November 27, 2017

Mortgage market update

Over the past month, we’ve seen a lot of changes in the rates and compliance areas. Some lenders have tightened the investor-lending market, which has affected auction results through some capital cities. Although investor activity has been affected, first home buyer activities have increased. Mel Finance are committed to educating and empowering our clients, which is why we closely monitor the market and provide updates. Some of the key changes we identified as occurring last month include: Rising demand for mortgage brokers Mortgage brokers have taken over banks as being the primary distribution channel for a major lender. The CEO […]
November 23, 2017

Make sure your home loan application goes smoothly!

The home loan application process is notorious for its complexity and tediousness. To make the process smoother for yourself, there are several tips and tricks you can employ, getting you closer to your dream home in Melbourne, faster! Of course, the basics go without saying, such as proof of identification and evidence of income. However, many lenders will want to see further documentation, such as a reference from an employer, tax returns, and records of your assets or shares. Providing this information is not only beneficial, but sometimes necessary to get your application progressing. Those that are self-employed will often […]
November 7, 2017

Non-bank lenders: the what, how and why

Where you choose to get your home loan from can affect the type of loan you get, meaning it’s important to think the decision through carefully. While many people turn to their bank for a loan, bear in mind that non-bank lenders might be a viable choice for you. What are non-bank lenders anyway? A non-bank lender has their own funds (therefore not a bank, credit union or building society), which they lend out with a margin for profit. This can include a company or individual who borrows money from banks at wholesale rates, and then lends the money with […]
November 3, 2017

Can I purchase an investment property with a low income?

A common misconception is that only millionaires can afford to buy investment properties. In reality, people with a relatively low income can still buy investment properties, but will just need to plan carefully and be creative when starting their portfolio. If you’ve got a low income but big property investment dreams, we’ve got some tips to help. Find a loan that is friendly to investors Low income earners will take longer to save for a deposit, meaning a loan is essential for buying an investment property. The tables are further turned against low income earners because some lenders will demand […]
October 27, 2017

How can I get the best home loan for me?

The lending market is saturated with options, making it difficult to determine whether your home loan is the best deal for you. Comparing your options is always smart, but can quickly become an arduous task, given how much information there is to sift through. A great way to get around this is by looking for a loan broker in Melbourne who can provide you with specialist knowledge.   While there are great websites you can use to compare home loans, lenders will sometimes refer to the same product with different names, making it hard to work out what you’re actually […]
October 5, 2017

Can my job save me money on my home loan?

When it comes to buying your first home in Melbourne, any bit of help you can get regarding your home loan is definitely welcome. What many people don’t know is that their profession may actually allow them to save money on their mortgage. This is bound to be welcome news for many first time home buyers in Melbourne who are looking for a way to make their dream home more attainable. In some cases, your job may mean you are perceived as a “low risk” borrower by lenders. This could entitle you to special discounts, allowing you greater choice when […]