Residential
What Your Broker Needs Before a Home Loan Application
Applying for a home loan involves more than completing a form and providing a few payslips. Before a lender can assess an application, it generally needs information about the borrower, their financial position, the proposed property and the purpose of the loan. A mortgage broker also needs information to make reasonable enquiries about a consumer’s…
Refinancing to Reduce Repayments vs Paying Off Your Loan Sooner
Home loan repayments are one of the largest ongoing expenses many Australian households manage. As interest rates, household expenses and borrowing requirements change over time, some borrowers review the features, repayments and costs of their existing loan. During that review, one common question arises. Should the comparison focus on reducing regular repayments, shortening the loan…
Your Fixed Rate Is Ending: Key Considerations Before Moving to a Variable Rate
For many Australian homeowners, a fixed-rate period eventually comes to an end. When that happens, the loan usually moves to the lender’s variable rate unless other arrangements are made. This can come as a surprise for borrowers who have become accustomed to the certainty of fixed repayments. The transition from fixed to variable often prompts…
Renovation Loans vs Refinancing: Which Option May Suit Your Renovation Plans?
Many homeowners reach a point where their current home no longer meets their needs. Perhaps the kitchen feels outdated. Perhaps the family has grown, and additional space is now needed. Some homeowners want to improve outdoor living areas, while others are planning a major extension. When renovation plans start taking shape, one of the first…
How Interest Rates and Lender Policies Can Affect Your Borrowing Capacity
If you’ve been thinking about buying a home, investing in property, or refinancing, you’ve probably heard plenty about interest rates. When interest rates move, many people focus on how their repayments may change. While that is important, there is another factor that often gets overlooked. Interest rate changes may also affect your borrowing capacity. Your…
Offset Accounts vs Redraw Facilities: What They Mean for Your Home Loan
When choosing a home loan, most people focus on interest rates and repayments. However, loan features can also play an important role over time. Two features often discussed are offset accounts and redraw facilities. These tools are designed to interact with your loan balance in different ways. Understanding how they work can help you make…
What is LVR?
LVR is a term that is used a lot when it comes to finance. LVR is the Loan to Value Ratio. This ratio is used by lenders when determining how much you can borrow. This ratio allows the lender to determine your risk when it comes to borrowing. The higher the LVR, the higher the…
A Summary Of Keystart
Keystart Home Loans have been around since 1989. The initiative was introduced by the Western Australian government. Keystart is wholly owned by the Housing Authority. The aim of a Keystart Home Loan is to assist people in to their own home. Since inception, Keystart has helped over 80,000 West Australian individuals and families achieve home…
What is LMI?
Lenders Mortgage Insurance or LMI is the name given to an insurance product that lenders will force a borrower to undertake when they fail to meet certain criteria. Typically, a lender will request the borrower takes out LMI when their deposit is lower than 20%. This can allow a borrower to take their borrowings up…