The changes in the home lending sector will be the focus of a free finance Q&A session in Port Macquarie next week.
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The Sovereign Hills Display Village is inviting first home buyers, families, investors and downsizers to come along and learn what these changes mean for you when planning your new home.
An experienced panel of finance experts has been enlisted for the event on Tuesday, June 11 at 5.30pm at Sails Resort.
Prompted by your questions, they will share their knowledge regarding the impact of the Banking Royal Commission, the federal election and the Australian Prudential Regulation Authority's (APRA) flagged easing of the home loan rules.
You can also hear from KPMG Director and Head of Real Estate Advisory Services NSW Tim Gavan who will kick things off with a property market overview.
The free event seeks to educate and better equip you with the tools to plan your finance.
"Lenders are required to make a detailed investigation into a borrower's spending habits to more accurately identify a borrower's loan affordability threshold," explained Matt Lester.
"A focus on expenditure, coupled with an overall tightening of lending policies, has led to credit becoming harder to obtain as expense levels in assessments are now generally higher than they were 12 months ago."
Port Macquarie's master planned community Sovereign Hills will host the Q&A session on behalf of the Sovereign Hills Display Village which is inviting attendees to come armed with their burning finance questions.
"This is the perfect opportunity for people considering building or buying a home, who may be unsure of how much they need to save and where to start, to learn about the lending approval process," a village spokesperson said.
First home buyers, in particular, are encouraged to learn about the federal government's borrowing criteria changes.
"The government has yet to release the details on how to apply for the scheme, but it plans to roll out the program by January 2020," shared Gary Owen.
"If you are a single first home buyer who earns up to $125,000 annually, you are eligible for this benefit. Couples taking home up to $200,000 yearly are also allowed to apply."
Westpac's Kathryn McGuire encouraged locals to soak up the free information on offer.
"Knowledge is power! This event provides an opportunity for locals to learn insightful information in a relaxed environment," she stated.
To register for this free event visit sovereignhills.com.au
