Genuine Savings for a Home Loan Deposit Saving for your first home can be a hard job. It takes commitment, time and dedication to get that deposit together. So, what do banks look for? Generally, financial institutions require borrowers to be able to demonstrate that they can be good savers. Home loan repayments need … Read moreGenuine Savings
The amount you can borrow and the amount you should borrow are sometimes two very different things. Before you apply for a home loan, it makes sense to realistically assess your financial situation. Here’s how to do it. Understand your borrowing capacity Generally speaking, your borrowing capacity – what you can borrow – depends … Read moreWhat you can borrow or what you should borrow?
Because they can save you time and money As the home loan market becomes increasingly complex, more people are turning to a mortgage broker. Whether you’re in the market for your first home or building a portfolio of investment properties. Here are some of the reasons. A mortgage broker can save time The choices that … Read moreWhy would I use a mortgage broker?
It’s one of the less glamorous home loan features, but the redraw facility deserves a second look. Here’s why: The redraw facility explained A redraw facility lets you make additional repayments to reduce your variable rate home loan balance and save on interest. If you pay more than your minimum scheduled repayments, then you’ll have … Read moreHow redraw works and why it’s a handy loan feature
If you’re serious about buying a property, knowledge is power – that means asking loads of questions before signing dotted lines. Questions to ask the real estate agent: Can you show me a recent property sales report to show what the house is worth? Why you need to ask: This question will answer as … Read more7 must-ask questions when buying a property
The home loan market is constantly changing, with new and attractive deals coming up all the time. Refinancing can help you secure a more competitive interest rate, access the equity in your home, add features (such as an offset account) or consolidate your debts, but there are some important questions to consider before you get … Read moreThree questions to ask before you refinance
In this present climate of low interest rates, there are some great ways to maximise the impact of these low rates on your finances that will help support your financial growth. COMPLETE A REVIEW OF YOUR present loan FACILITIES In a low interest rate environment like at present it is easy to be complacent. By … Read moreGreat tips for making the most of lower interest rates
So you are ready to buy a property? You’ll need to show the seller you have enough money. For most people, this will mean getting a loan, and the first step to getting one is obtaining a pre-approval for it. A Pre-approval – also known as conditional approval or approval in principle – is an … Read moreConfused about home loan pre-approvals? Follow these 4 steps
Lenders mortgage insurance (LMI) covers the lender in the event of not recovering the full loan balance from the borrower who, for whatever reason, becomes unable to meet their loan repayments. There are additional costs to factor in other than the purpose price of a property, such as stamp duty, conveyancing and legal fees, pest … Read more7 things first home buyers need to know