Buying a house is likely to be the biggest transaction you’ll ever make. It’s an exciting journey, but it’s also full of complexities. So there are a lot of things that you need to consider and avoid before diving in. If you’re thinking about buying your first home or just starting out on your property […]
The application procedure for a house loan can be lengthy and complicated. People often don’t know where to begin when applying for a mortgage because there are so many steps involved. 1. Consult a mortgage broker. The easiest way to find out if you qualify for a home loan is to speak with a mortgage
The government is expanding its first-time home buyer program, which requires only a 5% deposit and no mortgage insurance from the lender (LMI). It plans to increase the number of seats available from 10,000 to 35,000 every year, but it comes with rules on who is eligible and how expensive the houses can be. The
Federal Budget 2022 on expanding First-time Home Buyer program Read More »
The advantages that accompany purchasing a home make it all beneficial in the long term. Here are the top 5 reasons why: 1. You’ll acquire equity. Your equity is the portion of the property’s value that you own. It increases in value when the market value of your home rises. When you own a house,
1. Make timely payments on existing debts or loan A solid credit score can be maintained by a track record of regular and timely payments. Positive data (such as timely repayments on credit or loan products) can now be included on credit reports, thanks to the introduction of complete or ‘positive’ credit reporting. On the
Being in debt isn’t as bad as people painted it to be. Having debt can be useful. Your credit history is determined by how effectively you manage your debt, which is the most important aspect that allows you to buy big purchases like cars or houses. When it comes to debt, a basic rule to
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You might think it’s impossible to get a home loan when you’re a casual – but not so! Still, unfortunately, it’s true – a lot of lenders will baulk at requests from these types of workers due to the perceived risks compared to permanent employees. Nevertheless, we’re going to run through some ways to get
Basically this is when the interest rate you applied for is literally locked in prior to settlement. Why is this potentially important? Because it is quite common for you to suddenly find that your home loan deal becomes not-so-great when your interest rates go up before your loan is advanced. How does rate lock
Things can change over time – and your home loan may not always be as ideal for you as it once was. Getting a home loan health check can show, for example, if you’re currently paying too much. What happens in a health check? Your finance broker can run you through a check either in
Lender’s mortgage insurance (LMI) is an insurance that is taken out by the lender to protect them in case the borrower can’t repay the loan. If the borrower is unable to repay the loan, the insurance company will take over and will be responsible for selling and defaulting the loan. It is required in many
