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Mortgage

How much should you borrow

How Much Should You Borrow When Securing a Mortgage?

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

Realistic property

Make a Realistic Property Decision in 5 Steps

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

What You Need to Know About the New Credit Reporting Laws Before Applying for a Home Loan

Comprehensive credit reporting has been voluntary in Australia since 2014, however, the Australian Government has recently ordered the big four banks to participate from July 1 this year. What is Comprehensive Credit Reporting? Comprehensive Credit Reporting (CCR) is just that—a thorough view of your financial history, which is inclusive of all your ‘good’ and ‘bad’ financial behaviour for all future lending. This includes your mortgage, credit cards, home loans etc. With an unprecedented volume of information now being collected on individuals under the CCR, positive behaviour is also recorded against your name – no longer ignoring all the regular payments … Read more

A Guide for Couples Combining Finances and Mortgaging

A relationship milestone, such as purchasing a property, is a time of excitement and celebration. But the process of two parties disclosing, discussing and combining finances, often raises questions. Should you open up joint accounts? What if one person in the relationship earns disproportionately more? Is one person an avid saver and one a spender? These are just some of the many factors couples are faced with navigating when entering the property market together. While a learning curve for many, combining finances for investment purposes also presents a fantastic opportunity to re-evaluate, strategize, and work towards increased financial prosperity. After … Read more

Your Broker Is Your Best Refinancing Advocate

A good broker will be your best advocate when it comes to refinancing. In fact, a well-rounded and service-focussed broker will partner with you throughout your entire mortgage journey. From getting your savings in order 12-18 months out from borrowing to two years into your loan and beyond, transactional brokerage is an outmoded concept with long-term partnerships now setting the industry benchmark. So when is it the best time to refinance? That’s where the role of said advocate comes into play. It’s your broker’s role to combine your goals with market activity and help guide you as to when refinancing … Read more

What Should Your Mortgage Broker Do for You?

A mortgage broker’s service offering and what they will do for you will vary from broker to broker, largely depending on their value proposition and how they position their delivery methods within the lending market. This principle applies to many industries. Consider appointing someone to produce a piece of furniture; a well-rounded carpenter will know how to marry up function and form, what materials suit the design’s geometry, and how to get longevity out of their creation – handcrafting it to perfection. A different carpenter might do an ok job, using whatever materials they have available to produce something as … Read more

One Melbourne Man’s Mortgage Nightmare Turned Success Story

Chris from Melbourne’s land purchase settled on the 5th of this month. His loan is approved and building will commence soon. If all goes to plan, he’ll be moving in, in about five months time. But Chris’s mortgage lending journey got off to a rocky start. Back in 2014 Chris had singlehandedly saved every spare cent he had for a small deposit. He had done his research and engaged a broker at the time, signed the dotted line, only to be told well and truly outside the 90-day period that his loan had not been approved due to the broker … Read more

Afterpay and zipPay Culture Is A Slippery Slope For Mortgage Seekers

Interest-free models such as Afterpay and zipPay are having an increasingly significant impact on the retail industry. Consumers have well and truly caught on, taking advantage of seamless financing and lines of credit that allow them to pay for their purchases incrementally and after the fact. On the back of an e-commerce surge that has hit retailers hard in recent years, it seems like an inevitable move for the marketplace to tempt consumers with vaster, instantaneous access to all things ‘gratifying’. After all, we live in a time where you can have a cheeseburger meal delivered to you by Uber … Read more

A First Home Buyer’s Guide To The Melbourne Property Market

Much like Sydney, the Melbourne inner-city property market has skyrocketed in recent years, making it difficult for first-time buyers to break into the competitive market. Considering the Victorian capital has previously been hailed as the world’s most liveable city multiple years in a row—thanks to its cutting-edge culture and evolving infrastructure—it comes as no surprise that it has become a challenge to call a piece of real estate in the country’s second largest city home. But, it certainly is possible. All you need is to be properly prepared, well-researched, and have a strategy. Read on for our first-home buyers’ guide to increase your chances of … Read more

Properties 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

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