Do First Home Buyers Pay Stamp Duty?
Stamp duty can add tens of thousands of dollars to the upfront costs of buying a property. However, first home buyers have access to exemptions in most states to reduce this burden when entering the property market. Government concessions can potentially reduce this tax to zero, but strict eligibility criteria apply. And in some cases […]
Can First Home Buyers Use Super to Buy a House?
While you cannot withdraw your superannuation to use as a deposit on your first home, you can leverage the First Home Super Saver (FHSS) scheme to get there faster. This tax-effective strategy bridges the deposit gap faster, mismanaging the strict release timelines often leads to contract breaches. We explain how to navigate FHSS rules, align […]
Do I Pay My Mortgage Broker?
Most Australians do not have to pay a mortgage broker anything for their services. Lenders pay an upfront commission on settlement of a new mortgage, plus a small ongoing commission for the life of the loan. However, there are occasions where an upfront fee is required by the broker that is paid by the borrower. […]
Does the First Home Buyers Grant Apply to Apartments?
First Home Owner Grants (FHOG) are used by state governments to encourage the development of new dwellings and increase the housing stock. An eligible dwelling can be a house, townhouse, or an apartment. The only conditions being that it must be new, and below the state specific purchase price cap. There are no grants currently […]
15 First Home Buyer Mistakes That Could Cost You Thousands
The home buying process can be complex at the best of times. Even more so when it is your first time! Small mistakes can lead to big expenses when dealing with such an expensive asset. And there are plenty of potential pitfalls along the way. For many, this is one of the most important financial […]
How Soon Can You Refinance Your House?
While the standard mortgage term in Australia is 25-30 years, most home loans are refinanced between the 3-5 year mark. The market is always shifting, and as your equity position and finances improve, then better mortgage options often become available. You can lock in significant savings by refinancing to a better interest rate, and this […]
Australia’s Big Banks vs 2nd Tier Mortgage Lenders
The mortgage market has long been dominated by the major banks in Australia. But the emergence of second tier lenders has introduced much needed competition, and has generated increasingly superior consumer outcomes. Despite this, some still shy away from a lender they have never heard of. Even if they can offer a better deal. Most […]
Can You Refinance a Fixed Rate Loan?
Most diligent home owners and investors are always on the lookout for a better deal on their mortgage. And rightly so! Even a small reduction in your interest rate can mean thousands of dollars in savings over the life of your loan. However, if you have committed to a fixed interest rate period, then refinancing […]
Should I Get a 40 Year Mortgage? (Cost Comparison)
With housing affordability a constant headline for the past 20 years it was only a matter of time until mortgage timeframes were extended to 40 years. In the past 12 months, multiple lenders have come to the market this new 4 decade loan product. Some feel like this is going too far and is a […]
How Long Does It Take to Get Your Home Loan Approved?
Despite the digitisation of the lending industry the timeframe to approve a home loan application has not improved much over the past decade. However, there are some lenders who are clear leaders with their processing times and regularly produce same day conditional loan approvals on complete applications. The real time suck often comes before and […]