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Property buyers are being forced to compete hard in many markets around Australia, so how can you improve your chances of securing your dream home? Here are five tips to beat out other buyers: Have a home loan pre-approval in place. This will make you look more attractive in the eyes of real estate agents, because it will position you as a serious buyer who can move quickly if their client accepts your bid. Build good relationships with agents. Real estate agents work for vendors, not buyers, so they prioritise their clients' interests. But if you can establish a good working relationship with agents – even while keeping some of your cards up your sleeve – they might favour your offer over those of other buyers. Be realistic with your offers. If you're buying via private treaty, avoid the temptation to begin with a lowball bid, otherwise agents will take you less seriously than the buyers who are making serious offers. Make an offer before the auction. If you're buying via auction, get ahead of the competition by making an offer before the auction. If your price matches what the agent expects to get at auction, they might tell their vendor to play it safe and accept your offer. Be flexible around settlement. Tell the agent you're willing to accept different settlement conditions (assuming that’s possible). This might include a short or long settlement, or a scenario in which you let the vendor rent the property for some time before you move in. Get in touch if you need a pre-approvalHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us 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 Five tips to beat out other buyers

Home loan repayment is a crucial aspect of homeownership, but what happens when you encounter financial difficulties that make it challenging to meet your monthly obligations? In such situations, being able to defer your mortgage payments can provide some relief. Let's talk about the details of home loan repayment deferral. Understanding Home Loan Repayment DeferralDeferring your home loan repayments involves temporarily postponing the payment of your mortgage for a specific period. This can be beneficial when you are facing financial hardships or unforeseen circumstances that affect your ability to make timely payments.When you defer your home loan repayments, the repayment amount usually gets added to the loan balance, extending the life of the loan. This allows you to address immediate financial concerns without defaulting on your mortgage.If you are considering deferring your home loan repayments, it’s essential to get in touch with your lender to discuss your situation. They can provide guidance on the deferral process, eligibility criteria, and how it may impact your loan terms.What Is Mortgage Deferment? Mortgage deferment is similar to loan repayment deferral, where you can temporarily postpone your mortgage payments. It is a useful option during financial hardships but may have implications on your credit score and overall financial health.Delaying mortgage payments through deferment may not directly impact your credit score, but it can show up on your credit report. It's crucial to understand the potential consequences and how it may influence your creditworthiness.If you are facing financial difficulties and considering mortgage deferment, reaching out to your lender is advisable. They can guide you through the process, assess your situation, and determine if deferment is a viable solution for your circumstances.The Difference Between Defer and Forbear Defer means you can temporarily stop making monthly payments towards your home loan balance. However, it's important to note that fees and charges may still be added to your loan during this period.On the other hand, if you opt to forbear on your mortgage repayment deferral, you may enter into a payment arrangement with your lender to help with repayments. This could involve making minimum repayments or agreeing on a higher monthly payment that will be payable at the end of your deferral period. Terms and conditions for this loan in the future will be outlined by your lender.Keep in mind that before deferring or forbearing on your loan, it's crucial to understand the terms and conditions set by your lender, who should hold an Australian Credit Licence.Dealing with Financial Hardship and Loan Repayment When experiencing financial hardship that impacts your ability to make mortgage repayments, explore all available options, including deferment. Selling your home is a drastic measure that should be considered after exhausting … [Read more...] about Home Loan Repayment: Can You Defer Your Mortgage Payments?

When you're looking to buy a home, you have a big decision to make - should you use a mortgage broker or go directly to a bank? Mortgage brokers can be really helpful, but there are also some things to consider.On the plus side, mortgage brokers have access to lots of different loan options from many lenders. This means they can shop around and find you the best deal. They also know all the ins and outs of mortgages, so they can guide you through the process and make sure you understand everything. This can be really valuable, especially if it's your first time buying a home. The downside is that you'll have to pay the broker a fee for their services. But many people find that the money they save on their mortgage makes up for this.What is a Mortgage Broker and How Do They Help?A mortgage broker is a professional who acts as an intermediary between borrowers and lenders, helping individuals secure home loans. Mortgage brokers assist home buyers in finding the most suitable loan options that align with their financial circumstances and requirements. They work closely with clients to understand their needs and financial goals, ensuring they find a loan that fits their specific situation. One of the key advantages of using a mortgage broker is the access to a wide range of loan products from various lenders. Brokers have relationships with multiple lenders, enabling them to offer a diverse selection of mortgage options to their clients. Additionally, brokers can help navigate the complex mortgage process, providing guidance and support from application to closing.While mortgage brokers offer valuable services, there are some drawbacks to consider. Brokers may charge fees for their services, which can add to the overall cost of obtaining a home loan. Additionally, some borrowers may prefer to work directly with a lender to ensure transparency and directly negotiate terms.How Does the Mortgage Process Work with a Broker?When working with a mortgage broker, the application process typically involves an initial consultation where the broker assesses your financial situation and goals. The broker then shops around for loan options on your behalf, presenting you with suitable choices based on your needs. Once you select a loan, the broker assists with the paperwork and liaises with the lender to secure approval.In Australia, using a mortgage broker can offer numerous benefits, including access to exclusive loan products and competitive interest rates. Brokers have in-depth knowledge of the local housing market and lending landscape, allowing them to provide tailored advice to home buyers.Working with a mortgage broker provides personalised guidance throughout the home loan process, whereas going directly to a lender may limit your options and personalised assistance. Brokers can help you navigate complex financial terms and ensure you find the best mortgage deal for your circumstances.What Are the Pros and Cons of Using a … [Read more...] about What is a Mortgage Broker Good For? Why You Should Use a Mortgage Broker

Despite the rise in inflation and interest rates over the past two years, “nearly all borrowers continue to service their debts on schedule”, according to the latest Financial Stability Review from the Reserve Bank of Australia (RBA).“Households with lower incomes, including many renters, have felt these budget pressures acutely,” the RBA said.“Most mortgagors have experienced an increase in their minimum scheduled payments of 30–60% since the first increase in the cash rate in May 2022. Sharply higher housing costs (for borrowers and renters) and broad-based cost-of-living pressures have weighed heavily on the budgets of many households and contributed to very weak consumer sentiment.” Nevertheless, borrowers have found a way to get by.“While housing and personal loan arrears have increased since late 2022, they remain below their pre-pandemic peak,” the RBA said.“At the same time, a small but increasing share of borrowers have requested and received temporary hardship arrangements from their lenders, which has contributed to arrears rates remaining a little lower than would have otherwise been the case.”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. Chat to us 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 staying on top of mortgages, despite higher cost of living

Australia has hundreds of different property markets, which are often at different points in their cycle, so it's common for there to be many markets where prices are increasing and many where they're decreasing. Right now, though, the vast majority are in growth mode.An analysis of 4,625 house and unit markets around the country by CoreLogic found that 88.4% experienced median price increases over the year to February 2024.That compared to 52.9% in July 2023 and 39.1% in February 2023. CoreLogic economist Kaytlin Ezzy said the reason prices had risen in most markets over the past year was due to an ongoing imbalance between housing supply and demand.“Despite three rate hikes, worsening affordability, and the rising cost of living, the increasingly entrenched undersupply in housing stock, and above-average demand thanks to strong net migration, has helped push values higher,” she said.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. Chat to us 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 Prices rising in 88.4% of suburbs

The value of new mortgage borrowing is continuing to increase, as more buyers enter the market and property prices – and therefore loan sizes – keep rising.Borrowers committed to $26.40 billion of home loans in February, according to the most recent data from the Australian Bureau of Statistics. That was 1.5% higher than the previous month and 13.3% higher than the previous year.The owner-occupier share was $16.87 billion, which was up 1.6% on the month before and 9.1% on the year before.The investor share was $9.53 billion, which represented a 1.2% month-on-month increase and 21.5% year-on-year increase. But while Australians are taking out more new loans, they’re refinancing fewer existing ones.Borrowers refinanced $16.55 billion of loans in February, which was 3.0% higher than the previous month but 17.9% lower than the previous year.Talk to me about your borrowing powerHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us 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 Loan Commitments rise 13.3%

How Can I Find the Best Mortgage Brokers Near Me in Sydney? If you're in Sydney and need help finding someone to assist with getting a home loan, a mortgage broker can be your guide. These experts know a lot about loans and can help you find the best one for your needs. They work with different banks and lenders to find options that suit you. To find a mortgage broker near you in Sydney, you can ask friends or search online for recommendations. Once you find a broker, they will help you understand the loan process and find the right deal for you. With their help, getting a mortgage becomes easier and less stressful. What is a Mortgage Broker A mortgage broker is a professional who acts as an intermediary between individuals or businesses and lenders for obtaining a mortgage loan. They are experts in the field of mortgage broking, assisting clients in finding the best loan options tailored to their specific needs.The primary role of a mortgage broker is to assess the financial situation of a borrower and connect them with suitable lenders offering mortgage products. They provide guidance throughout the loan application process and help clients secure competitive interest rates and loan terms.Utilising the services of a mortgage broker can offer several benefits, including access to a wide network of lenders, expert advice on mortgage options, and assistance in navigating complex financial terms and conditions related to home loans. How to Find the Best Mortgage Brokers Factors such as reputation, experience, fees, and customer service are crucial when selecting a mortgage broker. It is important to choose a broker who is licensed, knowledgeable, and trustworthy to ensure a smooth mortgage application process.Reading reviews and testimonials from previous clients can provide insights into the quality of service offered by mortgage brokers. Positive feedback and recommendations can help in identifying reliable and top-performing brokers in the industry. Locating Mortgage Brokers Near Me in Sydney Online search engines can be a valuable tool for finding mortgage brokers near Sydney. By entering relevant keywords such as "mortgage brokers in Sydney" or "broker near me," individuals can generate a list of brokers operating in their local area.Seeking recommendations from friends and family members who have previously worked with mortgage brokers can be a reliable way to find a broker near you. Personal referrals can provide valuable insights and firsthand experiences with different brokers.Another approach to locating mortgage brokers near Sydney is to visit local broker offices in the area. Meeting brokers in person allows individuals to assess their professionalism, communication skills, and overall suitability for handling their mortgage requirements. Services Offered by Mortgage Brokers Mortgage brokers offer a range of home loan … [Read more...] about How Can I Find a Mortgage Broker Near Me in Sydney?

How to Find a Local Mortgage Broker in Chatswood NSW? What is the role of a mortgage broker in Chatswood? A mortgage broker in Chatswood plays a crucial role in helping individuals secure the right home loan for their needs. They act as intermediaries between borrowers and lenders, providing valuable expertise and guidance throughout the mortgage process. Keep reading this article if you want to know how to find a qualified mortgage broker in Chatswood. How can a mortgage broker help with finding the right home loan in Chatswood? When searching for the best mortgage broker in Chatswood, it is essential to consider factors such as experience, reputation, and customer service. A skilled broker will assess your home loan needs, including your borrowing capacity, desired loan structure, and repayment preferences, to match you with a suitable lender. What are the benefits of using a local mortgage broker in Chatswood? Choosing a local mortgage broker in Chatswood offers several advantages, including personalised service, local market knowledge, and convenience. Local brokers understand the specific needs of Chatswood residents and can navigate the complexities of the NSW property market effectively. How does a mortgage broker in Chatswood work with lenders? A mortgage broker in Chatswood collaborates with a network of lenders, including major banks, non-bank institutions, and alternative lenders, to provide borrowers with access to a wide range of home loan products. By leveraging their relationships with lenders, brokers can negotiate favourable terms on behalf of their clients. How to Choose the Best Mortgage Broker in Chatswood? When selecting a mortgage broker in Chatswood, consider factors such as industry experience, qualifications, and client reviews. It is advisable to compare multiple brokers to assess their services, fees, and communication style to ensure a seamless mortgage experience.Customers' feedback and testimonials provide valuable insights into the service quality of mortgage brokers in Chatswood. Look for brokers who prioritise customer satisfaction, transparency, and customised solutions to meet your unique home loan needs. Utilise online resources, such as comparison websites and industry directories, to compare the services and offerings of various brokers in Chatswood. Request quotes, conduct interviews, and clarify any doubts before making an informed decision on the best mortgage broker for you.Clients often praise top mortgage brokers in Chatswood for their professionalism, efficiency, and ability to secure competitive home loan deals. Positive reviews and referrals from satisfied customers are indicative of a reputable broker who delivers on their promises. Why Should You Use a Local Mortgage Broker in Chatswood? Working with a local mortgage broker in Chatswood offers the advantage of … [Read more...] about How to Find the Best Mortgage Broker in Chatswood NSW?