Try these tips when you’re looking for a mortgage on your property in Moreton.
WHEN it comes to getting a better deal on your mortgage, a bit of old fashion haggling can go a long way, even with your existing lender.
Pester power doesn’t just work for kids who nag their parents in the supermarket, it also works for mortgage customers looking for a better finance deal. But before you pick up the phone, first, you must decide what exactly is a better mortgage.
“What constitutes a better deal, is its interest rate, fees, features, flexibility or service?” says Resi chief executive Lisa Montgomery. Ideally, you need a mortgage that ticks the boxes on all five, she says.
“There is no denying we are all looking for a competitive interest rate, if you think that your lender could be offering a better rate you should start there with your negotiations. But before you do, you need to do your homework on what’s on offer from others and put your case to your lender.
“Most lenders will do their best to consider this type of request and, if you have been a loyal client over the years, it will stand you in good stead.
“However, the best mortgage deal is the one that delivers on all five aspects of your loan: competitive rate, low or no fees, great features such as a redraw and offset facilities, flexibility such as being able to fix your loan or borrow more money when you need to and, of course, good service.”
This means you also need to do some homework on yourself and what you expect or want from a mortgage before you start negotiating.
Despite many borrowers being reluctant to haggle, making the effort can be very worthwhile, says financial comparison company Mozo.
A survey by the company late last year found Australians are more likely to haggle over the price of a toaster then they are likely to haggle over a long-term commitment such as a mortgage.
Mozo found that less than 30 per cent of borrowers negotiated with their lender before taking up their mortgage, with the vast majority, 70 per cent, just taking what they were offered.
“Only a third of men and a quarter of women ask for a better home loan deal, despite the fact they can save tens of thousands off the average mortgage by doing so,” Mozo’s Kirsty Lamont says.
“Many Australians are reluctant to challenge financial institutions and feel that the banks are the ones with all the power,” she says.
“The truth is, borrowers these days have more power than they realise. A typical borrower with a $300,000 home loan should be able to get a rate discount of at least 80 basis points (0.8 of a percentage point) off the standard variable rate.
“Many banks have off-the-shelf discounts for packaging your home loan but they don’t generally advertise their lowest rates. It’s only customers who push the hardest that get the best deals.”
A secret shopper survey last November found the major banks were prepared to offer discounts of up to 1 percentage point on a $300,000 loan to Mozo negotiators, Lamont says.
Assist Finance Corporation managing director Jason Di Iulio says the best deal will be achieved by borrowers who come prepared to negotiate.
“Understand your current loan terms, for example, is it fixed or variable? What are the rates and fees or any other conditions? Make a note of these and then work out what you need,” Di Iulio says.
“Make a list of your requirements such as a low interest rate, split loans, interest only and so on. Also consider whether you will need a redraw facility, consolidation of other debts and account access.”
Next, shop around. Get advice from a mortgage broker and go online to see what type of offers are currently available.
“Once you have established your needs, combined with the terms of your loan, approach your lender for a better deal,” Di Iulio says. “Ask for further discounts and present your quotes. Ask what is your current lender prepared to do to strengthen your relationship with them?”
First-time borrowers can often feel at a disadvantage, Montgomery says.
“The key is to present well,” she says. “Confirmation of income, proof of deposit, statements for other loan accounts and any other relevant information will make it much easier to negotiate.”
HOW TO NEGOTIATE A TOP MORTGAGE
* Information is power: Do your research, tell the lender what rates you can get elsewhere and make it clear they’ll have to do better to win your business.
* Ask for more: When quoted an initial discount, ask if that’s the best they can do. Banks tend to reserve their biggest discounts for the toughest customers who keep asking.
* Bargaining chips: Offer to bring other business to the bank such as life insurance, credit card or financial planning needs to increase your bargaining power.
* Deals and discounts: Don’t limit yourself to rate haggling. Push for waivers or discounts on application or ongoing fees too.
* Call in an expert: Speak to an industry expert or get help with your negotiating. If you’re not comfortable talking money then get an expert to haggle for you.
Original article published at www.news.com.au by Karina Barrymore, News Limited Network 18/8/2013
Bray Park and Mango Hill fastest selling homes in Pine Rivers
HOMES in Bray Park and Mango Hill are among the fastest selling in the northern suburbs of Brisbane, latest data reveals.
CoreLogic data shows houses in these suburbs are on the market for an average of 48 days before being snapped up by buyers.
Other top performing suburbs in Pine Rivers include Kallangur, where homes sold in an average of 50 days, Strathpine and Petrie at 54 days and Warner with 57 days.
Strathpine’s David Deane Real Estate director and sales manager Mark Rumsey sold 55 Leone St, Bray Park, in just 19 days on the market.
The four bedroom, two bathroom home — built in 1975 on 607sq m — was very popular with buyers.
“This type of property is very popular, because it gives you flexible living options, everything is fresh and it’s not far from schools and rail,” Mr Rumsey said.
“I’ve got plenty of examples within 500m of this home that have sold just as fast.
“Strathpine, Bray Park and Petrie are the thinnest I’ve seen stocked for a long time.”
He said buyers were “quickly realising” the area was good value for money.
“There’s a huge employment base, with Brendale and North Lakes massive drivers for housing out here,” Mr Rumsey said.
“The spotlight is also on with the university and railway upgrade … and it’s only 20-25km from the CBD.
“In areas like Aspley and Bracken Ridge, the same house you’re paying an extra $50,000 to $100,000, so people see huge benefits in just coming out a few extra kilometres.
“These areas will only continue to be popular with buyers and investors.”
While in Mango Hill, Ray White North Lakes sales professional Vijay Kumar is selling 22 Limosa Court, Mango Hill.
The four bedroom, two bathroom home — built in 1998 on 825sq m — has been fully renovated and has an in-ground saltwater solar-heated pool and solar panels on the roof.
Mr Kumar said there has been steady interest in the property, on the market for $559,000.
“This property is in a cul-de-sac, which means only local traffic will go down the road, making it attractive to buyers,” he said.
“It’s also on a large block and only 10 minutes to the train station,” he said.
He agreed homes in the area were on the market for about 48 days.
“In my experience, homes generally sell between 40 and 50 days in Mango Hill,” Mr Kumar said.
“This area is only going to continue to grow in popularity, especially once the train station opens. Plus it’s close to North Lakes, which makes it attractive to buyers.”
Topping the CoreLogic list across greater Brisbane was Algester, where homes sold in an average of 23 days during the 12 months ending June, 2016.
Across the Brisbane City Council area, three other suburbs scored selling times under a month — Chermside West at 24 days, Wishart on 29 and Keperra at 30.
Moreton Bay’s best suburb was Ferny Hills at 35 days, while Logan’s best proving to be Hillcrest at 36.
Capalaba was the highest ranking suburb in Redland City, averaging 42 days on the market, while Ebbw Vale’s 49 days was the best result in Ipswich.
All of Brisbane’s top 10 suburbs had an average of 37 days or less on the market before securing a sale.
TOP 10 IN REGION
1. Ferny Hills
2. Everton Hills
3. Albany Creek
4. Arana Hills
5. Bray Park, Mango Hill
7. Strathpine, Petrie
8. Rothwell, Margate
9. Warner, Redcliffe
*CoreLogic fastest selling suburbs in the Moreton Bay Region
Original article published at www.couriermail.com.au by Amelia Broadstock 18/7/16
Mango Hill’s $10m terrace house collection
The Capestone masterplanned community in Mango Hill will receive a $10 million terrace home collection by Vantage Buiding Group.
The Fusion project will include 24 freehold title, two-storey terraces surrounded by wide streetscapes and located close to a future 13ha lake.
Vantage partner Ashley Nankervis said there had already been strong interest in the homes which start at $429,600.
“The Fusion range of housing provides architecturally designed, three-bedroom, two-bathroom homes that are well positioned and priced in the market,” he said.
“The newly opened Mango Hill railway station is a short walk away and offers residents who work in the Brisbane CBD an easy, 40-minute commute.
“The estate is also only a few minutes drive to the myriad of retail and entertainment options of Westfield’s newest shopping centre at North Lakes as well as IKEA and Costco.”
Mr Nankervis said Fusion was close to North Lakes Business Centre and the growing industrial precincts at North Lakes, Brendale and Strathpine.
“There is strong employment growth forecast in Mango Hill across retail, commercial, industrial and health sectors,” he said.
“More than 26,000 new jobs have been forecast given the proximity to hospitals, associated health facilities as well as the range of local shopping and retail amenities.”
State and private schools are close to the project and St Benedict’s Catholic College is within walking distance.
There is also easy access to Capestone Boulevard and the surrounding facilities.
Construction on the project is expected to start this month.
Original article published at www.couriermail.com.au by Paula Shearer, News Corp Australia Limited, 9.6.16
Locals snap up first three stages of SoLa North Lakes as developers prepare for construction of next phase
THE first three stages of SoLa North Lakes, comprising 59 of 120 townhouses, have sold out with the fourth phase now being promoted.
This stage includes two new floorplans priced from $405,000 with construction expected to begin in the next few months.
Stockland regional manager David Laner said he expected the Stockland-Metricon joint masterplanned community would be fully completed and sold out by Easter next year.
“There have been slightly more owner-occupiers than investors as the townhouses are pretty large,” he said.
“Forty per cent are two-bedrooms and 60 per cent are three-bedrooms.
“Most of the townhouses are also two storey with park and lake views, and we wanted to go with really good quality finishes.”
Mr Laner said 75 per cent of all buyers were from within 10km of North Lakes, which signalled how well people knew their local areas.
“The Moreton Bay Rail Link will offer great opportunities for astute investors and I expect there will be a ripple impact on surrounding areas, like the undervalued Redcliffe peninsula, following the rail link’s opening,” he said.
“But there are now less than 40 vacant home sites left at North Lakes, out of a total of more than 5000 in the masterplan.
“So I’m seeing a little bit of urgency creep in from buyers.”
Arana Hills residents’ Stephen and Jill O’Rourke have purchased a three-bedroom townhouse at SoLa and plan to move there in June.
The couple knew it was time to leave their home after their children moved out but after living in one house for 19 years, it was difficult for them to decide where to go.
“We looked at over 55s living but we weren’t interested in that and then we looked at high rises, but we weren’t really keen about that either,” Mr O’Rourke said.
“Then when we were up at North Lakes, we looked at the floorplans for SoLa.
“We liked that it was opposite the lake, two blocks from Westfield and walking distance to amenities.
“The new station at Mango Hills is also coming soon.
“So instead of a tree or sea change, we chose a closer to amenity change.”
Originally Published On: http://www.couriermail.com.au/
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