Loan Information

 Should I Get A 20 or 30-year Home Loan?
Finance
March 8, 2023

Should I Get A 20 or 30-year Home Loan?

"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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Can I get a home loan as a sole trader?
Finance
February 16, 2023

Can I get a home loan as a sole trader?

"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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Will interest rates go up further in 2023?
Finance
January 19, 2023

Will interest rates go up further in 2023?

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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A beginners guide to refinancing
Finance
December 8, 2022

A beginners guide to refinancing

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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What is a "loyalty tax”, and how can I avoid paying it?
Finance
December 1, 2022

What is a "loyalty tax”, and how can I avoid paying it?

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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Five tips to improve your chances of home loan approval
Finance
November 24, 2022

Five tips to improve your chances of home loan approval

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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What does a mortgage broker do?
Finance
November 10, 2022

What does a mortgage broker do?

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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How do I improve my borrowing power?
Finance
September 29, 2022

How do I improve my borrowing power?

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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Eight simple tips for saving up a deposit
Finance
September 8, 2022

Eight simple tips for saving up a deposit

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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A complete guide to construction loans
Finance
August 25, 2022

A complete guide to construction loans

If you’re building a new home or renovating your current one, chances are you’ll need a construction loan to finance your build. Unlike a standard home loan, a construction loan is structured around the building process, allowing the borrower to make progress payments to the builder at key stages of the build.

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Fixed Rates vs Variable Rates: Which Is Better For You?
Finance
August 11, 2022

Fixed Rates vs Variable Rates: Which Is Better For You?

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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The eight biggest mistakes people make when applying for a loan
Finance
August 4, 2022

The eight biggest mistakes people make when applying for a loan

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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Principal & Interest vs Interest-Only repayments
Finance
July 28, 2022

Principal & Interest vs Interest-Only repayments

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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Your guide to guarantor home loans
Finance
June 14, 2022

Your guide to guarantor home loans

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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Does HECS-HELP debt affect your home loan application?
Finance
May 10, 2022

Does HECS-HELP debt affect your home loan application?

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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How to make the most of your offset account
Finance
April 12, 2022

How to make the most of your offset account

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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Should I get Lenders Mortgage Insurance?
Finance
April 5, 2022

Should I get Lenders Mortgage Insurance?

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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Using home equity to buy an investment property
Finance
March 22, 2022

Using home equity to buy an investment property

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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