The days of questioning if a mortgage broker was recommending you a loan because it was the best for you are over, thanks to Best Interests Duty Law (BID). From 1 January 2021, Best Interests Duty laws came into effect for mortgage brokers and financial advisers....
Self Managed Super – Limited recourse loan Some people are interested in the ability to purchase property within a Self-Managed Superannuation Fund (SMSF). An SMSF allows you to invest directly in residential or commercial property using the funds accumulated in superannuation. If you want to purchase...
Your credit score, may also referred to as Equifax Score, is used by some of your potential lender to determine the risk of offering a loan to you. This is an automated rating system and based on your credit file as well as the information...
Your living expenses play an important part in your broker, or the bank assess your home loan application. To work out your Borrowing Capacity, your living expenses will be a key factor; how much can you borrow, or even if you can afford one. So, what...
The prudential regulator APRA on Wednesday ordered banks to lift the “buffer” they add to market interest rates when assessing borrower capacity to repay loans. Here is what that move will mean in practice for potential borrowers. What is a serviceability buffer? Banks are required to examine a borrower’s ability...
The state has launched a new home-buyer fund, under which it will pay 25 per cent of the property purchase price if eligible borrowers have a 5 per cent deposit. The Victorian government has introduced the $500 million Victorian Homebuyer Fund (VHF), which is expected to...
If you are thinking about locking in a cheap fixed interest rate on your mortgage, the clear message from financial markets is that those rates will probably climb in the months ahead. That suggests it is time to act sooner rather than later. Pros and cons...
Property auctions can quickly descend into fast-paced shootouts fuelled by adrenalin and ego as buyers fight for the front door keys. While it might seem daunting, our tips for buying a house at auction could help you be prepared to improve your chances of success. 1....
Saving for a home deposit is no mean feat. But there’s a way to make it more achievable, with a little help from those closest to you. What is a Family Security Guarantee? If you’re finding it tricky to reach a deposit of 20% or higher on...
If buying a new home were a marathon, settlement would be the finish line. It’s the bit where you finally take legal possession of the property – but there’s a little more to it than simply handing over the cash and picking up the keys. Settlement...