Loan Basics

It’s easy to get carried away with the fun part of buying a property – looking at houses – but delaying the less compelling task of arranging finance will weaken your negotiating position on both the property and the loan. Looking for a property to purchase is an exciting time. Choices regarding location, size, number of rooms and local amenities often see house hunters carried away in a deluge of daydreams and anticipation. However, before you get carried away, it’s important to check off the essentials first. Although organising your finances may seem drab in comparison to perusing sales listings, gaining pre-approval with a lender will give you confidence about how much you can afford to borrow. Arranging finance before finding the perfect property
If you are buying or selling a property, the settlement period is when you will deal with finances and paperwork to legally transfer ownership of the property. Your financial and legal reps will handle the hard stuff but knowing what is involved is key to a smooth settlement. Here we guide you through it. Before settlement The length of the settlement (typically 30-90 days) can either be outlined in the contract of sale from the outset or negotiated by the buyer or seller before signing the contract. If you are a seller and still looking for a new place to live, you might want to negotiate a longer settlement period. On the other hand, buyers may also have certain parameters, such as a settlement
If you are buying a new home or investment, chances are you will be attending a lot of open houses and meeting a lot of real estate agents. Finding the right property involves time and research, so you will need to ask the right questions to ensure you are making a competitive offer on a property that meets your long-term needs. Here we outline four questions you should always ask before you close the deal. Why is the vendor selling? One of the most important questions you can ask is about the seller’s motivation for moving on. Vendors list their properties for a range of different reasons. Some may be tentatively seeing if they can sell their home so they can upgrade, while others
With interest rates at record lows and competitive deals on offer, switching to a new loan or lender may be an appealing prospect, with the potential to make significant savings. Since the Reserve Bank of Australia (RBA) began its latest round of rate cutting, lenders have been lowering mortgage interest rates across the board, with several now offering rates below the 3% mark. But before you make the decision to refinance, there are a number of areas to consider. Here we cover off some questions you should ask before making the switch. Will I be better off in the long run? Refinancing to a lower interest rate can be a great way to lower monthly mortgage payments, freeing up some of your income for

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