Results Home Loans
October 2024 Update
What’s been going on this month?
Stay current with Results Home Loans and any updates in the market
Rate Movements
As of 25 September 2024, RBA has decided to leave rates unchanged, keeping the Cash Rate at 4.35%.
RBA Cash Rate in October 2014 was 2.50%.
Westpac
Peak of 4.35% in November 2023, then dropping to 3.35% by December 2025
NAB
Peak of 4.35% in November 2023, then dropping to 3.10% by June 2026
CBA
Peak of 4.35% in November 2023, then dropping to 3.10% by December 2025
ANZ
Peak of 4.35% in November 2023, then dropping to 3.60% by December 2025
CURRENT INTEREST RATES FOR HOME OWNERS
Based on a $500,000 loan over a 30 year term at 80% LVR with Principal and Interest repayments.
CURRENT INTEREST RATES FOR INVESTORS
Based on a $500,000 loan over a 30 year term at 80% LVR with Interest Only repayments.
Lender Turnaround Times
As at 17/10/2024
Under 24 hrs
2 Days
3 + Days
Industry News
Key Mortgage Trends to Watch
As we move into the final quarter of 2024, here’s a quick update on the major trends affecting the mortgage market:
1. Interest Rate Pause
The RBA has held the cash rate steady at 4.35%, though future increases are still possible. Refinancing remains popular, with some lenders offering competitive fixed rates.
2. Growth in Green Mortgages
Lenders are offering green mortgages with incentives for eco-friendly homes and renovations. This is a great option for environmentally conscious buyers or investors.
3. Self-Employed Borrower Flexibility
Lending criteria for self-employed borrowers have eased slightly, but accurate income records are crucial.
4. Property Valuations Affect Loan Approvals
Conservative property valuations are impacting loan approvals, especially for high LVRs. It’s important to manage client expectations and explore options for updated valuations.
Stay tuned for more updates next month!
We’re now able to off our clients asset & commercial finance with our partner Loan Options.
Other services we can offer your clients
We’re now able to off our clients business loans with Prospa.
Client Success Story:
Michael & Megan
What the Clients Needed:
- Clients were living with their respective parents and wanted to take that next step together and buy their first home.
- They wanted to take advantage of any available First Home Buyer grants/concessions but weren’t sure where they stood.
What We Did:
- Challenge 1: Michael was ineligible for the First Home Buyer Guarantee (FHBG) Scheme because he already co-owned an investment property with his mum.
- Challenge 2: Michael had an existing loan for the above investment property with his mum.
- Challenge 3: The property they wanted to purchase had power transmission lines that passed directly over it which was unacceptable to some lenders and limited the amount they could borrow against the property
Result:
We were able to find an out of the box solution for Michael and Megan, workshopped the deal with the lender and help them successfully secure their first home, avoiding LMI and obtaining a great rate at the same time!
Thank You!
The value of a strong network and partnerships is priceless, and your referrals have not only brought us new opportunities but reinforced our confidence in delivering exceptional services.✨ We want to take a moment to express our heartfelt thanks for your amazing support and collaboration. 🤝 Your trust in recommending us to your network means the world, and we're honored to have earned it. 🙏 We deeply appreciate your efforts with every referral, and we're here to return the favor anytime you need. If you ever need assistance or a reliable partner, don't hesitate to reach out! 💬