First Home Buyers and Family Pledge Applications

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.

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How To Get Your Lender to Lower Your Interest Rate?

Use a mortgage broker to get new valuations, lower rates and equity release to invest in property again - St George might be a good alternative

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.

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Home Loan Finance for a Construction Loan is Complex

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.

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Single Income Family In Need of a First Home Loan?

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.

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Stamp Duty Lowers Capacity, BUT NSW Gov Concessions for First Home Buyers

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.

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First Home Owners Can Now Use Super for a Deposit on a Home Loan!

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.

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