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Apr 2023
Top 10 tips for Self Employed applicants looking for a loan
Here are some key tips for self-employed individuals looking to apply for a home loan: Gather your financial documentation: Self-employed individuals will need to provide more financial documentation than salaried employees. This may include tax returns, profit and loss statements, and a balance sheet. Show a consistent income: Lenders will want to see that you have a consistent income over time. Self-employed individuals should be...
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20
Apr 2023How to pay your home loan quicker?
Paying off a home loan quickly can help you save money on interest and become mortgage-free sooner. Here are a few strategies that can help you pay off your home loan quicker: Make extra payments: Making extra payments towards your home loan can help you pay off the loan sooner. This could be done by increasing your regular payments, making lump sum payments, or by...
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14
Apr 2023Good debt vs Bad debt
Good debt and bad debt refer to the characteristics of different types of debt and how they impact an individual’s financial situation. Good debt is debt that is considered to be beneficial to the borrower in the long term. This type of debt is typically used to make investments or make purchases that will generate income or appreciate in value over time. Examples of good...
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12
Apr 2023How to improve your credit score in Australia?
There are several steps you can take to improve your credit score in Australia: Check your credit report: Make sure that all the information on your credit report is accurate. Dispute any errors with the credit reporting agency. Pay bills on time: Late payments can have a significant negative impact on your credit score. Be sure to pay all bills on time. Limit new credit...
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06
Apr 2023Holding cost of a property
For the new entrants in the property, ongoing cost for owning their own home or an investment property is always a concern. Whilst mortgage is generally the biggest cost element in most cases, there are other holding costs one needs to keep in mind during the planning process. The holding cost of a residential property in Australia can vary depending on several factors, including the...
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29
Mar 2023Apartments, Townhouses and Houses
When you are new in the property market, the choice between investing in apartments, townhouses, and houses can be very confusing. In the Australian real estate market the preference will depend on a variety of factors, including personal taste, budget, and investment goals. Apartments are typically more affordable than houses, and they often require less maintenance and upkeep. They also tend to have lower vacancy...
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23
Mar 2023Land Subdivision
Subdividing your home to build another townhouse can be a complex process that involves several steps. If you haven’t done it before and are starting new here is a general overview of the process: Research local zoning laws and regulations: Before proceeding with the process, it’s important to research local zoning laws and regulations to ensure that the property is zoned for the type of...
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18
Mar 2023Lenders Mortgage Insurance
Lenders Mortgage Insurance (LMI) is an insurance policy that protects the lender in case the borrower defaults on their loan. In Australia, you may have to pay LMI if you are borrowing more than 80% of the property value or if you have a poor credit score. Here are a few ways to save on LMI: Make a larger down payment: One of the easiest...
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08
Mar 2023NDIS
Special Disability Accommodation (SDA) properties are specifically designed and built to meet the needs of people with disabilities, and are funded by the National Disability Insurance Scheme (NDIS) in Australia. Investment in NDIS SDA properties can have both pros and cons, including: Pros: High demand: There is a growing demand for SDA properties as more people with disabilities become eligible for NDIS funding. This...
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24
Feb 2023Mutilender strategy
Most seasoned property investors are known for having multiple lenders for their property portfolio. There are a few benefits to not having all the loans with the same lender, which include: Competitive interest rates: By shopping around for a new lender each time you get a property, you may be able to secure a better interest rate than if you stick with the same lender....
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12
Feb 2023Top 5 things to keep in mind when applying for a loan pre-approval
There are several key points associated with pre-approvals, including the following: Credit score impact: Applying for pre-approval can result in a hard inquiry on your credit report, which can temporarily lower your credit score. Rate lock expiration: Pre-approval often comes with a rate lock, which guarantees a certain interest rate for a specific period of time. If the loan does not close within that time...
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07
Feb 2023Commercial Property
Investing in commercial real estate in Australia can be a great way to diversify your investment portfolio and potentially earn a steady income through rental income and capital appreciation. However, it’s important to be aware of the opportunities and challenges that come with investing in commercial property. Opportunities Steady rental income: Commercial properties, such as office buildings, retail centers and industrial properties, are typically leased...
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30
Jan 2023Buying land off the plan
Buying land off the plan with a long settlement date can be a great way to secure a property at today’s prices, but it’s important to weigh the pros and cons before making a decision. Pros: Price advantage: One of the biggest advantages of buying land off the plan is that you can secure a property at today’s prices, even if the land may not...
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23
Jan 2023Interest Only Home Loans
Interest-only home loans have become increasingly popular in Australia in recent years, but is this type of loan right for you? In this blog post, we will explore the pros and cons of interest-only home loans to help you make an informed decision. Pros: Lower Repayments: Interest-only home loans have lower repayments than principal and interest loans. This can make it easier to afford a...
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18
Jan 2023
Redraw Feature vs Offset Account: Understanding the difference between them
When it comes to home loans, there are a few different features that borrowers can take advantage of to make repaying their loan easier and more manageable. Two of these features are redraw and offset accounts. While both can be beneficial, they work in different ways and are suited to different types of borrowers. Redraw Feature A redraw feature allows borrowers to access any extra...
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17
Jan 2023
Buying an investment property with a friend
Buying a property with friends can be a great way to enter the real estate market, but it’s important to understand the potential risks and benefits before making a decision. Pros: Share financial burden: When buying a property with friends, the cost of the mortgage, taxes, and maintenance is shared among all parties, which can make it more affordable for everyone. Greater buying power: By...
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17
Jan 2023Key mistakes people make while buying an investment property
Property investment can be very rewarding and historically has led to financial freedom for many, however one needs to be careful throughout the investment journey. Here are a few key mistakes we see people make when buying an investment property: Not researching the local market, property prices, rental demand and researching about the property itself is one of the biggest mistakes that people make. Not...
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02
Jun 2018Small Lenders vs The Big 4
It is common for the first home owners to start the discussion with getting a cheap interest rate without considering other factors that come into play while getting a loan approved. The general notion is that if you are able to get a good discount from one of the big banks, it is a win win situation- which is not entirely true. There are a...
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