Top 5 resolutions for property success in 2018

author thumbnail

Tom Watson

22 Dec 2017

redactor/hero-images/238/2018_content.jpg

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

  • Promoted

    loans.com.au

    2.88% p.a. variable

    2.90% p.a.

    $1234

    Product details Close details
    Go to site
    Smart Home Loan

    A low-rate home loan that could save you thousands. No ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount, Limited time only.

    • 2.88% p.a. variable

    • 2.90% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Home Loan

    Go to site

  • Promoted

    UBank

    2.84% p.a. variable

    2.84% p.a.

    $1234

    Product details Close details
    Go to site
    UHomeLoan - Discount Offer

    Free redraw with flexible repayments. Min 20% deposit. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category^.

    • 2.84% p.a. variable

    • 2.84% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $200,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

    Go to site

  • Promoted

    Athena

    2.84% p.a. variable

    2.80% p.a.

    $1234

    Product details Close details
    Go to site
    Variable Home Loan

    Get the low rate you deserve with Athena, one of Australia's newest direct lenders. No fees and fee-free redraw. The same low rates for new and existing customers. Score loyalty bonus for making repayments. Min 20% deposit.

    • 2.84% p.a. variable

    • 2.80% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Variable Home Loan

    Go to site

  • Promoted

    Macquarie

    3.09% p.a. variable

    3.09% p.a.

    $1234

    Product details Close details
    Go to site
    Basic Home Loan

    Competitive low rate. No application or account management fees. Get the flexibility to split your loan and set different repayment types. Enjoy fee free withdrawals of your savings.

    • 3.09% p.a. variable

    • 3.09% p.a.

    • $0

    • $0.00

    • $400.00

    • yes - free

    • yes - free

    • no

    • 70.00%

    • $150,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Monthly

    Read our Mozo Review to learn more about the Basic Home Loan

    Go to site

  • Promoted

    IMB Bank

    3.13% p.a. variable

    3.19% p.a.

    $1234

    Product details Close details
    Budget Home Loan

    Start with only 10% minimum deposit. Unrestricted additional repayments and free redraw facility.

    • 3.13% p.a. variable

    • 3.19% p.a.

    • $799

    • $0.00

    • $350.00

    • yes - free

    • yes - free

    • no

    • 90.00%

    • $75,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Budget Home Loan

  • Promoted

    Newcastle Permanent

    3.19% p.a. variable

    3.23% p.a.

    $1234

    Product details Close details
    Go to site
    Special Real Deal Home Loan

    No ongoing fees. Ability to split your loan between fixed and variable. First home buyers receive $2,500 cash back on loans $250K and above. Cash back will be deposited to the borrower’s NPBS Everyday Account after settlement.

    • 3.19% p.a. variable

    • 3.23% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - fees apply

    • yes - partial only

    • 90.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • First Home Buyers can receive $2,500 for applications for loan amounts of $250,000 or more received before 30 April 2020 and settled by 30 June 2020 with a Newcastle Permanent Everyday Account.

    Read our Mozo Review to learn more about the Special Real Deal Home Loan

    Go to site

  • Promoted

    Athena

    3.34% p.a. variable

    2.99% p.a.

    $1234

    Product details Close details
    Go to site
    Variable Home Loan

    With Athena's loyalty bonus, receive 0.01% discount for each of the first 5 years, just for making your repayments. Athena doesn't charge any fees and you can make extra payments to reduce your loan balance to save interest

    • 3.34% p.a. variable

    • 2.99% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $100,000

    • $2,000,000

    • Variable

    • Interest Only

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Variable Home Loan

    Go to site

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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.

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.

Bushfires property prices original

Bushfires expected to have major short-term impacts on property prices

Green property dream: energy efficient homes attract 10% higher prices, new research finds

Tell me more
Year of the first home buyers and property investors original

Why 2020 is the year of the first home buyers and property investors

Cashback and rate discounts: The three hot home loan offers you should know about

Tell me more
Aussie intentions to buy a home at record high original

Aussie intentions to buy a home at a record high, CommBank says

MOVE Bank cuts home loan rates, but are Aussies still keen on switching?

Tell me more
Man celebrating as home loan rates drop to new lows content

Well Home Loans slashes fixed and variable rates to smashin’ new lows

Westpac rolls out interest-free home loans to assist bushfire victims

Tell me more
Bank australia clean energy home loan original

Bank Australia teams up with CEFC to launch new clean energy home loan