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Everything you Need to Know About Lenders Mortgage Insurance

Buying a house is a big investment. Saving for a deposit can take many years. Lenders mortgage insurance (LMI) is an option for those who want to get into the market sooner but don’t have the full 20 per cent deposit saved. LMI protects the lender in the event you default on your mortgage repayments. Many aspects make up LMI, as well as key considerations to keep in mind when choosing whether to pay LMI or save for a larger deposit to avoid paying it. What is lenders mortgage insurance? Lenders mortgage insurance is a one-off, non-refundable, non-transferrable premium that’s … Read more

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

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

buy.a house when you're single

How To Buy a House When You’re Single

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

Budget-Basics

Budget Basics – A Comprehensive Guide to Getting Started

The word ‘budget’ can have frightening and scary connotations; however, it doesn’t have to! Think of a budget as a simple plan for where your hard-earned money goes each month. If you’re saving for your first home, a budget is essential. Lenders need to see that you are responsible with your money. Having a budget and savings pattern demonstrates a consistent and disciplined approach to your finances making you a more attractive applicant. According to a 2019 study that looked at how millennials manage money, 80% of millennials are likely to have a budget compared to 67% of older Australians. … Read more

First Home Buyer | Woman with paperwork,, man in background holding coffee cup

Why First Home Buyers Must Budget for More Than a Mortgage

For many first home buyers, the struggle to break into the property market is real. Even though the number of first home buyers breaking into the market has increased to 18 percent, it is taking many people longer to achieve their dream, with the average age of first home buyers increasing to 32. With so much emphasis placed on saving up a decent deposit to acquire an asset (and potentially avoid paying Lenders Mortgage Insurance (LMI), it’s easy to be blindsided by the extra costs that first home buyers must pay in addition to paying off their new-found home loan. … 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

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