Home Loans, Approvals and First Home Buyers

In this Eccho me podcast Paul Ryan talks to award winning Finance Broker Nicole Cannon from Pink Finance.

In the podcast Nicole provides her expert advice on:

• the Reserve Banks decision to cut the cash rate by 0.25% in May 2016 and how the banks and lenders reacted with their own interest rate cuts.

 

• How banks and lenders have changed the serviceability calculations to determine how much consumers can borrow.Unfortunately, the changes mean consumers are unable to borrow as much as they were able to even as little as 6 months ago.Hence the question posted on Eccho from Jackson S in Beenleigh QLDI got pre approved for a $420,000 home loan 6 months ago and now the bank say I can only borrow $390,000. If my situation is the same how can the bank change their mind like this?
  https://bnc.lt/eQyg/iPWgBAFCOt

 

• The plight of the First Home Buyer, how much they can borrow and is it a good idea to buy an invetsment property in regional Australia as their first property.