Mortgage Squeeze | Slow Auctions
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It's the Real Estate Podcast, across every state, city and town of Australia.
And welcome to another episode of the Real Estate Podcast, available on iHeartRadio every morning, also on Spotify and Apple and wherever you get your podcasts from. It's a Wednesday, the 27th day of July for 2022, and coming up, we are talking to a The first is Anthony. We're going to be looking at the banks who are watching very closely with the extra spending that is going on from household budgets and also talking about the mortgage squeeze that is taking place. Then Michael is here. We're going to have a look at this slow auction process over weeks rather than the quick auction that takes place on the day. If you're celebrating your birthday today for the 27th of July, you share it on the same day as AB, Alan Borda, the former Australian cricket captain.
He is turning 67 today. You know, I tell you what, he had a fantastic batting test average. I was just having a look at that. He played 156 test matches, scored over 11,174 runs, and his batting average was 50.6. That's pretty good, eh? That's not bad at all. So happy birthday, Alan Borda.
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And checking on your weather around Australia. First, we go to Sydney, a sunny fine day, expecting a high of 17. Melbourne, the showers are going to ease back, a temperature of 15 degrees today. Brisbane, the blue skies are picture perfect, your top of 19. And in Perth, some cloudy skies, but a dry day and your high of 21 degrees.
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Well, as I mentioned yesterday, if you're trying to save for a deposit, especially if you're a first home buyer, banks are starting to scrutinise even more than in normal circumstances. And the household squeeze is being financially felt and in some cases to breaking point. In fact some potential first home buyers have come to the realisation that the market just got away from them and they are now sitting tight before trying again to secure a property in the future. So let's bring in Sydney mortgage broker Anthony Landau, who is the Managing Director of Equilibria Finance. And welcome, Anthony, to the Real Estate Podcast this morning.
Great to be here, Craig. Thanks, mate.
Great to have you on. And real pain, isn't it, that's being felt right now with buyers having to account for every single dollar, every single cent. What are you observing from first home buyers and particularly the strain of their finances right now?
Yeah, that's very topical at the moment. One of the biggest challenges for first home buyers is their deposit as well as trying to maximise essentially what they're able to borrow. So the confluence of increasing rates, there's the issue around the increased cost of living that's impacting everybody, obviously with inflation running hot. cost of living going up there's a lot more scrutiny starting to come down the line from the providers around some of these types of things that are impacting what buyers can do. In saying that there's a lot of buffers in there with living expenses benchmarks and stuff but it does start impacting the buyers and not only are they trying to save for a deposit but they're getting hit with increased cost of living pressures as well as increasing rates which is impacting what a lot of them want to be able to do at the moment.
Yeah, good point. And one of the problems a first home buyer has is not just the expenses going up, but also as a result of that, it can reduce their borrowing power.
Yeah, we're seeing that across the board. And for first home buyers... It's not insignificant. A lot of them are already looking to try and maximise what they can borrow because they might have a smaller deposit. They might be trying to access one of the government schemes around the first home loan deposit scheme or something.
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