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When purchasing property there are a few calculations that the lenders abbreviate and both the LVR and LMI are two of the most common ones. Often when I have spoken to people, they may have an idea on them but don’t actually realise the full meaning and how they are best used when it comes to property.
We have a distinct new phase in the property sector, one without parallels and without the fanfare! Since the smooth transition from the Federal Election we have seen two other key elements have impact on the property market. The lesser of these was the RBA interest rate cut, the other has far more long-term benefit but has hardly been mentioned. This is the APRA set levels for serviceability assessment and the banks own safe lending assessments. These appear to be a return to commonsense.