Is your lender charging you loyalty tax?

Mar 5, 2020 8:02:38 AM

Your “set and forget” mindset could be costing you. As much as 4%, say the experts. That’s the amount of extra interest some homeowners are paying each year in “Loyalty Tax”. If you haven’t reviewed your mortgage recently, you could be doing the same. Read on to find out why it’s imperative you review your mortgage regularly and avoid paying “Loyalty Tax”.

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Topics: Interest Rates, Lenders, Home Loan Advice, mortgage review, Loyalty Tax

Coping with mortgage stress

Jun 23, 2019 2:55:00 PM

New data shows a sharp increase in the number of homeowners going into retirement with a mortgage, while the average debt-to-income ratio amongst those with mortgages has pretty much doubled across every home-owning age group. Not surprising, mortgage stress is also on the rise. We share our tips for coping with and avoiding mortgage stress.

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Topics: Lenders, Mortgage Repayment Cover, mortgage stress, lending options, Mortgage Advice, Australia Mortgage Broker, Borrowing Advice

Understanding Borrowing Capacity

May 17, 2019 11:22:30 AM

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: Lenders, Mortgage Advice, Australia Mortgage Broker, Borrowing Advice, Borrowing Capacity

What is Comprehensive Credit Reporting?

Mar 20, 2019 9:37:23 AM

Comprehensive Credit Reporting (CCR) is Australia’s credit reporting system which aims to make it easier for lenders to assess an applicant’s credit history. With CCR, when you apply for credit, authorised lenders will have access to up to 2 years of your repayment history, along with detailed information of your credit accounts. Find out what the change to CCR means for your finances.

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Topics: Lenders, CCR, Comprehensive Credit Reporting, Home Loan Advice, Australia Mortgage Broker, Home Loan Application

The Bank of Mum and Dad

Dec 14, 2018 6:56:00 AM

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.

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Topics: Mortgage Broker, Lenders, Investing in Property, Home loan rates, Bank of mum and dad, Australia Mortgage, Guarantor, Home Loan Advice, Buying property in Australia

Can non-residents buy property in Australia?

Dec 11, 2018 6:33:39 AM

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.

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Topics: Mortgage Broker, Lenders, Home loan rates, Australia Mortgage, Home Loan Advice, FIRB, Buying property in Australia, Non-resident buyers

Could your debt affect your home loan application?

Nov 10, 2018 11:19:02 AM

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: Mortgage Broker, Lenders, Home loan rates, Australia Mortgage, Home Loan Advice

How Lenders Assess Mortgage Applications

Nov 9, 2018 11:00:54 AM

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.

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Topics: Mortgage Broker, Lenders, Home loan rates, Australia Mortgage, Home Loan Advice

How to avoid paying Lenders’ Mortgage Insurance

Nov 21, 2016 7:00:00 AM

When buying your first home every cost saving counts. But if you’re struggling to save a large enough deposit, there’s a good chance you’ll have to pay Lenders’ Mortgage Insurance. Lenders’ Mortgage Insurance can be a sizeable cost, so it’s worthwhile finding out about it up front and factoring it in. There are a few ways you can avoid paying Lenders’ Mortgage Insurance and we’ve broken those down for you here.

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Topics: Australia, Insurance, Mortgages, Lenders, LMI