What to do if Your Fixed Rate Loan Term is Nearing Its End

Nov 14, 2019 9:15:00 AM

If your fixed rate loan term is nearing its end, there’s never been a better time to review your mortgage. With interest rates at historic lows, you’ll need to decide whether to roll again for another fixed term or take advantage of cheaper variable rates and pay down some serious debt. Be aware though, if you do nothing, lenders may simply put you onto their most expensive variable rates, so it’s vital you take some action. Here are your options:

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Topics: Selling, Refinancing, Home Loan Rates

Can Non-Residents Buy Property in Australia?

Oct 17, 2019 1:03:15 PM

In December 2015, the Australian Government introduced legislation that changed the way non-residents buy property in Australia. Under the new laws, foreign investors are limited in the types of property they can purchase and must first apply for approval to purchase from the Foreign Investment Review Board (FIRB). While it is much harder for non-residents to buy property in Australia, it’s not impossible.

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Topics: Selling, Mortgage Broker, Home Loan Rates

What to do if Your Property Valuation is Too Low

Sep 16, 2019 3:37:06 PM

While a property valuation is often an essential step in the home buying process, in recent months home buyers across Australia have been left feeling frustrated and disappointed with the valuation process. Lower than expected property valuations have resulted in home buyers having to pay LMI or even lose the property if they can’t cover the shortfall. Here’s what you need to know about property valuations.

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Topics: Selling, Refinancing, Home Loan Rates

What an Open Banking Regime Means For You

Jul 10, 2019 10:48:57 AM

On 1 July 2019, the open banking regime officially began, with the four major banks now offering data on a variety of products as part of the regime’s roll-out. Over the next two years, a phased implementation of open banking will be carried out, not only taking the friction out of banking, according to experts, but also leading to the rise of a whole new class of products and services in the financial sector. So, what changes can you expect?

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Topics: Financial Health, Home Loan Rates, Home Loans

5 Mortgage Mistakes to Avoid

Jun 24, 2019 11:29:16 AM

Whether you’re a first home buyer or a seasoned investor, making a bad decision on your mortgage could end up costing you in both time and money. When it comes to a mortgage, what you don’t know CAN in fact hurt you! Knowing what pitfalls to avoid will help you make better decisions. Here are 5 mortgage mistakes to avoid.

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Topics: Selling, Property Investment, Home Loan Rates

A Good Time to Review Your Mortgage

Jun 23, 2019 5:02:00 PM

Earlier this month, the Reserve Bank of Australia reduced its official cash rate (OCR) to a record low 1.25 per cent. Many of the major banks have already announced changes to their home loan rates, and home loan experts are urging Australian borrowers to find out if they are eligible for a rate cut. There’s never been a better time to review your mortgage by contacting your Mortgage Express broker.

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Topics: Selling, Financial Health, Refinancing, Home Loan Rates

First Tier Lenders vs. Second Tier Lenders

Jun 17, 2019 7:26:40 PM

Stricter lending conditions across Australia have led to a rise in the number of borrowers turning to second tier lenders for finance. Second tier lenders – who can be smaller banks or non-bank lenders – whilst also tightly regulated, can often have more flexibility in the rates and fees they can offer. As a borrower who doesn’t quite meet bank lending criteria of the Big 4 Banks, a second tier or non-bank lender may be the answer.

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Topics: Selling, Home Loan Rates, Home Loans

Understanding Borrowing Capacity

May 17, 2019 1:22:30 PM

Before going house hunting, it makes good sense to know how much you can actually borrow from your lender. Your borrowing capacity is the amount that a lender will lend you to buy a property. Sounds simple but it’s not: there are all kinds of factors involved that determine the amount a lender comes up with, and your loan amount can vary from lender to lender. Read on to find out more about borrowing capacity.

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Topics: Selling, Home Loan Rates, Home Loans

How to Get a Home Loan When You’re Self-Employed

Apr 15, 2019 1:48:11 PM

When applying for a mortgage, most lenders require you prove your income which can be a challenge if you’re self-employed; particularly if you haven’t already done your taxes or been in business for very long. But that doesn’t mean the end of your home ownership dreams. At Mortgage Express, we help self-employed borrowers every day, working with lenders who offer alternative options and access to competitive home loans.

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Topics: Selling, Home Loan Rates, Home Loans

Could Your Debt Affect Your Home Loan Application?

Nov 10, 2018 2:19:02 PM

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.

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Topics: Debt Consolidation, Mortgage Broker, Home Loan Rates