It appears to me later on, that most investors have not been paying much attention to latest changes in mortgage world. Specially if an investor seeking to purchase a property by using last dollar in their account, at this current environment it is a great risk. Valuation plays a major in a mortgage deal. It can be a real deal breaker in some instances. I find many clients not very keen to think about the valuation outcome can be very important. I have seen some people have to go through lots of hurdles to reimburse their deposit due to lower […]

As property prices continue to rise, purchasing in a centrally located or sought-after area is out of reach for the average working millennial. Instead, many are opting to rent rather than buy as it means not having to compromise their inner city or beachside lifestyle. But for those who are still eager to enter the market, there is a way to get the best of both worlds. ‘Rentvesting’ is the term coined for when you purchase a property for investment purposes in an affordable location and continue to live and rent in the area of your choice. An example of […]

Asking how long it takes to get a loan approved is like asking how long a piece of string is. Every application is unique, so the time between your first contact with your bank or broker and approval can never be predetermined. There are, however, some things you can do to help hurry your application along. Although very rare, same-day loan approvals are possible depending on the lender’s criteria, the complexity of the deal and turnaround time. As a Mortgage Broker Melbourne, with our years of experience, this has been possible when the client’s lending position is fairly straightforward in […]

Entering the property market is no easy feat for a first homebuyer, but even parents who aren’t prepared to hand over cash for a deposit may help by being a guarantor on a loan. Before taking the plunge however, it’s crucial to be aware of the implications involved. Here are three questions to ask yourself to see if a family guarantee is right for you:  1. Am I financially fit to be a guarantor? The very first thing you should be certain of is whether or not you are in a financially capable position to pay off the loan if […]

There is more to selling your home than putting up a ‘For Sale’ sign on your front lawn. Here are the first things you should check off your list to help you get the largest return from your investment and to ensure the process runs as smoothly as possible.   Finding the best local agent Asking family and friends who have purchased or sold a property about their experience is a great way to ensure the agent you’ve enlisted will provide quality service. A website and promotional material will always highlight the agent in the best possible way, but word […]

If you apply for a home loan, particularly if the loan is for more than 80 per cent of a property’s value, you’ll more than likely have to prove to lenders that you have a satisfactory amount of savings. This is to demonstrate your ability to funnel a portion of your income into repayments. Although it can differ, in most cases lenders generally look for consistent additions to savings over a period of at least three months and preferably a year or more. This means that the following are not considered genuine savings: a cash gift an inheritance casino/other gambling […]