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Property Types to Avoid

Property Types to Avoid

There are so many different types of properties that selecting the right one to invest in can be difficult. Not knowing much about the area you’re looking in or receiving mixed messages from armchair experts can make it all the more difficult. There are, however, some specific property types I suggest you avoid altogether, as they are simply a very bad choice or are very high-risk investments. One of the key things to remember is, just because a property has good cash flow,  doesn’t mean it’s a good investment. The whole point of investing is to achieve capital growth. Cash … Read more

Should I Buy to Live In

Should I Buy to Live In? Or Buy to Invest?

An increasing number of Aussies are buying an investment property as their first ever property and it is expected that this trend will continue. In 2015, Mortgage Choice revealed that 22% of first home buyers purchased an investment property before an owner-occupied property, up from about 10% in 2009. But is it a good strategy for you? Let’s take a look at some of the positives, negatives, and considerations of buying a property to live in or invest. Positives Live where you want, not where you can afford Many buyers can’t afford the suburb or location they want to live … Read more

The Pros and Cons of Purchasing a Property with a Friend or Family Member

As property prices increase, pooling deposit funds together with a friend or family member to is a great option to enable you to get into the market sooner. It also allows you to share the load of mortgage repayments and expenses with someone else potentially making it more affordable. However, it also comes with some risks. Let’s have a closer look at some of the pro’s and con’s as well as our “must do” list if you are considering this structure. Pro’s Higher Borrowing Power By combining two or more incomes together the banks will be willing to lend you … Read more

What is Lenders Mortgage Insurance?

If a borrower has less than 20% deposit to put towards their property, and they are a) willing to pay the Lenders Mortgage Insurance premium, and b) meet the Lenders Mortgage Insurance criteria; the bank or lender are then able to offer the borrower a loan of up to 95% of the value of the property they wish to purchase. Lender’s Mortgage Insurance is commonly mistaken as a type of insurance that protects the borrower so it is important to understand that it does not protect the borrower, it protects the bank or lending institution. As the property market fluctuates, … Read more

Superannuation Saving Scheme

For young Australians working to get into the property market, there has never been a tougher time than right now. However, the Government’s latest budget includes a superannuation savings scheme that might let you still enjoy your smashed avocado brunches weekly while saving for a deposit within a few short years. The First Home Super Saver Scheme announced in the 2017-18 Budget, will address the difficulties first home buyers face when they are saving for a deposit by helping them build it within their own superannuation account. The scheme which will cost the government an estimated $250 million in the … Read more

How Do I Work Out How Much The Bank Will Lend Me?

Each lender has their own specific calculator and as a qualified mortgage broker, we have the advantage of having access to all the different bank’s calculators. After entering some basic information based around income, expenditure and existing debt commitments, these calculators will produce a figure that the bank would be willing to lend you. However, in many cases what the bank says you can afford will be much more than what may be realistically comfortable for you to repay each week or month. Remember they make profits by lending out money. How can you make an informed decision on how … Read more

Inovayt Team Building Day

The Inovayt team had a team building day earlier this month where we took part in an “Amazing Race” style adventure. The adventure took place over 8km on foot across Melbourne, followed by some educational talks on nutrition and business innovation. Over the last 10 years, our team has grown from 2 to 16 helping us achieve our goal of being one of Melbourne’s most trusted and successful independently owned Mortgage Broking Firms. While we all work hard to achieve the best results for our clients, the team is never short on laughs and we are proud of our team … Read more

What Are The Benefits of Using a Mortgage Broker?

Quite simply Mortgage Brokers can save you time and money and they can also reduce stress. As the home loan market becomes increasingly complex, more people are turning to mortgage brokers. Here are some of the reasons why: There are many benefits to using a mortgage broker instead of taking a DIY approach to securing your home loan. While mortgage brokers can help to save you time and money, they can also reduce the stress of obtaining a loan. As the home loan market becomes increasingly complex, more people are turning to mortgage brokers for guidance. Here are some of … Read more

Should I Have a Fixed Rate

Should I Have a Fixed Rate, Variable Rate or Split Rate?

When you take out a mortgage or home loan you can choose to have an interest rate that is fixed, variable or split which is a combination of the two. There is no right or wrong option – it really depends on your individual circumstances. Let’s take a closer look at each option: Fixed rate home loans With a fixed rate home loan the interest rate on your mortgage doesn’t change for an agreed period (usually 1-5 years) no matter what happens to official interest rates. Variable rate home loans With the variable rate home loan, the interest rate on … Read more

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