Mortgage Broker, Suite 3, 1012 Doncaster Road, Doncaster East (2026)

05/10/2022

What's your best tip for staying out of debt?

04/10/2022

Is this your bank?

Then it's time to take advantage of our Free Loan Comparison Service.
Some clients discovered saving $300+ per month by switching to a better deal.
Private message me today to see how much you could save by switching.

03/10/2022

Did you know that your borrowing capacity can vary by over $200,000 + depending on which lender you use ...

So if your current lender isn't giving you the funds you need - get a 2nd opinion ... you may just get the loan you want with better terms ...

02/10/2022

What's the best caption for this? :)

30/09/2022

Five Reasons why you need a Mortgage Broker

For most people, buying a home or an investment property are the biggest financial investments of their lives. A mortgage broker can help streamline the costly and confusing process, while saving you valuable time and money.

Here’s how:

Simplifying the home loan process
While this is an overwhelming first-time experience for you, your mortgage broker can efficiently guide you through the entire process, from the application to the property settlement. With their assistance, you can handle all the complexities of paperwork and legal details. They can also give you the right advice to ensure your application is approved promptly. As a result, you have the peace of mind of delegating the process to an expert who will keep you informed every step of the way.

Fast comparisons
With so many banks and lenders offering different deals, it can be difficult to figure out which is the right loan for your situation. While a bank will only promote their own products, your mortgage broker has the experience and the contacts to compare a wide range of lenders and products, to identify the right package for you, based on your individual situation. They can decipher the financial jargon for you and explain the pros and cons of various home loan features, so you can confidently make an informed choice.

Direct service
As your mortgage broker regularly works with various lenders, the application process can be several days faster than going to a bank directly. Best of all, you are dealing with one point of contact, rather than whichever member of the bank’s credit team takes your call. This gives you the benefit of securing the loan features that are best for you, based on your circumstances.

Better value from your property investment
When an expert oversees your choice of loan, you reap the long-term benefits of better interest rates and the right flexibility for your personal situation. The right loan can take years off your mortgage while cutting down your interest payments.

In comparison to the significant savings, the cost of a mortgage broker’s fee is negligible. In the US and UK, mortgage brokers charge around 1-2% of the total loan, while in Australia, mortgage brokers are paid by lenders so there is no cost to the client.

Specialized assistance
If your situation is a little more complex than a standard home purchase, a specialized mortgage broker can help you through the process. Whether you need assistance with property investing, commercial properties or a hobby farm, there is a mortgage broker who knows exactly how to help you. There are also mortgage brokers who specialize in assisting people with individual challenges that might deter lenders, such as bad credit, non-residential status or contract employment.

For more information about securing the right loan for your circumstances, contact your mortgage broker today.

30/09/2022

How many do you follow?

29/09/2022

Top Five Reasons Why Your Loan Would Be Declined

It can be extremely disheartening to have your loan application declined, especially if you already have a property in mind. The best response is to treat the rejection as a positive learning experience, and an opportunity to strengthen your financial position so your application will be successful next time.

Here we look at some of the more common reasons your loan application would be declined and how you can turn the situation around:

Insufficient income
Lenders calculate your borrowing power based on the balance between your income and your financial commitments. If the balance is insufficient to pay off a potential loan, they will not approve your application.

You have two options – you can reduce your financial commitments by tightening your budget, or you can find a way to increase your income. One or both of these strategies will create a larger balance between your income and expenditure, giving you more funds to funnel towards paying off a loan.

1. Bad credit
Your future lender wants to see that you have a good history of repaying loans promptly and responsibly. If you’ve actually been the prudent type who avoids debt, you won’t have much evidence that you are a reliable borrower – you can fix this by using a credit card to demonstrate that you will make prompt and reliable repayments. However, it will be more difficult to prove yourself a good risk if you have a history of defaulting on loans, so you may need some time to improve your credit record before applying for a new loan.

2. Excessive debt
Lenders will look at every aspect of your financial position, and will pay particular interest to any outstanding debts you already have. If the lender can see that your debt repayments exceed your income and assets, they will be wary about lending you more money.

The solution here is to reduce your debt before taking on more financial responsibility. Start with the highest interest debts first and reduce any other regular outgoing payments, so you can demonstrate that you have the income to manage your loan.

3. Insufficient savings
Your savings not only provide a deposit and a buffer, they also demonstrate that you are a good risk who is committed to achieving your long-term goal. If your application is knocked back due to your lack of savings, start by putting aside a small amount from each pay, and watch it build. Keep in mind that a sudden windfall such as an inheritance does not demonstrate your ability to save! You need to show consistency and self-discipline. Even three months of regular savings can be enough to convince a lender that you are a good risk.

4. Irregular income
Today many people choose a more flexible approach to working than the traditional 9 to 5 job with a regular salary. If you are self-employed or do contract work, or even if you have switched jobs recently, a lender might be concerned that you will be unable to handle regular loan repayments.

However, as more people shift from traditional employment, there are lenders responding to the challenge. Look for a lender who specializes in home loan products specifically for people with irregular income.

5. Unsuitable property
Sometimes it’s not your financial situation that causes the problem. The property you want to buy may be a bad risk, or perhaps you are proposing to pay more than it is worth. In this situation, the lender will see that you cannot redeem the value of the loan and they will turn down your application. When a loan is declined for this reason, the lender is actually doing you a favour. You want your investment to be as profitable and manageable as possible, so listen to the lender’s advice and find a property that has more potential to be a good investment.

Overall it helps to see your lender as an astute and helpful business partner who wants to ensure you are in the best possible position to manage your loan. When your loan is declined, look at this as an opportunity to strengthen and improve your position so you will get the right loan package for your needs, you can make repayments comfortably without any additional financial pressure, and the property will build into a good investment for you.

28/09/2022

Ain't that the truth...

27/09/2022

Did you know a lot of home owners overpay on their mortgage?

Could a better deal put an extra $250+ per month back into your pocket?
We offer a free Loan Comparison Service to see if switching could save you hundreds per month. Private message me today to get a free loan comparison!

26/09/2022

Did you know that you can obtain a home loan even though you are in a probation period with your work?

25/09/2022

Is that you today? :)

23/09/2022

Should you sell or buy first?

You’re ready to sell your old house and purchase a new home – but the big question is: do you sell first or buy first? Whichever one you tick off first, you face the risk of some kind of limbo. The state of the market and your own financial situation can help determine the right procedure for your circumstances.

Pros and cons of buying first
Buying your next property before you sell your previous home gives you the luxury of choosing the property that suits you best and moving house comfortably within your own timeframe. If you purchase early enough, you can move your furniture into the new home, leaving the property on the market uncluttered and available for potential buyers to view.

However, this strategy only works if you are in a strong financial position and can afford to hold out for the assets from your previous home. It’s also beneficial if the market indicates that your home will sell quickly. Alternately, you might find it financially beneficial to rent out the original property, making some income from the old home while you settle into your new home.

If the first property takes a long time to sell, you could find yourself juggling two mortgages. Bridging finance can help smooth the way if your previous home takes longer to sell than expected. Another financial hazard is if your first home sells for considerably less than expected.

Pros and cons of selling first
Selling your home before purchasing another property is definitely the most financially prudent strategy. Your funds are available and you know your exact budget for the next property purchase.

The stress of selling first lies in the pressure of finding a suitable property to purchase before you lose access to your previous home. House-hunting while your property is on the market can be discouraging because you may see the perfect property sell before you have the funds to make an offer. Once you have sold, the pressure of a short settlement period can result in a hasty ill-considered purchase.

Renting in between
One option to ease the stress is to rent for the period in between putting your house on the market and purchasing your new home. This gives you at least six months flexibility to sell your home and then search for the perfect property without any anxiety about potentially finding yourself homeless. In order to figure out whether this is the right option for your situation, you need to include the cost of rent for at least six months into your calculations. Even if you do purchase immediately after your sale, you will be required to continue paying rent for the duration of the lease.

Seek expert advice
An expert such as a mortgage broker can help you make an informed decision by giving you some insight into the current market. You can base your decision on whether your home is projected to sell quickly or slowly, along with your options for purchasing a suitable new property within the desired time frame.

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