Home Loans

The Reserve Bank of Australia has cut interest rates for the first time since November 2020. At its February meeting, the RBA board decided to decrease the cash rate by 0.25% to 4.1%. What happens to your home loan rates now?

Buying a property in Victoria is an exciting journey, but the legal process can be complex. Conveyancing is a crucial part of the transaction, ensuring that all legal aspects are in order before settlement. In this video, we outline key considerations to help buyers navigate the conveyancing process smoothly.

When purchasing a property with another person or group, one of the first decisions you’ll need to make is how the ownership will be structured.

The two most common arrangements are Joint Tenancy and Tenancy in Common. Both structures have distinct legal and practical implications, so it’s essential to understand the differences before making a choice. Here’s a breakdown to help you decide which structure suits your situation best.

Before you make a commitment to buy a property with other people – spouse, siblings, friends, parents, here are some things to keep in mind, including:
– Ownership
– Contribution For The Purchase
– Goals, Transparency & Exit Strategy
– Loan Repayments, Account Keeping & Credit History
– Mortgage Repayments, Ongoing Costs & General Maintenance

In Australia, home loan interest is calculated daily based on (Home Loan Balance – Offset Account Balance) x Interest Rate/365 … even in leap years!

The bank will add together the daily interest charges for each day and charge it once a month. E.g. June’s interest will be based on 30 days, July’s interest will be based 31 days, and so on. Hence July’s interest charges will be higher due to the extra day.

Offset accounts and redraw facilities are valuable tools for managing your mortgage, offering distinct benefits suited to different financial priorities. Understanding the differences between these features empowers you to make informed decisions that align with your long-term goals. Whether you opt for an offset account or a redraw facility, both can contribute to saving on interest costs and achieving financial security.

In the competitive landscape of Sydney real estate, navigating the path to finding your dream property can often seem overwhelming.

With the guidance of a good buyer’s agent, this journey can be more manageable, shorter and more rewarding thanks to their expertise, connections and access to “off-market” deals or opportunities you may not have.

This video walks you through what a buyer’s agent does, and how they can help you research, source, negotiate and close property deals quicker and at times cheaper than you would otherwise be able to do on your own. And in turn what you should look for in a good buyer’s agent.

These days, most lenders have maternity/parental leave in their policy so the answer is YES, they can consider your application.

To get a home loan, you will need to get a RETURN-TO-WORK letter from your employer (if you work as PAYG employee) detailing the following information:
– Your name
– Your occupation
– Start date of employment
– Current employment type e.g. Full time/Part time permanent
– Current salary (Gross, Net, Superannuation)
– Start date of maternity or parental leave
…

Land tax is an annual tax levied at the end of the calendar year on property you own that is above the land tax threshold.

Your principal place of residence is exempt from land tax, and other exemptions and concessions may apply.

We will discuss Land Tax as it applies in NSW but the concepts are largely similar across all of Australia’s other states.

You may have to pay land tax if you own, or jointly own:
– vacant land, including rural land
– land where a house, residential unit or flat has been built for investment purposes
– a holiday home
– an investment property or properties
– company title units
– residential, commercial or industrial units, including car spaces
– commercial properties, including factories, shops and warehouses
– land leased from state or local government

Are you one of the many borrowers feeling trapped in a mortgage with an interest rate higher than the current market rate? Are you looking to refinance your mortgage? You’re not alone. Many borrowers find themselves locked into home loans that prevent them from taking advantage of better rates offered by other lenders.

Well, there’s good news on the horizon! In this blog post, we’ll look at the refinance process and potentially save you money on your new mortgage. Read on to discover how you may be able to escape the clutches of high interest rates to refinance your mortgage and secure a better deal for yourself.