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Types Of Home Loans You Were Not Aware Of [Infographic]
The mortgage market in Australia is a mesh of thousands of different types of home loans. It is natural for a first home buyer to get confused while sifting through so many options. While you may not need all of these, it always helps to know your options to make an informed decision. The most basic types of home loans are the fixed and the variable rate loans. Variable rate loan is the most popular type amongst Australians. Your repayment amount keeps changing in a variable rate home loan as your interest rate fluctuates with that of the market. On the other…
10 Ways to Get Started Investing in Property
Property, the very word brings a sparkle in the eyes of many prospective couples who dream of having their own home. But these are the end users who are fed up of paying rent and want to use the same money into something constructive that actually bears fruit for them rather than filling the pockets of landlords. But there is another class of buyers who have surplus cash acquired through income from salary or business and want to reap exponential returns. 1.Examine all options before taking the plunge Stories abound from time immemorial of people buying land in the most…
Seven Causes For Home Loan Denial | ARG Finance
Most home buyers finally find the right property after months of searching. After that begins the quest for the right home loan. Now all you need is a suitable lender who would finance your purchase. But what happens if you apply for a home loan and the bank rejects your application? Real estate has become one of the most popular channels of investment in Australia. However, buying a property is no mean feat and a lack of funds can be one of the main reasons that can hold you back. So, most buyers resort to a home loan. Apart from keeping…
About Home Loan Pre-Approvals You Should Know
If you are shopping for a new home, chances are that you are hunting for the perfect home loan too. But it is not necessary that you apply for a loan after you find your dream home. Rather, you have the option to arrange for a loan beforehand. This is where a loan pre-approval comes into the picture. A pre-approved loan helps you arrange for your finances in advance so that you can go forward with a stress-free search. What exactly is a loan pre-approval? A loan pre-approval can be seen as a preliminary approval by a lender to a prospective homebuyer,…
All That You Need to Know Before Refinancing
Do you remember the first instance when you took out your first home loan? It was a tiresome process, spent in researching a number of loan options so that you could secure a mortgage that best suited your needs and pocket. So, now that you have secured it and bought the home of your dreams, it makes a good financial sense to keep reviewing your home loan at least annually. This will ensure that it is still meeting your needs and providing you with the features or interest rate which had attracted you in the first place. Everything changes and with…
Make Regular Home Exceptional For A Great Market Price
Looking for easy home renovations that can add extraordinary personality to your ordinary house? Your answer is here! Are you thinking of putting your home up for sale? If yes, then remember, first impressions are always the last ones in this case. Furthermore, if you want to maximise your home’s value, then you need to convert it from an ordinary home to something extraordinary, inside out. Home buyers are always on the lookout for something better, convenient, or different. This is all the more reason for you to start with renovations on the property so that you do not miss out…
How to Budget for Your Dream Home
Do you hate paying house rent every month? Do you feel like a captive in your rented house when you realize that the freedom to alter the house according to your wish is something that you can never enjoy in this setting? A rented house is a compromise where the pressure of having low funds wins over the pleasure of staying in your own house. Nevertheless, you can afford and possess your own house sooner or later. However, if you want this development to happen really quickly, then the first step to get started is to have funds! You need…
The First Home Loan Deposit Scheme
The First Home Loan Deposit Scheme is a new federal government initiative that commenced on 1 January 2020. Up to 10,000 eligible first home buyers in Australia can apply for the Scheme each year. The benefits of the First Home Loan Deposit Scheme It helps eligible first home buyers to buy their first home sooner by providing them with a government-guaranteed loan as part of their home loan deposit. It removes the need for lenders’ mortgage insurance (LMI) on home loans. Most lenders will charge borrowers LMI if their home loan deposit is less than 20%. The cost of LMI…
How Lenders Assess Investment Property Loans
If you’re buying an investment property, it’s important to understand that lenders have stricter loan application criteria that you need to meet. That’s because lenders usually perceive investment properties as being higher risk, especially if you’ll be relying on income from tenants to make your loan repayments. There’s always a risk that any investment property you buy may be untenanted for a length of time. If it ever is, you still need to be able to make your loan repayments. Loan-to-value ratio (LVR) The policies of different lenders vary, but in general, they usually have a lower maximum loan-to-value ratio…
How do bridging loans work?
Bridging loans A bridging loan is a short-term finance to allow you to buy a new property while you’re waiting to sell an existing one. Bridging loans are usually interest-only finance for up to six months if you’re buying an established home, or up to a year if you’re building. How do bridging loans work? A bridging loan provides you with the funds you need to buy your new property. It’s a second loan on top of your mortgage on your existing property. When you sell your existing property, your first mortgage is paid out and the total amount you…
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