With the changes in the lending requirements, your lender is asking for more documents for home loan applications and so is your broker. Here is what you should know. We all have only 24 hours a day and there are so many things needs to be done. On top of that, applying for a home loan that requires a lot of paperwork. Borrowers often asked – “Why does applying for a loan require so much paperwork?” Well, the answer can[...]Read More about Why do I need so many documents for Home Loan Application?
Home loan is not only about the interest rate you’re paying or about to pay. It’s also important to look at other features to make it affordable and save money. Redraw and Offset are among the popular features and almost work similar ways. The idea is to allow you to reduce the balance of your home loans. Therefore the interest charged, by applying extra money to your debt. Redraw: With the redraw option, you can deposit some extra[...]Read More about Home loan with Redraw or Offset- which one select to save money?
Being the first home buyers or a seasoned one, home loan is the most common trend among the property buyers. A growing number of Australians are looking for home loan as first home buyers. It may be daunting for many to understand the entire process especially for the first home buyers. Interest rate (fixed or variable), pre-approval, settlement, stamp duty, conveyancing are the most popular and used terms in the entire process to finance your dream home. So here is[...]Read More about First home buyers’ guide- Home loan Australia
Refinance is a most popular buzz word among the borrowers particularly for those hold mortgages. The reason of refinancing may vary from borrower to borrower. However, majority aim is to trim down the interest rate. At this period of historic low cash rate set by RBA, many lenders are coming up with enchanting home loan products. So, refinancing your mortgage may favourable. However, it requires a precise comparison between your existing loan and the offered. Following factors will help before[...]Read More about 10 things to consider before you refinance home loans
Getting the cheapest rates are the biggest challenge for home loan borrowers. According to Reserve Bank of Australia (RBA), the ratio of household debt to disposable income was recorded at 193.7% at the end of June’17. It also says that the most household debts were housing related. So home loan or mortgage is the biggest debt component on most of the Australian’s financials. And a low interest rate may slash down hundred of dollars from liabilities. However, for many, the[...]Read More about How to get home loan with cheapest rates
In many cases, people who look for a loan or refinance come across one of the difficult questions – “should I go for mortgage brokers Australia or bank loan officer?” It is more evident among the new home buyers. Especially who are unaware of the difference between a Mortgage Broker Australia and a Bank Loan Officer. So let’s put it here in simple words! Loan officers are typically employees of the lending institution. They may be able to offer various[...]Read More about Mortgage Brokers Australia vs Bank Loan Officer
Lender’s Mortgage Insurance (also known as LMI), is associated with a loan that the lender consider to carry high risk. When a loan is worth more than 80 percent of a property’s purchase price, a lender may need an insurance to hedge the higher risk. The one-off insurance payment will protect the lender in the event when the borrower can’t afford to keep up their home loan repayments. In most of the LMI policies, a lender can make a[...]Read More about How to Avoid LMI for Your Home Loan or Mortgage