Have you ever thought about what would happen to your family home if you were no longer able to meet your mortgage repayments? The fact is, many homeowners are just one pay check away from losing their home. Mortgage Protection Insurance covers your mortgage repayments when you can’t: in the case of a major illness, redundancy or even death. Here’s what you need to know.
Topics: Home Loan Advice, Home Loan Protection Plan, Home loan rates, Home Loan Insurance, Insurance, Mortgage Protection Insurance
Many parents decide to help their children onto the property ladder; so much so that the Bank of Mum and Dad is now recognized as the fifth biggest lender in Australia. While providing a guarantee or even dipping into your own property’s equity to gift your children the money is commendable, it’s also a big commitment and not without risk. If you are considering doing this, here are four questions you need to ask yourself.
Topics: Mortgage Broker, Australia Mortgage, Lenders, Home Loan Advice, Home loan rates, Buying property in Australia, Bank of mum and dad, Guarantor, Investing in Property
Tighter regulations have made it tougher than ever for non-resident buyers to buy property in Australia. While the process may seem near impossible to navigate, once you understand the framework the Government uses to approve applications, it’s actually fairly straightforward. Take a look at what you need to know.
Topics: Mortgage Broker, Australia Mortgage, Lenders, Home Loan Advice, Home loan rates, Non-resident buyers, FIRB, Buying property in Australia
When assessing your home loan application, your lender will look closely at your financial situation, including your employment history, your income and any assets, as well your liabilities – or debt – and your outgoing expenses. Your debt to income ratio (DTI) is an important factor in this process, which some lenders use to measure your ability to make repayments.
Topics: Mortgage Broker, Australia Mortgage, Lenders, Home Loan Advice, Home loan rates
Every lender has its own method and formulae for determining an applicant’s credibility and lender-ability. While the criteria may differ from lender to lender, there are a few factors that all lenders use to profile their clients. Take a look at what these are, and we also share a list of guidelines to ensure your mortgage application is error-free.
Topics: Mortgage Broker, Australia Mortgage, Lenders, Home Loan Advice, Home loan rates
When deciding on a home loan provider, many people choose to approach their own bank in the first instance, believing it makes sense to work with a lender already managing their everyday banking. This is not always the best option however, and it could mean missing out on better deals. To help you decide on the right lender, we’ve outlined some of the pros and cons of big banks, small banks and non-banks.
Topics: Australia Property, Australia Real Estate, mortgage rates, family home, Pre-approvals, Mortgage, Home Loan, Bad credit, lending options, non-bank lender, Home loan rates
A bad credit rating can put the brakes on your home buying plans, but it doesn’t have to be the end of your journey. Understanding what bad credit is, how to avoid it, and what your options are if you already have a bad credit rating, can help you decide on the next steps to take when buying property.
Topics: Australia Property, Australia Real Estate, mortgage rates, family home, Pre-approvals, Mortgage, Home Loan, Bad credit, lending options, non-bank lender, Home loan rates
If you haven’t already given much thought to budgeting for the year ahead, now’s a good time to start. Having a budget can help you reduce overspending, help you save more, and ensure you avoid situations where unplanned expenses drive you into debt. To help you plan a more financially secure 2018, here are our top budgeting tips.
Topics: Australia Property, Australia Real Estate, Home loan rates, mortgage rates, Interest Rates, Homeowners, Debt Consolidation, mortgage stress, Budgeting
New research has revealed that nearly a third of Australian households are already under mortgage stress, a figure that looks set to continue rising if past figures are anything to go by. Read on to find out how to prevent yourself from falling into mortgage stress, and what to do if you’re already in it.
Topics: Australia Property, Australia Real Estate, Home loan rates, mortgage rates, Interest Rates, Homeowners, Christmas Debt, Debt Consolidation, mortgage stress
According to the Reserve Bank of Australia, the nation spent an estimated $30 billion dollars on credit cards in December 2017. Almost half of all Aussies won’t be able to repay their Christmas spending within their interest-free period. If you’re one of those who overspent during the holidays, it’s time to take action. Here’s how we suggest you manage your Christmas debt hangover.
Topics: Australia Property, Australia Real Estate, Home loan rates, mortgage rates, Interest Rates, Homeowners, Christmas Debt, Debt Consolidation
