Can a First Home Buyer Purchase an Investment Property
If you plan on taking advantage of the various first home buyer assistance programs in Australia then at some stage you will have to live in the property. However, the minimum timeframes to qualify are actually quite short if you plan to hold the investment long term. But you need to be very careful not […]
How the APRA Serviceability Buffer Affects Your Home Loan
When you apply for a home loan the lender will assess your budget to determine what cash flow is available for your new mortgage. However, this will always be much lower than your actual spending would suggest. This can frustrate borrowers who can clearly afford mortgage repayments on paper but the bank says otherwise. So, […]
11 Reasons to use a Broker Instead of a Lender
Borrowers have an abundance of choice when shopping for a mortgage and it can be a lot of work to find the best deal for you. However, what you won’t know is what happens in the background when assessing your application. You may think you are a high earner, and a strong applicant, but your […]
What Mortgage Lenders Look for in Bank Transactions
As part of your home loan application a lender will want to scrutinise your bank statements so they have your complete financial circumstances. This is done to ensure that there is truth in your declared income and expenses, while also looking for other clues into your risk profile as a borrower. Most mortgage lenders will […]
Does Refinancing Affect Your Credit Score?
Refinancing to a better deal on your home loan can save you tens of thousands of dollars over the life of your mortgage. But some people hesitate to pursue an alternative out of fear they will hurt their credit score. It is true that a series of rejected loan applications in a short space of […]
Offset vs Redraw: Choose the Right Home Loan Feature For You
Minimising mortgage interest requires balancing significant savings with immediate access to cash. While offset accounts and redraw facilities both reduce your interest bill, they behave differently regarding daily access, fees, and tax outcomes. Comparing Redraw vs Offset comes down to your cashflow, future investing plans, and risk tolerance. This plain English comparison highlights the right […]
What Are The Benefits of Multiple Offset Accounts?
Building up a large balance in your mortgage offset account can be tricky when you have your regular expenses being managed from the same place. The balance just never seems to go up, and there is always another expense just around the corner. Some lenders have realised this and allow you to create multiple offset […]
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. […]