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Here are some great articles that can assist you throughout the buying process and after. 

Piggy bank next to house

Do You Have Genuine Savings?

Feb 25, 2019

Genuine Savings are the funds you saved yourself over a period of time. If you are considering entering the property market, you will need to be prepared to have a deposit of at least 5% of the property value in order to qualify for a home loan. This rises to at least 10% of the property value if you’re looking for an investment loan.

Having said the above, having the 5% deposit does not automatically qualify you for a home loan. Home loan applicants are required to have genuine savings, as well as the initial deposit for the loan. 

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Where will the market go next?

Home Loan Market Update – Feb 2019

Jan 20, 2019

Another month has gone by and the RBA’s official cash rate is still sitting at 1.50%, the lowest it has ever been. The prospect of the cash rate being cut, along with stronger economic data out of other world markets have led to the Australian Dollar trading at or near 3 year lows. This will have implications for Lender’s debt financing, with a large portion of that sourced in foreign currencies and thus needing to be hedged.

With this in mind some Lenders have signalled an increase to their home loan rates. This article will run you through the latest news on the home loan as at February 2019.

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House on coins

Existing Customers Pay More For Their Mortgages

Dec 13, 2018

The ACCC found that existing customers pay more for their home loans. Quite a bit more in fact.

As at June 30, 2018, existing customers were paying interest rates that on average were 32 basis points higher than new customers. This is equal to more than one typical Reserve Bank rate increase.

The ACCC found a borrower with an average sized mortgage could save around $850 a year by getting the same rate as a new customer. This figure is quoted on an Australia wide basis. For a typical Sydney mortgage, the savings could add up to tens of thousands of dollars over the life of the loan.

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Home Loans

How Does AfterPay and ZipPay Affect Your Home Loan Application?

Dec 6, 2018

Did you know that AfterPay and ZipPay can affect your home loan application? Banks have now applied stricter requirements on lending. Customers applying for home loans are required to disclose what they owe on their AfterPay and ZipPay accounts. This is now part of most banks’ serviceability requirements.

In essence, AfterPay and ZipPay are digital credit platforms that give consumers a temporary line of credit.

With the above in mind, if you use these platforms, it is very important to make AfterPay and ZipPay repayments in a timely manner. Additionally, you need to to avoid any fees and charges for late payments. Late or missed payments can affect your home loan application process.

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Unlocking the Value of your property

Increasing The Value Of Your Property

Oct 18, 2018

Most home owners would like to increase the value of their property at some point in time. Whether you are thinking about selling or increasing the equity in your home; Corissa from Refurb2Invest can help to increase the value of your property.

Refurb2Invest is a team of renovation consultants who have successfully helped more than 130 families across Sydney to increase the value of their property. Most importantly, their main aim is to get you higher profits.

The first 20 OneSite Finance Clients to contact Refurb2Invest will receive a FREE Property Audit, valued at $660!

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Credit Report

How Does Your Credit Report Affect Your Finances?

Oct 17, 2018

Before a Lender can grant you a loan (or sell you a product on credit), they must ensure that you have the ability to pay the loan back at a later date. If you do not have the capacity to pay the loan back, the credit provider will not be able to approve the loan you are requesting.

Your credit report provides lenders a summary of your credit history. How good you are as a borrower. It helps them assess the risk of lending to you.

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