Vaughan Clark
speaker
36 appearances
1 recordings
1 series
first heard Oct 2022
last heard Oct 2022
Vaughan Clark’s voice in public audio — every appearance, attributed to the second.
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Appearances
Good morning, Craig, and good morning, listeners.
Certainly, Craig.
Yes, we work with our buyers because we're concerned that if they go to their maximum loan amount and then successful at buying a property one or two months down the track, the bank may reassess their circumstances and they can no longer borrow the money required.
So
We're now recommending that first-time buyers need to build in around $40,000 to $50,000 below their capacity to ensure that they meet any changes in assessment rates due to rate increases.
Yes, Craig.
There's a lot of people now very concerned about their ability to make repayments.
We've been working with a number of our first home buyers who are now considering moving back home and renting their properties out just to allow them to afford the increase in repayments.
It is quite a concern and I think people really, really now have underestimated what their repayments would be in the cost of moving out of home.
Well, the risk is at the purchase point.
Our concern is that agents are still looking for unconditional offers on properties and if a first-home buyer gets caught into that and makes an unconditional offer and the loan's reassessed, they may no longer qualify for the loan, which puts them at risk of losing their deposit.
So we're very much saying to our first home buyers, you must have a finance clause.
Finance clauses are now almost required for every first home buyer's contract to sale to ensure that they are assessed and can still meet the loan required to satisfy that purchase.
No, we haven't.
We haven't experienced that.
And that's partly because we work very closely with our first-time buyers about educating them on the process of
purchasing and the risks associated with borrowing up to the capacity.
We make sure they understand the difference between borrowing capacity and their purchasing capacity to ensure that they make a sensible decision when purchasing their first home.
The program itself is a good program if people are comfortable with their positions and affordability and their jobs.
If they feel uncomfortable with their employment or their ability to continue to earn the income required, then they are at a risk with property prices dropping.
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