Don’t understand some mortgage terminology? We have compiled a list of commonly used home loan terms to help you get up to speed. Application Fee: The fee charged by a lender to cover or partially cover the cost of setting up or establishing the loan. Assets: Money, property or goods that are owned. Capital Gain: The financial gain you receive…

How good do you look to lenders out there?…. Whenever you apply for finance of any kind, be it a credit card, personal loan or a home loan, the lender will consider you as a potential risk.  They will conduct a credit report check and consider the risk they face by looking at what they…

Find out what types of home loans and features are available…. Types of home loans and their features can become confusing. Your mortgage broker will help you through this process, but to give you the heads up, the following information will help you understand the types of home loans available, as well as the features…

There’s a little fee for this and a little fee for that and before you know it, it’s cost you a packet.  Learn all about those nasty little fees associated with getting a home loan …… Other factors come into play when you are contemplating taking out a home loan.  More that the interest rate and…

PROPERTY PURCHASE PAYG/SALARY Two most current payslips Two years tax returns or Group Certificates Rental income verification. If using rental income for loan servicing 100 points of ID (eg Passport and Drivers Licence) Confirmation of Deposit Funds (savings history if required) Copy of executed purchase contract executed by at least the vendor showing purchase price…

Mortgage brokers,  who are they?  Read on to find out…… Mortgage brokers are consumer advocates in the home loan selection process, helping homebuyers to pre-qualify, select a home loan and complete the required mortgage documents.  They follow your new home purchase, investment or refinance through to settlement providing a smooth and convenient transaction. By linking with banks, other…

You need to exchange contracts – don’t have 15% or 20% cash……what do you do? A deposit bond is a guarantee usually issued by an insurance company to the seller/vendor. It acts as a substitute for the cash deposit between signing a contract and settlement of the property. At settlement the buyer/purchaser is required to…

Who sets the interest rate – or what interest rates you have to choose from? Interest rates are loosely determined by the Reserve Bank of Australia (RBA).  It is responsible for following the developments in the Australian and international economies and financial markets.  Each month the RBA hold a meeting to examine the rate of…

Do you need a home loan for investment purposes? Investment home loans are essentially the same as home loans used for owner occupied purposes – interest rates, facilities, options etc. Investment loans can be used for property purchase, or to purchase a share portfolio (The debt needs to be secured by property).  Either way, the use…

So you’ve weeded out all the maybe houses and found the one. The next logical step is to make an offer. This is critical in the home buying process and should be considered carefully. This is when you put pen to paper and specify how much you’re willing to pay for the home, and under what conditions you…