As springtime approaches, the mortgage season is now ready to ring the bell!
September to November is generally when homebuyers and real estate investors are in a spin. This is the peak time of the year to get on top of the property ladder. This is also when everyone prepares to refinance and scourge to different property auctions.
The Peak and the Demand
Almost every type of properties is in demand, and it’s a huge trend that might keep going this spring. This includes different house and land packages, blogs of land and residential and commercial properties. Moreover, the number of home loans for new properties moved up to 40% and construction loans have increased to 15% from 2009, while home loans financed for established properties have dropped during the same period.
The Reserve Bank of Australia just announced that there are no significant changes to the official cash rate; it still remains at 2.5% p.a. Finder.com together with some of the best experts and economists forecasted that the results may not change until 2015. Experts are also convincing people to factor in a buffer of at least 2% when rates starts to increase and to make sure they can still afford to pay back their loans.
More good news?
Currently, many states are offering government incentives for building new homes to verify grants available before deciding whether to build or buy an established property.
For those who are planning to build your next home, it is best to compare the construction home loans first, which often has unique way of releasing money to match each step of the process. Many lenders are also offering a construction facility to make it more competitive than other offers.
The bottom line…
The bottom line here is that experts suggest that if you’re interested to buy or invest in properties, now is the perfect time. With all these development and perks, you will sure find a good deal.