Twenty members of the Western Australian broking industry including our very own Helen Avis have been declared as winners at the Better Business Awards 2024 held on Thursday night (29 February) at the Hyatt Regency, Perth.
With a multi-generational client base that now includes the children of her original property buyers, Specialist Mortgage Director, Helen Avis, has taken out the title as Western Australia’s Best Finance Broker 2024 at The Adviser Better Business Awards.
At the event held at the Hyatt Regency Perth, Specialist Mortgage was also named as Best Customer Service (Office) Finalist, while Ms Avis was additionally a finalist in the Best Residential Broker and Broker of the Year categories.
The state-based awards, sponsored by principal partner NAB, celebrated talent from the mortgage and finance industry, with hundreds of colleagues and peers in attendance at the black tie ceremony.
Ms Avis said her experience in the industry was borne home to her by a recent client trend she had noticed.
“I have been doing this for so long I am now doing loans for my clients’ kids as they move into the first home owner market.
“Providing service to existing clients and the subsequent client referrals keeps me busy and it’s a cumulative effect that keeps delivering added momentum to our business.”
“I am still doing a lot of expatriate lending, but also as our clients move back to Australia I’m now sourcing and processing a lot of loans for our clients in Australia, whether for a home or an investment.”
Ms Avis expected the rest of 2024 and into 2025 to be buoyant times for the national property market.
“I think most clients are expecting a rate cut later this year, so there is already anticipation of this.
“Buyer demand is still strong and there is a shortage of stock, so we expect real estate markets to remain upbeat.”
Ms Avis said she would encourage clients to refinance if their banks wouldn’t consider a better deal on their home loans.
“Refinancing is mixed at the moment, with some banks willing to offer pricing to keep clients, but others won’t, so for those clients we will look at refinancing.”
SMATS Group, of which Specialist Mortgage is a part, are international market leaders in providing Australian taxation, finance, property, foreign exchange and migration services to Australian expatriates, foreign investors and intended migrants.
As we stand at the crossroads between the past and the future and bid farewell to another eventful year, it’s time to reflect on the highs and lows that shaped the narrative of Australia’s mortgage market this year. The landscape has been vigorous, influenced by global events, economic shifts, regulatory changes and the ever-evolving needs of homeowners and changing aspirations of buyers.
It’s been INTERESTing…
The Reserve Bank of Australia (RBA) played a pivotal role in shaping the financial landscape. Interest rates, a crucial factor for borrowers, witnessed fluctuations, impacting the affordability of home loans. As the economy navigated post-pandemic recovery, the RBA’s decisions had a profound impact on mortgage rates. Homeowners experienced both the thrill of historically low rates and the challenge of potential increases as economic conditions improved & kept a watchful eye on monetary policies.
The global landscape left its imprint on Australia’s property market. External factors, such as the ongoing pandemic and geopolitical events, added layers of complexity. These influences impacted investor sentiments, interest rates, and the overall economic outlook.
Regulatory winds of change Property prices experienced a rollercoaster ride throughout the year too – akin to a pendulum, they swung between highs and plateaus. While certain regions saw unprecedented growth, fuelled by demand for spacious homes and lifestyle changes post-pandemic, others faced challenges. The market remained competitive, with factors such as location, amenities, and lifestyle preferences influencing property values. Regulatory interventions aimed at cooling the market introduced a nuanced dance between supply, demand, and affordability.
Regulatory winds swept through the industry, with a focus on enhancing consumer protection and market stability. New guidelines for responsible lending were introduced, altering the landscape for both lenders and borrowers. Navigating these changes became a crucial skill for mortgage professionals.
Digital transformation continued its ascent, reshaping the mortgage process. From online applications to blockchain innovations, technology played a central role in streamlining operations and enhancing customer experiences.
The real estate industry also continued its journey of digital transformation. Technology played a crucial role in property transactions, from virtual property viewings to online mortgage applications. The adoption of digital tools streamlined processes, offering convenience to both buyers and lenders.
Time for the Takeaways Homeownership dreams persisted even in the face of economic uncertainties and regulatory shifts. Australians displayed resilience, adapting to market dynamics and making informed decisions.
The complexity of regulatory changes underscored the significance of expert mortgage advice. Mortgage brokers played a pivotal role in guiding clients through the intricacies of the market, ensuring compliance, and offering tailored solutions.
Striking a balance between affordability and aspirational homeownership became a central theme. Buyers sought value for money without compromising on their vision for a dream home.
What Lies Ahead? As we step into a new year, the home loan and property market continue to evolve. Forecasts suggest a mix of challenges and opportunities. Keeping abreast of market trends, interest rate movements, and government policies will be vital for those navigating the property landscape in the coming months.
The trajectory of interest rates will continue to be a focal point. As economic indicators fluctuate, borrowers will keenly observe the RBA’s moves, impacting decisions on refinancing, fixed vs. variable rates, and the overall cost of borrowing.
The regulatory landscape will witness ongoing evolution. Mortgage professionals must stay attuned to changes, ensuring compliance and offering clients insights into navigating the regulatory terrain.
The digital revolution will persist, introducing innovations that enhance efficiency, security, and user experiences. Mortgage brokers embracing these advancements will likely gain a competitive edge.
Homebuyer behaviours, shaped by the experiences of the past year, will influence property preferences. Sustainable, tech-integrated, and flexible living spaces may see increased demand.
We also want to acknowledge the resilience of homeowners, the adaptability of industry professionals, and the impact of global dynamics on Australia’s property market. As we turn the page to a new chapter, the journey of homeownership and property investment continues, with each twist and turn shaping the narrative of the Australian real estate story.
This year has been a testament to the resilience and adaptability of the Australian mortgage market. As we step into 2024, the journey promises new challenges and opportunities. Mortgage brokers, as navigators of this landscape, will continue to play a crucial role in shaping the homeownership dreams of Australians.
If you’re looking to get a head start in the new year or one of your resolutions is to get on top of your finances get in touch for an obligation free assessment and bring in the new year with some positive changes!
I hope you have a very Merry Christmas and a wonderful and prosperous new year!
Specialist Mortgage, a part of the SMATS Group, specialises in providing tailored mortgage solutions for Australian expats and foreign investors. The team of experts led by Helen Avis, have consistently provided tailored mortgage solutions to clients worldwide, helping them achieve their property ownership dreams.
With a focus on personalised service and in-depth industry knowledge, Specialist Mortgage has established itself as a leader in expatriate and foreign national home loans.
International buyers are still eyeing off Australia as a great place to invest in property with New Zealanders the most active, while Chinese investors are showing a renewed interest, according to a new report.
“Perth is a beautiful city. Our lifestyle and weather are the most desirable in the world,” Avis said.
“Our economy and job market are strong; wages are generous, and our school system is attractive for families, and we are a politically stable and safe place.
“Who doesn’t want to lap up the sunshine and endless coastline that Perth has on offer?”
According to Avis, Perth is one of the most affordable capital cities in Australia with a median house price is $570,000, according to property site REIWA.
“With a budget of $1 million, buyers are able to secure a lovely four-bedroom, two-bathroom home in a desirable suburb close to the city. When you compare that to the east coast, a $1 million budget doesn’t stretch very far at all, for example the median price in Sydney is $1,098,821 (according to CoreLogic).
“The price of housing and cost of living are certainly attractive to migrants.”
According to Avis, population growth and dire housing supply shortages are the key factors driving the Perth property market now.
“The distinctive disparity between supply and demand is rapidly forcing housing values upward,” Avis said.
“WA is experiencing the fastest population growth rate of any Australian state and territory. Our population grew by 2.8% to 2.855 million in the year to March 2023.
“The March quarter saw one of the biggest recorded population increases at 0.9% (according to the ABS). We are certainly seeing an influx of overseas and interstate migration.”
Avis said because Perth’s rental vacancy rate was below 1%, it was challenging for migrants to secure rental properties so ‘this has resulted in higher interest in purchasing property from this market segment’.
She said apart from strong interest in Perth properties from investors from the east coast of Australia, Australian expats in South East Asia, Dubai, London and US also showed a keen interest in the WA capital’s property sector.
“We are experiencing increased interest from USA, UK and NZ migrants, as well as Sydney, Brisbane and Melbourne looking to relocate. “
In the world of mortgage broking, the Australian Mortgage Awards are an unparalleled recognition of excellence and innovation, celebrating individuals and businesses that significantly contribute to the growth and development of our dynamic industry. This year, I am both honoured and humbled to share that Specialist Mortgage and I have been bestowed with a remarkable acknowledgment at the Australian Mortgage Awards 2023.
The Australian Mortgage Awards 2023 was a glittering event, hosted by the talented Australian comedian and TV personality, Merrick Watts. It took place on Friday, October 13th, at The Star Event Centre in Sydney, with more than 700 professionals from the mortgage industry in attendance. These awards are considered among the most prestigious in our industry, celebrating excellence, and I’m delighted to have been a part of it.
Specialist Mortgage proudly claimed the title of National Brokerage of the Year (6-20) staff award This accolade reflects our team’s relentless pursuit of excellence in delivering mortgage solutions. We understand the unique challenges faced by expatriates and non-residents in securing mortgage and finance options, and we are committed to providing top-notch services wherever our clients call home.
In addition to this remarkable achievement, I was awarded National Broker of the Year – Specialist Lending. This is a testament to our dedication and expertise in the mortgage broking field. I am deeply humbled to receive this prestigious award, and I am incredibly proud of what we have achieved. This recognition serves as a tribute to the hard work, dedication, and commitment of the entire Specialist Mortgage team.
Both awards solidify our unwavering commitment to tailoring mortgage solutions that meet the unique needs of our clients. We pride ourselves on offering financial solutions to expatriates and non-residents, and these awards affirm our mission to connect with the community and provide unmatched services in the ever-evolving mortgage industry.
I want to express my heartfelt thanks to all our clients and partners for your continued trust and support. Your faith in Specialist Mortgage keeps us motivated to push boundaries and achieve even greater success. We look forward to celebrating many more milestones together.
At Specialist Mortgage, our mission is to raise industry standards and provide tailored solutions in the dynamic world of mortgages. We are committed to excellence, and we are poised for further growth and success. As the Director of Finance, my team’s dedication, combined with our industry expertise, has established Specialist Mortgage as a leader in providing finance solutions to expatriates and non-residents.
These awards are a testament to the hard work and dedication of our entire team. They reaffirm our mission to connect with the community, engage with our clients, and provide unmatched services in the ever-evolving mortgage industry. We are excited about what the future holds and look forward to achieving even greater success.
I want to take this opportunity to express my gratitude to our clients and partners. Your trust and support are the cornerstones of our success. We couldn’t have achieved this without you, and we’re committed to continuing to provide top-notch mortgage solutions and service.
The Women in Finance Awards 2023 is an exciting nationwide recognition program showcasing the outstanding women and businesses positively shaping the growth of female representation in Australia’s financial services sector.
Less than a quarter of the mortgage and finance community and only a fifth of the financial planning industry are women. This prestigious event offers leading professionals and their businesses the opportunity to highlight their achievements, build exposure, and support the expansion of their careers and companies.
This national awards program, which culminates in the black-tie gala event in Sydney, aims to help forge connectivity and give greater visibility to women in the Australian financial services sector.
The finalist list, announced on Friday, 22 September 2023, features over 567 high-achieving professionals across 29 submission-based categories.
Momentum Media’s managing editor of mortgages, Annie Kane said “Momentum Media, in partnership with Mortgage Choice, are thrilled to announce the finalists of the Women in Finance Awards 2023.
“We’re proud to be able to showcase the incredible women and companies in the finance industry who are excelling in their fields and playing a pivotal role in supporting the financial health of Australians in a changing economic environment.
“By celebrating these amazing women and businesses, we aim to not only celebrate the achievements of this hardworking minority but also inspire future generations of women to consider financial services as a profession.
“Congratulations to all of the finalists of the Women in Finance Awards 2023. We look forward to crowning the winners at the awards ceremony in Sydney!”
Helen Avis, Director of Finance at Specialist Mortgage said she was humbled to be recognised and proud to be named as a finalist in the Women in Finance Awards 2023.
“Specialist Mortgage’s recognition for our excellent contribution to the financial services industry reinforces the strength of our service and dedication to connecting with the community and engaging with clients,” she added.
The Perth property market still holds plenty of appeal for investors although a lack of quality stock is proving a stumbling block, according to experts.
Director of finance at Perth-based brokerage SMATS Services, Helen Avis (pictured above), whose clients include many expats, said there were still plenty of borrowers looking for property despite hype that “the housing market is going to crash”…
A leading property management expert has identified three key areas landlords can address to ensure they get off to the best possible start with a new tenant and their property manager.
With rents still on the rise around the country, property investors could be excused for thinking the rental income will look after itself.
But with mortgage repayments devouring much, if not all, of that extra rental income, it can pay dividends to enlist a property manager and adhere to some essential tips to maximise rental returns from the outset of the investment.
Kirsty Pilcher, Head of Department – Property Management, aussieproperty.com, has identified three vital components to ensure a rental property is best placed to attract the right tenants, retain its value and capitalise on record low vacancy rates and a tight rental market.
Set the standard early
Presenting your property to the highest standard before a tenant has been secured has many benefits.
Your advertising photos will look fabulous and you are more likely to attract a higher quality tenant who is looking for a well-presented home.
However, something not often considered by an owner is that when a property is handed over at the start of a tenancy, if this property has been professionally cleaned and the gardens recently attended to, it sets the standard for all of the following routine inspections and ultimately the final inspection.
The tenants must continue to present the property to the same standard and return the property in the same condition when the tenancy comes to an end.
If the tenant chooses not to maintain the same standard throughout the tenancy, this is obvious and can be addressed by your property manager, usually at the tenants’ expense.
Prepare a maintenance budget
Maintenance issues at your investment property can be costly and may come at a bad time.
Under the Residential Tenancy Act WA, for example, reported maintenance must be attended to within certain timelines. An owner is obligated to meet these timeframes.
Having a maintenance budget allows your property manager to organise repairs in a timely manner and also service appliances regularly to help avoid emergency maintenance situations arising.
Have proof of ownership ready for your property manager
Under the Residential Tenancy Act your property manager must confirm you are the owner of the property being rented out.
We cannot begin the process of managing your property without this.
The best way to prove ownership is to provide a copy of your Certificate of Title.
Your property manager can order a new copy of this, however, there are costs involved.
To avoid that cost and any delays with getting your property advertised, have your copy ready to pass on at the time of signing your Management Authority.
In addition to these property management tips, property investors looking to buy a rental property should also be aware of these top three rental market factors when trying to pinpoint that successful investment, as well as the need to have adequate insurance coverage.
Article Q&A
What should landlords do before they rent out their property?
A leading property manager has identified three key areas that will ensure a new rental tenancy goes as smoothly as possible, including tips on maintenance, property presentation and contractual requirements.
The Reserve Bank Governor Philip Lowe has used his final monthly meeting to leave interest rates on hold for a third successive month.
The RBA Board decided to leave the cash rate target unchanged at 4.10 per cent, pointing to subsiding inflation, broad economic uncertainty and earlier interest rate hikes still working their way through the economy.
The decision to hold came as little surprise, with all but one of 38 panellists from Finder’s RBA Cash Rate Survey believing the RBA would hold the cash rate steady in September.
Mr Lowe’s final Monetary Policy Decision said the Australian economy is experiencing a period of below-trend growth that is expected to continue for a while.
“High inflation is weighing on people’s real incomes and household consumption growth is weak, as is dwelling investment,” he said.
“Notwithstanding this, conditions in the labour market remain tight, although they have eased a little.
“Given that the economy and employment are forecast to grow below trend, the unemployment rate is expected to rise gradually to around 4.5 per cent late next year.
“Wages growth has picked up over the past year but is still consistent with the inflation target, provided that productivity growth picks up.”
He added that there is increased uncertainty around the outlook for the Chinese economy due to ongoing stresses in the property market there.
Unlike previous monthly rates announcements, Mr Lowe on Tuesday (5 September) issued a softer than usual notice that more rate hikes may be necessary to curb inflation.
“Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will continue to depend upon the data and the evolving assessment of risks,” he said, tempering his usual bullish sentiment with the ‘but’ on this occasion.
Little prospect of a rate cut
The rate hold is relatively good news for borrowers but the prospects of an imminent rate cut remain slim.
Economist Saul Eslake, of Corinna Economic Advisory, said the latest monthly CPI data for July show a further and welcome decline in headline inflation to 4.9 per cent, the lowest since February 2022, but still well above the RBA’s target range of 2 to 3 per cent.
“Underlying inflation also fell, but only to 5.6 per cent, even further above the target range, so there’s no need to tighten policy further but nor any reason to anticipate any reductions in interest rates any time soon,” he said.
Former Labor Government trade minister, Craig Emerson, of Emerson Economics, concurred, saying, “The RBA will consider it too early to ease and will maintain its pause position.”
David Robertson, Chief Economist, Bendigo Bank was less optimistic, saying a rate hike was more likely than a rate in coming months.
“The RBA appears comfortable holding the cash rate at 4.1 per cent ahead of the next quarterly CPI report out on 25 October 25.
“Another hike to 4.35 per cent remains the risk, as core services inflation remains stubbornly high, but not until November at the earliest.”
Many believe the cash rate will hold at 4.1 per cent now until the new year and will start to ease back, back to 3 percentage points range by the end of 2024 according to CBA’s Senior Economist Belinda Allen and Economist Stephen Wu. NAB economists believe there will likely be one more hike this year and Westpac’s Chief Economist Bill Evans believes we won’t see rate cuts till this time next year.
What does the RBA decision mean for property market?
The 29.2 per cent of borrowers deemed to be in mortgage stress remains notably lower than the levels witnessed during the financial turmoil of a decade or more ago when mortgage holders in stress reached a peak of 35.6 per cent in mid-2008.
But more concerning is the surge in the number of mortgage holders considered extremely at risk, which has now climbed to 1,017,000 (20.3 per cent). This figure significantly exceeds the long-term average of 15.4 per cent over the last 15 years and reflects an increase of more than 470,000 mortgage holders compared to a year ago, marking a 7.6 per cent rise.
Helen Avis, Director of Finance at Specialist Mortgage, said borrowers were refinancing in record numbers and increasingly turning towards mortgage brokers in an attempt to alleviate financial pressures.
Ms Avis said she expected the RBA to hold off on any further moves for several months as the current raft of increases gradually take effect.
“The majority of home price falls recorded last year have been reversed in 2023, with August marking the eight consecutive month of national home price growth. Strong demand and limited supply have offset the impact of rate rises that continued this year.
Eleanor Creagh, PropTrack Senior Economist, said subsiding momentum in inflation and consumer spending have eased pressure on the RBA to continue lifting interest rates as it tries to avoid a recession while taming inflation.
“The decision by the Reserve Bank to continue holding the cash rate steady in September is likely to maintain both buyer and seller confidence as the spring selling season begins, with home prices likely to continue lifting in the period ahead.
“The majority of home price falls recorded last year have been reversed in 2023, with August marking the eight consecutive month of national home price growth.
“Strong demand and limited supply have offset the impact of rate rises that continued this year.”
Rich Harvey, CEO, Propertybuyer, said as overstretched investors sell it could be a good time to enter the property market.
“Inflation is decreasing slowly as households are finally feeling the real pinch of significantly higher mortgage repayments, so there’s likely to be many discussions around the dinner table as to how households will adjust spending patterns to cope with higher rates.
“Discretionary spending is down and likely to stay low for next six months, and likely to see some investors offload investment properties if the drag on their budget is too strong.
“All this provides good buying opportunities for savvy buyers with financial means to secure more property,” Mr Harvey said.
This Australian tax, finance and property company have received impressive accolades, but it’s sincerity that drives them forward.
SMATS Group began their journey in Singapore in 1995 when founders, Steve Douglas and Ravin Chatlani, identified an opportunity to assist Australian expatriates with tax returns and tax planning strategies.
The company’s founding commitment to provide ‘good old-fashioned customer service’ enabled global expansion, serving Australian expatriates all over the world.
The company has always maintained a strong belief in upholding its core values of being genuine, approachable, and honest. This commitment to sincerely caring about the financial wellbeing of clients has seen many of their clients become friends and considered part of the SMATS family.
Today, SMATS Group have a strong presence worldwide with offices in Malaysia, Hong Kong, Shanghai, Dubai, London, New York, Perth, Brisbane, Sydney, Melbourne, and Torquay, in addition to staff working remotely worldwide to reach every corner of the globe.
The team of accountants are highly qualified, holding memberships with prestigious professional bodies including the Chartered Accountants Australian and New Zealand, Tax Institute of Australia, and Certified Practicing Accountants, among others.
Their expertise in international tax issues enables them to provide taxeffective and reduced-risk investment strategies, while unlocking the benefits of the Australian taxation system. With a strong focus on client education, SMATS helps clients understand how to optimise investment returns through tax incentives and concessions.
ADVICE & EDUCATION
In addition to specialising in tax planning for Australian expats, they excel in tax planning for property investment, repatriation, migration, and retirement. An internal technical team dedicated to researching and strategising emerging developments and tax changes ensure clients receive the best advice and education to gain and retain a financial advantage.
The company’s excellence in service has been acknowledged through various accolades, not limited to, the Australian Financial Review’s Top 100 Accountancy Firms, Property Tax Firm of the Year in the Finance Monthly Awards, and Most Outstanding for Expat Australian Tax Planning in the AI Global Excellence Awards.
Over the years, they’ve diversified their service offerings to become a one-stop-shop for clients with services including mortgage broking, financial planning, real estate services, secured private lending and foreign exchange.
As the leading provider of Australian taxation, finance, and property services to Australian expatriates, investors, and intended migrants to Australia, SMATS Group have assisted thousands of international and Australian based clients to gain financial success.
Specialist Mortgage, the mortgage broking division led by Finance Director Helen Avis has a longstanding record of excellence as the top residential mortgage brokerage for Australian expatriates.
For over two decades, Specialist Mortgage has honed its ability to negotiate with lenders, enabling them to secure the best packages for Australian expatriates and foreign buyers who typically do not fit traditional lending models and can face higher rates and decreased lending options.
Helen and her team have recently added to their impressive list of achievements, securing the prestigious ‘MFAA Australian Mortgage Broker of the Year 2022’ award and winning ‘Best Customer Service’ from The Advisor.
These accolades are a testament to their unwavering commitment to tailored solutions and further cements the core fabric which SMATS Group weaves through all divisions ensuring that ‘good old-fashioned service’ is at the forefront of all services rendered.
COMMITMENT TO CLIENTS
SMATS Group’s unwavering commitment to providing exceptional client service has been particularly evident during the Covid-19 pandemic.
Australian expats faced uncertain and challenging situations, including decreased income, redundancies, sickness, separation from families, and border closures. They were struggling to obtain accurate professional advice from companies with adequate expertise and experience in their expat community that could really sympathise with what they were experiencing.
In these tough times, the expat community often felt abandoned, even by their homeland, and were unsure how to plan repatriation and make the best informed decisions on both a personal and financial level.
This core value of genuine care in the face of adversity hit a new level. SMATS Group stepped up to fill this void, providing free educational webinars and initial consultations that addressed the tax, finance, and property concerns of over 600,000 returning expats.
The company provided thousands of tax planning strategies for repatriation, secured mortgage relief packages and home loans, and even purchased homes for their overseas clients through their buyer’s agency service to ensure they had somewhere to live upon return.
Their mission to protect and advance people’s wellbeing through financial security and knowledge certainly came to the forefront during the disaster and has continued to be the lifeblood of all services provided.
