LATEST INSIGHTS
Our Synergy Business Finance team have been busy across a number of lending areas for our clients in recent months. We’ve recapped what we are noting across the residential and commercial markets in the below report.
Home Lending
Nationally, home lending approvals have slowed down primarily due to the continued RBA rate rises and increase in cost of living. These conditions however have lenders remaining hungry to capture new customers and offering very competitive rates to attract new customers.
Outside of new mortgage applications, existing customer rates are remaining where they are and therefore leaving many long-term customers paying more than they need to be.
“There are a lot of opportunities in the market for rate reviews as all banks are hungry for new business” Synergy Business Finance Managing Director Marcus Barnard said.
“First homeowner grants are also still available– with the added bonus of utilising a broker to assist in making the process more seamless” Marcus added.
Asset Finance
Agribusiness and commercial asset finance applications remain in high demand, as many businesses in our region continue to expand their operations post-COVID and with continued high commodity prices.
Of late, company vehicles, ploughs, tractors and other commercial and Agri machinery have formed majority of the lending requests for Synergy Business Finance clients.
“We have over 30 financiers competing for asset finance clientele, meaning utilising a broker is as integral as ever to ensure the best possible deal for the individual circumstance” Marcus added.
“The opportunity for the 100% asset write-off remains if purchased before 30 June” Marcus said.
Agri
Rate rises have made little impact in the popularity and demand of rural property purchasers. The rural property market is still encountering multiple bidders across various property types.
“Strong commodity prices are driving confidence in the agri sector, with many producers seeing the opportunity to grow their property base and improve their economy of scale” Marcus said.
If you’d like to discuss a review of your current finance commitments or to discuss new finance applications, contact our Synergy Business Finance team.
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