In an open letter to the banks, APRA (Australian Prudential Regulation Authority) has proposed amending their guidelines to allow banks to determine their own assessment rate. This will substantially increase the maximum borrowing power of many home loan borrowers. What changes to mortgage lending is APRA proposing? APRA is proposing to: Remove the 7% serviceability floor rate used…
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For most people, a house will be the most important and expensive asset they will ever own. First home buyers know this but not many understand the process of settling the home of their dreams. Our home buying process guide will take you through every step of the process, from applying for the mortgage to…
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Auctions are competitive and stressful for most bidders. Here are six smart strategies that could improve your chances of winning. 1.Don’t show your hand Revealing your maximum bid limit to the agent before the auction could encourage them to push you a little further. For example, during the auction the agent might indicate you’re close to meeting the…
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Five essential pre-auction-day tips After months of househunting, you’ve found your ideal home or investment property. When auction day is approaching, it’s time to get serious about preparing to bid. Here’s a checklist of five essential things to do before putting up your hand at auction. Secure your finance If you’re serious about a…
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Are you on an interest-only loan? While it’s generally investors who are, 1 in 4 IO loans are actually taken out by owner-occupiers. With 200,000 IO loans set to expire in the next few years, these people need to consider their options. There’s been much brouhaha about people coming off interest-only loans of late. The Reserve…
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Buying your own home remains the great Australian dream – and purchasing a second property may help you take your wealth further. Whether you’re building your property investment portfolio, buying a holiday house or supporting a family member, there are plenty of things to think about before you take that next step. Consider your cashflow…
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It’s often said that Australians are more likely to divorce their spouse than switch banks. But with plenty of competition in the home loan sector, refinancing can be a good move. There are a number of reasons why you might want to refinance: you can consolidate debt from high-interest credit cards into a home loan with…
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Did you know that Lenders Mortgage Insurance (LMI) premiums vary from lender to lender? On top of that, you often save more by reducing your LMI bill than getting a cheaper interest rate. The problem is that lenders don’t advertise their premium rates so it can be difficult to compare without a mortgage broker to…
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If you are planning to buy your first home (in Australia) any time soon or even in distant future then the information given here might help you save substantial amount for the initial deposit. Before I go in detail of the process / steps, let me inform about some key facts about this scheme: From…
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No matter whether you’re buying a first home, next home or planning to refinance your existing home loan, a mortgage broker makes it a lot easier to track down and apply for the right home loan for you. Not sure how a mortgage broker can help? We take a look at six ways a mortgage…
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