Personal Finance

14. how do i know im getting a good deal from my lender

How do I know I’m getting a good deal from my lender?

With so many products offered by various lenders, it can be quite perplexing trying to figure out whether or not you’ve scored yourself a good deal on your home loan. While doing your research and comparing what’s out there in the market is one of the most obvious ways to find out whether you’re sitting on a good deal, it can be a time consuming practice and an overwhelming experience for those without specialist knowledge of the mortgage sector. It’s good to shop around, and yes you can use comparison websites, but because lenders call like products different names, it can get very difficult comparing apples with apples. Brokers know the special names and pricing, so it’s worthwhile working with one as not only
13. easy refinancing for a better deal on your home loan

Easy refinancing for a better deal on your home loan

While refinancing your home loan may seem overwhelming at first, it’s less complicated than you might think. With historically low interest rates and increased competition across the home loan industry, lenders are keen to get your business. When you first took out a home loan, you probably paid very close attention to interest rates. Over time Refinancing your mortgage may therefore be a relatively simple way to save thousands and get a better deal on your home loan. What is refinancing? Refinancing is essentially moving from your existing home loan to a new home loan. The most common reasons people refinance are to get better interest rates, access to more or improved loan features, or to consolidate several debts into one mortgage. When you
12. why brokers hold the keys to getting your foot in the property door

Why brokers hold the keys to getting your foot in the property door

Getting a foot in the door of your dream home might be getting harder, but talking to a mortgage broker could get you the keys more quickly. Purchasing a property in today’s housing market is not for the faint-hearted. Would-be homebuyers have only to turn on their TV – or check Facebook or Twitter – for the latest news informing them that their dream home is slipping further out of reach. When you add in the challenge of sourcing the right loan, first homebuyers can be forgiven for thinking twice about taking that first step on the property ladder. But the truth is, it’s not quite as hard as you think. Research has shown that mortgage brokers are helping buyers with over 50 per cent* of all new housing
11. what you need to know about refinancing

What you need to know about refinancing

A home loan is generally a long-term proposition, but in some situations it can make sense to refinance your mortgage. Read this guide to the refinancing process, and speak to a mortgage broker, before deciding whether it’s right for you. Refinancing involves taking out a new mortgage and using those funds to pay off your existing mortgage. Doing so can save money and result in significant financial gains over time.  Why you might refinance You might want a lower interest rate. The lending products market is highly competitive and interest rates can vary significantly between banks. One of the most common reasons people choose to refinance their mortgage is to secure a lower interest rate from another lender. This could assist you to pay
10. mortgage broker commissions uncovered

Mortgage broker commissions uncovered

So you’ve decided to partner with a mortgage broker to smooth your first – or return – entry into the world of property, mortgages and loans. But before you choose your mortgage broker, it’s worth understanding the value they bring to the lending equation, and also how their commission structure works. After all, if you’re not paying the broker for their service and advice, who is? What can I expect from a mortgage broker? A mortgage broker will work with you to understand your goals and objectives, as well as your borrowing capacity, and will help you secure a loan that meets your needs from a panel of lenders. This includes reviewing a range of loan products, negotiating with panel lenders on your behalf
9. refinancing could save you thousands

Refinancing could save you thousands – and give you greater flexibility

It’s often said that Australians are more likely to divorce their spouse than switch banks. But with plenty of competition in the home loan sector, refinancing can be a good move. You might want to refinance for a number of reasons – you can consolidate debt from high-interest credit cards into a home loan with a lower rate of interest; you can release cash from your home loan equity for other major purchases; or you might want to simply save on your repayments by moving to a loan with a lower interest rate. What’s my rate? If you aren’t 100% sure exactly how much you’re paying, how can you find a better deal? Luckily, finding out your interest rate can be as simple as
7. want to help your kids buy propoerty

Want to help your kids buy property? Here’s how.

The real estate market can be tough for young adults, but as a parent you may be able to lend a helping hand. We tell you how. 1.  Parent-to-child loan A parent-to-child loan is when a parent lends their child money. This is a formal, legally binding arrangement, administered by an independent third party. At the start of the loan period, both parties agree to terms including repayment amounts, a schedule and a process to manage defaults. Benefits: You can set generous terms for your child, but your assets, savings and credit rating are somewhat protected as you are not the borrower. Drawbacks: There are legal implications for your child if they have a spouse and the relationship breaks down, in that the spouse
6. 5 things first home buyer-min

5 things first-home buyers need to know

If you are thinking of purchasing your first property, there are a number of things to consider, including your financial status and personal circumstances. (1) Think about why you want to buy a home Are you buying a place to live in or will it be an investment property? The answer to this question can help determine the kind of loan you apply for and home you buy, depending on your short and long-term plans.  (2) Research potential properties and loans Knowing the market is crucial, so sure you conduct some research on the areas you are looking at, check out price trends, as well as auction clearance rates and recent sales. Once you are aware of what you are looking for and the
5. loan before property-min

Should I organise a loan before buying a property?

Whether it is your first home or third property, it is an emotional journey and it’s easy to get carried away with the fun part of looking at houses. This should not distract from the less exciting, but equally important task of arranging finance as it will likely strengthen your negotiating position on both the property and the loan. Buying property 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. Before getting caught up in the search, it’s important to get the essentials sorted first. Organising finance may seem boring in comparison to perusing sales listings, however gaining pre-approval with a lender will give you confidence
what-type-of-loan-is-right-for-you

What type of loan is right for you?

The array of mortgages available helps a good credit adviser to tailor a package to suit your needs. Here are just some of the options. Fixed-rate mortgages With a fixed-rate loan, you know exactly how much you’ll pay per fortnight or month for the fixed period of the loan (usually one to five years). Variable rate mortgages Repayments can change during the life of a variable-rate loan, so you may pay more or less as interest rates rise or fall. If you’re fairly sure that rates are set to fall, this is a good option. Principal and interest mortgages In this mortgage, you are paying the amount lent to you plus the interest. Interest-only mortgages With interest-only, you are paying just the interest on
should-you-refinance-better-deal

Should you refinance for a better deal?

Refinancing can bring down the overall cost of servicing a loan by taking advantage of lower interest rates. But sometimes it’s not always the best, or the only, option. There are many different factors you need to consider when thinking about refinancing a loan. The first step is to speak to an expert, like Conquer Finance, about your needs and whether you can afford to service a different loan structure. At this point, we will need to understand what your current and future financial goals look like, and also obtain information about your current loan including structure, repayments and costs. We also need to consider the current value of your property, so we have access to current data which indicates what the asset is
why-use-finance-broker

Why would I use a Finance Broker?

Because they can save you time and money. As the home loan market becomes increasingly complex, more people are turning to finance brokers. Here are some of the reasons. Finance brokers can save time The choices now available in the mortgage market can seem limitless and completely overwhelming. You can choose to research the subject, the lenders and their products yourself, or work with a finance broker who already has that knowledge. Finance broker gives you choice All finance brokers have a panel of Lenders from which they recommend a loan. They have to become accredited with the lender to offer their product, and are required to keep up-to-date with their latest offers. Finance broker can help find the right loan The best deal is not necessarily

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