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first home buyer

What is a Buyer’s Advocate?

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Enlisting the help of a buyer’s advocate can make your property buying process a walk in the park. They take care of everything – from house hunting, right up to bidding on auction day. Using a buyer’s advocate can help relieve stress you may encounter during your home buying journey and assist if you’re time-poor. Here’s everything you need to know about buyer’s advocates and whether hiring one is right for you. What is a buyer’s advocate and what do they do? It’s common for people to get confused between a buyer’s advocate and a vendor’s advocate. While they’re both … Read more

First home buyer challenges

Tick all the Boxes but Still Can’t Buy a Home? First Home Buyer Challenges

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Purchasing property when the market is ‘hot’ is a challenge for anyone, but for first home buyers trying to enter the market for the first time, it can be extremely discouraging having offers continually knocked back – especially when they tick all the boxes needed to buy a property. Although it’s easy to get disheartened, there are some ways around some of these challenges first home buyers face. Managing expectations All too often, first home buyers will have a higher expectation of what they think they can borrow, rather than what is realistic. Inovayt Finance Broker, Justin Coughlin, says it’s … Read more

Hidden costs of buying a property

The Hidden Costs of Buying a Property

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Buying a property is a big part of anyone’s life. Whether it’s your very first home, your third investment property, or a nice holiday house, there’s always an element of excitement involved. However, when we look at buying a property, for example, at $650,000, we often take that as how much we are paying or borrowing and don’t take into account the other hidden costs. Unfortunately, there is no hard and fast rule on how much these hidden costs will be. It depends on how much you are paying for your property, where it’s located and whether it’s a house … Read more

First Home Buyer's Market

Is it a First Home Buyer’s Market?

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While a majority of people put their plans to buy property on hold in 2020 due to the uncertainty of COVID-19, the market has bounced back. With easing restrictions, auctions starting up again and government incentives designed specifically to help first home buyers get into the market, there is a mismatch between supply and demand at the moment. However, these factors don’t necessarily mean that it’s not a first home buyer’s market. Let’s take a look at all the considerations to determine whether or not it’s the right time for you to start your property journey. Individual circumstances Deciding whether … Read more

Fix Your Home Loan Rate

Is it a Good Time to Fix Your Home Loan Rate?

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With interest rates at an all-time low, you may be wondering if it’s a good time to refinance your home loan or possibly consider a fixed interest rate. Before you rush to fix your home loan rate, there are a few considerations and complexities to determine if it’s right for you. We explore these below. What’s the difference between a fixed and variable home loan? An interest rate refers to the amount of interest a lender charges the borrower in exchange for borrowing their money. Typically expressed as a percentage, interest rates can be fixed, which means they are set … Read more

First Home Buyer’s Benefits

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The First Home Owners Grant (FHOG) was created in 2000 to grow the housing property market by enticing Australians to build new houses, rather than buy existing properties, with a large lump sum payment. This scheme makes building a new home more attractive to first homeowners and helps the Australian economy stay strong by investing into building new homes. The FHOG scheme is available throughout Australia, varying in criteria and eligibility for each state and territory. Each has legislation and rules regarding the FHOG scheme so if you’re not buying in Victoria, you may have different criteria to follow. The … Read more

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

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

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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