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It is true that getting a loan for your dream home isn’t easy however, we are here to simplify the process for you. Our experience and vision will help you finalise and get the loan that suits your financial circumstances and your investment needs.
Once you decide to buy a home, be it your first home or your investment property, do contact us. We will assist you from the start till the end. It is a promise that we will neither mislead you nor leave you in the lurch. Even if things get complicated, we will help you ashore safe and sound.
When it comes to applying for the loan, it is very important to get the right information from the right source. There are a number of loans available in the market with variable terms and conditions; however, the important questions are:
Which loan suits you?
How to get the loan?
How do you plan to manage your loans?
Don’t worry! We have answers to all your questions and doubts.
First Home Loan
If you are a first home buyer, you are probably not sure of how much you can borrow for a home loan.
The amount that you can borrow depends on factors such as your income, savings, and your financial commitments in form of living expenses, prior loans, insurance needs etc.
To get an idea about how much you can borrow, please use our mortgage calculator below:
Enter information about your present financial situation, such as your income and your expenses along with the details of the loan you are interested in. These details include parameters such as interest rate, loan term, and the repayment structure.
When buying home for the first time, it is important to know that there are many additional overhead costs. It is our policy that we provide you a holistic structure of the amount to be incurred, including additional costs so that you have the right information to get started with.
Some of the additional costs include:
- Stamp duty – It is the tax levied on the purchase value of the property. Stamp duty is charged by the state and territory governments, so the amount to be paid will depend on where you buy the property.
- Pest and building inspection cost – Both the state and Federal governments require that pest and building inspection be carried out in the initial stages of building the structure.
- Legal procedures cost – Buying a home requires a number of legal activities, such as ownership transfer of the property, and all these legal procedures incur costs.
Apart from these, there may be a number of other additional costs. We, at WizWealth Finance, will help you take a cognizance of all such costs, and find a plan that suits you in the best of everything.
First Home Owners Grant (FHOG)
When buying home for the first time, you must make yourself aware of the First Home Owners Grant (FHOG), which is a one-off tax-free Federal Government payment available to most people buying a first home in Australia.
If you are an Australian citizen or a permanent resident buying or building your first home in Australia, and if you will be occupying the home within 12 months of settlement, you can apply for the FHOG within 12 months of settlement.
However, it might be noted that the terms and conditions governing FHOG vary from state to state. Some state and territory governments also offer additional bonuses for first home buyers.
We will help you apply for the grant as per the rules and regulations set by the respective State and the Federal government
The next question is which loan to choose.
The mortgage market is abounding with hundreds of different loans; as such, it is very important to choose the loan that best suits your needs and circumstances. We will start by accessing and understanding your present financial circumstances, and present you with the best possible mortgage plans, along with the pros and cons of each suggested plan. The final decision always rests with you. However, be assured that we are here to help you at every step.
Investment property loan
Property has always been considered the most reliable form of investment. Some of the factors that account for investing in property as the safest option are as below:
- Property provides a steady potential capital growth because of increase in its value.
- Property offers immediate return on investment in form of rent and bonds.
- Property makes one eligible for numerous tax benefits
- Property is an immovable asset
It is wise both for the first time property buyers as well as existing property owners to invest in property. While applying for loan for investment property, the potential rental income one may get from the property is considered.
In case you already own a property, and have a considerable amount of equity on it, there might not b any need to raise any cash to start investing as the equity on your existing property can be used as a deposit for the investment property.
In case you are first time property buyer, your savings can be used as a deposit for the investment property. You will get a start in the real estate though you might not be able to avail many grants and concessions that come with buying a home.
In either of the abovementioned cases, we are here to help you. We will help you understand the investment property market, study the risks associated with the investment property, decide your investment strategy, and plan the additional costs and the loan repayments.
Refinancing the loan
When buying a first home or an investment property, it is very important to consider all your current financial commitments. In many situations, it is ideal to go for a refinancing of the existing loans. By doing this, you might be able to save a considerable amount. We are equipped with the knowledge and the tools to work on refinancing your loan for your benefit. Our online repayment calculator will help you get an instant picture of how your repayments will look like after refinancing the loan.
Self Managed Superannuation Funds (SMSF)
SMS funds have become quite popular these days, and many people are considering applying for these. It is primarily because with the information boom and an increase in financial literacy, people have developed a level of self-direction when it comes to how to invest in property. We are here to guide you in establishing and managing an SMSF by assisting you in choosing the best investment option for you from a range of available SMSF loan plans.
We will help you in understanding the SMSF property loan features and the risks associated with it, and plan accordingly.