Buying & Selling

40. navigating your first home loan application

Navigating your first home loan application

Increase your chances of a fast approval with a well-prepared first home loan application. We show you how. Although applying for your first home loan may be the biggest financial decision you’ll make, it doesn’t need to be an overwhelming one. With the right preparation, a realistic understanding of your financial position and some professional guidance from a good mortgage broker, you can position yourself as an attractive first home loan customer and be approved in no time. Clean up your credit Before applying for your first home loan, make sure you are creditworthy in the eyes of a lender by obtaining a copy of your personal credit file. Your credit history will be a key factor that a lender will consider when deciding to
39. family planning - applying for a home loan with a baby on the way

Family planning: Applying for a home loan with a baby on the way

A new baby completely changes your life. Are you also prepared for how a new baby might affect your chances of buying a home? Here are some things to consider before you submit your application. When a lender assesses your home loan application, they look at your income, assets, debts and expenses before deciding whether they think you can make the repayments. Those figures are likely to change when you have your first child. That means your eligibility for a home loan could also change. Changes to your income A lender needs to know that your income will cover your mortgage repayments, even while someone’s taking time off work to be a new mum or dad. If you’re the primary carer and you plan
38. confused about home loan pre-approval follow these 4 steps

Confused about home loan pre-approvals? Follow these four steps.

Ready to buy a property? You’ll need to show the seller you have enough money. For most people, this will mean getting a loan, and the first step to getting one is obtaining pre-approval for it. Pre-approval – also known as conditional approval or approval in principle – is an indication from a lender as to how much you can borrow. If you have pre-approval, vendors and agents know you’re serious about buying. Here are the steps you need to follow. 1.Gather your financial information To get an idea of how much you can borrow, and therefore what you can afford to buy, you need to give the lender a comprehensive picture of your finances. This includes your income and assets, and your financial
36. easy ways to brighten up your home

Easy ways to brighten up your home

Most people want their home to be light, bright and airy, but sometimes the stars just don’t align and you can end up with rooms that are unavoidably dark – low on windows or facing away from the sun. With a few smart tricks (and clever renovations, if you’re up to the challenge) you can transform a dreary room into a breath of fresh air, either for potential buyers, tenants or just for yourself. Get painting A quick and easy way to upgrade a dark space is to freshen it up with light paint. Go for neutral tones and paint the ceiling a lighter colour than the walls, to give the sensation of height as well as light. When you want to elongate a
35. mortgages and breakups some practical tips when separating

Mortgages and break-ups: Some practical tips when separating

Breaking up is hard to do. On top of the emotional impact, there are practical ramifications as well. When there’s a separation or divorce, debts you’ve accrued during the relationship unfortunately don’t go away. The longer a couple is together, the harder it can be to unravel all the financial connections. Here we outline some of the issues facing both de facto and married couples when dealing with what is usually their most significant debt: the mortgage. Used alongside professional legal and financial advice, it’s possible to make this difficult transition a little less stressful. Get advice from the experts The end of a relationship is one of life’s most stressful events. You don’t have to handle it alone – there’s emotional, legal and
32. what can you borrower vs what should you borrow

What you can borrow or what you should borrow?

The amount you can borrow and the amount you should borrow are sometimes two very different things. Before you apply for a home loan, it makes sense to realistically assess your financial situation. Here’s how to do it. Understand your borrowing capacity Generally speaking, your borrowing capacity – what you can borrow – depends on a number of factors, including: your income your monthly expenses your existing debts how much deposit you have saved current interest rate type of loan whether it’s a principal, or principal and interest loan the term of the loan estimated repayments. However, knowing the difference between what you can borrow and what you should borrow is very important. As a general rule, it’s not a good idea to allocate
31. did you know.... about non bank lenders

Did you know….. about non-bank lenders?

Deciding where to go for your home loan is one of the most important decisions you’ll make. While many prospective property owners will choose to use a mainstream lender, non-bank lenders also have their advantages. What are non-bank lenders? Essentially, a non-bank lender is a lender that’s not a bank, credit union or building society. It has its own source of funds, which it lends out with a margin for profit. A non-bank lender may also be a company or individual who borrows money from a bank at wholesale rates and then lends the money with a profit margin added. At Conquer Finance, we work with both banks and non-bank lenders. Potential benefits of a non-bank lender There are several benefits associated with taking
30. home loans 101

Home Loans 101

There are a range of home loans available in Australia, so it can be hard to understand their features and whether they are right for you. This guide explains all you need to know. Variable loans Variable loans are loans that are subject to interest rate fluctuations. Whenever your bank increases or decreases interest rates, you will end up either paying more or less for your loan, depending on what the bank has decided to do. A typical owner-occupied mortgage is taken out over 25 or 30 years, although you can reduce the overall term by making higher or more frequent payments. Mortgages are either based on principal (the amount you borrowed from the bank) and interest (the amount you pay back for having
28. borrowing money for renovations

Borrowing money for renovations: What you need to know.

You’ve been dreaming of that new kitchen and dining room for as long as you can remember, and now the time has come to put your plans in motion. But do you really have the budget to afford the works? Here are a few things to think about before making the leap from Pinterest board to blueprints. Work out your budget Before you look at borrowing any money, you first need to work out how much your renovation will cost. Get Ask An Architect to send you their comprehensive guide to costing a renovation. Before you finalise your plans, you can arrange for a building inspector to help identify any structural work that might be needed. Major work could significantly increase your budget, so
27. overcapitalising

Overcapitalising: What it is and how to avoid it

As a home owner or property investor, you may have heard the term ‘overcapitalising’. But what exactly is it and why is it considered bad? While adding a new deck or kitchen can increase the value and enjoyment of your property, overcapitalising can end up costing you more than you planned. Here’s a closer look at what overcapitalisation is, why it’s bad, and how you can avoid it and still increase the value of your property. What is overcapitalising? Simply put, overcapitalisation is when the cost of a home improvement is more than the value it adds to your property. For example, if you buy a property for $500,000 and spend $100,000 on a new outdoor kitchen area with timber decking and fancy landscaping,
26. buying to rent on airbnb

Buying to rent on Airbnb : Pros and Cons

There’s no denying that websites like Airbnb and Stayz have turned the holiday accommodation industry on its head. Anyone with a property, or even just a room to spare, can potentially make some handy cash from this new segment of the travel market. If you’re thinking of buying an investment property with the express purpose of listing it as a short-term rental, here are some things to keep in mind. Ask first, rent later Before you buy an investment property and sign on with a third party like Airbnb, make sure your planned short-term rentals will be legal. Check that your listing doesn’t breach any home owners’ association or body corporate rules and that you’re complying with applicable zoning laws. The laws around hosting paying guests vary greatly
17. buying property with other people

Buying property with other people: Mine, yours or ours?

When people buy property together, particularly if it’s with a partner or spouse, they often register the title in both people’s names – especially if they’re going to live in the property. But other arrangements are possible, several friends might opt to own individual shares in a property, for example, or a couple might choose to have only one of their names on an investment property title. The following information provides you with a good starting point to help you on your way.  Also tax legislation and other Australian laws governing property ownership and investment are complex, so seek proper legal and financial advice before entering into any arrangement. Joint-ownership titles The two main types of joint-ownership titles in Australia are joint tenancy and

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