Preparing to bid at an auction is equal parts nerve-wracking and exciting. For many, this is the biggest financial decision you’ll ever have to make, so getting all of your ducks in a row is essential. Pre-approval is no exception.
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Traditionally, property prices have been closely linked to the rise and fall of interest rates. But not necessarily in 2023. In this article, we wanted to look at what is causing this unusual trend and whether interest rates play an overstated role in shaping the property market.
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Negotiating doesn't have to be difficult, and there are several things you can do to maximise your position and get the lowest possible rate for your home loan. In this blog, we'll outline six great tips to prepare you for negotiating a better rate with your lender.
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"When it comes to financing a property, borrowers tend to focus on the size of their mortgage rather than the duration of the loan. In this article, we will explore the advantages and disadvantages of both short and long-term home loan terms, helping you determine which option is best for your financial circumstances."
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"In Australia, there are numerous incentives to encourage consumers to invest in property, especially for rental income purposes. In this article, we'll go through the tax deductions that you should be taking advantage of."
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"For many, what makes self-employment so appealing is the ability to be your own boss. Unfortunately, it also means earning an irregular income and greater challenges when purchasing your next home. But whilst applying for a home loan as a sole trader may be difficult, it’s certainly not impossible. With an understanding of where to search and how to prepare, sole traders can access a wide range of lenders and financial products that will help them achieve their property goals."
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After a year of pain for borrowers, many Australians have anxiously entered 2023 with the prospect of further cash rate hikes threatening already thin household budgets.Since interest rates began to rise in May last year, the average borrower with a $500,000 mortgage has seen their monthly mortgage repayments rise by $834. For the average borrower with a $1 million mortgage, monthly repayments are an extra $1668. Add inflation and soaring costs to that mix, and you have many Australian families under a great deal of financial stress.
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When you've had a home loan for a few years, your life will undergo many changes during that time. Whether you’ve got a promotion, changed careers or started a family, your financial circumstances evolve as you do.
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Imagine that you’ve been a loyal customer of a lender for many years, getting charged a certain interest rate on your home loan. Then, you find that your lender has been offering new customers much better rates whilst slowly increasing the mortgage rate on your home loan. If it sounds like this might be unfair, you aren’t alone.
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A home loan application is filled with many hurdles you need to jump. One of the biggest mistakes applicants make is failing to understand all the criteria lenders use to assess your credibility as a borrower. These factors will include anything from your credit score, earning capacity, deposit and debt-to-income ratio on the loan.
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Despite the threat posed by the Royal Commission into banking several years ago, the mortgage broking industry in Australia has emerged stronger than ever. In the June quarter of 2022, mortgage brokers facilitated 68 per cent of all new residential home loans - smashing the previous record in Australia.
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Timing can be everything, especially when preparing for one of the most significant financial decisions of your life. Whilst you don’t want to miss out on capital gains or your dream property, there’s nothing worse than exposing yourself to financial hardship.
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Our first home loan is the biggest financial commitment most of us will ever make. After years of renting and saving, you can finally start the journey towards the great Australian dream; owning your own home. Your home loan will dictate what you can afford, whether it’s the property of your dreams or just a property you can afford.
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It is so much easier to save when you have a target to work towards. This is why it’s important to your speak to your mortgage broker or lender before you start saving up for a deposit. A skilled finance professional will be able to help you understand what kind of property you can afford and the deposit requirements that come with it.
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There are many different home loan options available including your repayment type and the lender you borrow from. Choosing between a fixed or variable rate is one of the most important loan decisions you’ll need to make and will come down to your personal preferences.
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Buyers can get caught up in the excitement of house shopping and bidding at auctions without first getting a pre-approval from their lender. This can be incredibly risky and leave you in a precarious position if your finance falls through.
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Repaying your mortgage generally means paying down a portion of your principal balance as well as some of the interest that has accrued through the cost of borrowing.
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Earlier this month, borrowers were hit by a 50 basis-point hike in the cash rate; the largest rate rise since February 2000. Sadly, rates are expected to continue rising sharply over the next year or so as surging inflation battles the global economy.
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A guarantor home loan is when someone, normally a parent, provides a ‘guarantee’ for the repayment of a home loan. This means that they are legally responsible for paying back that portion of the loan in the event that the borrower is unable to make their mortgage repayments.
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HECS-HELP is a student loan program offered by the government to assist Australian students who can’t afford to pay upfront for the costs of university or higher education.
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An offset account is a type of savings or transactional account attached to your home loan. The balance of your offset account effectively offsets your outstanding home loan balance, which in turn reduces the interest you owe.
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As property prices continue to reach record levels, saving up a deposit for your home is as hard as it’s ever been. With the median house price in Melbourne nearing $1,000,000, building a 20% deposit (plus the cost of stamp duty) requires years of scrupulous saving and can hold first home buyers back from entering the market.
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If you’re planning to buy a second property, the chances are you will need to use the equity on your current home to finance your new purchase.
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With house prices skyrocketing again in 2021, breaking into the property market is as hard as it’s ever been. In an effort to combat this, the state and federal governments have several initiatives in place to help first home buyers get their foot in the door sooner.
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