Top 5 resolutions for property success in 2018
Tom Watson | 22 Dec 2017
Each new year brings with it new goals and aspirations, but when it actually comes to thinking about resolutions for 2018 where should you begin?
For many Australians property will be their most valuable asset and financial commitment, which means reviewing your home loan and property goals is a great place to start.
So whether you're looking to buy your first home, your fifth, or you just want to add value to the property you already have, these are five resolutions you’ll want to keep.
1. Keep on top of the market
To give yourself the best chance for success in 2018 you’ll need to do your research. Whether that’s the likelihood of an RBA rate change if you’re an owner-occupier, the property hotspots to keep an eye on if you’re looking to invest, or the changes to government grants and schemes for first home buyers, keeping up to date with the latest developments is key.
2. Reassess and refinance
Is your home loan rate still competitive? When was the last time you checked? Mortgage rates are even lower now than they were 12 months ago, so now is the ideal time to compare options and snare a red hot rate. The lower your rate, the faster you’ll be able to pay down your loan and build equity in your property. Mozo calculations suggest that the average borrower* could be saving up to $2,039 each year by switching to the most competitive loan on the market.
Here are some some of the lowest rates on the market right now to help you get started.
Low Rate Home Loans 2018 - rates updated daily
- loans.com.au
Essentials Variable 80
Owner Occupier, Principal & Interest
3.64% p.a. variable
3.66% p.a.
A low-rate home loan that could save you thousands. No monthly or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount
-
3.64% p.a. variable
-
3.66% p.a.
-
$520
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
80.00%
-
$50,000
-
$2,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
Details Close
-
- HSBC
Discounted Home Value Loan
Owner Occupier, Principal & Interest
3.59% p.a. variable
3.61% p.a.
Discounted rate for the life of the loan. A relationship manager to help you through the application process.
-
3.59% p.a. variable
-
3.61% p.a.
-
$150
-
$0.00
-
$300.00
-
yes - free
-
yes - free online
-
no
-
90.00%
-
$50,000
-
$7,500,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
Details Close
-
- UBank
UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
3.59% p.a. variable
3.59% p.a.
A low rate Home Loan with no bank fees on variable rate loans. Easy & fast to apply. Choose between flexible repayments and make extra repayments for free on a variable rate home loan.
-
3.59% p.a. variable
-
3.59% p.a.
-
$0
-
$0.00
-
$0.00
-
yes - free
-
yes
-
no
-
80.00%
-
$200,000
-
$699,999
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
Details Close
-
- State Custodians
Low Rate Home Loan with Offset
LVR<80%, Owner Occupier, Principal & Interest
3.68% p.a. variable
3.69% p.a.
A Low Rate Home Loan with a $0 Application Fee, Free Redraws & Extra Repayments
-
3.68% p.a. variable
-
3.69% p.a.
-
$0
-
$0.00
-
$300.00
-
yes - free
-
yes - free
-
yes
-
80.00%
-
$100,000
-
$2,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
Details Close
-
- NAB
Base Variable Rate Home Loan
Owner Occupier, Principal & Interest
3.87% p.a. variable
3.91% p.a.
Low ongoing rate. Free extra repayments and redraw facility. Only 5% deposit and no annual or monthly fees.
-
3.87% p.a. variable
-
3.91% p.a.
-
$600
-
$0.00
-
$350.00
-
yes - free
-
yes
-
no
-
95.00%
-
$20,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
Details Close
-
- Newcastle Permanent
Discounted Variable Home Loan Premium Plus Package
Owner Occupier, Principal & Interest
3.89% p.a. variable
4.29% p.a.
Experts Choice - Australia's Best Customer-Owned Banking & Home Lender of the Year 2018.
-
3.89% p.a. variable
-
4.29% p.a.
-
$0
-
$395.00 yearly
-
$0.00
-
yes - free
-
yes - free
-
yes
-
90.00%
-
$150,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
Details Close
-
- Bank Australia
Basic Home Loan Special
LVR<80%, Owner Occupier
3.65% p.a. variable
3.66% p.a.
A Basic Home Loan which offers a competitive interest rate and other features to make your home or investment loan more affordable. No establishment fee until 31/12/2018. Option to fix full loan or split between fixed and variable. Redraw available.
-
3.65% p.a. variable
-
3.66% p.a.
-
$0
-
$0.00
-
$250.00
-
yes - free
-
yes - free
-
no
-
80.00%
-
$10,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
Details Close
-
3. Invest in your own home
You don’t have to become an investor to make great investment decisions. One savvy option for owners looking to increase the value of their own property in 2018 is to build a granny flat which could provide some extra rental income, or simply add anywhere between $100,000 to $200,000 to the value of your property. Consider other ways you can cost-effectively increase the value of your property, for instance by adding a carport or extra bedroom.
4. Make the most of your home’s equity
Given the exponential rise in the value of property in recent years, you could be sitting on a potential investment gold mine. So why not use your home's equity in 2018 by starting a line of credit with your bank which you could use for anything from making renovations to improve the value of your existing home, to funding a deposit for your first investment property.
5. Supercharge your first deposit
If you’re looking at buying your first home, 2018 could certainly be a great opportunity for you to get into the market. To give yourself the best opportunity, fast track your way to a 20% deposit (which will help you avoid paying lenders mortgage insurance) by sitting down to reassess your budget and find ways to cut out any luxuries or expenses you can live without.
* Calculation based on an owner occupier borrower making principal & interest repayments on a typical $300,000 home loan over 30 years.
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