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Share on facebook Share on twitter Share on linkedin Buying a home is a complex and lengthy process, it became even more daunting if you're someone who is whirling for the first time. But for everything, there exists a right key, and if you're a first home buyer in Sydney you can get your head around the basics of how it works, you're less plausible to be taken by surprises along the journey and your home shopping experience will indeed be easier.This blog will briefly give an insight into each step you're possibly going to take during the home buying journey. So if you've found your dream home which suits all your needs and can't wait to live into your dreams, then follow the blog through the end to amass all you'll need during the process.Evaluate your budgetIt would be really heartbreaking if you've to give up on the house you've set your heart on. To avoid this from happening, you're advised to evaluate your financial condition, this will give you an insight into where you stand and also an idea of how much you can afford to borrow. Knowing this will help you start searching for the property which fits your budget.Seeking the help of a mortgage broker in Sydney they will help you to keep your credit report on track with their factual guidance. After improving your credit report you can check your affordability by using the affordability calculator and home loan calculator to get an estimate of borrowing power and mortgage repayments.Inspect the propertyYou'll inevitably spend plenty of money buying the property thus it's essential to ensure the property is worth the investment. For that, you need to view the property in person, as well as online.Viewing property in real life will lend you a deeper understanding of their potential (negative and positive both) and you'll be able to gauge whether they give you that same incredible feeling which you got from the screen.Closely inspect all the areas like ceiling, door, windows, water, any signs of mould, taps, flooring conditions, lights, guttering system, roofing, drainage, exterior walls, neighbourhood, enmities, lifestyle, transportation, etc.If everything gives you a positive vibe then go ahead with the purchasing process.Make an offerOnce you're satisfied with the property the next move is to crack the deal. But this can certainly be a tough process because the right approaching price, negotiations can really change the game so it's important to be cautious and use your words smartly. If you're a first home buyer in Sydney then we suggest walking together with your mortgage broker in Sydney during the deal as he might be a great help. Or your estate agent will be another best alternative who can bring forth the deals and offer on your behalf. We also recommend asking your solicitor to narrow down all the key points for the purchase in writing for the vendor, as it'll reduce any chances of misunderstanding as you move further through the … [Read more...] about How the home buying process works

Share on facebook Share on twitter Share on linkedin First-time buyers often have the misconception that all they need is a down payment and monthly mortgage. Many people don't realize there are plenty of other costs associated with homeownership; many first home buyers find themselves in trouble because this detail trips them up later on.Aside from additional costs, stamp duty is something that usually surprises the homeowners while burning a hole in their pocket. Precisely because in Australia, there's no standard rate of stamp duty, rather, every state has its own rates.To simplify your query, this blog particularly aims to inform you of everything relating to NSW stamp duty.  What is Stamp Duty Stamp duty is a kind of tax payable on certain purchases like property or land, as well as on distinct assets that fall under that banner. The tax is levied by the Australian state and territory government on all the legal documents, agreements, and trusts implicated while purchasing an asset, precisely having legal ownership of a particular asset transferred to you.  Who is Stamp Duty payable to in NSWIn NSW Australia, stamp duty is payable to the Office of State Revenue. The transaction can be made by mail or BPay and there are several other ways as well. The money goes towards funding public sectors in NSW which put it back into our economy for a good cause. Usually, the government uses these funds to strengthen the sectors like health, emergency services, transport, education & training, and emergency services.  When do you require to pay the Stamp Duty in NSW?Stamp duty is what you pay when you buy a property, and it can happen in two ways: either the contracts are exchanged and when the transaction is finalised. While buying a property you will need to pay the amount within 3 months after the completion of the transaction. To be more accurate, interest will start to accrue on that purchase from day one so be sure not to let more than 3 months go by before paying your stamp duty.If an individual purchases their home with a loan after this window has expired without exchanging contracts first then they are liable for additional fees such as conveyancing costs (to draw up legal documents), mortgage registration charges (for registering the new borrower's name over the title deeds) and also insurance premiums which may need updating.In case you're buying a residential unit of the plan, then the stamp duty should be paid within 15months of the deal.  How to find out how much stamp duty you'll have to payOne of the best ways to figure out your stamp duty is by researching from your end. No one would like to be left with the large unexpected tax on the day of purchase. Hence, an online stamp duty calculator can be a great help. This can help you give an exact idea of the tax, by feeding the dutiable value of the property, type of property, what are purchasing and location.  Stamp Duty Calculator What are the … [Read more...] about The Ultimate Guide To Stamp Duty For Property Buyers in NSW

Share on facebook Share on twitter Share on linkedin Buying a home is perhaps one of the biggest financial decisions a person makes in their life. I would say it's the biggest and beautiful decision which will age with you, and see the ups and down together with you. Now when it dwells ready to become a part of your life how can you make the experience you regret. So of course you want to be sure the decisions you're making are the right one.Now when you've found your right home at the right price, then the next thing that awaits is the right source of borrowing money. There are so many options out there that can be tempting for ease to opt for a mortgage with one out of them.Now with the changing time gone are days when Australians were only reliant on the banks rather it has turned out to be mortgage brokers in Sydney are the new guide and financial aid who are rescuing you from the luring deal while steering you through the process and hitching on the best deal for you. But the good news is they don't just help you find the perfect mortgage but also save you time, money as well as are legally obliged to put your interest first. They're always on your side As we all possibly know, always a mortgage broker in Sydney is obliged to serve you. So the time you join your hands with a mortgage broker, they will do things to benefit you. They don't work for the lender, they work for you and to profit you, they can give access to far more products than the bank or if you went direct. They give you unbiased advice and an array of options from their lending panel to choose the one which suits you the most and best. They abide by the law A Sydney mortgage broker is abide by the law 'Best Interest Duty' obligation. According to Best Interest Duty, a broker will work for you, not the lender. So, even though a particular product may add a commission to the broker, they won't recommend it until it lies in your true interest. They understand your financial need A mortgage broker in Sydney works to provide the best out of their knowledge and only a mortgage with the lowest interest rate is best is not necessarily true. That's why the best mortgage broker will always first analyse your financials to understand your financial needs, circumstances and goals.They ask you several questions and go through your credit scores, and use this information to filter out the most suitable options from their lending pane. You may save some extra bucks Several different types of fee can be involved in taking a new mortgage loan or say while working with a new lender, which includes an origination fee, application fee, appraisal fees. Working with a mortgage broker in Sydney may be able to get lenders to waive some or all of the fees, which can eventually save hundreds to thousands of bucks. You're protected While in the process your mortgage broker has a duty of care to you. Thus out of their duty, they must recommend a suitable mortgage and must be able to … [Read more...] about When you visit a Mortgage Broker, your interests are better protected

Share on facebookShare on twitterShare on linkedinA 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 LicenseSecondary documents Australian birth certificate Medicare Card Credit Card Health Care Card  Australian Citizenship certificate  Ato assessment notice ( less than a year old) Your Income detailsYour 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 contractIf 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 facebookShare on twitterShare on linkedinBuying 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 informationOne 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 interestsAt 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 FinanceFor 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