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Why do banks do valuations on your property?
The definition of valuation in the Oxford Dictionary is: a professional judgement about how much money something is worth; its estimated value When applying for a loan, there is a good chance the bank will carry out a valuation on your property. This is to determine the value of the property from an independent professional […]
What type of mortgage is right for me?
There are many product types that are offered by lenders. Occasionally, it can be confusing to choose the right product for your needs. We have outlined the different mortgage types below and who they would be beneficial for
What is a lo doc loan?
When self-employed, lenders analyse your self-employed financial information to determine your suitability for the loan. Your Tax Returns will be reviewed to determine your profits in the business, all your business expenses and your cashflow. Usually, the last 2 years of financials are assessed. What do you do when your accountant has not prepared and […]
What does a mortgage broker do?
You have been to your bank, and they have advised you that you can borrow an amount and offer you their best interest rate. Most people won’t speak to another bank, in fact, won’t even compare their rate to the market. Occasionally, It’s due to not wanting to go through the process of another application […]
Weekly, fortnightly or monthly repayments?
Everybody wants to pay off their loan sooner. The idea is that the more regular the repayments on your loan, the less you pay in interest. This is true, but how does it work? The lender calculates your interest daily on the balance of your loan. The daily interest combined to make up your monthly […]
Things to do after you settle on your property
Buying a property can very daunting yet very exciting. There are so many things going on, loan approvals, going to open homes, negotiating with agents and going through the settlement process with your solicitor. It can get a little overwhelming for some, especially if its your first time. Once all the above is done and […]
Should you research the best home loan yourself
Researching for the most suitable loan can be a lengthy exercise. Where does someone start if you don’t know what you are researching? Most of the time, you will go to your current bank and ask them for a loan. If they say no, unless you are persistent, you might just stop your search there. […]
Should you exchange contracts without a loan approval?
You really like a property. The agent is pushing you to sign contracts and waive your rights to a cooling-off period. You’re stuck, your mortgage broker has told you not to sign any contracts without an approval, but you really like this property, and you want to avoid losing it. What do you do? Here […]
Renovating? Read this
In the absence of choice, what do you spend your extra savings on? Is it a new car, new kitchen or a total makeover on your home? Most people are spending more time at home, with extra savings, and are looking at ways to spend their money. One way to spend your extra savings is […]
Paying an annual package fee on your loan? Is it worth it?
Many lenders will offer you a basic (no frills) home loan or a full-featured home loan with an annual package fee. The basic home loan interest rate is usually lower and does not come with fees, however the full-featured option will set you back between $199 to $395 every year. What’s the difference? The basic […]
