It seems all the original criteria remain the same, with just the date for expiry extended to 30th September 2009, in its current form and to 31st december 2009 with slightly reduced benefits. So get your skates on, free up your cash. Sell that expensive car and take the bus, cut out excessive spending on entertainment and clothes, give up smoking and take a part-time job. Above all save, save, save.

Unfortunately property prices have gone up because of the boost, but there are still some reasonably priced properties available and interest rates are at historical lows.

Do you have a granny who is ready for the nursing home? Why not buy her house? You could even let her stay as boarder after you take over. You will save on agents fees at least. She may be happy that her home is staying in the family.

There are heaps of things you can do to find a reasonably priced home. Please be innovative, think outside the square. However, make sure you abide by the rules of the boost. I hear the government will be checking up on people.

If you dont have a contact with a Bank or Mortgage Broker, I am now using Easy-Loans for my customers. All the work is done either by email, instant messenger or telephone, hassel free.

The information below is taken from: w w w. a b s . g o v. a u

“HOUSE PRICE INDEXES: EIGHT
CAPITAL CITIES”

“ESTABLISHED HOUSE PRI C E S
QU A R T E R L Y CH A N G E S

# Preliminary estimates show the price index for established houses for the weighted
average of the eight capital cities decreased 0.8% in the December quarter 2008.

# The main contributors to the decrease were Melbourne (–1.7%), Brisbane (–1.2%), Perth
(–0.9%), Sydney (–0.3%) and Hobart (–1.0%). These decreases were offset by increases
in Adelaide (+0.3%), Canberra (+0.7%) and Darwin (+1.6%).

# The movement in the preliminary established house price index between June and
September quarters 2008 has been revised from an estimated decrease of 1.8% to a
decrease of 2.4%.

AN N U A L CH A N G E S (D E C EM B E R QU A R T E R 20 0 7 TO DE C EMB E R
QU A R T E R 20 0 8 )

# Over the year to December quarter 2008, preliminary estimates show that the price index
for established houses for the weighted average of the eight capital cities decreased 3.3%.

# Annually, house prices rose in Darwin (+3.8%) and Adelaide (+2.0%), and fell in Perth
(–6.7%), Sydney (–4.1%), Canberra (–4.1%), Melbourne (–3.2%), Hobart (–3.1%), and
Brisbane (–1.4%).

# The movement in the preliminary established house price index between September
quarters 2007 and 2008 has been revised from an estimated increase of 2.8% to an
increase of 1.6%.”

These interesting figures come form the Australian Bureau of Statistics and were released 02/02/2009.

What do they mean? I think they say, despite having the lowest historical mortgage rates in recent history and a bumper crop of first home buyers armed with their grants and bonus’s, we have had a very small correction in values in the major cities and some continued climb in the lesser metropolices. This was to be expected! I am hunting for some figures on commercial property, I think these may give a better guide to the real situation.

Consider your current residential property position. it may be wise to take some profit. We may be in the “eye” of the storm? And what a storm it is!

As a result and despite all the doom and gloom, bail out and prop up talk, property prices and auction clearance rates seemed to have stabilised.

Experts are predicting home loan rates are going to fall way below any previous historical low of the last fifity years. So, It is time to evaluate your current or proposed mortgage, or test “what if” scenario’s if you are considering refinancing or consolidating debt.

Loan calculators and other recourses available on the web can help you test these “what if’s”. And the best thing is they are generally free and flexible enough that you can do things like calculate the effect of interest rate rise and falls or compare loans. In most cases you can print out the results. If not then just print the web-page.

Most calculators are easy to use. Generally it is all a matter of putting your numbers in the boxes and then clicking on the calculate button. You can have a bit of serious fun just playing with them. I have gathered what I consider the best Home Loan Mortgage calculators below:

List of Calculators
Loan Comparison
Loan Payment with Amortization Schedule
Mortgage Consolidation & Refinancing
Variable vs Fixed Interest Rate
Debt Consolidation
Accelerated Debt Payoff
Loan Statement Mistake Finder

Has your bank overcharged you? – Download this mortgage software to check your interest charges and claim your refund today!

I am not suggesting this is the best type of loan in these uncertain times, this survey is just to provoke some thought about your current loan structure. Home Loan rates are trending down as the Government tries to soften the blow from the impending recession or depression.

Please find below the results of a quick Interest Only Home Loan survey for Investment purpose:

Major Australian Lenders.
Investment property home loans, Interest only, best rate, one year fixed interest rate.

No comparison rates are supplied as the rate is for investment purpose only. Borrowing costs and other fees may be tax deductible over one or several years.

Lender, rate, max LVR with MI, application fee, monthly fee.
ANZ…….6.79%……..97%………………$600…………….$10
CBA…….7.14%……..95%………………$600……………..$8
NAB…….6.89%…….100%……………..$600……………..$8
St G……7.39%………95%……………..$600……………..$10
Wpac….7.19%……..100%……………..$750……………..$8

Figures are gleaned from individual enquiry from each lender.
This is just a snapshot to give you an idea of what’s currently available, the terms and conditions of each loan are available from your mortgage broker or direct from the lender. Products may vary from lender to lender, but are for one year fixed, interest only, investment home loans advertised by the lender as at 07/11/2008. Remember, your home loan funding is an important part of your plan to create wealth through property investment. Interest only home loans can give you the edge. Consider interest only when you refinance your home loan mortgages.