This year has been a challenge for many, to say the least. We have endured global uncertainty and faced the consequences in our everyday lives.
If you’re in the market for a property, you need to know how much to save for a deposit. Today, we’re delving into what you need to know, so you can budget and prepare yourself to achieve your property goals.
How much do I need for a deposit? According to finder.com.au a home loan deposit is typically 20% of the agreed sale price. As an investor, you generally have to pay more, so be prepared to pay as much as 30% of the property price. The percentages listed above are minimum deposit amounts. If a 20% deposit cannot be made, 10% or more is the recommended minimum. The higher the deposit amount, the less you will pay over the life of your home loan. (So ideally, a higher deposit is better.) The minimum deposit amount between lenders will vary, so check with your mortgage broker if you’re unsure. What if my deposit is less than 20%? Most lenders require borrowers to take out Lenders Mortgage Insurance if their deposit is under 20% of the agreed sale amount... Continued
New research has found that 78% of Australian borrowers check up on their everyday expenses, while only 54% do the same when it comes to their mortgage.
When speaking to yourmortgage.com.au, Kevin Sherman of myrate.com.au said small changes to fees and interest rates can make a big difference to your total mortgage costs... Continued
Most lenders in Australia use a credit scoring system when deciding whether to approve a loan, so good credit is very important.
Credit scoring systems are a broad filter for lenders, which are used to work out whether a loan should be approved. They also identify potential risks, based on a borrower’s past credit behaviour. .. Continued
As of 2013, 17.2% of Aussie workers were self-employed. That’s around 2 million people. So, how do individuals without a regular pay check secure a mortgage? Is the process more challenging for them? And if so, how do sole traders get ahead?
We have the answers for Australians who run their own ship... Continued
We are very excited to share our new-look website with you.
Our refreshed online presence is geared to give you more information about how to find a loan that works for you – whether it’s a new home, an investment property, a business purchase, car or your next big holiday... Continued