At the bottom of this blog post you will find a SPECIAL OFFER for each one of my readers, as a thank you for laboring through my ramblings.
So,let’s get to it!
Oh and Happy New (financial) Year and all that. Or is it? I mean, a happy new year…
There comes a time in every mans life that he/she wishes they took action earlier. For everyone must choose one of two pains. The pain of discipline/action or the pain of regret.
Now, I am no Yoda but I know when opportunity knocks…
AND if I’ve learnt anything over the years it’s that it doesn’t knock forever.
Interest rates are at historical lows still (as low as 3.59% per annum) BUT lending is certainly beginning to get tougher.
House prices have risen by over 30% in some capital city markets over the past couple of years, which is great if you own one BUT bad if you don’t (yeah I’m talking to the hopeful First Home Buyers who feel like they missed out on the equity party).
Yet with all the talk about property prices crashing around the country, how can one stay positive?
Of course my question is rhetorical but let’s reflect on how bad it really is out there…
By the way, this crash that you are reading about in the news is a 1.3% drop in house prices, nationally. Hardly a crash…
So, today I basically want to fill you in on how you can prepare if prices do in fact keep on correcting and how to actually benefit from it, rather than hiding under your bed or panic-selling your property.
Firstly, if you’re a hopeful First Home Buyer then your buying opportunity may be closer than you think!
Prices correcting slightly means that you can now take a breath and ensure you have saved up enough money. Did you know that you might only need as little as $20,000 deposit to buy a brand new home right now? Thanks Government!
Secondly, if you already own property then now could be the time to take advantage of these very low interest rates (and save thousands of dollars in interest per year) or to tap into your equity and use it to take advantage of falling or flat property prices.
Don’t just assume you can access equity later, for if you wait then maybe you won’t actually have any equity to use. Just a thought…
Lastly, everyone can benefit from taking stock of their current spending habits (God knows the banks are looking closely at this currently) and ensuring that if/when rates start to move that you are already prepared. You can do this via upping your payments now, before any rate rises, so when they do rise (and they will) you are already a step ahead the rest.
I find it alarmingly common for people to not know how much they spend on an average month and therefore how much capacity they have to save or spend.
This is part of the reason why I also see so much credit card debt out there currently.
So, don’t be that guy (or girl)… the one who doesn’t prepare for your financial winters before they arrive. I promise you this, if you prepare now you will reap the rewards down the track, for you reap what you sow.
So what do you sow?
If you read this far, as promised, I have a special offer for you… Our team will arrange a
on any of your properties you currently own or are interested in purchasing.
Just send us an email (loans@www.fidget.com.au) with the address and we’ll send it back ASAP!
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