Many of the banks are now are asking for a budget and break down of the clients basic living expenses. This is due to the responsible lending act. This is so the bank, and you, can see if you can afford the loan you're applying for. This can also be... read more →
Sep
06
Aug
23
Myth: If I buy a house in my name and claim FHOG, my partner will still be eligible to claim FHOG, if we buy another house in their sole name. Answer: INCORRERCT If you're married/de facto with someone who has owned a home and claimed FHOG before, you may not... read more →
Aug
16
FHOG is a grant given from the State Government to help and encourage first home owners to buy or build a residential property to use as their principal place of residence. For new or built homes, you can be currently given up to a $10,000 grant with stamp duty waived.... read more →
Aug
13
How do you build Equity? As discussed last week, Equity is the amount of your home that you actually own. This is the property value - the loan balance = Equity. The more Equity you have, the better, but how does it actually increase? There are two ways. 1. The... read more →
Aug
13
So, What is Equity? In regards to property, it is an asset that comes from the homeowners interest in a property. How much Equity you have is worked out by finding the difference between the properties market value and what you owe against it. So basically, it's the amount of... read more →
Aug
13
WHAT ARE THE DIFFERENT WAYS TO GET INTO MY OWN HOME WITH NO DEPOSIT?? Option 1: Equity in another property If you already own property with substantial equity, you could use that instead of a deposit! Option 2: 110% Guarantor loan This option enables you to borrow up to 110%... read more →
Aug
02
Myth: I need a deposit to be eligible for a mortgage TRUE (for majority of situations), you will need a deposit of some sort. This is to show the banks you've put in some hard work and saved up some money! As previously discussed in another blog post, you can... read more →
Aug
02
Myth: I must contribute a 20% deposit to be eligible for a housing loan In Today's housing market, it can be really tough to save a 20% deposit for a home. But- we have good news! You may still be able to afford it, even if you haven't got significant... read more →
Aug
02
WHAT IS GENUINE SAVINGS AND WHY IS IT SO IMPORTANT? Genuine savings is a common term in the home loan industry. It refers to the type of acceptable savings that can be put toward your loan deposit. If you want to borrow more than 80-90% of the properties value, you... read more →
Aug
02
What is and what isn't classified as genuine savings? Our next blog topic will be about why genuine savings is so important when you're borrowing.... Below is a list of the basic yes and no's when it comes to using genuine savings to borrow! However, there are some exceptions, depending... read more →