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Good Luck with building your team.
Lee Sutherland
What is teamwork all about?
January 5th, 2009What are the two greatest obstacles to learning?
December 16th, 20081. “I know that.”
2. “I disagree.”
The problem with “I know that…”
The instant your hear or read something you’ve heard, what is your first response? “I know that.” When I tell you, “You need to exercise more”, what is your response? “I know that.” Your brain filters “new” knowledge with “old” knowledge and your brain instantly shuts down when you detect something you’ve heard before. Especially when it’s something that could lead to behavioral change! Your mind is designed to protect you against all possible change - especially if it is change that involves leaving your comfort zone. As you go through this post, my success tips newsletters, your day, your conversations and interactions, the key to life is to keep your mind OPEN.
The problem with “I disagree.”
When you disagree, 80% of the time you are closing your mind to learning anything new. Today, when you disagree, ask yourself if what you’re learning can be useful or beneficial or has any value that you can receive or take to offer others.
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Rates to fall to 3.75pc within six months: NAB
November 12th, 2008The official cash rate could drop as low as 3.75 per cent by early next year, according to forecasts by NAB.
NAB said yesterday its October Business Survey and Economic Outlook had revealed record low business confidence and a sharp deterioration in business conditions.
With downside risks to growth strong, NAB adjusted its forecast for the official cash rate to 3.75 per cent for early 2009 – previously 4.5 per cent for mid-2009.
“We expect another 75 point rate cut in December and then another 75 basis points in early 2009,” NAB said.
This would certainly be welcome news for all property investors.
Until next time, happy investing.
Have I just witnessed the turn in the market?
November 5th, 2008I have just seen the first positive media report on the property market for a long long time. A Current Affair, on the Nine network, reported on the top 100 suburbs to buy real estate. This is the first media report that has not been negative since the world financial crisis has hit. With all the indicators showing that property prices should rise, all that is missing now is confidence. The media unfortunately play a large role in affecting consumer confidence. Lets hope that this is the first in many positive media reports to come.
Happy investing!
Interest rates slashed by 75 basis points!
November 4th, 2008Below is the RBA announcement:
At its meeting today, the Board decided to reduce the cash rate by 75 basis points to 5.25 per cent, effective 5 November 2008.
World financial markets have remained turbulent over the past month. Global equity prices have been volatile and fell further in net terms, and there have been significant exchange rate movements, including a sharp depreciation of the Australian dollar. A number of governments have announced measures to strengthen their financial systems, which should help to stabilise conditions over time.
International economic data have continued to point to significant weakness in the major industrial economies, and there have been further signs that China and other parts of the developing world are slowing as well. These conditions have contributed to further falls in world commodity prices.
In Australia, the overall path of economic activity appears until recently to have been close to what the Board had expected, with a needed moderation in demand occurring after a period of earlier strength. Recent reductions in borrowing rates, the depreciation of the exchange rate and the fiscal stimulus announced in October will work to assist growth in the period ahead, but deteriorating international conditions and falling commodity prices will have a dampening influence. On balance, it appears likely that spending and activity will be weaker than earlier expected.
Consumer price inflation in Australia remained high in the September quarter. As expected, CPI inflation in year ended terms picked up to 5 per cent, while underlying measures were just over 4½ per cent. Nonetheless, capacity pressures are now easing and, given the outlook for more moderate growth in demand and activity, it is reasonable to expect that inflation in Australia will soon start to fall. Global disinflationary forces will assist in this regard, though the depreciation of the exchange rate means that the decline of inflation to the target could take longer than would otherwise be the case.
Weighing up these international and domestic developments, the Board judged that a further significant reduction in the cash rate was warranted. The Board will continue to monitor developments and make adjustments as needed to promote sustainable growth consistent with achieving the 2-3 per cent inflation target over time.
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This is certainly good news for all borrowers with the cut being larger than the 50 basis points cut the market had anticipated. That now makes a total of 175 basis point cut in interest rates in just two months. It will be interesting to see if this has any effect on property prices given the lack of confidence that is dominating the market at present.
Till next time….happy investing.
Sellers take advantage of increased FHOG!
October 30th, 2008Well the government doubled the first home owners grant for exisiting properties and tripled it for new properties. Some commentators believe that all these kinds of policies do is to increase the selling prices of property. This then defeats the purpose of the grant, which is to help first home owners with their deposit. A friend of mine has had first hand experience of this when a seller increased the price on a unit he was interested in by $20,000. When the seller was asked why the increase, he replied “well with all the extra money that first home owners have to spend now I have decided to put the price up”. Interesting.
Until next time
Here’s to your success!
Lenders think smaller.
October 23rd, 2008ANZ has joined a growing number of lenders that offer finance for small properties, announcing it would lower its lending standard on residential units from 50 square metres to 40 sq m.
Analysts are now speculating on whether this will stimulate inner-city apartment sales and also have the effect of bringing forward developments.
ANZ requires that the properties be residential (excluding serviced apartments and student accommodation); on a strata title and have living space (excluding balconies) of 40 sq m or more.
The units must have one bedroom, a functioning kitchen, bathroom and its own laundry.
First Home Buyers Grant Doubled!
October 14th, 2008The Rudd Government today announced a $10.4 billion Economic Security Strategy to strengthen the Australian economy in the face of the worst global financial crisis since the Great Depression.
Part of the Strategy is that first home buyers will be eligible for grants of up to $21,000 under a decisive Rudd Government initiative designed to stimulate housing activity and give first home buyers a better chance in the housing market.
More than 150,000 first home buyers are estimated to benefit from the time-limited scheme.
Under the First Home Owners Boost:
• First home buyers who purchase established homes will have the grant which they are currently entitled to doubled from $7,000 to $14,000; and
• First home buyers who purchase a newly-constructed home will receive an extra $14,000 to take their total grant to $21,000.
First home buyers will be eligible for the First Home Owners Boost from today (14 October, 2008).
All contracts entered into by 30 June, 2009 will be eligible for this new additional assistance.
The Rudd Government will invest around $1.5 billion in the housing market over 2008-09 and 2009-10 through this initiative.
Federal Government Guarantees Deposits
October 13th, 2008The Australian Federal Government has announced that all deposits in Australian banks will be guaranteed by the Australian Government, no matter what size, for the next three years.
This is great news and hopefully will add a little bit of comfort for the Mums and Dads who have been panicking about their savings and thinking of withdrawing them from the bank and shoving them under the mattress.
Only time will tell what the financial markets think of this move.
So at least now we know our savings are safe!
Until next time, have an awesome day.
Interest Rates Slashed 1%!
October 8th, 2008In a surprise move, the RBA lowered the official cash rate by 100 basis points – the largest cut in more than 15 years.
In response the Banks said they would cut their standard variable rate by 0.80% while Aussie Home Loans said it would cut 0.75% of its branded mortgages.
Quoting the corrosion of the global market and wholesale funding conditions, the RBA significantly eased its stance on monetary policy - the 100bps reduction was the first since May 1992.
“The recent deterioration in prospects for global growth, together with much more difficult market conditions even for creditworthy borrowers, now present the risk that demand and output could be significantly weaker than earlier expected,” a statement from the bank said.
“Given that background, the Board judged that a material change to the balance of risks surrounding the outlook had occurred, requiring a significantly less restrictive stance of monetary policy.”
The RBA said it also took account of the funding costs in wholesale markets, and decided that an unusually large movement in the cash rate was appropriate in order to bring about a significant reduction in costs to borrowers.
It stressed however, that the move should not be seen as establishing a pattern for future decisions.
As of 8 October, the official cash rate will fall to 6% – a level last experienced in August 2006.
Analysts are now predicting further interest rate cuts at next months RBA meeting of 50 basis points with the long term view that the RBA will cut rates to 5%.
This is great news for all those investors out there who are struggling with cash flow. It still leaves getting money out of the banks for new loans or refinancing a HUGE challenge.