APRA surprised most of us last month by suddenly announcing its intention to revise the rates for calculating mortgage rates for residential borrowers.
This decision, which will essentially allow Australians to borrow more money, comes just days after the federal election that allowed the Coalition to retain power – another surprising twist as polls predicted. a Labor victory.
In our very first podcast, YIP Talk we talk with Michael Beresford, director of investment services at Opencorp, who explains why he was not too shocked by the news of APRA ; in fact, he called back in January. In addition to explaining why the decision to reduce accessibility rates was "inevitable," he advises the refinancers and convincingly explains why a loan in principal and interest is rarely, if ever, a good idea .
We dig into the details to discuss:
• Why APRA's recent decision to reduce accessibility rates was "inevitable"
• The interesting moment of the announcement … just days after the elections
• the result for investors whose interest-only loans are close to maturity; this news can only be beneficial for those who wish to refinance
• Why is it wise to refinance in another period of interest only
On this last point, Michael advises borrowers who own existing properties and are considering refinancing; he provides a convincing argument for why, in his opinion, a loan in principal and interest is rarely, if ever, a good idea.
Listen to the podcast here.
Top suburbs:
Millner
,
collingwood
,
Nightcliff
,
crossing of ropes
,
Darlington
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