Happy Easter from everyone here at Harbourside Mortgage and Finance Brokers!
There’s a definite change in the air, the first term school holidays are just around the corner, the days are shortening, and we’re thinking about getting out the winter woollies for another year.
For those that aren’t aware, Harbourside Mortgage and Finance Brokers launched recently after 20 years servicing the Secret Harbour Finance market under the Homeloans brand. You can read more about our exciting new chapter as we continue our Secret Harbour Mortgage Broker journey in our first blog here.
It is now more affordable to buy a house in Secret Harbour
The recent news, a Housing Industry Association (HIA) report has delivered some welcome news.
Senior HIA Economist, Shane Garrett, has indicated that Sydney experienced a softening in home prices over last year’s October/December quarter. In Mr Garrets indicated that this has contributed to an improvement across the Australian market in housing affordability.
So what does this mean for the Secret Harbour Finance market? Well, it is great news for us especially following the Reserve Bank meeting in the first week of the March and official rates currently sitting at 1.50%.
The quarterly HIA Affordability Index measures the mortgage repayments burden as a proportion of average earnings for each market where affordability tends to improve based on a higher index result.
Over the October/December quarter of last year, the Index delivered marginal 0.2% improvement, this suggests that challenged associated with affordability should have eased somewhat.
This is great news for first home buyers in particularly. In the words of Mr Garrett “Affordability conditions in Sydney are still more challenging than any other city. After Sydney, Melbourne has the second highest mortgage repayment burden”.
From a Secret Harbour Mortgage Broker’s perspective, this is a great result for the local market with housing prices now more affordable thank to low interest rates.
If you are considering taking the plunge to buy a new home, you should definitely get in touch. At Harbourside Mortgage and Finance Brokers, we can help you with all you need to know about entering the housing market.
Give us a call today to for an obligation free conversation and ask some of the questions that you are perhaps afraid to ask your current lender?