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Finance

The Finance Journey

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The thought of finally buying your first home is exciting and feels like you’ve finally reached peak adulting. You’ve done all your homework from working out how much of a deposit you need to have saved for a certain price range, right down to mentally buying everything from Kmart for your new place. Regardless of whether you’ve spoken to an adviser before, the team at Inovayt are here for you every step of the way on your journey from your original dream, all the way up until you have the keys handed over to you. While it is an exciting … Read more

How Much of a Deposit Should I Really Be Aiming For?

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There’s no one size fits all when it comes to the size of your home loan deposit. Traditionally, banks required borrowers to contribute a 20 per cent deposit; however, today lending criteria is changing for the better providing first home buyers in particular with the ability to get into the market sooner, sometimes with as little as a 5 per cent deposit. These changes also provide first home buyers with greater flexibility, giving them the option to retain some of their savings to put towards items such as renovating or investing, instead of having to contribute every cent saved to … Read more

Different Types of Home Loans

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Like anything in life, home loans aren’t always black and white. There are many types of home loans that you may have never even heard of! When deciding which type of home loan is right for you, a quick Google search will bring up a tonne of results; variable rate loans, fixed rate loans, construction loans…the list goes on. But, in reality, there are complexities and varying features that come with every loan that a Google search simply won’t reveal. At Inovayt, we have a dedicated team of experienced brokers who can assist you to determine which type of home … Read more

Mortgage Repayments – What Do They Cover?

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So, you’re looking to purchase your first home and you’re exploring the whirlwind of home loans and finance. There are many different loan types available for any individual circumstance, but it’s important to understand what you’re paying off when you’re making your repayments and what the consequences and benefits are of each type of mortgage repayment. Generally, mortgage repayments only cover principal and interest, however, interest only home loans do exist. There are a wide choice of mortgage repayment options including interest-only home loans. We explore some of the options in detail below. Principal and Interest Home Loans A principal … Read more

Financing a car

Everything You Need to Know Before Financing a Car

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If you’re in the market for a new car, there are a few things you need to know before you take your new wheels for a spin. Ideally, we would all like to purchase a new vehicle outright, but for a lot of us, that’s simply not an option. This is where financing comes in. Let’s unpack everything you need to know about financing a car. How does financing a car work? A car loan is essentially a type of loan designed specifically to purchase a car. When it comes to financing a vehicle, you may have the option of … Read more

How much should you borrow

How Much Should You Borrow When Securing a Mortgage?

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If you are wondering how much you should borrow when buying a home, you need to consider how much you can comfortably repay. Our online home loan calculator helps you work out how much you can borrow but working out how much you should borrow can be a little more difficult. Every lender has different requirements; most will review your income, financial commitments and debts. Essentially, banks need to consider the risks involved from their end when lending. They need to ensure you are in a comfortable position to be able to repay your loan now and into the future. … Read more

buy.a house when you're single

How To Buy a House When You’re Single

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Buying a house is one of the biggest decisions of your life. If you decide to buy a house when you’re single, you may feel overwhelmed by the growing mountain of costs, especially if you’ve previously lived with someone and shared expenses. Often when we think of the cost of buying a house, we may not consider ALL of the costs involved. If you don’t take into account things like stamp duty, rates, insurance, furniture, landscaping and fencing, they may come as a big reality check later on. While this may seem like a difficult feat, it’s not impossible, with … Read more

Million dollar property

Johnny’s Million Dollar Property Mistake

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This article highlights examples of property decisions that could have had very different results in hindsight. I hope it can give people some simple and comparable scenarios in suburbs near them that outline the benefit of a few key points; A hold strategy in property – long term compounding growth has great power. Deciding on your strategy & selecting the right asset can be very important to financial success in property. Let’s paint the picture; it’s 2004 in inner-city Melbourne, median house prices for units was $336,000 & a house $395,000. Johnny Smith is considering purchasing his second home, his … Read more

Realistic property

Make a Realistic Property Decision in 5 Steps

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Where do you buy? What suburb? What city? How much do I pay? These are the questions that most people jump straight into, yet the reality is that without an understanding of the purchase price someone has in mind, then the question of where, when and what just simply can’t be answered. You may as well be browsing for mansions in Toorak or Potts Point for fun! While many people jump straight ahead to browsing the property section, it’s important not to skip the personal evaluation part of the process. This is arguably one of the most pivotal steps in … Read more

Purchase with a mate

What to Consider When Purchasing with a Mate

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Let’s be real: It can be difficult to enter the property market. This may lead you to consider the option of purchasing with a friend, brother, sister, or uncle to share the responsibility. In some cases, this can be a great option – it can help you reach a higher price point and get you into the market sooner. Before diving in, there are some key considerations and plans that you need to consider. Future Borrowing Capacity If both parties only look to purchase one property, then this won’t be an issue. However, if either party would like to purchase … Read more

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