussed and will tax the marginal improvement in value throughout the lifecycle of the development. There is far more work needed by policymakers before we accept the removal of stamp duty as a Trojan Horse. 
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Beware of Politicians Bearing Gifts – Let’s Start the Stamp Duty Discussion

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If you’re a first home buyer at the moment, then you will have noticed the Governments, Federal and State, seem to just want to <a href="https://www.urban.com.au/news/home-building-grant-to-benefit-affordable-areas-and-first-timers">throw money at you </a>to try and help you get into that first home.  You’ve got to love that.  Let’s have a brief look at what the offerings are and how they can assist.

There are essentially four different offers available:

<ol>
<li>First Home Buyer Duty Exemption or Concession</li>
	<li>First Home Owner Grant (FHOG)</li>
	<li>First Home Loan Deposit Scheme</li>
	<li>Homebuilder </li>
</ol>
Please note that I’m looking at this from a Victorian perspective, so things may be different in other states.

The first three apply only to first home buyers, while the fourth is applicable to anyone that meets the criteria.

The <a href="https://www.sro.vic.gov.au/fhbduty">First Home Buyer Duty Exemption or Concession</a> relates to the purchase of either a new or existing property as a first home to owner occupy and live in.  If you qualify for this and the property you purchase has a value of $600,000 or less (technically the ‘<a href="https://www.sro.vic.gov.au/dutiable-value#:~:text=Dutiable%20value%20is%20the%20price,market%20value%20of%20the%20property.">Dutiable Value</a>’ to be $600,000 or less) then you will receive the first home buyer duty exemption, or if the value is between $600,001 to $750,000 you will receive the first home buyer duty concession.  This relates to the stamp duty normally charged on the purchase transaction.  In the case of the exemption, you don’t pay any stamp duty, while in the case of the concession, you pay a reduced rate of the stamp duty.  

The <a href="http://www.firsthome.gov.au/">First Home Buyer Grant </a>is applicable only to new homes.  That is if you are building your own home, or are purchasing a home that is being offered for sale for the first time, as well as <a href="https://www.urban.com.au/new-apartments">off the plan </a>purchases.  In this instance, in Victoria, you can receive $10,000 or, if the property is in regional Victoria, $20,000.  The property involved, however, has to be valued at $750,000 or less.

The <a href="https://www.nhfic.gov.au/what-we-do/fhlds/">First Home Loan Deposit Scheme</a> is a little different in that its aimed to reduce the amount of funds contribution required by home loan applicants in order to pass the Bank's credit criteria to obtain the loan. How this works is that the Government pays the Lenders Mortgage Insurance (LMI) premium normally associated with borrowing over 80% of the properties value.  There are still certain criteria applicants must meet, property value again being one of them, but this time it is based on postcode, and the criteria now include your level of income as well.  Not all lenders are participating in this scheme either but if it works for you then you can save several thousand dollars on the LMI premium.  

<a href="https://treasury.gov.au/coronavirus/homebuilder">Homebuilder</a> is the latest offering from the Federal Government to help the construction industry during the current COVID-19 situation.  This sees a grant of $25,000 available to any eligible applicants ( not restricted to first home buyers ) to go towards either construction of a new home, including off the plan purchasers, or for a significant renovation of an existing home.  Again there are certain criteria applicants must meet, and for now, at least it appears to only be a short term offer.  Any build contract must be signed before the end of the year and construction must commence within three months of the date of the contract. 

In the case of the first three, all the eligibility criteria are determined prior to <a href="https://www.urban.com.au/guides">settlement</a> and so the applicable grant amounts can be factored into the equation so that the loan amount applied for is for the correct amount, however, the Homebuilder scheme is proving a bit more problematic in its current form for the Banks.  Only because final eligibility is determined based on if the construction starts within three months of the contract being signed.  Which means that at the time of loan application, we can’t be certain that the $25,000 will actually be received.  This requires that the initial loan applications will need to be assessed for the full amount. 

In addition, you may still be eligible for the FHOG if you or your spouse/partner purchased a property on or after the 1st of July 2000 and have not lived there as your home.

Additionally, to receive the FHOG at least one applicant must:

<ul>
<li>Must occupy the home as their principal place of residence (PPR) for at least 12 months, commencing within 12 months of settlement or completion of construction.</li>
	<li>Be aged 18 or over (discretionary).</li>
	<li>Be an Australian citizen or permanent resident.</li>
	<li>In the case of the purchase of a new home - as at the date on which the applicant/s become entitled to possession of the home under the contract, which generally occurs on the date of settlement.</li>
	<li>And finally, in the case of entering into a comprehensive building contract - as at the date on which the building is ready for occupation as a place of residence, which generally occurs when construction of the home is finished.</li>
</ul>
On a final note, trying to make sense of it all can be a little daunting so it is always a good idea to have an in-depth discussion with your lender or broker to make sure you fit the <a href="https://www.urban.com.au/expert-insights/buying/the-time-has-come-for-first-home-owners-to-join-the-property-ladder">eligibility criteria for some, or all of these offers </a>so you can take advantage of them while they are still available.
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How New Government Measures Might Help First Home Buyers Secure a Loan?

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Buyer demand for <a href="https://www.urban.com.au/developments/brisbane-qld">Brisbane</a> houses has returned to levels pre-crisis over recent weeks with dozens of people at some open homes.

Negotiations for strategically placed properties are much tougher than they were with more buyers competing over a low volume of listings.

During the peak of the <a href="https://www.urban.com.au/news/how-will-the-coronavirus-impact-australias-property-market">coronavirus pandemic</a>, we remained active in middle-ring locations that offer houses around the $400,000 to $500,000 mark, and mostly had the pick of the crop. Now, listings are still constrained, but the number of active buyers has surged two- to three-fold compared to March and April. In fact, we have seen up to 30 groups going through just one open home because of the lack of stock with <a href="https://www.urban.com.au/guides/how-to-buy-a-house-in-2020-a-guide-for-first-time-home-buyers">first home buyers </a>and owner-occupiers as the most common buyer type. 

This state of play is reflected in the latest data and analysis by the Real Estate Institute of Queensland (REIQ). The <a href="https://www.reiq.com/whitepapers/queensland-market-monitor/">REIQ’s Queensland Market Monitor </a>(QMM), released on Friday, found that the Sunshine State property market was in fine shape during the first three months of the year. According to the QMM, Brisbane’s median house price increased 0.7% over the March quarter and had strengthened by 1.5% over the year ending in March as well. Greater Brisbane’s market – including the Logan, Moreton Bay, Ipswich, and Redlands regions – was also performing well, posting median house price growth of 1% over the year as well. Temporary pause 
Local experts interviewed for the analysis say the Brisbane market, as well as all other major markets, took a breather in April as peak virus uncertainty hit the state. However, by May, green shoots of confidence and improved consumer sentiment had started to appear. This market resurgence continued into June, which is what we are currently witnessing on the ground in Brisbane.

It seems that owner-occupiers and first home buyers with the means to purchase are attempting to do so. First-time buyers, in particular, are active in those suburbs that still have affordable <a href="https://www.urban.com.au/guides/how-to-invest-in-property-in-2020-the-ultimate-guide-">investment-grade </a>housing.

A few months ago, when asked by the media how the Brisbane market was faring, I said properties were achieving their listing prices but there wasn’t the fight from buyers to push prices much higher. Fast forward a few months, though, and that situation has started to change, mostly because of the continued reduced stock levels.

<a href="https://www.corelogic.com.au/research/monthly-indices">CoreLogic’s Home Value Index</a> found that median house values in Brisbane stayed stable in June and had increased by 1.9% since the start of the year – a result superior to Melbourne over the same period.

But I wouldn’t say it’s a seller’s market by any stretch.

That’s because, while there are definitely more buyers out there, most of them don’t seem to have any sense of urgency. Mostly, because they believe there will be a significant property price slump come September when the <a href="https://www.ato.gov.au/general/jobkeeper-payment/">JobKeeper</a> payments are wound back as well as mortgage repayment pauses.

Long-term focus 
Personally and professionally, I don’t believe the Brisbane market will experience any major impact from the ending of these initiatives.

Lenders will not want a flood of mortgagee sales for starters, so they will work with customers experiencing financial distress to prevent such a thing happening by extending repayment holidays or reductions.

That said, it is almost a moot point because savvy property buyers and investors always purchase when <a href="https://www.urban.com.au/news/debunking-the-bad-market-myth">conditions</a> are right for them, including when there are market opportunities. They also understand that to create property wealth, they need to hold their investment properties for the long-term, so it is irrelevant to them what may or may not happen in September.

With interest rates so low, and with a reduced volume of buyers compared to the average currently in the market, there has never been a better time to secure a holding in Brisbane in my opinion.

Not only does the sunshine state capital offer affordable house prices, but rental yields are also usually much higher than in southern states.

Thus, I’m picking that interstate migration into Queensland will start to soar once borders are reopened as more people opt to <a href="https://www.urban.com.au/guides/covid-19-how-to-adapt-to-working-from-home">work from home</a> from one of the most beautiful places in the world.
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Demand for Brisbane Property Soaring

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As the Australian <a href="https://www.urban.com.au/news/the-future-of-the-australian-property-market-post-covid-19-according-to-icd-propertys-sal-quah">property market </a>weathers a period of significant uncertainty, buyers are flocking to the affordable and desirable lifestyle offered in Melbourne’s western growth corridor, with the region setting a benchmark for community-focused living. 

North, West, South-east and Sunbury Growth Corridor Plans were introduced in 2012 by the <a href="https://vpa.vic.gov.au/wp-content/Assets/Files/GCP%20-%20Chapter%207%20Sunbury-Diggers%20Rest%20Corridor%20Plan.pdf">Victorian Planning Authority</a> to manage the growing population of the region. Each of these identified corridors aims to deliver affordable housing, employment, all-inclusive town centres, along with wide-open spaces that are expected to eventually accommodate close to half of Melbourne’s new housing. 

With the rest of the state forecasting a market downturn as a result of COVID-19, developers in Melbourne’s west are witnessing a resurgence of buyers who are eager to capitalise on low-interest rates and <a href="https://www.urban.com.au/news/everything-you-need-to-know-about-australias-25000-homebuilder-grant">government stimulus package</a>s. This <a href="https://www.urban.com.au/news/new-housing-development-aims-to-cater-to-overwhelming-population-growth-anticipated-for-geelong">accelerated population growth</a> is expected to continue into the future with 22,100 residents expected to be added by 2031, representing growth of 15% per annum. 

[smartcode_project:default project_id=2772]

Securing homes and land for the future 

For the past decade, <a href="https://www.urban.com.au/developments/west-melbourne-vic">Melbourne's west </a>has experienced remarkable population growth, with an additional 267,000 people moving into the area, representing a 38% increase. 

This area of Melbourne is consistently popular with the hard-working demographic. This includes individuals and families who are classified as essential service workers working within the health, logistics and construction sector and have remained the most financially secure during COVID-19. 

These buyers typically have their finances ready to go and are eager to start building, hence they tend to flock towards titled land as opposed to untitled which can take anywhere from 12 to 18 months to settle. 

Whilst first-home buyers are also active and still looking, they are spending more time researching and banks are taking a bit longer with finance approvals. On the other hand, there are still groups of buyers who are happy to buy <a href="https://www.urban.com.au/new-apartments">off the plan</a> now with a 5% deposit and then pay the rest at settlement in 12 months time. 

[smartcode_project:default project_id=27783]

Seeking a convenient lifestyle 

Buyers who opt to invest in the western growth corridor tend to place a greater emphasis on value - they actively seek out products that will provide them with more bang for their buck and master-planned communities tend to tick all the boxes. In addition, there has been a greater appetite for <a href="https://www.urban.com.au/new-townhouses">townhouses</a>, as more and more individuals shift away from traditional detached family homes. 

New home buyers are also seeking more than just value for money with owner-occupiers searching for a community that is designed for easy living away from the hustle and bustle of the city with space to grow and explore, such as wetlands and conservation areas. 

[smartcode_project:default project_id=27675]

Community connection 

Melbourne’s west is an up and coming area that is seeing families attracted by the space, investment into infrastructure and amenities.

Public transport links, walkability, thriving communities, and local community <a href="https://www.urban.com.au/planning?page=1%2C43">development initiatives</a> are designed to foster a strong sense of community which is also appealing to first home buyers and those who are looking to build their forever home especially as people are spending more time in the suburb where they live. 

But this focus on community development requires investment and often does not come naturally, rather it is the responsibility of developers to implement such initiatives to encourage a strong sense of community to develop among residents. 

[smartcode_project:default project_id=7633]

It is becoming clearer than ever that buyers are expecting more than just a property. They are seeking a modern, fulfilling <a href="https://www.urban.com.au/news/lifestyle-choice-or-property-investment-not-an-either-or-equation">lifestyle</a> that provides value, convenience and a level of connection, and that is exactly what is on offer in Melbourne’s west, and why it remains one of the fastest-growing regions in Australia.
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Melbourne’s West: How the Growth Corridor is Defying the Property Market 

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If you’re confused about the <a href="https://www.urban.com.au/expert-insights/buying/4-reasons-to-have-faith-in-australias-property-market-for-the-long-run">Australian property market</a>, I don’t blame you.  

From some portrayals of the media, there’s nothing but doom and gloom, with talk that COVID-19 will burst Australia’s property ‘bubble’ and see property values tumble.

Others, however, argue that property investment remains a safe bet and will continue to be so for years to come.  

I’m in this camp. I firmly believe that there is still no better way to build wealth in Australia than through <a href="https://www.urban.com.au/guides/how-to-invest-in-property-in-2020-the-ultimate-guide-">property investment</a>.  

Let me explain. 

There are a number of key factors that will continue to drive growth over the long-term. 

Scarcity of Supply and Growing Demand 

The value of anything is determined by its relative scarcity, and scarcity is fuelled by actual and perceived supply and demand. Where there is more demand than supply, the value of something is likely to rise. 

In Australia, a housing shortage will continue to drive the property market. Research from <a href="https://www.anz.com.au/personal/">ANZ</a> in 2016 revealed that Australia faces an estimated property shortage of more 250,000 dwellings, a deficit of 2.6% based on Australia’s housing stock of just under 10 million.  

Changing demographics 

Australians are living longer, and residing in smaller households. 

According to research from <a href="https://onlinelibrary.wiley.com/doi/10.1111/ajag.12113">Professor Graham Hugo</a>, average life expectancy has increased by more than 14 years (about 20%). Looking ahead, the ABS predicts that average life expectancy will be 92 for males and 95 for females by 2050. This means that people will need to be housed for much longer, putting more strain on housing availability. 

Since the mid-1960s, the household has also reduced from 3.4 to 2.4 persons. This 40% decrease is because Australians are choosing to remain single for longer, marrying, partnering and having children later in life, and unfortunately, divorce and separation continues to rise. For example, <a href="https://www.abs.gov.au/websitedbs/censushome.nsf/home/historicaldata?opendocument">ABS statistics from 1986 to 2006 r</a>evealed that one parent households rose by 120% and single households were up 80%.  

Population growth 

Australia has one of the <a href="https://www.urban.com.au/news/new-housing-development-aims-to-cater-to-overwhelming-population-growth-anticipated-for-geelong">highest population growth rates</a> in the developed world. This is mostly due to our high immigration rate. 

And while there is a temporary hold on migration, once the borders are open this growth is set to continue as Australia continues to prove it is one of the safest and best places to live in the world. The ABS predicts that Australia’s population to rise to between 36.8 million and 48.3 million in 2061, reaching as high as 70 million by 2101.

Consider this simplified forecasting - Australia will have 16.5 million more people by 2061 and, based on the average household size of 2.4 persons, we’re looking at around 156,000 extra dwellings each year, on top of the existing national housing shortage of 250,000!

Is now a good time to buy property? 

History has repeatedly shown that property is very resilient to economic shocks as well as continues to hold its value and grow irrespective of <a href="https://www.urban.com.au/news/covid-19-and-the-pathway-forward-for-property">unemployment levels</a> and negative economic growth. The after-effects of COVID-19 will be no different. 

In fact, current market conditions create a rare window of opportunity to secure <a href="https://www.urban.com.au/developments">good-quality properties </a>before the combined impact of continued share market volatility, historically low-interest rates and Australian dollar. In addition, massive government stimulus tips confidence and growing demand back into the property market including high-quality properties in scarce locations continue to rise in value. For smart investors, now is the time to pounce not to pause!

Of course, high-growth will not be across every city and region in Australia. It is expected that 70% of property market growth will come from the greater capital city regions of the eastern states: Queensland, New South Wales and Victoria. This will be driven by career opportunities (high employment), infrastructure investment and lifestyle needs. 

Property: ‘As safe as houses’

When it comes to property investment, it’s pretty clear that the numbers will continue to stack up. To emphasise the point, if the growth rates of property are equal to or even somewhat less than shares, the power of leverage will almost double your wealth creation compared to equities. 

Of course, before throwing yourself into the property market, make sure you do your <a href="https://www.urban.com.au/expert-insights/buying/how-to-research-an-off-the-plan-property-thoroughly-and-effectively">research</a>, seek advice from experts and put your own, personalised wealth plan in place. 
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Is Property Still a Good Investment? Find out why..

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2020 has been a year cloaked in an unscrupulous veil of uncertainty and fear. As Australians, we’ve endured horrific bushfires and the COVID-19 pandemic. It’s only fair to assume that one of the major markers of economic stability, the property market, would also take a substantial hit. However, whilst property prices and sales volumes have dropped, the market has proved itself to be extraordinarily resilient. 

According to data from <a href="https://www.corelogic.com.au/news/national-auction-market-preview-14-june">Core Logic,</a> the number of auctions scheduled in the week ending June 14 was roughly double the weekly average recorded in May which is a great incentive for those looking to enter the property market where values are not at the top of the market. With the <a href="https://www.urban.com.au/guides/how-to-navigate-australias-first-home-buyer-grants">first home buyer’s incentive </a>and interest rates at an all-time low, first home buyers are at a strategic advantage to purchase their first property.

First Home Buyers Scheme

The government is set to release another 10,000 scheme places for the next financial year from the 1st of July 2020. Generally, first home buyers need a 20% deposit to pay the lenders mortgage <a href="https://www.urban.com.au/news/two-key-lender-changes-you-need-to-know-about-before-you-get-your-loan">insurance</a> (LMI). Under this initiative, eligible applicants will only require a deposit of as little as 5% from participating lenders, with the bank guaranteeing up to 15% of the property’s value and waiving the LMI. 

Participating Lenders

Two of the big four banks, Commonwealth Bank and NAB are participants in the scheme, with 5000 spots allocated to the First Home Loan Deposit Scheme (FHLDS). A number of smaller banks are also involved in the initiative, including: Auswide, Bendigo Bank, Beyond Bank, CUA and Teachers Mutual Bank. 

Your lender will assess your eligibility according to your personal circumstances. These checks will include:

<ol>
<li role="presentation">An income test;</li>
	<li role="presentation">A priority property ownership test;</li>
	<li role="presentation">A minimum age test;</li>
	<li role="presentation">A deposit requirement;</li>
	<li role="presentation">A new owner-occupier requirement. </li>
</ol>
Getting your finances in order

Whilst many millennials dream of purchasing their first home, sometimes the smashed avocado toast is just too good to pass up. According to <a href="https://digitalfinanceanalytics.com/blog/tag/mortgage-rates/">Digital Finance Analytics</a>, over half of young families are experiencing mortgage stress, and these statistics were taken pre-COVID-19. 

It’s important that during these times that applicants become savvy savers and get their finances in order before proceeding with an application. This includes:

<ol>
<li role="presentation">Deposits saved and available;</li>
	<li role="presentation">Savings of an extra 5% to allow for moving expenses, stamp duty etc;</li>
	<li role="presentation">Emergency savings (at least 3 months worth);</li>
	<li role="presentation">Homebuilding insurance;</li>
	<li role="presentation">Affording repayments if interest rates increase, particularly now that they are at an all-time low. </li>
</ol>
Responsible Lending 

Following the Royal Commission, <a href="https://asic.gov.au/regulatory-resources/credit/responsible-lending/">ASIC's</a> new guidance on responsible lending creates a very specific set of criteria that lenders need to ascertain. 

If you’re an avid consumer of Netflix, Stan, <a href="https://www.urban.com.au/expert-insights/buying/how-your-uber-eats-and-afterpay-habits-could-derail-your-home-loan-application">UberEats</a> and Deliveroo your bank has the right to request a cancellation letter if you’re willing to give these up to cover your loan.

They may also ask if you’re willing to move your children from private to public school. Yes, this is not a joke. 

This means that it’s imperative to have your finances in order at least 12 months prior to lodging an application to avoid these issues. Whether it’s giving up Netflix or laying off the UberEats, these are new sacrifices you’ll have to make if entering the property market is your ultimate goal. 

Savvy Team

Determining <a href="https://www.urban.com.au/guides/how-to-buy-a-house-in-2020-a-guide-for-first-time-home-buyers">where to purchase</a> your first property is one of the most important and emotional financial decisions that you’ll make in your life. Equipping yourself with a team of experts that can help alleviate the stress and emotion that comes with such an important investment. 

An experienced <a href="https://www.urban.com.au/news/how-are-real-estate-agents-assisting-during-the-covid-19-crisis">buyer’s agent</a> can provide unparalleled benefits to their client by maximising profit and yield on the purchase of your first property. For those who are time poor, a buyer’s agent has a wealth of knowledge and experience in researching properties to mitigate risk and maximise long-term profit, all while meeting your ideal property preferences and goals. 

The advice provided by a buyer’s agent allows you to avoid mistakes and disappointment. A good buyer’s agent will help in developing a clear and concise strategy backed by extensive research to purchase below fair market value. 

It’s important that prospective purchasers consider:

<ol>
<li role="presentation">Avoiding purchasing at the top end of the market;</li>
	<li role="presentation">Avoiding purchasing B or C grade assets;</li>
	<li role="presentation">Avoiding overpayment;</li>
	<li role="presentation">Avoiding purchasing in a low population area or a town relying solely on one industry sector. </li>
</ol>
Hence, contrary to other industries and economic sectors, there is certainly a silver lining for first home buyers looking to enter the property market in 2020. 
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Silver Lining for First Home Buyers Amidst the Pandemic 

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The <a href="https://www.urban.com.au/news/how-will-the-coronavirus-impact-australias-property-market">coronavirus pandemic</a> has created financial uncertainty for many Australians. The Federal Government has introduced a few <a href="https://www.ausbanking.org.au/covid-19/the-personal-relief-package/">financial assistance options including loan and credit card deferrals</a> for individuals affected by COVID-19, giving successful applicants the option of pausing payments, provided their pre-COVID-19 payments were up to date. The deferral period of these payments will have no effect on credit ratings, according to the Australian Banking Association.

It is important for people to understand what a loan or credit card deferral can mean. For example, a loan pause can result in your loan term being extended overall if you want to preserve the same repayment rate after the pause ends; or it can cause a higher repayment rate if the loan term is not extended. It is important to consider all the information upfront and make the best decision for your personal circumstances.

The industry-wide agreement is good news for diligent customers who have suddenly found it impossible to keep up with the bills after losing their job or having their income severely reduced.

ABA Chief Executive, <a href="https://www.ausbanking.org.au/a-covid-19-mortgage-deferral-wont-affect-your-credit-rating/">Anna Bligh,</a> said: “Australia’s banks are here to support customers who have lost their jobs or significantly lost income because of COVID-19… Customers in these circumstances should not have to worry about their credit rating as well.”

For customers who were already behind in their loan repayments, the ABA has stated that banks will determine how to report the information once the repayment pause has ended and opt to report nothing during the pause.

Tips for Aussies Struggling to Meet Repayments

If you cannot make a repayment because of COVID-19:

<ul>
<li>Talk to your bank before you miss a repayment rather than after when damage might have already been done to your credit report.</li>
	<li>Contact your bank via their website or phone app. If you cannot reach them, try contacting them by email or on social media. Lenders are likely to backdate any repayment pauses if you have tried to make contact.</li>
	<li>Before you pause your <a href="https://www.urban.com.au/guides/how-to-secure-a-mortgage-free-lifestyle-sooner">mortgage</a>, ask your bank for a rate reduction to help you keep up with the repayments. Repayment pauses can provide some much-needed relief, but they are likely to be costly in the long run.</li>
	<li>If you are getting charged interest on your credit card, consider switching to a low-rate card instead.</li>
	<li>Try and avoid adding to the problem (where possible). If you have a credit card, you can ask your lender to lower the limit to something you know you can manage.</li>
	<li>When you do get <a href="https://www.urban.com.au/news/resetting-your-finances-during-covid-19-a-financial-coachs-guide">some money coming back in</a>, try and clear your debt as quickly as possible. </li>
</ul>
Can I improve my credit rating or change my credit report?

There are steps you can take to improve your credit score over time to assist in future financial planning. Some initial steps you can take are to reduce your credit limit, put a pause on applying for credit through loans and credit cards, and set up reminders or direct debits to ensure that you pay bills, from utility to credit cards on time. While some information can affect your <a href="https://www.urban.com.au/expert-insights/buying/assess-your-credit-files-long-before-applying-for-finance-for-your-dream-home">rating</a> for several years, after taking positive steps, your score should gradually improve.

You can also change or remove incorrect information on your credit report much quicker. This may include your name, date of birth or address as well as if a debt is listed twice, the amount of debt is wrong, or if a debt that is not yours is incorrectly noted on the report. You can also remove incorrectly placed defaults, judgments, repayment histories or enquiries that do not comply with the credit reporting legislation.  

Although this may be an <a href="https://www.urban.com.au/news/why-the-real-estate-industry-must-replace-fear-with-opportunity-during-the-covid-19-crisis">unprecedented time</a> for many Australians, it is crucial to understand the help that is available to those affected as well as how to improve/change your credit rating during and post the coronavirus pandemic.
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Bank Loan ‘Holidays’ - What it Means for Your Finances and Credit Rating?

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Australian interest rates are currently at <a href="https://tradingeconomics.com/australia/interest-rate">historically low levels</a>. This fact, along with the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-04-14/imf-forecasts-big-coronavirus-growth-hit/12147818">economic uncertainty created by the coronavirus pandemic</a>, has left many wondering whether or not now is a good time to take out (or switch to) a fixed rate home loan. Fixed rate home loans are where your loan repayments will be charged at the same interest rate, usually for periods between 1 to 5 years.

There are both pros and cons of taking out a fixed rate home loan. 

Pros:

1. Your interest rate won’t go up if market rates increase 

This means that you’ll be charged less interest than a person with a variable rate home loan, giving you the opportunity to become <a href="https://www.urban.com.au/guides/how-to-secure-a-mortgage-free-lifestyle-sooner">mortgage-free sooner.</a> 

2. It can give you repayment certainty

Your repayments won’t change if market interest rates increase. A fixed rate loan can, therefore, be a good idea if your <a href="https://www.urban.com.au/news/resetting-your-finances-during-covid-19-a-financial-coachs-guide">financial circumstances are likely to change</a>. For example, if you’re planning on starting a family or your job may be at risk due to the economic fallout of the coronavirus.

Cons:

1. Higher fees

A fixed rate home loan usually has higher fees than a variable-rate home loan.

2. Break fees

If you want to end your fixed rate home loan before the term expires, there will usually be ‘break fees’ involved. For example, a reason why you might want to end your fixed rate home loan is if you want to sell your home. Variable-rate loans, on the other hand, don’t have break fees.

3. Loan features and flexibility

Some fixed rate home loans limit your ability to make to do things such as:

<ul>
<li>making extra repayments</li>
	<li>
<a href="https://www.urban.com.au/news/the-difference-between-offset-and-redraw-mortgage-loans-that-are-right-for-you">redrawing money</a> on your home loan if you need to.</li>
</ul>
       However, variable-rate loans usually have more flexible features such as these.

Before you take out a fixed rate home loan, you should do all of the following:

1. Thoroughly research the market 

There are a huge number of home loan products and loan providers available in the Australian home loan market. If you don’t have time to research the market, you can use the services of a <a href="https://moneysmart.gov.au/home-loans/using-a-mortgage-broker">licensed mortgage broker</a>. 

In addition, if you are switching from a variable-rate home loan to a fixed-rate, it’s important that the benefits outweigh any costs. If you are unsure about this, you should obtain independent financial advice.

2. Understand the comparison interest rate

Lenders usually advertise two interest rates on their loan products: a nominal rate and a <a href="https://moneysmart.gov.au/glossary/comparison-rate">comparison rate</a>. The nominal rate is usually lower, but it doesn’t include the cost of loan fees and charges. The comparison rate, on the other hand, is higher but it does include the cost of most loan fees and charges. 

Always use the comparison rate when comparing loan products. Lenders in Australia are <a href="https://asic.gov.au/regulatory-resources/credit/credit-general-conduct-obligations/national-credit-code/">legally required to provide you with the comparison rate</a> before you take out a loan.

3. Negotiate loan fees and features

The Australian home loan market is highly competitive and lenders are always keen for new home loan business from applicants with good <a href="https://moneysmart.gov.au/managing-debt/credit-scores-and-credit-reports">credit ratings</a>. If you have a good credit history, you may be able to negotiate home loan fees and charges with lenders. 

There’s an old saying that ‘you don’t get what you deserve, you get what you negotiate’. If you don’t believe you have good negotiating skills, a mortgage broker can negotiate on your behalf.

 
It’s important to understand that paying off a home loan is a long-term financial commitment. Interest rates inevitably change over time and interest is the major cost associated with home loans. Even a small increase in interest rates can make a massive difference to the amount you’ll pay over the duration of a home loan. Hence, It is crucial that you consider the pros and cons of fixed rate home loans as well as their suitability for your current and future financial circumstances.

 
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Vivian Nguyen

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