Why Do Banks Take So Long At Christmas To Approve Loans? Some people including real estate agents seem disturbed when we tell our clients this time of the year to seek a longer than normal finance clause on any proposed property purchase. Why is this? Basically the banks get smashed with applications leading into December.…
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What Not to Do Before You Buy Your Next Home Picture this – newly wedded couple, buying their first home. We had discussed getting a pre-approval and they were coming back to complete the application however they found a home in the interim and were keen to buy it. So we submitted a loan…
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Making Business Easier For The Self-employed Running a small business can be challenging enough, without the worry of managing finances or sourcing additional working capital. I saw some recent statistics at a lender roadshow recently which has seen a dramatic fall in the number of low documentation loans being written by the major banks. Like…
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I Need To Pay Off All My Other Expenses Before I Can Apply For A Home Loan? This is a first home buyer myth. And it’s not true! You can still secure a home loan if you have an existing student study debt, or a car loan. When a lender is assessing your ability…
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What costs are there when I buy my first home? When buying your first home, you need to allow for additional costs that are over and above your deposit. Your deposit is there to provide the bank the comfort you have “some $$ in the game” or hurt money as some people call it. So…
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Are You Settling for Second Best? When looking for a home loan – it is normal to want to get the best rate possible on your mortgage. With many lenders now all chasing owner-occupied lending as opposed to investment lending due to recent APRA changes, it has become very competitive. If you are in the…
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What Deposit Do I Need If I am a First Home Buyer? We have had heaps of calls recently from first home buyers wanting to get out of the rental market and into a home of their own. The biggest hurdle most of them are faced with is how to come up with the deposit.…
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Collateral, Capacity, and Character When I first started in lending many years ago – these were the pillars of any lending assessment made by a bank. And it has not changed. COLLATERAL Deposit – or how much skin have you got in the game? Harder to please when you have less than a 20% deposit.…
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Do You Need to Refinance Your Home Loan If you’ve only taken out your home loan in the last few years, refinancing is probably the last thing on your mind. But having a set-and-forget attitude to your home loan is not ideal! Leaving your home loan unchanged for its entire term could mean you miss…
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With increasing property prices, and also the required 20% deposit to avoid mortgage insurance some young people are looking to the family for assistance to buy their first home. After all, it can take some time to save as well as pay rent. Normally a 5% deposit would be minimum to get into a property…
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