As we enter another new year it is often a time to reflect on the last year and set goals for the year ahead. Many people will look to have property goals in 2023 and defining them early will set you on the right path to succeed.
We are in an increasing interest rate environment and an uncertain economic climate so we can’t blame some people for being hesitant in making moves. However, getting expert advice from a mortgage broker to help you navigate these uncertain times can put you in a position to get ahead of the pack.
Looking to buy your first home?
Although interest rates are increasing and borrowing capacities reducing, I still believe there is no better time to buy your first home. There is an abundance of government schemes available to help you achieve home ownership. Residing in Bathurst allows you to gain a spot under the Regional First home Buyers Guarantee that will allow you to purchase your first home with a 5% deposit and eliminate lenders' mortgage insurance.
Property prices in Bathurst are also stable and can allow you to purchase a quality home for sub $650,000 which can provide you with a great foundation for years to come.
Refinancing to save money?
Having gone through a property boom over the last few years, many people's homes have increased in value. By refinancing you may access a lower rate because of your increase in equity in your home. Lenders are also still offering good cash backs to refinance. A lender may pay you $2k-$3k just to switch banks and this just adds to the overall savings by refinancing.
These are just two goals that you might look at in 2023. Many other people may look to consolidate debt, build a home or buy their first investment property. To guide and help you achieve any one of your property goals in 2023, please speak with an expert mortgage broker to ensure you can reach your goal hassle-free in 23.
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