It can be challenging to make your home look fresh and inviting in the depths of a rainy winter. When you’re selling and getting ready for the inspection use these tips to get your house looking buyer-ready.

First impressions count

How does your home look as you drive down the street? What about when you open the front door? The buyer’s first impression of your home will stick with them, so it’s important to take a look from their perspective and put your best foot forward. Mowing the lawn, trimming the trees and clearing the front entranceway will all help get the buyer through the front door and interested in viewing the rest of the house.

Please the senses

Potential buyers aren’t only going to judge the property based on how it looks – they’re going to be impacted by all their senses. The old trick of baking bread or cookies before opening your home for inspection works a treat, as does a subtly scented candle. Turn off any background noises like TVs or radios that could distract the buyer.

Let the light in

While it may be hard to get lots of natural light in the depths of winter, it’s essential to make the rooms bright and airy. Open up the curtains to let in sunshine (if there is any!) and turn on the lights. Mirrors can help make a room appear lighter and bigger, and a strategically placed lamp will brighten a dark corner.

Keep it neutral

While photos and family heirlooms are an important part of what makes the house yours, buyers need to envision how they can make the place their own. So this means keeping it neutral. Steer away from bold colours on the wall, instead painting them off-white or light shades of grey or brown.

Show them how to use the space

Present each room with a few key pieces of furniture to show buyers what to use the space for. Getting the balance right is essential – make it look like a home, without all the clutter. Don’t forget potential buyers will be checking cupboards and storage space. You don’t want people to be showered with clutter when they open the linen press! Consider hiring an external storage space to put extra furniture, or donate items you don’t need to your local charity.

Do your own inspection

Go through your house with a fine-toothed comb, just like you were looking to buy it yourself. Check for lights that don’t work, broken fittings, leaky taps or dents in the wall and fix them. Give the house a deep clean and remove the years of grime that inevitably build up. The culmination of a lot of little touch-ups will leave your home spick and span.

Would you appreciate an extra $300 in your pocket every month? Who wouldn’t! Reviewing your home loan options when you already have a mortgage can often be placed into the too hard basket. But it could save you a lot of money and we can do most of the legwork for you.

Let’s take a look at some real life refinancing scenarios to help you understand the potential savings.

Case study one

Anna was paying $1,205 per month on her existing home loan of $285,000. Through refinancing she now pays $1,150 – a monthly saving of $55. With the equity in her property, Anna was able to purchase an investment property for $385,000.

Case study two

Katie came to Loan Market determined to pay off her mortgage faster. Through refinancing her monthly loan repayments of $1,892 were cut by $337. By continuing to pay $1,892 each month she’ll save over $98,000 on interest over the life of her loan and reduce her loan period by nine years and eight months.

Case study three

Adam was paying $1,975 per month for his $312,000 home loan and was looking to move. By refinancing his loan he has saved $308 a month and was able to use the equity in his property to purchase his new home. Adam now rents his other property out as an investment.

Some things to consider

There are some factors we’ll review to determine if refinancing is the right move for you. There are costs involved in refinancing your home loan so it may not be the right financial move for everyone. These costs include government charges to switch (to give you an idea, it’s a maximum of $250) and any lender application fees. Aside from any applicable costs, some other things we’ll review are:

When reviewing your situation, we’ll be looking for an opportunity to save you money and put you in a better financial situation within a year. If you’re wondering if you would be better off refinancing your home loan get in touch.

Looking for a new home? Join the club! There are many buyers out there looking to buy their first home and take advantage of low interest rates – just like you. So, it pays to have a few tricks up your sleeve that will help you on your search so you get the property that you want, rather than missing out on what could be your dream home.

Get pre-approved

Before you search for your dream home, it’s a good idea to get your finances sorted first. This can be done through using online mortgage calculators to determine how much you can borrow.

However, it’s important to note that how much you can borrow and how much you can afford are two different things.

For example, you might have the income flowing in, but you may need to adjust your spending habits to meet your repayments. Be sure to set your budget accordingly so that you can find a loan that’s right for you. I can help you understand what your mortgage repayments might look like. The next step is for us to chat about pre-approval. 

Pre-approval will help show that you’re serious about buying your first home so you have a strong negotiating position at auctions especially if there are other buyers in the mix.

 

Search for a property

Once you have your pre-approved loan, you can start the fun part – searching for your new home! During this time, you’ll need to keep your eyes and ears open for new properties that come up.

Hot tip! Register your name and details with a few real estate companies. That way, if anything suitable gets listed then you will be quick to find out. A great way to meet real estate agents and get on familiar terms with them is to regularly go to open homes. This will help you to build a relationship with an agent – which will benefit you in a competitive market. 

 

Brush up on your negotiation skills

Whether the property market is hot or cold, the negotiation process can be a tough one. Each party is trying to gain an advantage over the other while coming to an agreement. While it’s great to be able to negotiate a price down, you may find that in a competitive market you’ll need to convince an owner to sell to you.

Ask yourself this, why should the owner of a property choose you over a dozen other buyers?

Other than your good looks or charm, it may be your flexibility as a buyer that makes you an attractive option.

Hot tip! Keep in mind being accommodative of the owner’s requirements. Whether it’s negotiating on a different settlement date, or shifting the final property inspection forward – it pays to be flexible.

Demonstrate your expectations.

Presentation is important during open home inspections to attract the right tenant. If you want to attract a tenant who will value the property, it makes sense to demonstrate your expectations. Clean windows, swept garden paths and a slick of fresh paint will go a long way to securing the right tenant at the right price and one who will value your property as you do.

Show them the light

A well lit home feels fresher, cleaner and inviting so create as much natural light as possible and select light, neutral paint colours for the walls. 

Flattering flooring

If your property is carpeted you will likely need to replace it every few years. New carpet will make a big difference to the appeal of your property and increase the demand from renters. 

All the trimmings

In some markets there may be opportunity to furnish the property and see some significant increases in rents. Generally inner city properties see better results from this approach however talk to your real estate agent to get a better understanding of demand in your area.

Not too hot, not too cold but just right

Consider installing an air conditioner with heating functionality. They can be costly to install but heating and cooling can make a real difference to some people. Make sure to way up if the increase in rent will make the installation and maintenance worth the investment.

Give some extras

There are some ‘nice to have’ items that a tenant can see as real bonus items. Some examples include:

Help them feel safe

By installing security screens on your doors and windows you can increase the sense of security and appeal of your property.

Create a space for play

If your property is located in an area popular with young families then ensure your outdoor space reflects that. Keep the bushes and trees trimmed back (or remove them if necessary) so that there is plenty of space for kids. If it is an area generally more popular with singles and couples an entertainment deck will be more appealing.

Here’s your guide to everything you need to know about stamp duty when preparing to buy a first home. 

What is stamp duty? 

Stamp duty is a compulsory tax that state and local governments charge home buyers when purchasing a property.

Does stamp duty differ state by state? 

In short, yes. Stamp duty is administered on a state level and so how much you pay depends on the current state legislation.

How much is stamp duty? 

The amount of stamp duty you are required to pay is dependent on a few factors. This includes things like the value of your property and the state or territory you’re purchasing in. You can calculate stamp duty by using our stamp duty calculator or by simply having a chat with me.

Getting in contact with the relevant Office of State Revenue will help you with information regarding concessions. To get more detailed information on your situation, talk to a Loan Market mortgage broker today.

 

Taking the step to buying your first home can be a daunting one. Don’t fear! Here’s your three step guide for everything you need to know about going from renting to buying your first home. 

Step 1: Set a budget. 

It’s important to take the time to understand your spending habits and finances, and review your debts. If you have multiple credit cards or personal loans, you may want to consider consolidating them into one debt, or if possible, paying them off completely.

Here are a few tips to help you stick with it: 

If those tips don’t work for you, don’t worry. I can also help you find that ‘something’ to sacrifice for a little while so that you can save a bit extra. 

Step 2: Consider your options. 

I’d start off with your “how” and “why”. These can easily become lost when you start the search for your first home so make sure you know the answers and keep them top of mind. Next, consider your options.

Do you: 

Step 3: Talk to a mortgage broker (like me!). 

We get it, looking for your first home can quickly become overwhelming. As your local mortgage broker, I’ll help make the process seamless and do the legwork for you. This includes things like helping you understand your borrowing capacity, scouring the market of over 60 banks and lenders and comparing 1000s of loan products so you don’t have to.

How well do you budget?

When you’re paying off a mortgage, budgets matter. Knowing how much money is coming in and going out will not only help you manage your monthly repayments, it will also ease stress and give you confidence in your financial situation.

So what makes a good budget? Here are three tips to organise your finances.

Track what you spend

All those morning coffees add up over a year. Start taking note of what you spend on a daily basis. Download an app, start a spreadsheet or use a good old fashioned notebook. Whichever way suits you, keeping record of every cent you spend is the first step in creating an airtight budget.

You might be surprised to find money that can be saved (or redirected) when you see your daily spend written on paper. And the good news is that it’s not something you have to do forever. Tracking your expenses for a month or a fortnight is all it takes to see your spending habits.

Organise your expenses

You have more than mortgage payments each month. Take some time to organise your expenses. We all have regular payments – phone bills, water, electricity, gym fees, private health cover – the list goes on. When doing a budget you can plan for these bills and even put aside money for them.

Have a look at your bank statement and take note of the regular outgoings. When you’re going through this list of expenses, factor in special occasions too – birthdays, Christmas and planned holiday. Having a clear understanding of what payments are due now and what’s coming up will help bring your budget to life and make sure you still get to enjoy the special things.

Write it down

Budgeting isn’t about cutting your spending, it’s about identifying the areas that you want to spend and save money and making sure you stick to it – perhaps you want to pay off more of your home loan and spend less on other areas.

It’s important to actually write a budget – you’re much more likely to stick to something you can track. When you’re doing your budget. include both your expenses as well as a savings plan and make sure you revisit it regularly to make sure your budget is still working for you.

Industrial has been the best-performing commercial asset class during 2022, followed by medical and childcare, according to one of Australia’s leading commercial property analysts.

Ray White Commercial head of research Vanessa Rader said demand for industrial property has grown hand-in-hand with the growth in logistics, distribution and transport.

Supply, though, has not kept pace with demand. As a result, vacancy rates across the country are below 1% and rents have been surging.

“Furthermore, with little supply on the horizon and many markets hampered by tight available developable land, the future for land values appears favourable,” she said.

“While yields are unlikely to sustain their lows given the pure cost of finance, the longer term prospect of high occupancy and increased returns will see good results for industrial owners.”

Ms Rader forecast industrial assets located on major transport nodes or with development potential would be likely to deliver handsome returns in years to come.

 

Medical

Ms Rader said medical assets had another good year in 2022, continuing the momentum that started building well before the pandemic.

Part of the reason is that the medical sector no longer caters to just the very young and old, she said. Now, it serves people in between, through sports medicine, preventative care, cosmetic services, holistic care and alternative treatments.

“With increased demand has come improvements in leasing rates and, with limited purpose-built facilities, the readaptation of other assets such as retail to cater for the growing demand,” she said.

“Often secured by long leases with fixed increases, these assets are kept to a high standard given their medical use, which is attractive to the investor looking for a secure, growing income stream.” 

 

Childcare

Ms Rader said childcare, like medical, did well again in 2022 after becoming an increasingly attractive asset class over the past few years.

Increases in government subsidies are expected to lead to higher demand for childcare and stronger returns for investors

“Again, an asset class with high occupancy, assets which have the ability to be redeveloped or extended will benefit from an uplift in return, with those well located in metropolitan areas likely to hold their value over regional assets,” she said.

“Remembering commercial property is a long term asset, the underlying land value for many childcare assets is another positive for this asset class.”

I can help you finance the purchase of a commercial asset, whether for business or investment purposes. Contact me to discuss your options.

The federal Treasury has launched an inquiry into the buy now, pay later sector, which is likely to result in tighter regulation for BNPL services.

“These products deliver real benefits to the vast majority of these consumers,” said Minister for Financial Services Stephen Jones. “But there is a regulatory gap that can leave some vulnerable groups in over their head.”

This regulatory gap is that while BNPL is similar to credit products like credit cards and personal loans, it is not regulated under the National Consumer Credit Protection Act 2009 (the Credit Act).

As a result, BNPL products are not subject to responsible lending standards.

Treasury is seeking views on how to provide a regulatory foundation for the future growth of BNPL in Australia, with submissions due by December 23.

Three regulatory options are being considered:

 

The positives and negatives of BNPL

An accompanying Treasury report noted that BNPL offers several benefits to consumers and the economy, such as:

However, the paper also said “the rapid growth of the BNPL industry may be contributing to poor consumer outcomes”, with some critics accusing the industry of:

 

BNPL use surging in Australia

Here are five key facts about BNPL from the Treasury report:

With the end-of-year holiday season fast approaching, the Fair Work ombudsman has reminded employers to start planning how their businesses will operate during that period.

Some businesses will cut back on staffing or shut down, while others will get busier and need their employees to work more hours (including public holidays).

Employers can ask staff to work overtime or on public holidays if the request is reasonable – but staff can refuse if they have reasonable grounds.

Whether a request is reasonable depends on:

 

Forced leave during a shutdown

An employer can direct employees to take annual leave during a shutdown if their award or registered agreement allows it. 

If no award or agreement applies, employers can only direct the employee to take annual leave if the direction is reasonable.

For employees without enough annual leave to cover a shutdown – employees can agree to take unpaid leave or annual leave before it’s been accrued, provided the award or agreement allows it.

 

Working during a shutdown

Businesses need to pay employees as per normal if they continue working during a shutdown.

For public holidays during a shutdown, staff should either be given the day off without loss of pay or be paid the public holiday rates stipulated in their award or agreement.

 

More information

The Fair Work Ombudsman is holding a free webinar to help employers understand their workplace obligations during this holiday season.

The webinar will be held on December 8 at 10am and at 5:30pm AEDT.