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Buying a house is a thrilling event, but it's also a hard and time-consuming procedure. So, to help the house-buying process go more easily, follow our step-by-step guide and obtain your ideal home with expert assistance from Freshwater Financial Service's experienced mortgage brokers!Step One: Consultation with a Mortgage BrokerThere are loads of different home loans available in Australia today, all with its own set of benefits, drawbacks, and advantages; this is why working with a mortgage broker is so important during the home-buying process. A mortgage broker will assess your goals and provide a home loan that meets your financial and lifestyle requirements.A mortgage broker may also help you organize your finances so you can figure out how much you can spend and how much you'll need to save for a down payment. Your mortgage broker can also explain if you qualify for any additional benefits, such as the first-time home buyer's grant.Because everyone's circumstances are unique, the amount of money you can borrow is determined by the following factors:Earnings,Financial responsibilities,Savings,Step Two: Find the Lowest Mortgage RatesFollowing that, a mortgage broker will assess hundreds of house loans to find the best one for you, taking into account your borrowing capacity and estimated repayments.The interest rate is critical when it comes to getting a good deal on a home loan. Because a home loan is such a lifetime process, even little interest rate differences may quickly add up. Even a 0.5 percent interest rate reduction, for example, can save you hundreds of dollars over time.Your mortgage broker will assist you in preparing for the house loan application procedure if you are satisfied with the mortgage broker's home loan selection and interest rate.Step Three: Obtain Pre-Approval for a Home PurchaseWhile a pre-approval is not required as part of a home loan application, your mortgage broker should advise you to get one since it increases your chances of being accepted.A pre-approval is a letter from a lender indicating that you are eligible to apply for a loan up to a certain amount. To get a pre-approval, simply provide your mortgage broker your credit history and other required paperwork, and he or she will examine your income and give you very clear limits on how much you may loan. You can think rationally about your house search if you have pre-approved funding.Step Four: Locate a Home to PurchaseWhen looking for a home, it's critical to strike a balance between the lifestyle you want and your budget.Most mortgage brokers advise their clients to prepare a list of the following items:Property size, design, public transportation, and schools are must-haves' that you can't live without.Design, fittings, and outside space are examples of 'nice-to-haves' that you might live without for the time being.Step Five: Inspection of Structures and PestsHire an expert to check the building once you've chosen one you like. They'll point out any … [Read more...] about A Step-by-Step Guide to Buying a House: Advice from an Experienced Mortgage Broker

The Reserve Bank has said it will increase the cash rate at some point. When that happens, banks will almost certainly raise their mortgage rates. So what can you do to prepare?Here are five tips:Calculate by how much your repayments would increase if your home loan rose by anywhere from 0.25 percentage points to 1.50 percentage points in the years aheadGet ahead on your mortgage now, so less of your loan needs to be repaid if and when those rate rises occurIncrease your saving rate, so you’re covered if your monthly repayments increaseContact your lender today to ask for a rate cut – if you threaten to switch to another lender, there’s a good chance your lender will agree to your requestThink about refinancing from a variable-rate loan to a fixed-rate loan Give me a call if you want to discuss how a rate rise might affect your individual situation.Need home loan advice? Get in touch. 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 What you can do today to prepare for possible rate rises

Share on facebook Share on twitter Share on linkedinSo you've chosen to buy a house, but you're undecided between a condo and a single-family house. Only you can select what you're looking for in the end. If You are a first home buyer in Sydney you'll need to figure out what your goals are and what kind of lifestyle you want to live. Pros and Cons of buying a home: Houses provide additional room, remodelling possibilities, and privacy. However, if you have a garden or buy an older home, you'll be responsible for extra property care Pros: There is plenty of room on the floor. Houses give significantly more room to roam than flats if you want to conquer the ultimate frontier and provide more space for your family to live comfortably outside area. A backyard is beneficial if you have a green thumb, plan to extend your home, or have small children. You may construct a pergola or an entertainment area and take advantage of the flexibility that comes with having your own outside space.You can pretty much do anything you want if you own property since there are no owners' corporation or strata restrictions to follow. You're very much free to refurbish any way you want as long as you follow municipal and construction requirements. You may add value to your home by expanding or upgrading it, increasing your equity, and making it more livable.Another advantage of living in a house rather than an apartment is that you are usually not as close to your neighbors. As a result, you may enjoy your life without worrying about disturbing your neighbors (or being disturbed by them).  On average, house prices rise faster than apartment prices.  Cons: Prices are going up. Houses are always more expensive than comparable flats in the same neighborhood. This means you have two options: save a larger deposit and borrow more, or buy a property in a less expensive neighborhood.It's time to mow the lawns, clear the gutters, trim the trees, and clean the windows. Building a house necessitates a significant amount of labor. That's fine if you enjoy gardening and DIY tasks. If you don't, the low-maintenance component of apartment living may appeal to you.Costs are rising (and more bills). In general, renting a home is more expensive than renting an apartment. You'll need to heat and cool more areas, as well as purchase additional furniture and equipment. The Pros and Cons of Purchasing an Apartment : Although having a unit or apartment necessitates less maintenance, it also comes at a higher cost. Your neighbors are only a few walls, floors, or ceilings away. Pros: There is less upkeep. When you live in an apartment, you don't have to mow the grass or care for the garden. There's also the fact that strata can take care of a lot of maintenance jobs, leaving you with more free time to do anything you choose.The price is low. Apartments have less room, which might be a disadvantage, but it also means lower power and gas expenses.Location. Many … [Read more...] about BUYING A HOUSE VS APARTMENT:

The supply chain shortages that have affected so many industries have hit property as well, with residential construction costs rising at the fastest annual rate since 2005.Home building costs rose 7.3% in the 2021 calendar year, according to CoreLogic’s Cordell Construction Cost Index (CCCI).That said, the pace of growth might be trending down, with costs rising 3.8% in the September quarter but only 1.1% in the December quarter.Part of the reason costs are rising is because builders are struggling to get their hands on materials such as timber and metal products.Property developers and home builders are likely to be passing on at least some of these increased costs to people buying homes.Need a construction loan? Get in touch. 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 Home building costs rise 7.3% year-on-year

First home buyers can now save their deposit even faster after the First Home Super Saver Scheme savings threshold was increased from $30,000 to $50,000.The scheme lets first home buyers salary-sacrifice pre-tax income into a dedicated account within their superannuation fund – up to $15,000 per year and now up to $50,000 in total.There are two ways in which the First Home Super Saver Scheme benefits first home buyers.First, the money they deposit into the scheme is taxed at 15% rather than the income tax rate, which is 19% for someone earning up to $45,000 and 32.5% for up to $120,000.Second, when first home buyers eventually withdraw their money, they’re allowed to withdraw their original deposit plus about 4.7% interest, which is a higher rate of interest than they’d earn through a regular savings account. Withdrawals are generally taxed at the marginal tax rate minus 30 percentage points.Need a home loan? Let's chat. 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 updates first home buyer deposit scheme

Home loan activity reached a record high in December, according to the latest data from the Australian Bureau of Statistics, in a sign the property market remains strong.Australians committed to $32.8 billion of mortgages in December, which was 4.4% higher than the month before and 26.5% higher than the year before. The breakdown was:Owner-occupier loans = $22.5 billion (up 5.3% monthly, 12.4% annually)Investor loans = $10.3 billion (up 2.4% monthly, 73.9% annually) One reason so many Australians are entering the market is because it's been booming over the past year.Another is that despite speculation that interest rates might increase later this year, rates are at ultra-low levels and would still be very low even with a rate rise.Want to compare interest rates? 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 Strong property market drives record home loan activity

So you are a first home buyer in Sydney, but all you see and hear from the mainstream media is doom and gloom. Is it, however, all that bad? Let's take a look at some of the secrets hidden under the clouds.Saving for a deposit:Standard practice dictates that a 20% deposit is required, and this is strongly recommended. There are, nevertheless, certain workarounds. You can borrow up to 95% of the property's value, which reduces the amount of money you'll need to put down. The first home buyers assistance scheme which may be added to the loan will be required in this case. Affordability:Homeownership is becoming expensive for many Australians due to the rising disparity between property prices and incomes. When you're looking to buy your first house, this recurrent headline might be discouraging.Let us not set our minds on a penthouse apartment with harbour views for your first buy. Buying something that fits your present lifestyle and is in a handy location for you, but may necessitate a short commute, is a wonderful beginning to start exploring your alternatives. Spending some time analysing your income and, more importantly, your expenses should give you an indication of how much money you have available each month to spend toward debt payments.It's probably time to consult a specialist at this point. A Sydney mortgage broker can help you figure out how much borrowing power your excess amount translates to, giving you a price range in which to start looking for your first house. You won't spend time or emotional energy looking at houses you can't afford if you know what your budget is.Make sure you stick to your budget after you've created one. That will offer you peace of mind in knowing that what you're about to undertake is something you can genuinely afford. As a rule of thumb, if you've been renting, you should be able to get a loan with similar repayments.Looking through the small print:There's more to purchasing a property than just securing a loan. Here's a quick rundown of the actions to take and who you should consult along the route.To begin, get your finances in order. This indicates that you are aware of your financial situation and may have received pre-approval for a loan, making you a more enticing purchase.Have a conveyancer in mind so that they can rapidly assess any potential acquisition if you need to act quickly in a competitive market. Be aware that there are charges associated with purchasing that must be factored into your savings strategy in addition to your initial payment. Obviously, your solicitor will charge a fee, but you will also have to pay government stamp duty on your acquisition. If you're a  Sydney’s first-time homebuyer, you're likely to get some help, which might include a complete exemption depending on your purchase price. Your solicitor will be able to walk you through any advantages that may be available to you. The Office of State Revenue website has a comprehensive list of First Home Buyer … [Read more...] about Want to Buy your First Home? Facts vs Fiction:

first home buyers, mortgage brokers in SydneyPurchasing an investment property is still one of the most popular methods to invest in Australia. A property should be utilised to increase your wealth and protect your financial future. However, there is a popular assumption that property investing always produces good returns; while this is true most of the time, it isn't always the case. It's important to remember that how well you manage your investment will influence whether or not it helps you achieve your financial objectives. When you consider your rental income and the tax benefits you'll be eligible for, buying an investment property might be surprisingly affordable.Yet, you must first guarantee that your strategy is sound. To get the most out of your investment property purchase, read these recommendations suggested by the professional mortgage broker in Sydney.Picking the appropriate property for the best price:Choosing a property that is more likely to appreciate in value is the most important decision you will make when purchasing a property, therefore getting it at the right price is key.If you are a first home buyer and locate a home you want but are concerned about its true worth, we recommend contacting us or another mortgage broker in Sydney to arrange for an independent appraisal on behalf of a bank. You probably aren't aware, but lenders and mortgage brokers in Sydney have vital information about various regions and property developments, which you should strive to obtain to help you avoid purchasing the wrong investment property. Never acquire an investment property only for the purpose of obtaining a tax benefit; instead, focus on making the best financial decision possible.Make a strategy decision:Another crucial aspect of the planning and preparation phase is this. An investment property, especially in the expanding Australian market, may be a great way to supplement your income, but there are several ways to go about it. To assist you in deciding on the best course of action, refer to your investing goals.Recognize the market and the dynamics in which you are purchasing:Consider what other houses are available in the neighbourhood, and talk to as many people and real estate agents as possible - they'll tell you whether one side of a street is preferred over the other. I often tell rival brokers that I'm looking at a similar home to see what they have to say; it's a great method to gain inside knowledge. Choose the best form of mortgage for you:When it comes to funding your investment property, there are a lot of possibilities, so obtain good guidance since it may make a major difference in your financial situation. It's remarkable how many individuals waste time investigating mortgages in order to save a few dollars a month, rather than investing that time analyzing their local real estate market, where they may make much higher gainsAlthough interest on a loan for an investment property is normally tax-deductible, other … [Read more...] about TIPS FOR BUYING AN INVESTMENT PROPERTY: