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Mortgage Repayments – What Do They Cover?

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

What You Need to Know About the New Credit Reporting Laws Before Applying for a Home Loan

Comprehensive credit reporting has been voluntary in Australia since 2014, however, the Australian Government has recently ordered the big four banks to participate from July 1 this year. What is Comprehensive Credit Reporting? Comprehensive Credit Reporting (CCR) is just that—a thorough view of your financial history, which is inclusive of all your ‘good’ and ‘bad’ financial behaviour for all future lending. This includes your mortgage, credit cards, home loans etc. With an unprecedented volume of information now being collected on individuals under the CCR, positive behaviour is also recorded against your name – no longer ignoring all the regular payments … Read more

Deloitte Reports Reinforce the Value of The Broker

Deloitte have championed the value of the broker, following the release of two significant reports this month that highlight the economic and consumer impact of brokerage in today’s climate. The Value of Mortgage Broking, a report derived from surveying 1,635 mortgage brokers, highlighted access to diverse product options as a broker’s strong value-add for consumers. In 2016 to 2017, brokers generally offered “products from 34 different lenders”, and would, on average, use “10 different lenders” to meet the diverse needs of their clients. This remains a favourable service offering in contrast to borrowers dealing directly with lenders whereby products presented … 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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