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28/05/19

Before you build, plan your finance

The significant changes in the home lending sector will be the focus of a free finance Q&A session in Port Macquarie in June.

The Sovereign Hills Display Village is inviting first home buyers, families, investors and downsizers to come along and learn what these changes mean for you when planning your new home.

An experienced panel of finance experts has been enlisted for the event on Tuesday 11 June at 5:30pm at Sails Resort.

Prompted by your questions, they will share their knowledge and expertise regarding the impact of the Banking Royal Commission, the federal election and the Australian Prudential Regulation Authority’s (APRA) flagged easing of the home loan rules.

Local panel members include Mortgage Choice’s Gary Owen, Westpac’s Kathryn McGuire and Holiday Coast Credit Union’s Matt Lester who have a combined 90+ years’ experience in the banking and home lending sectors.

Attendees will also hear from KPMG Director and Head of Real Estate Advisory Services NSW Tim Gavan who will kick things off with a property market overview.

The free event seeks to educate and better equip you with the tools to plan your finance.

“Lenders are required to make detailed investigation into a borrower’s spending habits in an effort to more accurately identify a borrower’s loan affordability threshold,” explained Matt Lester.

“A focus on household expenditure, coupled with an overall tightening of lending policies in general, has led to credit becoming harder to obtain as expense levels in assessments are now generally higher than what they were 12 months ago.”

Port Macquarie’s master planned community Sovereign Hills will host the Q&A session on behalf of the Sovereign Hills Display Village which is inviting attendees to come armed with their burning finance questions for the panel.

“This is the perfect opportunity for people considering building or buying a home, who may be unsure of how much they need to save and where to start, to learn about the lending approval process,” a village spokesperson said.

“There have been noticeable changes in both the lending assessment criteria and approval timeframes of late. The panel members have been carefully chosen to reflect the diversity of finance avenues available. Please don’t’ be afraid to put your questions to the panel as the answers will benefit everyone in the room.”

First home buyers in particular are encouraged to learn about the federal government’s borrowing criteria changes.

“The government has yet to release the details on how to apply for the scheme, but it plans to roll out the program by January 2020,” shared Gary Owen.

“If you are a single first home buyer who earns up to $125,000 annually, you are eligible for this benefit. Couples taking home up to $200,000 yearly are also allowed to apply. The scheme will offer up to $500 million in equity through the National Housing Finance and Investment Corporation.

“Beneficiaries of the scheme will be able to receive support from the government for the life of their loans or until their mortgage is refinanced. The scheme will be helpful for those who are struggling to meet the 20% deposit hurdle imposed by most banks.”

Westpac’s Kathryn McGuire encouraged locals to soak up the free information on offer.

“Knowledge is power! This event provides an opportunity for locals to learn insightful information in a relaxed environment,” she stated.

To register for this free event CLICK HERE or visit sovereignhills.com.au and follow the prompts, or call the Sovereign Hills Land Sales Centre on 6581 1711 today.