Share on facebook Share on twitter Share on linkedin A home buying process may surely feel like a roller coaster ride. The whole process gives a similar feeling of excitement and fear, the excitement of finally touching your dream and fear of missing out on something and making any expensive mistake. Between fishing and finalising your home, there's a lot more in terms of process and paperwork which can evoke feelings of headaches. The whole journey involves several steps and with each elevating step, the difficulty and anxiety may increase, specifically if you're a first home buyer. This is why we recommend not to go the road alone on this journey. Now the question is, who can be your best companion? In our opinion, it should be someone who can guide you throughout the process, possess intellectual, factual knowledge and can solve your queries; you can certainly find all these qualities in a mortgage broker. So why don't consider their assistance? Once you've zeroed down your budget and ruminate your wallet you'll probably get an idea of how much mortgage you'll require. But the process of getting a mortgage like walking on an eggshell. After finding the mortgage loan which meets your needs, the endless battle with paperwork begins. Yes! The home loan application involves a lot of documentation because mortgage lenders have an obligation to lend responsibly. They need to ascertain that you can afford to pay back the loan amount based on your current financial situation. To ensure from their end they need to gather information about income and expenses. That's why you need to show the evidence with the right document. So here is a list of what your lender may ask you to provide. Identify proof Be it any country this legal requirement is common & essential in all. Your lender requires your id proof to verify that you're who you claim to be. So, you must provide them with at least one primary identification proof of two secondary documents. Which can be any of the following: Primary document Australian driver's licence Current passport Photo IDs such as Australian tertiary institution ID card, Proof of Age, or Waterways/Boat License Secondary documents Australian birth certificate Medicare Card Credit Card Health Care Card Australian Citizenship certificate Ato assessment notice ( less than a year old) Your Income details Your lender requires your current income details to evaluate if you qualify to pay back the mortgage or not and if you do then how much you can repay each month. So, may ask for: Salary Copy of your two recent payslips Bank account statements showing at least three months' salary credits Tax Return and ATO notice of Assessment ( less than 18months old) An employment contract If you're Self-employed Personal and business tax returns ATO Notice of assessment Government income A bank account statement showing payment credits … [Read more...] about What documents do you need for a home loan application?
Share on facebook Share on twitter Share on linkedin Buying your first ever home can give you a mixed feeling, sometimes it can feel exciting and others it can give butterflies in the stomach, after all, it's surely a whacking task as well as one of the most noteworthy undertakings you'll make in your life. Searching for the ideal adobe can be perplexing especially for the first-time buyer. Your mind will likely be racing with all sorts of questions like - where should I start from? What can be the best suburbs? What should be my price range? How do I know if I have offered the right price? and many more. And that's where you need a buyer's agent to figure out all the answers to your questions. That's not it! He will help with many more things during the whole process like searching for the right property and starting due diligence when you do find your perfect home. There are plenty of more reasons you should turn to a buyer's agent while starting your house hunting journey. In this blog, I will give such more reasons why you should walk along with a buyer's agent in your first home shopping voyage. Get Access to the latest information One of the biggest perks of a buyer's agent is you get access to all the latest & accurate news. They stay updated with the reports like when a new home hits the market, where a house for sale, etc. So, a buyer agent has access to Multiple Listing Service through which they get you set up with the account so that you can also access all the information at your fingertips as they do. They exemplify you and your best interests At the onset of the process, they will ask you several questions associating with your needs and preferences to make a rough sketch of your ideal home or what it should look like. They use this information to search for appropriate properties. As soon as they will find the perfect match they will have your best interest in mind while submitting a bid. They're like a shadow of you walking together on the whole journey. However, talking about the laws, while you'll start working with them you'll have to sign a form which outlines the relationship between you two and the responsibilities they are abided by such as loyalty to the buyer, maintaining confidential information, and encouraging the buyer's preferences. Valuation and Finance For the first home buyer, all the process can be less daunting if they have a buyer's agent by their side. And among all the aspects one of the most difficult things is valuing property if you're an amateur. However, that's where a buyer's agent helps you by tackling the most crucial evaluating and financing part and gets you a fair deal. Also, nothing can beat turning to a professional to help you get the deal at fair value or even less if you got lucky. You can certainly believe it's one of their superpowers to be able to evaluate the right purchase price for the home. The road of difficulty continues till financing and surely it can be a nightmare. … [Read more...] about Why a First Home Buyer Should Use a Buyer’s Agent
Share on facebook Share on twitter Share on linkedin Electricity prices have fallen almost 9% since the middle of last year, resulting in large potential savings for households in eastern and southern states.That's the finding of Australia's competition and consumer watchdog, the ACCC.Retail electricity offers now available to households in NSW, Victoria, south-east Queensland, South Australia and the ACT are, on average, 8.8% lower than in June 2020, which equates to an average annual household saving of $126.Wholesale electricity costs have fallen due to an increase in renewable generation and a decrease in fuel costs.The ACCC is encouraging households to shop around and switch to cheaper plans.That said, electricity retailers are required to pass on cuts in wholesale power costs, as per laws that were introduced in June 2020.Consumers in NSW, south-east Queensland, South Australia, Tasmania and the ACT can use Energy Made Easy to compare offers. Victorian consumers can use Victorian Energy Compare.Need a home loan?Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Households could save $126/yr thanks to falling power prices
Share on facebook Share on twitter Share on linkedin Were you one of the 121,000 people who took advantage of the HomeBuilder grant?If so, good news – the government has increased the construction commencement period, from six to 18 months.This is in response to unanticipated delays in the construction industry caused by Covid-related supply constraints.So even though grant applications are now closed, all applicants who signed contracts during the eligibility period, between 4 June 2020 and 31 March 2021, will receive this extension. HomeBuilder was designed to protect tradies’ jobs and stimulate the construction industry – and it was a spectacular success.Data from the Housing Industry Association shows a significant increase in new house sales since June 2020.That includes a 90.3% jump between February and March, as Australians rushed to take advantage of HomeBuilder before the program closed.Need a home loan?Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Government extends HomeBuilder construction commencement period
Share on facebook Share on twitter Share on linkedin Australians with mortgages significantly increased their financial buffers last year, according to Reserve Bank of Australia data.As the graph shows, indebted homeowners now have an average of four months worth of expenses in the bank.That compares to less than two months for renters and 10 months for people who own their home outright. The average household doubled their savings rate last year, to 12% of income, according to the Reserve Bank.Those extra savings were used to pay down debt and/or increase financial buffers.At the same time, lending standards are “largely unchanged and remain robust”.In other words – borrowers have improved their individual financial positions while the banking system remains just as strong as before.Need a home loan?Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Borrowers and banking system in good health: RBA
Share on facebook Share on twitter Share on linkedin With the property market running hot, mortgage lending is at historically high levels, according to the most recent data from the Australian Bureau of Statistics.Australians took out $28.6 billion of home loans in February – 1.8% lower than the month before but a massive 55.2% higher than the year before With so much demand for home loans right now, the system isn't functioning as smoothly as it usually does. So here are my top three tips for getting a loan in the current environment:Start early, because lenders are taking a long time to process applicationsShop around, because there are many great deals that aren’t being advertised or shown on comparison websitesTry hard to maintain a high credit rating, and fix any blemishes you might haveThe great advantage of using a broker is you’ll be covered in all three areas.A broker will know all the hush-hush special deals, be able to advise you on maintaining your credit rating and manage the time-consuming application process on your behalf.Book a free appointmentHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about How to get a great home loan in this red-hot property market
Share on facebook Share on twitter Share on linkedin What you need to know : First meeting with mortgage broker Buying a home for the first time can be a real task! From house-hunting to palpating your wallet to finally getting to live into that, it's a long process. However, the whole process can be a little easy if you get a helping hand. Since we're talking about the assistance we all are well aware that it's none other than a mortgage broker who can make the process like a dream. Meeting your finance broker for the first time can be very existing as well as can be a nervous experience. After all, it's an opportunity to get hitched with the one who can really get cracking on turning your dream into reality. But meeting the perfect broker is not as you'll rub your shoulder in just one click, regardless you need to pitch in as well. So it’s important to do your homework before your first meeting. Since finding the perfect broker is just the beginning of the home buying journey, you need to kick off the start at the right point. Thus here are some tips to make your appointment a success. Understand Where you Stand Before you pitch into anyone to represent you, you need to analyse first where you stand. The initial meeting between a mortgage broker and you will focus on understanding your position and giving a clear picture of your position. You will need to figure it out first.The brokers might question your financial goals, how much you've set a limit of borrowing, and your ideal investment. Preplan when and where you want to buy a property, what suburb you've selected, how it will go along with your lifestyle and most importantly why. Therefore, it's always advisable to figure out your answer before your meeting so you can articulate your needs. And also will help your broker to give shape to your vision. Ready-build house Before you jump to a conclusion, weigh the benefit of buying a new 'ready- build house' and 'house and land package'.A ready build house privileges in saving stamp duty, low maintenance costs, faster process.Whereas, buying a house and land package profit in various ways like- you get to design your house, power to customise finishes, floor plans, and facades, and stamp duty saving. Stay Prepared with the Document Your mortgage broker might expect you to have your documents (two payslips or if you're self-employed then tax returns) prepared as much as you can. Furthermore, if you include paperwork like transaction histories, any other income and assets like shares, dividend income, other investments or anything which can help your broker to draw a clear picture of your financial condition. This information will make the process much easier for you, can help the broker to filter more accurate options and can provide a speed start to the process. Research about the broker you're Meeting This is another thing you can do to maximize the possibility of the meeting. Do your … [Read more...] about What you need to know : First meeting with mortgage broker
Share on facebook Share on twitter Share on linkedin Many property investors are in a strong position right now, with five of Australia’s capital city rental markets titled heavily in favour of landlords.Hobart is leading the way, with a vacancy rate of just 0.6%, according to SQM Research. That means just 0.6 out of every 100 rental properties are vacant. That, in turn, means it’s very hard for tenants to find a property, putting upwards pressure on rents.Adelaide (0.7%), Darwin (0.7%), Canberra (0.8%) and Perth (0.9%) are also landlords’ markets.Conversely, Sydney (3.3%) and Melbourne (4.5%) are tenants’ markets.In Brisbane (1.5%), the balance of power is evenly split. Not only are rents rising in many parts of Australia, but so are property prices, which means landlords are enjoying a double win.If you’re thinking about buying an investment property, call me to discuss your options.Need finance?Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Most capital cities are now landlords’ markets