construction loans
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…
Everything You Need to Know About the Home Builder Scheme
The federal government announced the HomeBuilder Scheme last week. It’s another measure aimed at rebuilding the post-COVID-19 Australian economy. Here are all your questions answered. What is the HomeBuilder Scheme? It’s a $25,000 tax-free grant to help you to: build a new home to live in, or to substantially renovate your existing home. What are the eligibility criteria for the HomeBuilder Scheme? If you’re buying a new home, your income needs to be below the following thresholds: Couples (married or de facto): a combined income of less than $200,000 per year. Singles: less than $125,000 per year. You also need to: be…
Everything you need to know about refinancing your mortgage
Do you want to reduce your mortgage repayments? Are you ready to make your dreams of owning a holiday home a reality? Refinancing your mortgage may be the answer. If you’re like many Australians, your mortgage is likely your biggest financial commitment. While it’s great to know you’re building wealth every time you make a repayment, it’s important to think about how your mortgage impacts your overall wealth. With the current low-rate interest environment, now is a great time to strengthen your finances and take advantage of refinancing. Here’s everything you need to know about refinancing your mortgage. What is Refinancing? Also called…
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