Getting a finance home loan can seem overwhelming. Breaking down each stage can make it easier to handle. Whether you’re a first time homebuyer or considering refinancing, being aware of what lies can give you the confidence to navigate smoothly. This detailed guide will take you through every step, from start to finish helping you...
Understanding Poor Credit & Its Effects on Mortgage Applications Bad credit poses a big obstacle when seeking a mortgage. It commonly stems from past financial missteps including late payments, defaults, or insolvency. Within Australia, credit scores span from 0 to 1,200, where anything below 500 is seen as unsatisfactory. This might lead to steeper interest...
An offset mortgage is a home loan linked to a savings account. The money you have saved in the savings account is used to lessen the total balance you pay interest on every month or let’s say the amount you have in savings will be taken as a credit on your mortgage. Overpaying vs Offset...
Are you wondering about the concept of “minimum repayment” on your home loan? Understanding this crucial aspect can significantly impact your financial planning. Here’s a comprehensive guide to help you grasp its significance and make informed decisions: What does “Minimum Repayment” on a Home Loan Mean? This is what you need to pay regularly, often...
Real estate market navigation for first-time homebuyers in Sydney can be a scary process. Starting from understanding mortgage rates to finding the right mortgage lender, there are plenty of steps that need thought and specialisation. This is when one realises how precious a home loan broker in Sydney is. A home loan broker simplifies the...
Paying a stamp duty when buying a home in Australia is required before owning your dream house. It is a one time government transfer duty being charged when a house or property is being sold to another person. Stamp duty needs to be considered when calculating your budget in buying your first house. It can...
It’s exciting to buy your first property for your family. However, this means more responsibilities and of course doing the right decision on choosing what home buying option you should consider. First homeowners consider home loans and that’s why they would need to have a well-experienced commercial mortgage broker in Sydney. They work as the...
What is Home Equity? This is the difference between the total amount you owe on a mortgage and what the home’s value is. It’s actually what you can say you own in a home. The sum of equity in a house can increase as time goes by while you make payments and the property’s value...
Eligible buyers can purchase or build a new home with a deposit as low as 5%, or as little as 2% for eligible single parents, without the need for Lenders Mortgage Insurance (LMI). If you’re a first home buyer, keep these essential tips in mind before planning your purchase: Keep an eye to Interest Rate...
Factors that may affect your Interest Rates for Low Deposit Home Loans Credit Score Lower credit score means you have a high risk as perceived by lenders. Home Location If you are eyeing for homes which are in an area with good resources and cellular signal, expect that you may encounter higher mortgage value. Homes...
