Want to enter the market this year? Here are three home loan tips:
- Maximise your credit score – pay all your bills on time and reduce your credit card limit
- Get started early – it can take several weeks to get a home loan pre-approval
- Speak to a broker – brokers can compare loans and access special deals on your behalf
4 in 10 Workers now doing WFH
It turns out the pandemic has accelerated – rather than initiated – a trend of working from home.
The most recent data from the Australian Bureau of Statistics (ABS) shows 40.6% of workers were regularly working from home during August 2021, when Sydney, Melbourne and other parts of Australia were in lockdown.
But a surprisingly large number of people were already regularly working from home before the pandemic:
- August 2019 = 32.2%
- August 2017 = 30.9%
- August 2015 = 29.8%
The big change is why Australians are working from home.
Between 2015 and 2019, the main reason people told the ABS they were working from home was to catch up on work. But in 2021, the main reason they gave was 'other' – which, presumably, was a reference to the pandemic.
This has led to an increase in home improvement or granny flat to make the extra space for home office.
Remember 
If you’re planning to extend or build a new home, please note that financing residential construction projects is more complicated than getting a standard home loan.
Lenders require more paperwork – all the usual documents, plus a copy of your building contract, building plans, and building specifications, as well as quotes for any additional work you might be planning.
The way lenders pay out the loan is also more complicated: instead of giving the money in one lump sum, they distribute it in five ‘drawdowns’ as the build reaches key milestones.
If you want to build a new home or a home office in 2022, give me us call – we can talk you through your options.
Dream Catchers Lending is an MFAA-accredited member. We can assist with finding the right type of finance for you. Feel free to book an obligation-free virtual appointment or leave us your details.