When a bank assesses your ability to repay a mortgage the assessment rate it’s higher than the actual interest rate. So for example, if your home loan interest rate is 4.00% the bank may be looking to see if you can repay 7.25% or even 8%! Now what that means for the bank, is that they are being conservative and also allowing for interest rates to rise (which […]

After your valuation is done the next stage is to apply for your finance. This follows a pretty standard procedure and your broker will step you through this. Allow 2 weeks after your valuation has been completed for the approval, and then another week for documents to be delivered to you, signed and returned. All up 3-4 weeks should be ample, but keep this in mind when chatting […]

So our next stage is for you and your agreed architect and or builder to agree on a fixed price building quote so that we as your brokers can get a valuation done. Here are the items we need to get a valuation done on your property and progress your application. A fixed price building quote. Note – this is not an estimate, it’s not an invoice, it’s […]

OK – so on our last email we looked at the land purchase, this email will assume you’re onto stage 3 – Planning what you want to build! Now remember, you can keep this email to read later if you’re not at this stage, or you can zoom ahead to the other stages as you need to make this process move at your pace: XX XX Links to […]

Now let’s get started with your land”¦.  (remember, zoom ahead or backwards as often as you need). Land You’ve found a block you love! Fantastic! Now the first instinct here can be to run and place a contract on it straight away – but wait! Firstly: Questions to ask the agent or seller (vendor) when you view the land (to let your broker know): What is the zoning […]

If you’re in that whole thinking stage of – do we buy an existing home or do we buy a block, here’s a great place to start reading before you take the leap and buy that block. Stress levels Buying any home brings with it a measure of stress (and excitement) – but building can emphasise these feelings even more so. I always say that a real estate […]

While we’re extremely fortunate and proud to have some incredible clients who absolutely love to answer this question on our behalf, we also love to let people know what we do and why we want to help you. Firstly, we don’t charge for our services.  Our fees are paid by the lender but only once we have found you a fantastic option for your situation.  Over 50% of […]

If you’re receiving gift funds from a relative (typically!) most banks will require they write a letter confirming that they’re giving you the funds, suggested wording is as follows: To whom it may concern, I  <<insert full name>>  am gifting unconditionally to my  <<insert relationship>> <<insert full name of gift recipient>> the amount of $XX,XXX.00 This gift is without requirement for repayment and is not interest bearing. SIGNED: DATE: If […]

Whenever it makes financial sense to do so.
Heard about mortgage refinancing? In the past, most people who took out a mortgage doggedly continued with it until they had paid it off. These days, people refinance their mortgage much more frequently. The average duration of a home loan in Australia now is just 4-5 years. Here we look at some of the reasons people in Australia refinance their home loan.

When was the last time you looked closely at your loan, the progress you are making on paying it off and how it compares to others in the market? Analysing your mortgage could mean savings for you, as well as the opportunity to pay it off more quickly, invest in other assets or reach financial freedom sooner. Make smaller payments, more often To cut the size of your […]