Most mortgage holders haven’t changed their home loan in the last five to 10 years, even though their circumstances have most definitely changed in that time.
Largely that’s because there’s the perception that refinancing is a difficult process or because people think the deal they got at the time was good — it it ain’t broke, etc, etc, etc. The truth is that banks will readily increase their rates and let you know via email or their app and you can do the same to them! Continue reading “Why You Should Review Your Home Loan Each Year”
The toughest part of getting into the property market for a first home buyer is getting the deposit together. Most lenders require at least 20 percent — though tightened lending practices mean some lenders require more. But there are Government incentives and other ways to get into the property market, particularly in the Newcastle area.
Continue reading “First Home Buyers and Family Pledge Applications”
The Reserve Bank has kept the official cash rate at a record low of 1.5 percent, and while that doesn’t directly translate to lower interest rates on home loans, it’s still a good enough reason to see if you can get a better deal on your current loan. Here are some ways a mortgage broker can help more than your contact at your bank.
Continue reading “How To Get Your Lender to Lower Your Interest Rate?”
Many people think that finding the right property at the right price is the most difficult part of the process to property ownership. In fact, it’s securing the finance you need to buy the right property at the right price!
Previously, I wrote about a first home buyer on a single income, who changed mortgage brokers to get a better deal on her home loan [Single Income Family In Need of a First Home Loan?]. In that scenario, the applicant’s lender didn’t change — the broker did.
Continue reading “Home Loan Finance for a Construction Loan is Complex”
Separation Agreements Matter
With the volume of property bought and sold in Australia each week, you might assume getting a home loan is a straightforward process. Unfortunately, it’s rather complex. And not every lender approves applicants the same way, leading to some very different lending outcomes.
A mortgage broker understand what each lender is looking for and which one will suit your circumstances.
Continue reading “Single Income Family In Need of a First Home Loan?”
Stamp duty is a “State based” tax levied on certain transactions, including the purchase of real estate. The rate you’ll pay varies in each state and territory.
As stamp duty is a tax, you cannot borrow money to cover it, though it can accommodated for by reducing the amount of your cash deposit and increasing your home loan to cover the difference. This may mean taking out lender’s mortgage insurance (LMI) [What is Lender’s Mortgage Insurance?] to compensate for your reduced deposit.
Continue reading “Stamp Duty Lowers Capacity, BUT NSW Gov Concessions for First Home Buyers”
In last year’s 2017 budget, the federal government introduced a new measure to help first-home buyers gain a foothold in the property market: The “First Home Super Saver” (FHSS) scheme, which lets individuals use up to $30,000 of voluntary superannuation contributions as a deposit.
It’s a little complicated but if it helps you get into the property market you might find it worth it. Here’s the important information.
Continue reading “First Home Owners Can Now Use Super for a Deposit on a Home Loan!”
More Risk to Banks More Cost to You
Lender’s Mortgage Insurance (LMI) is an insurance policy that protects the lender from financial loss if the borrower can’t afford to make their home loan repayments.
Continue reading “What is Lender’s Mortgage Insurance and Why is it Easy to Swallor?”