Power to the buyer! Recent home loan changes mean you may be able to borrow more

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The tables have turned, Perth is now a buyers’ market! Now’s the time to buy property while homebuyers have the upper hand!


The Australian Prudential Regulation Authority has relaxed home loan restrictions increasing home buyers borrowing power! Add to this the recent interest rate cut by the Reserve Bank of Australia, and Perth is firmly a buyers’ market!

It’s now even easier to take out a mortgage thanks to government regulation changes that have just come into effect. While homebuyers and investors hold the power, this is a great opportunity to capitalise on the market shift.

No matter what type of homebuyer you are, these changes will help you secure the property you’re after. Chat with our finance experts to get the rundown on what this change means for your situation!

The change
The Australian Prudential Regulation Authority (APRA) has loosened the serviceability restrictions on home loan mortgage applications with the removal of the 7% minimum interest rate repayment.

What this means for you
Whether you’re a first homebuyer, upgrading your family home, downsizing or investing, it essentially means it’s now easier for you – a prospective homebuyer – to borrow money for a mortgage, and in some cases, you may be able to increase the amount you can borrow.

Our Finance Director, Kevin Gomer, has praised the changes saying it’s very much in the homebuyers’ interest to act on these changes as the market is now on their side.

“Buyers will benefit from being more easily able to take out a mortgage – potentially even a larger mortgage – and with added incentives like negative gearing for investors and grants for first home buyers, there has never been a better time to buy or invest in property,” said Kevin.

“This is a game changer and will open the door to the property market for many West Australians.”  The only restriction is that the banks must ensure borrowers can repay their loans if interest rates were at least 2.5 percentage points higher than their current rate.

How we can help
The introduction of these changes means there’s no better time to secure your dream home with a Nicheliving Home Loans! We make getting into your own home easy, simple and affordable.

We’ll help you find the perfect loan for your situation and work through the different rates available from our lenders to ensure you have the right financial solution for your current and future circumstances.

If you previously didn’t qualify for a mortgage or not sure whether you’d qualify, chat with our finance director Kevin on 9483 0099, email kevin@nicheliving.com.au or check out Nicheliving Home Loans.

 

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