Home Loans

Buying your own home is one of the most important financial decisions you’ll ever make.  The home is your largest asset you will accumulate over your lifetime outside your superannuation. Working out your  home loan options can be a nightmare if you haven’t got the right information handy and you’re not sure what you want.

There are so many different loan products out there and a variety of mortgage lenders to choose from, so it’s not surprising that you may be overwhelmed by the process.

While the ideal home loan will be different for everyone, there are a few universal things you’ll want to keep in mind as you’re narrowing down your options.

Not only can we provide you with access to an extensive range of home loans available to first homebuyers, but we can cut through the mortgage jargon and simplify the process. We will apply for First Home Owner’s Grant (FHOG) on your behalf. There are many things to consider which will impact on the type of loan you apply for to the overall interest rates you will likely pay over the term of the loan.

You will face with the question of what is the right home loan for me. We will assist you by matching the appropriate home loan to your family life and situation.  You will have a better idea of what home loans will best suit your needs.

In addition to the initial considerations you should make when deciding to buy, there are other conditions to buying  a property which your Finsure broker  can help  you understand:

-What home loan pre-approval is?

-The right type of pre-approval for you.

-How to identify a suitable property Mortgage insurance.

-Mortgage insurance

Buying  a home is an  exciting  process but  you  do need  to   be   prepared.   Arranging your   finances first  helps  you  set   your  own   limit  and   better positions  you for a  successful   negotiation.

 

Your broker  can help you:

-Find out how much you can borrow.

-Apply for a home loan pre-approval.

-Arrange finance before selling your existing home.

-Organise a deposit, including deposit bonds.

-Establish how your existing loan shapes up against others on offer.

-Take advantage of the First Home Owner’s Grant and other first home buyer assistance.

With so many home finance  options on the  market a  Finsure  broker   should   be  the  first  person you visit before you even  start  looking  for your home.

– Make your first repayment on settlement date

– Look for loans that offer features without a charge

– Introductory and honeymoon loans

– Pay loan fees and charges up front

– Make extra repayments

– Negotiate to make savings

– Make extra repayments right from the start

– Make repayments more  often

– Look for a cheaper rate with good flexibility

– Cut back on expenditure

– Look beyond the big banks

– Home  loan portability

– Set up an offset or salary credit  account

– Align your repayments with your income cycle

– Don’t lower your repayments when interest rates fall

– Review your loan regularly

– Make use of internet banking

– Combine for more  saving power

Bidding at auction can be an exciting process but you do need to be prepared. Arranging your finances before auction helps you to set your own bidding limit and puts you in a better position for a successful negotiation.

-Find out how much you can borrow

-Apply for a home loan pre-approval

-Arrange finance before selling your existing home

-Organise a deposit, including deposit bonds

-Establish how your existing loan shapes up against others on offer

Equity is the difference between the market value of your property and the amount you still owe on your home loan. You are able to access and use this equity to improve your home, lifestyle or build up your investment portfolio.

The ways your equity can be used:

  • Renovations or maintenance on your home
  • To place a deposit on your next home or an investment property
  • To improve your lifestyle such as buying a new car, going on a family holiday or pay for children’s expenses
  • Invest your equity into wealth-building investments such as shares or managed funds

Not all your equity can be accessed. Generally the banks will only allow you to access your useable equity.

Useable equity is the amount of equity that the lender will allow you to access. The lender will generally allowed you to access  up to 80% of your equity. However, depending on your circumstances the lender may allow you to access more than 80% of your equity.

Owning a home or a property is an aspiration for many and saving up for a deposit can be hard work. However, there are some options that exist across multiple banks and financial institutions when looking to start a home loan with minimal savings.
Here is what Bamboo Wealth can assist you with when considering a Low Deposit home loan:

-Variable fixed rate loans Fixed rate loans

-Introductory and honeymoon loans

-Professional packages

-Line of credit – equity loans

-Investment loans

-Bridging loans

-Debt consolidation loans

-Personal and vehicle loans

-Business line of credit

-Business equipment finance

-Motor vehicle leasing/ hire purchase

-Business technology leasing

 

Being able to run your own business and be your own boss is a great achievement and you join the one in five Australians who are self-employed. So many Australians try to achieve the goal of self-employment. When applying for a loan it can be difficult for self-employed people, however it can be achieved.

The main reason why lenders tend to make it difficult for self-employed people is because being self-employed does not provide a financially stable situation compared to those who are employees.

It is important for self-employed people to keep all financial records and payslips. This will help during the loan process and support your ability to make repayments.

If you are self-employed and do not have a regular income stream, have all financial documents required for the loan process or not in a position to provide your financial documents, your best option is to apply for a low documentation loan

Low documentation loans require less documentation compared to the standard mortgages. It is ideal for self-employed people. Typically lenders only require:

  • 12 months of Business Activity Statements
  • 3 months of business account statements
  • Borrower Self-Declaration of income