Mortgage brokers work for you: MFAA

Mortgage brokers are there to help you find the most appropriate home loan – you just need to ask the right questions, according to the Mortgage and Finance Association of Australia (MFAA).

“Choosing a home loan can be a daunting task. Mortgage brokers help guide you through the market and find a home loan appropriate to your individual situation. Brokers are there to help demystify the process of selecting a loan,” said Phil Naylor, CEO of the MFAA.

“The first thing you should ask when sitting down with a broker is, ‘are you a member of the MFAA?’ All members of the Association have to abide by a strict accreditation process and Code of Conduct.

“Mortgage brokers can provide you with a lot of information and choice, guide you to avoid pitfalls, saving you time and headache and ultimately, help find the right loan for you,” said Mr Naylor.

The latest MFAA/BankWest Home Finance Index showed that consumers saw clear benefits from using a broker. Respondents listed the main benefits of using a broker:

* They do all the leg work for you (75.1% of respondents)
* They have a wider loan range (72%)
* They are experts in a range of mortgages from numerous lenders (71.1%)
* You can get the right loan for your circumstances (63.7%)

Mr Naylor concluded: “Couple the tips from our consumer education websites, Essentials of Borrowing, with the knowledge and experience of an MFAA broker and you’re set.”

To help consumers better understand all the factors that surround borrowing, the MFAA has set up the Essentials of Borrowing – an educational website that walks people through all they need to know about loans, including some case studies. Visit www.essentialsofborrowing.com.au

(source – MFAA. http://www.mfaa.com.au/default.asp?artid=2253&menuid=381)

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First Home Buyers Cash Boost

CASH grants to first home buyers will be doubled to $14,000 – and trebled to $21,000 for those buying newly built properties – over the next eight months under the Federal Government’s economic package.

The Prime Minister, Kevin Rudd, said the move was designed to stimulate construction and help first home buyers, tackling the economy’s “twin challenges” of a subdued housing industry and poor affordability.

First home buyers are already eligible for a grant of $7000, which is funded by the Federal Government and administered by the states.

Now anyone who signs a contract to buy their first home from yesterday until June 30 next will be eligible for a grant of $14,000 if they buy an established dwelling and $21,000 if they buy a new house or apartment.

Mr Rudd said about 150,000 people were expected to benefit and the measure would cost the Government almost $1.5 billion.

“The construction sector and private dwellings investment are important generators of economic activity,” he told Parliament. “They are also important for the well-being and the living standards of Australians.”

The higher grants, which follow last week’s 1 percentage point cut in official interest rates, will give a shot in the arm to a housing market hit by higher interest rates and falling consumer confidence.

The latest statistics show housing loan approvals in August were down 25 per cent from their peak in the middle of last year and council approvals for construction of new dwellings were down more than 8 per cent compared with a year earlier.

The housing industry welcomed the move but developers warned it needed to be matched by action by local and state governments to release new land and speed up planning approvals.

The managing director of the Housing Industry Association, Ron Silberberg, said the grants would stimulate activity and help address the housing shortage.

He said that in 2001 when the Howard government doubled the first home owners grant for new house purchases, the number of dwellings built rose by 3000 a month in nine months. He expected yesterday’s initiative to boost new dwellings by 15,000.

(source www.smh.com.au)