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Making a move before Christmas? All you need to know

A new home for Christmas this year?

We're a few days away from Spring and that means most people are looking forward to warmer days, sunshine and an upcoming Summer!

What does that mean for homeowners? Often it's a move to a new home for Christmas, and to avoid getting caught out later in the year, we're recommending you get pre-approved early.

Whether you're buying your first home, upgrading or considering a build, we're here to help, and we always recommend good planning for great results!

What about interest rates?

Rates have risen significantly over the past 6-8 months and many borrowers are now coming off cheaper 2-3% rates onto rates just on 5%.

The good news is that rates are showing signs of stabilizing, with a small drop in the shorter term rates in August, many of the main economic commentators are now expecting the 1-2 year rates to level off in the year ahead.

There are still some sub 5% rates available now for 12 months and those suit a lot of borrowers with a bit of surplus in their budget, noting that the OCR reviews in the final few months of the year are still likely to show some increases in the floating rates.

It's also a great time for reviewing, tidying up any smaller loans which may now be adding to complexity, and looking at some other bank options, with many lenders offering very good cashbacks to move across to them, along with other incentives.

Is it easy to top up?

While "top up" loans (increasing your lending by a small amount, usually under $100K) have traditionally been quite simple, most banks are now asking for full applications for increases in lending, under the CCCFA and Responsible Lending Rules.

But that doesn't mean it's hard to get a top up loan - as long as the purpose is clearly defined; a vehicle, small improvements to a property, etc, it's usually fairly simple to get across the line. And again the opportunity is there to check what other options may be out there too.

Some banks are also offering cheaper rates for things like electric vehicles, healthy homes improvements and heat pumps or insulations, so if you have any of these on your agenda, let us know!

End 2022 strongly

2022 has been a big year for us all - there have been big changes but largely our clients have weathered them well and there's plenty of positivity out there to end the year on a high note.

If that's a new home, a refinance or a top up - get in touch with Greg, Claire or any of the My Mortgage Team, and we'll be able to make it happen for you!


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