Right Advice for Great Opportunities

Posted on by Mark Fernandez

With the end of the financial year fast approaching our guest columnist James Putigny from TAG Finance offers some advice on the Perth property market and how to secure a loan.

The saying ‘timing is everything’ is very apt when it comes to the mortgage and property industries.

The median house price in Perth has dropped to almost $50,000 behind Sydney.

RP Data research director Tim Lawless has stated, “Perth dwelling prices are now 18 per cent lower than Sydney’s and 8 per cent lower than Melbourne’s.”

 “At its narrowest, the gap between Perth and Sydney prices was just 2.3 per cent,” he said.

 “The improved buying proposition in these cities should help support buyer sentiment, which has been very weak since the financial crisis.”

With the Perth property scene becoming a buyer’s market many investors believe now is the time to buy.

Alan Bourke, president of the Real Estate Institute of WA, commented that vendors may need to review their asking price if they want a sale.

“Most sellers are dropping their asking price by around 7.5 per cent to get the deal done, while those who need a quick sale simply adjust their expectations and asking price before going to market,” Mr Bourke said.

The median price for Perth property is expected to only reduce slightly from here. When this is combined with the bank war which is taking place it means investors could secure a great deal not only with property but also with their loan product.

As the end of the financial year rapidly approaches many investors would have been seeking interest-in-advance loans. At the time this article is published most lender cut-off dates for submission of these loan types would have already expired and this stresses the importance of seeking professional advice early.

It’s important to remember that interest rates are only one facet of a good loan product.

Consulting your Accountant and Mortgage Broker today will give you the confidence of having the right advice so you can take advantage of tomorrow’s great opportunities!

For more information visit http://www.tagfinance.com.au/

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