Nesto

NESTO understands that your home is more than just a place to sleep; it's also a place to dream, laugh, and develop.

That's why we've made it our goal to be more than just a mortgage lender, restoring confidence and value in the home loan process from start to end. NESTO is dedicated to finding the right home loan for each borrower and believes in offering outstanding service

Corporate CRN Number: 531585

02/11/2021

How to Fix Your Credit

When the time comes to apply for a home loan, banks and lenders are going to look very closely at how you have managed credit in the past.

The easiest and most obvious way for them to do this is to look at your credit score, which is a track record of how well you’ve handled it previously.

If you’ve been known to miss payments here and there, or worse, then there is some chance your credit score has been hurt. The good news is there are a few things you can do to improve your credit score and get things back on track, so you have the best chance of being approved for finance in the future.

✅ Know the Score

You can’t start to improve your credit score without knowing what it actually is. The good news is that finding out your credit score is easy, and it doesn’t cost anything.

Get in touch with one of the major credit reporting agencies and ask for a report. It’s normally possible to get one free report on your credit score each year, which should be more than enough.

✅ Fix the Errors

Sometimes your credit score can be low for reasons that are not your fault. If any errors have been made, it’s important to identify them and get them fixed.

For example, if you’ve paid a debt or bill in full, and it is not reflected correctly on your credit record, it will lower your credit score. Contact the credit agency and have them investigate the matter.

✅ Money Owing

A lender is able to report any money that is overdue by 60 days as a default, if it amounts to more than $150. This can reflect on your credit report for five years.

If there are any late payments that are not accurate, follow it up with both the reporting agency and the creditor.

✅ Pay Bills on Time

One of the quickest and easiest ways to improve your credit score is to simply pay your bills on time. These days, the reporting agencies can see exactly when you paid your bills, and they will take this information into account.

If you can pay your bills early, that is even better. A good rule of thumb is to pay your bills the moment they arrive. This can really help. If you wait until the last day to pay a bill, by the time it is processed, it is likely to be late already.

✅ Use Credit Sparingly

If you continually apply for credit or loans of any kind, these will not only show up on your credit file, but will also lower your credit score.

If you have applied for credit and have been rejected regularly, this will make it very difficult to get finance in the future, as lenders can see what has been happening.

19/10/2021

What To Do When Your Mortgage Holiday Ends? 🤔

It’s been an unusual 12 months across the globe, and this time last year, most people would never have imagined that they would have ever needed a mortgage deferral.

In what was a very tricky time for borrowers, banks and lenders stepped up and offered their customers the opportunity to defer their mortgage payments until things turned around.

Now that the Australian economy is getting back on track, a lot of borrowers will be forced to make a decision as to what to do with their deferred mortgages.

👉 These are some of the options for those who need to start making repayments.

✅ Go back to Normal Repayments

If you’re in a position to do so, you can simply start making your regular mortgage repayments again. It’s important to note that the mortgage holiday was just that. A break. You will still have to pay the full loan amount plus interest back to the lender. Getting started again is a good idea if you’re in a position to do so.

✅ Push Out Loan Term

If you have some income coming back in, but it’s not at the previous level, there are still some options. You could possibly adjust your loan term in a bid to lower your repayments in the short term. For instance, by changing a 25-year loan to a 30-year loan, your payments might come down. Just note that you could be paying more interest overall.

✅ Get Another Deferral

If you are still not making enough to cover your repayments, it’s important that you communicate this to both your lender and your mortgage broker. Mortgage deferrals are at the discretion of the lender and it might be possible to push it out further.

✅ Refinance

If you have an income coming in that will allow you to refinance, you might be able to lower your repayments. You could look at options like an interest-only loan for a period of time or you could even take up an introductory offer from a different lender. Again, talking to your mortgage broker is the best starting point.

✅ Time to Sell

If you’re still in your mortgage holiday period, it might actually be a good time to sell your property. Across the country, many suburbs and areas are seeing very healthy demand and good prices, so selling your property is an option. It’s worth assessing all the possibilities before going down this path, but if you’re not confident that your income can recover, this is still a viable option.

28/06/2021

A Strong Month for Property Markets

The latest data from CoreLogic suggests that property prices are surging at a record pace.

House prices in our five largest cities are up by 2.2% over the past month.

Sydney continues to lead the housing market rise, seeing an increase of 2.7%, while all the other capital cities were up by more than 1.3%.

23/06/2021

What’s Driving the Hot Housing Market?

👉 It’s clearly a seller’s market across Australia at the moment, with the pace of growth currently at record levels.

What’s behind the property boom?

▫️ Higher Demand
▫️ Lack of Quality Stock on the Market
▫️ Record Low Interest Rates
▫️ Stamp Duty Incentives
▫️ First Home Buyer Incentives
▫️ Building and Construction Incentives

In a seller’s market, buyers need to be organised and act fast. Getting pre-approved should be your first step, and it will also make your offer look a lot stronger.

10/06/2021

How to Secure a Home Loan in 2021?

Demand for finance continues to rise across the country, thanks to widespread strength in the Australian housing market and record low interest rates.

Getting finance still remains tricky for many people, so it’s important to do everything you can to make sure your application is successful.

Here are some ways you can improve your chances:

👉 Start saving early. The higher your deposit, the less risk you represent to a lender.

👉 Make sure your debts are under control, as they will weigh on your serviceability.

👉 Always pay bills on time and monitor your credit rating.

👉 Don’t change jobs or industries prior to applying for a home loan. Lenders like stable, full-time employees.

👉 Build up your genuine savings in your own bank account. Show the lender you can manage money.

👉 Don’t apply to multiple lenders at once.

👉 Always use a mortgage broker and engage one early to secure pre-approval.

07/06/2021

NAB Predicts that House Prices will Rise by 7.9% in 2021

NAB predicts that 2021 is going to be an incredibly strong year for house prices, with all capital cities expected to see sharp gains.

According to NAB Economics, house prices will rise by 7.9% in 2021, while 2022 should see those gains continue, with prices rising by 6.0%.

Brisbane could be the strongest market in the country this year, with NAB expecting gains of 10.1%.

02/06/2021

Auction Clearance Rates Approaching Boom-time Levels

Auction clearance rates in both Sydney and Melbourne are back at near-record levels as a combination of improving sentiment, stronger economic conditions and record low interest rates has lead to a surge of buyers coming back to the market.

The heavy demand for property has seen Sydney’s auction clearance rate increase to 89.1%, while Melbourne is sitting at 83.8%, according to CoreLogic.

The last time auction clearance rates were this high across Australia’s two largest cities was during the last housing boom in 2017.

01/06/2021

Sydney’s Rental Market Bounces Back

The rental market in Sydney is returning to normal after the sharp falls attributed to COVID-19.

Across Sydney, the vacancy rate fell to 3.4% in November, down from 4.3% in October according to the Real Estate Institute of New South Wales (REINSW).

Rental vacancy rates tightened across all parts of Sydney, with the inner-ring suburbs falling to 4.6%, the middle-ring to 4.4%. and the outer-ring dropping to 1.8%.

27/05/2021

Median House Prices Rise Across Australia

Median house prices across the country have started 2021 in a positive manner, rising by 0.9% for the month of January, according to CoreLogic.

All the capital cities recorded price increases in January, led by Darwin, Perth and Brisbane, which increased by 2.3%, 1.6% and 1.6% respectively.

Sydney and Melbourne are also continuing to recover, seeing dwelling values increase by 0.4%.

26/05/2021

ANZ Predicts House Prices Rising in 2021

ANZ Bank forecasts price gains of around 9% across Australia’s capital cities in 2021.

Perth and Brisbane are expected to see the strongest growth in 2021, with prices predicted to grow by 12% and 10% respectively, while all other cities across the country are expected to see prices rising in the coming 12 months.

25/05/2021

Listings at Six-Year Lows

👉 The number of properties for sale across the country is at the lowest level we’ve seen in more than six years.

👉 According to the latest data from CoreLogic, there are just 84,858 properties for sale in the major capital cities. This is 17.0% lower than the same time last year.

👉 The last time we saw listings this low was during the housing boom in 2015.

👉 Low stock levels have been a contributing factor to house prices remaining strong across the country and as sentiment improves, many cities are now facing severe stock shortages.

24/05/2021

The current lending criteria continue to get tighter than they have ever been before, meaning that potential borrowers need to have their applications in order.

Here are 3 reasons why your home loan application might get rejected:

1️⃣ Poor Credit History - Lenders want to know that you are someone who can pay back a loan. A patchy credit history is a common reason for rejection by a lender.

2️⃣ You Haven’t Been Employed Long Enough - If you haven’t been in a job for at least six months, or if you have been self-employed for less than two years, you might not qualify for a standard loan and could be rejected.

3️⃣ Borrowing Too Much - While it is possible to borrow to a 90 or 95% LVR, this is deemed to be high-risk and could result in your application being rejected.

Address

1230/1 Queens Road
Port Melbourne, VIC
3004

Website

https://www.nesto.com.au/

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