Owning your own quality custom built Perceptions home has never been more within reach!
The past week has been full of great news for the Perth housing market, coming together to create the perfect time to buy! We have seen interest rate cuts, the Senate pass the Coalition Government’s ‘Three Part Tax Cut Bill’ and now APRA have made changes to lenders assessing home loan applications at a minimum interest rate of 7% effective immediately, instead they will be able to review and set their own minimum interest rate floor and use a revised buffer.
So what does this mean for you?
Interest Rate Cut
The Reserve Bank of Australia reduced the cash rate to 1.00% – this 0.25% reduction follows the same cut the previous month. This change can see home buyers now eligible under the lower repayments and obtain a loan depending on their borrowing capacity. This rate cut may also help investors who can look to invest in higher-return areas.
Coalition Government’s Three Part Tax Cut Bill
On 4 July 2019, the Senate passed the Coalition Government’s three-part tax cut bill, with immediate impact to be felt by low and middle income earners. This increase to the low and middle income tax offset will cost $14 billion over the four years to 2022-23.
- 1.6 million taxpayers in the $90,001 to $126,000pa bracket will receive a tax relief benefit between $1080 to $0;
- 4.5 million taxpayers in the $48,000 to $90,000pa bracket will receive a tax relief benefit of $1080;
- 1.8 million taxpayers in the $37,001 to $47,999pa bracket will receive a tax relief benefit between $255 and $1,080.
APRA has today announced they no longer require lenders to assess home loan applications using a minimum interest rate of 7%, effective immediately. Instead, ADIs will be able to review and set their own minimum interest rate floor and use a revised buffer of 2.5% above the loan’s actual interest rate. By improving floor serviceability, consumers who were previously unable to obtain a loan may be successful in a second application
Speak to Perceptions Today
These three changes have created the perfect time to buy for the Perth housing market. As leading custom home design specialists, we are there with you every step of the way to create your dream single or two storey home design. That’s exactly what you get when you choose Perceptions, with a custom build for no extra cost to plan. Our custom build process is completely complementary, so feel free to make changes to our floor plans as you see fit. Or, you can start from scratch and work your way towards your dream home to make sure that no detail is left out.
At Perceptions, we strongly believe in obtainable luxury, which is why all our custom builds come at an affordable price point with no extra detail overlooked. We’ve made it our mission to translate the details that are important to you into beautiful but affordable homes that make sense.
Whether you start from a blank canvas or have a full file of inspiration, we’re here throughout the entire process. From start to finish, our Building and Design Consultants will work with you every step of the way to turn your inspiration into reality:
- Initial consultation
- Designing your new home
- Interior design and selections
- Building your home
- Getting your keys
We’ll also introduce you to specialised experts who’ll help you get the best out of your custom design. For example, in the prestart phase you will receive a one-on-one personal interior design consultation. Deciding on floor coverings, fittings and colours is fun and relaxing when you have a designer to guide you. They will work with you to make sure your new place reflects your lifestyle and taste and will even offer advice on furniture layout!