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New home owners

What is a Vendor’s Advocate?

Selling your home is a stressful time – corresponding with real estate agents, preparing your home for inspections, and navigating through a changing market can all be overwhelming. Enlisting the assistance of a vendor’s advocate to help you through this time can be a way to reduce some of your stress, as well as help you get the best price possible for your home. While they can help take a huge weight off your shoulders when it comes to the selling process, there are some things you need to be cautious of when finding the perfect vendor’s advocate for you. … Read more

Buying property in lockdown

Buying Property in Lockdown – Your Go-To Guide

Buying property is such an exciting time in anyone’s life. Going to inspections, planning out the layouts of your future rooms and picturing yourself in the garden are all fantasies we have when it comes to house hunting. Unfortunately, a lot of these dreams have been thrown into disarray as sporadic lockdowns have shut down the real estate industry in parts of the country. With restrictions on real estate in parts of the country like Sydney and Melbourne, some may be forced to put their house hunting on the back burner until they can start inspecting again. However, other buyers … Read more

sell or hold

Should You Sell or Hold? A Case Study

Many second-home buyers who may feel as though they have outgrown their current property are faced with this conundrum. Do I sell my current home and cash out or do I hold my current property and turn it into an investment? Whether you should buy or hold comes down to both personal and financial circumstances. These are the items you will need to discuss with a mortgage professional in advance before being able to make a clear decision. Borrowing Capacity – if you need to upgrade your owner-occupied property for a larger place, generally you need to spend more so … Read more

Using a Guarantor to Purchase a Home

If you’re looking to get into the market but struggling to save the full 20% deposit, you can ask someone to be a guarantor on your home loan. A guarantor is a third party, typically a parent who agrees to repay a loan if you can’t; this includes any additional fees, charges and interest. Offering additional security as support, a guarantor makes it more accessible for first home buyers to take their first step on the property ladder. However, using a guarantor to purchase a home does not come without risks. Let’s have a closer look at some of the … Read more

APRA_changes

Unpacking the APRA Changes

Last week, the Australian Prudential Regulation Authority (APRA) confirmed it would scrap a rule that has seen new mortgage customers assessed on their ability to manage repayments with 7.25 per cent interest rates. APRA advised that instead of that interest rate “floor,” it would require banks to test if customers could manage repayments with rates at least 2.5 percentage points above a loan’s current rate. What do these APRA changes mean for you? These changes mean that some financial institutions have greater flexibility to set their own serviceability limits, while still maintaining detailed application processes and considering additional individual risk … Read more

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