Blog - Page 3 of 7 - Mel Finance
March 14, 2018

How to help your kids buy property in Melbourne

How to help your kids buy property in Melbourne Buying property in Melbourne is harder for young people than ever before. At the end of 2017, the median house price in Melbourne was a staggering $821,000. That’s more than 10 times our average annual full-time salary. What’s more, the 14th Annual Demographia International Housing Affordability Survey released in January shows Melbourne now rounds out the top five least affordable places to buy a home – behind Hong Kong, Sydney, Vancouver and San Jose in California. It’s enough to put young people off the great Australian dream of home ownership altogether. […]
February 21, 2018

The types of mortgages and home loans in Australia

The types of mortgages and home loans in Australia With house prices at record highs, these days, getting a home loan is essential for most Australians looking to buy a new home. There are hundreds of home loans out there. And choosing the best loan for your circumstances can be daunting if you don’t have all the right information. A good starting point is working out whether a variable, fixed or split rate home loan is suitable for you. Let’s take a look at the different types of home loans in more detail. Variable rate home loans Variable interest rate […]
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 […]