This week we're going to talk about pre-approvals. The need to knows & any important information you may not be aware of. Here are some pre-approval FAQ's that we get asked most often! FAQ's How long do pre-approvals last? A general rule is 90 days or 3 months from the... read more →
Sep
12
Sep
12
What's the difference between Interest Only and Principle and Interest payments? Interest Only payments are when you just pay the interest on the loan, you don’t reduce the amount that you owe. The balance remains the same. Generally the amount of the payment required per month is less than if... read more →
Sep
12
Let’s talk about demonstrating to the banks YOUR ability to make mortgage repayments. Due to new regulations within the finance industry, some lenders now require the client (you) to show that they can pay what the future mortgage repayment would be (either the same amount or more). They require this... read more →
Sep
12
What is collateral/cross security? Primary security is the main property that the bank will take as security for a loan. The Collateral/Cross security is the second property being used to secure a loan. It is required when the loan amount is higher than the primary property value. This is due... read more →
Sep
06
What is Positive or Comprehensive Credit Reporting (CCR)? CCR is Australia’s new credit reporting system. CCR is making it easier for lenders to make comprehensive and balanced assessments of a borrower’s credit history. It has recently been implemented and is being put into place by July/August 2018. The credit report... read more →
Sep
06
What is LVR? LVR stands for the “Loan to Value Ratio” and is simply what it states. It’s the amount of money you borrow for a home loan divided by the value of the property you’re purchasing. For example, if you have a deposit of $100,000 (meaning you’ll probably be... read more →
Sep
06
Can I change jobs or circumstances mid loan application? NO. Your loan application is assessed on your current circumstances. So if that changes you may or may not get that loan reapproved. It is best to wait until after the loan is approved and property settlement is complete. Please bear... read more →
Sep
06
Can casual workers get a home loan? In the past working casually meant you would find it difficult getting a home loan. This is NOT the case anymore. More and more people are working casually so what does that mean? The definition of a Casual worker is A casual employee:... read more →
Sep
06
Lenders mortgage insurance (LMI) FAQ: Q: What is lenders mortgage insurance? Lenders mortgage insurance (Also known as LMI) is a one off, upfront fee that you pay to the lender. This is the banks protection in case you default or don’t make your mortgage payments. It does not cover YOU... read more →
Sep
06
What are the different roles of a settlement agent, real estate agent and a mortgage broker when purchasing a property? The settlement agent- This is who completes all the legal documents that change the name from the previous owners to your name. They also organize and attend the settlement to... read more →