Mortgage Archives

How Do Rising Interest Rates Impact Your Borrowing Capacity?

June 28, 2022June 9, 2022

Reading time: 4 minutes

Rising interest rates have struck again in 2022. For the second time in 35 days, the RBA has raised the interest rate, throwing homeowners and potential buyers alike into a frenzy. This rate means current mortgage repayments are about to increase, which may come as a shock, especially for recent first home buyers. After dealing with a hot property market over the past few years, those looking to buy their first home are now being forced to re-evaluate their loan applications as their borrowing power is impacted. So, how do rising interest rates impact your borrowing capacity? Here is everything … Read more

Rates on the Rise: Is Now the Right Time to Fix Your Rate?

May 18, 2022May 5, 2022

Reading time: 4 minutes

by Inovayt

The cost of living is rapidly climbing, while the national wage growth struggles to keep up. As a result, purse strings are tightening, and budgets are being readjusted to accommodate this new reality. If you’re wondering whether now is the right time to fix your rate, you’re not alone. With rates on the rise, consumers are looking for areas to reduce their spending and locking in their interest rates can be one way to do it. If you’re considering whether you should fix your rate or change it to a variable, keep reading for more information. Fixed vs variable – … Read more

When is the Best Time to Buy Property?

May 18, 2022February 25, 2022

Reading time: 5 minutes

by Inovayt

Breaking into the housing market may feel next to impossible as house prices soar. With no sign of the boom slowing, many may be wondering when the best time to buy property is, if it exists at all! While some may be holding out in the hope that prices will soon drop, others are taking a different approach and buying a place to satisfy their fear of missing out. So, is it worth waiting for a ‘good’ time to buy, or should you be putting in offers all year round? We’re here to help. When is the best time, seasonally? … Read more

Common Home Loan Application Mistakes to Avoid

May 18, 2022February 22, 2022

Reading time: 5 minutes

by Inovayt

Whether you’re a first-time homebuyer or an experienced investor, there are several home loan application mistakes that can be made by anyone. Understanding these mistakes, and how to avoid them, will give you the best possible chance at having your loan application approved by a lender. Here are a few of the most common home loan application mistakes and how you can avoid them. Bidding at auction without preapproval The mistake One of the biggest mistakes you can make as a homebuyer is thinking with your heart and not your head. Going to an auction and bidding without having preapproval … Read more

How a Mortgage Broker Simplifies the Home Loan Process

April 20, 2022February 15, 2022

Reading time: 4 minutes

by Inovayt

Whether it’s your first home or your next home, enlisting the help of a mortgage broker can help you get into the property market – and your new home – faster. Many of us will look straight to our current banking provider when looking for a home loan as we feel it’s more convenient to have our money in one place. However, having assistance from a mortgage broker not only ensures you’re getting the best deal but also makes the home buying process a lot quicker and easier. Still unsure whether a mortgage broker is the best choice? Let us … Read more

The Hidden Costs of Living Alone

May 18, 2022February 3, 2022

Reading time: 5 minutes

by Inovayt

Living alone can be an invigorating feeling. Being able to do what you like whenever you like, while simultaneously feeling you’ve hit the height of being a fully-fledged adult. No matter how long you’ve lived alone, we’re sure you’ve had some hidden costs that took you by surprise. This could be anything from the water bill to council rates and everything in between. Before choosing to live on your own, here are some of the hidden costs to be aware of. Ongoing costs: Ongoing costs when you’re living alone are the recurring fees it takes to continue managing your home. … Read more

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

May 18, 2022October 1, 2021

Reading time: 4 minutes

by Inovayt

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

Loan Application: How a Lender Will Assess Yours

April 20, 2022August 30, 2021

Reading time: 4 minutes

by Inovayt

Going through the loan application process can be an exciting and challenging time in your life. Whether it’s for a personal loan, car loan or mortgage, there are many things a lender must consider when it comes to assessing your application and whether they are happy to approve your loan. Lenders consider much more than your income and deposit when it comes to deciding if they’ll lend to you. Here are some of the things you can expect a lender to look at when assessing your loan application. Your ability to service the loan First things first, lenders are going … Read more

Should All of Your Loans be With One Lender?

May 18, 2022July 19, 2021

Reading time: 4 minutes

by Inovayt

There are so many things to consider when you’re looking for an investment property. Are you going to buy a residential or commercial property? What suburb will you invest in? Do you have enough equity in your home to use when buying the place? What you may not think about is whether all of your loans should be with one lender. There are pros and cons to having your loans with one lender or choosing a different lender altogether. We’ll look at both of these below and help you make an informed financial decision when choosing your perfect investment property. … Read more

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

May 18, 2022April 9, 2021

Reading time: 3 minutes

by Inovayt

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

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