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41. how much can you afford to borrow with your first home loan

How much can you afford to borrow with your first home loan?

Understanding how much borrowing capacity you have when buying your first home is an essential step for all newcomers to home ownership. The question of “How much can I borrow?” rears its ugly head for all new home buyers. As daunting as it can be, understanding your borrowing power is important – and essential – for those ready to get their foot in the door with their first home purchase. Owning property in Australia is a dream for many young professionals and families. Aside from the financial benefits of owning a home, being able to call a slice of land your own is one of life’s most coveted accomplishments. Financial factors Before you start looking for a property – either to live in or
sacred heart mission logo

Chocolate Drive for Sacred Heart Mission

For those of you who are not aware, the Sacred Heart Mission in St Kilda assists hundreds of people who are homeless or living in poverty to find shelter, food, care and support. A specific part of the support they offer is their Meals Program that provides hundreds of meals every day to the homeless and disadvantaged. For more than 5 years now, we have always arranged a Chocolate Drive at Easter (and Christmas) to provide the opportunity for one individually wrapped, egg sized, chocolate Easter egg to be placed on the meal trays during this period of time. This gesture is very impactful to those less fortunate than ourselves, and can make a huge difference to someone’s life. This year, the opportunity to
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
37. fixed variable split find the right fit for you

Fixed, variable, split – find the right fit for you

In Australia, there are a number of ways to structure your home loan repayments. Finding the best option may save you time and money on your mortgage. Here is some information to help you choose the repayment structure that works best for you. Variable rate loans Variable interest rate loans are all about flexibility. Essentially, with a variable rate loan, the interest rate moves up or down as the market moves. This means your loan repayments may also change month-to-month. If the interest rate drops, then your repayments may drop as well. However, in the event of an interest rate rise, your repayments could also increase. Many variable rate loans come with additional features, which can reduce the amount of interest paid over the
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
34. more than meets the eye white label loans are more than a good price

More than meets the eye – white-label loans are more than a good price

For those unfamiliar, a white-label loan is essentially a home-branded loan. Just like your favourite home-branded products you see in supermarket aisles there is more than meets the eye – the white-label loan is more than its competitive price tag. White-label products are high quality and are developed by leading lenders – they are just packaged differently and therefore available at a sharper rate. White-label loans are exclusively available through mortgage brokers and have rapidly grown in popularity over the past few years. So much so that over 85% of brokers now have a white-label offering for their clients. And, as brokers and customers both demand more from white-label, the products have evolved to be about much more than price, to also focus on
33. How redraw works and why its a handy loan feature

How redraw works and why it’s a handy loan feature

It’s one of the less glamorous home loan features, but the redraw facility deserves a second look. Here’s why: The redraw facility explained A redraw facility lets you make additional repayments to reduce your variable rate home loan balance and save on interest. If you pay more than your minimum scheduled repayments, then you’ll have money available to redraw from your home loan. The redraw facility is a common feature of many home loans. It’s not available, though, on construction loans and only some lenders allow it for fixed rate loans. You can redraw funds if, and when, they are needed, or you can keep the funds in your home loan to pay off your principal faster. The amount available for redraw is the
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

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