If you’ve been keeping an eye on the property market lately, you might have heard that we were hoping for some good news about lending rules. Unfortunately, APRA has decided to stick with the 3% mortgage serviceability buffer for now. Don’t worry though… our team is here to help you understand what this actually means for your home buying plans and how we can still get you where you want to be.
Breaking It Down for Varsity Lakes and Gold Coast Families
So what’s this buffer all about? Simply put, when mortgage brokers assess your loan application, they need to make sure you could still afford your repayments if interest rates jumped by 3%. It’s like a safety net, but it does mean your borrowing power might be about 5% less than you’d hoped.
We know it’s frustrating!! Especially when property prices on the Gold Coast are still sitting about 40% higher than before COVID. APRA’s thinking is that with household debt levels pretty high right now, they want to keep that extra protection in place.
How Our Award Winning Team Can Still Help You Win
Here’s some encouraging news: banks are actually getting more flexible! They’re now using exceptions for about 5% of home loans (up from just 2-3% previously), which is great news if you’re looking to refinance or have a unique situation.
Our team of friendly mortgage brokers in Varsity Lakes and right across the Gold Coast knows exactly which lenders are being more creative with their lending. We’ve built strong relationships with multiple lenders and understand their individual policies inside and out.
The bottom line? While the rules haven’t changed, the right award winning professionals can still find ways to make your property dreams happen. We’re here to guide you through every step and explore all your options.
Ready to chat about your home loan? Our experienced and passionate mortgage brokers would love to help!
Arranging finance can be stressful, especially with some lenders now taking extra steps including going through your living expenses and credit scoring (ouch!). And sometimes banks can make you feel like ‘just a number’. That’s why we want to do things differently: because you deserve better.
As a local family-owned business, our team takes the time to listen, answer your questions and make getting your home, car or equipment loan as easy as possible.