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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

Loan application

Loan Application: How a Lender Will Assess Yours

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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

Loans with one lender

Should All of Your Loans be With One Lender?

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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

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

Common Mortgage Terms Defined

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If you’re a first home buyer, obtaining a mortgage can seem overwhelming and perhaps even confusing. Often, there’s jargon and terms you may not have heard of and, with something as important and serious as a home loan, you need to get your head around these mortgage terms quickly! We advocate for financial literacy and want our clients to feel empowered and informed at every step along the way. To help you understand mortgages like an expert, we’ve put our heads together and listed the most common terms people find confusing. Appraisal Is an assessment of how much a home … 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

Mortgage Repayments – What Do They Cover?

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So, you’re looking to purchase your first home and you’re exploring the whirlwind of home loans and finance. There are many different loan types available for any individual circumstance, but it’s important to understand what you’re paying off when you’re making your repayments and what the consequences and benefits are of each type of mortgage repayment. Generally, mortgage repayments cover the principal and interest, however, interest only home loans do exist. There is a wide choice of mortgage repayment options including interest-only home loans. We explore some of the options in detail below. Principal and Interest Home Loans A principal … Read more

Money Tests

Money Tests to Pass Before you get a Mortgage

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Purchasing your first home is one of the biggest and most exciting financial commitments you will ever make in your lifetime. So, it’s essential to pass some basic money tests beforehand so you can reduce potential financial strain down the track and determine whether you’re prepared to take on a mortgage. Debt and expenditure minimisation Do you use Afterpay? Have a few credit cards, or perhaps a personal loan or a car loan, as well as numerous digital subscriptions like Netflix or Spotify? If you answered yes, it’s time to think about reducing your outgoings. Determine your current debts. It … Read more

APRA_changes

Unpacking the APRA Changes

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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

Self-employed

Buying a Home When You’re Self-employed

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Buying a home can be a daunting experience for anyone let alone if you’re self-employed. With an often-fluctuating income and potentially not having payslips as financial evidence, it can be challenging for business owners to qualify for a home loan. Each lender also has a different process and assessment criteria, which further adds to the complexity of securing finance as someone self-employed. Are you feeling overwhelmed yet? Don’t be. These factors don’t mean that you can’t get a home loan. But you do need to plan and be strategic. The process of applying for a loan is relatively the same … Read more

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