April 13, 2017
hs

What counts as genuine savings in a Home loan application?

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 […]
March 29, 2017
trap

Refinancing traps to avoid

Whether you’re after lower repayments or want to tap into the equity sitting in your home, refinancing can offer a world of benefits. Here are some things to be aware of so that you don’t find yourself hooked into a bad deal.   Don’t be fooled by the interest rate Finding a lower interest rate doesn’t necessarily mean you’ve scored yourself a better deal. In fact, a product with more features may cost you a bit more in fees or interest, but could save you more in the long run. Including features such as an offset account will prove valuable […]
February 21, 2017
mortgage

Demand for established housing mortgages continues to grow

Finance data for housing in December 2016 was released last week by the Australian Bureau of Statistics.  Housing finance continued to trend higher in December 2016 and the increase was driven by owner occupiers rather than investors. In December 2016, 7.1% of housing finance commitments were to owner occupier first home buyers, 17.9% for refinances by owner occupiers, 35.5% to owner occupier non- first home buyers and 39.5% to investors. Whilst constraints were implemented to investors in 2015 to restrict access to mortgage finance, investors are still playing a strong role in the market place. Even though demand for new […]
February 10, 2017
pipb

Who are the different parties involved in purchasing property?

Purchasing a property is a thrilling yet nerve-wracking experience, which is why it can be handy to surround yourself with a network of support and expertise. Here are the different parties who may be involved in your home-buying process and how you can use this valuable knowledge base to answer your questions.   Mortgage broker (Mel Finance services) Brokers act as a liaison between you and the lender. They will find out about your finances and your property goals, and search for and negotiate a loan product that matches your needs. At Mel finance we have over 30 lenders to […]
January 24, 2017
mb

Why would I use a Mortgage broker?

Because they can save you time and thousands over a term of your mortgage Find out how Mel finance services do; As the home loan market becomes increasingly complex, more people are turning to find a Mortgage broker. Here are some of the reasons. Mortgage broker can save time and Offer more options The choices now available in the mortgage market can seem limitless and completely overwhelming. You can choose to research the subject, the lenders and their products yourself, or work with a Mortgage broker who already has that knowledge and resource, which saves your time. This will allow you […]
January 4, 2017
Real estate

Can a Home Loan be paid off early?

Reducing the life of your loan isn’t difficult; there are many simple things you can do to cut years off your mortgage. Here are some tips that will help you be mortgage-free sooner than planned. Small extra repayments One of the most obvious ways to pay off your home loan quicker is to make extra repayments. Depositing lump sums, such as a tax return or work bonus, will always be beneficial, however, it doesn’t always take large amounts or windfalls to make a substantial difference – planning for regular, small cash injections can have a great impact over the life […]