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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…
5 Stages of Home Construction and Your Loan Impact
It is wonderful to design and build your home the way you always imagined it to be. But, it can also be long and expensive–that’s why many people are unable to pay the construction cost in advance. Here, a normal mortgage may not meet your needs, and hence, a construction loan comes into the picture. However, most lenders are quite particular about construction loans as you are asking money for something that does not exist yet. Moreover, there is less certainty of the property attracting a good resale price after completion. If anything goes wrong, like the builder doing a…
5 Common Strata Title Property Problems and Solutions
Hello folks! If you have recently shifted to a strata community or are planning to do so, you are about to welcome few changes in your life. Being a resident of a strata title property can prove to be beneficial in certain ways. For example, you do not need to take full responsibility for maintenance of your property. The burden of maintenance is relieved from your shoulders to the strata corporation by paying a certain strata fees for upkeep of the community property. Moreover, it costs much less in terms of investment when you buy such properties rather than a…
Seven Tips for Purchasing a Home Australia
Going for A Property Purchase Is Never An Easy Task. It is always going to require thorough preparation, that too, in advance. It will also involve huge investment, not just in terms of money but also in terms of time and effort. Before stepping into the real estate market, you need to understand whether you are really ready to go for it mentally and financially. Once you have figured that out, you should be aware of all the aspects to consider. This will help you navigate smoothly through the home buying process which can otherwise become quite stressful. To begin with, Get…
7 Renting Nightmares and How to Overcome Them
Buying a property doesn’t always leave you getting to stay in it. Sometimes, we buy it with the intention of investment and renting it out meanwhile. However easy this sounds, all house owners do wonder why their property isn’t attracting a suitable renter or at a price that may help them pay maintenance costs of their investment. While it can be a lot of things related directly to their property, only a few homeowners consider that something outside that perimeter might be bothering the potential renters. And as a smart homeowner, you must know how to iron out those wrinkles.…
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