February 21, 2017
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
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
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
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 […]
December 9, 2016
Why does my broker ask for so much documentation? No one likes paperwork; however, providing your broker with the right documentation will save you time and money. What information will your broker ask you to provide? When you ask to enlist the services of a broker, they will probably ask you for the following documentation: Identification, including photo ID such as driver licence Income verification documentation such as recent payslips Birth certificate, if you are applying for a government funded first home owner grant Depending on the lender or bank you would like your broker to apply to for […]
November 16, 2016
Lender’s mortgage insurance (LMI) is required in many instances when a home loan is worth more than 80 per cent of a property’s purchase price, as well as in some other circumstances. In very basic terms, when a lender considers a loan to carry a high risk, LMI is likely payable. Here’s how you can avoid paying the costly premium. Save for a higher deposit The purpose of LMI is to protect lenders in case the borrower fails to make repayments and, when the loan-to-valuation ratio (LVR) exceeds 80 per cent, so the loan amount is more than 80 per […]