Marika Nabung - Nest Quest Finance

Marika Nabung - Nest Quest Finance Life is too busy to wait in a bank queue or waste your time on hold. I'll come to you and together

Is it harder for self employed borrowers to get a loan?There are a lot of benefits to being self-employed. You’re in cha...
19/12/2022

Is it harder for self employed borrowers to get a loan?

There are a lot of benefits to being self-employed. You’re in charge of your career, you can potentially earn more money and you have the satisfaction of delivering a service you can be proud of.
However, there are also some drawbacks to self-employment and one is arranging finance.
Typically, PAYG borrowers don’t face as many hurdles as self employed borrowers, so here is what you need to know :

Firstly, it’s important to speak with a broker. Brokers can help you understand what loans are available to self-employed borrowers and how to go about applying for them. I can also explain any potential benefits or pitfalls of taking out a loan as a self-employed borrower.

Secondly, self-employed borrowers may need to provide additional documentation when applying for a loan. This is because lenders will want to see proof of your income and employment history. I can help you understand what documents you’ll need to provide and how to go about obtaining them, before assisting with the loan application process and dealing directly with the lender on your behalf.

If you’re self-employed and looking for a loan, then it’s important to speak with a mortgage broker and be aware that you may need to provide additional documentation.
I can help you navigate the process and find a loan that meets your needs.

The pros and cons of variable & fixed loans:When it comes to home loans, there are two main types: variable and fixed. E...
18/12/2022

The pros and cons of variable & fixed loans:
When it comes to home loans, there are two main types: variable and fixed. Each option has its own set of pros and cons, so it can be difficult to decide which loan is right for you.

Variable Home Loans:
Variable home loans often mean lower monthly payments because the interest rate is often lower than on a fixed loan. You also have the ability to make additional repayments and pay off your loan faster. However, there is also the potential for your monthly payments to increase if the interest rate goes up.

Fixed Home Loans:
Fixed home loans offer the stability of unchanged monthly payments during the fixed rate period, no matter what happens with variable interest rates. You can be limited on how much extra you can pay into it too. However, the interest rate on a fixed loan is often higher than a variable loan rate, which means that your monthly payments will be higher.

If you’re not sure which loan type is right for you - just call me. I'll be able to assess your individual circumstances and provide you with details on which loan type may suit your needs.

Looking to renovate ? The costs of any renovation project, large or small, can significantly add up. Finding funding for...
17/12/2022

Looking to renovate ?
The costs of any renovation project, large or small, can significantly add up.
Finding funding for your home renovation in advance can help you prepare and budget for how much renovation you can afford to do.
There are numerous ways that you can finance your renovation, depending on the size of your project and your budget...

Home Equity Loan
A home equity loan is the most common way individuals borrow money for home renovations. Equity is the difference between the valuation of your house and the amount you may currently owe on a loan. With this type of loan, you borrow against the current value of your home, before any value adding renovations. Usually you’re able to borrow up to 80% of your home, especially if you own your home outright.

Construction Loan
Designed for those planning to build or complete major renovations in their home. With this type of loan, you receive your loan instalments as you require, allowing you to cover expenses as they occur.

Line of Credit
A popular option for renovators, this method establishes a revolving line of credit that allows you to access the approved amount whenever you’re required. Interest is only paid on balance owed, rather than total amount borrowed. You’re able to pay off the funds and re-borrow as required without needing to re-apply for further amounts.

Personal Loan
If you’re only planning to make a couple of small adjustments to your house, a personal loan (often capped around $30,000), may be suitable. However, interest rates on personal loans are higher than home equity loans but lower interest rates compared to credit cards.

When choosing between the different funding options available, it can really help to talk with a broker and I can help to find the most suitable option for your project and financial situation.

15/12/2022

How Does Refinancing Work?
Refinancing is the process of replacing your current mortgage for a new mortgage in order to finance your home.
This could be for a number of reasons such as a change in financial position, or just getting a better deal (lower interest, fees, repayments).
However, there are costs to refinancing which is why it is important to ensure you are getting a better deal when you refinance.
Often 'cashbacks' can mean higher costs elsewhere in a Loan - so it is wise to compare the details
You can switch to a different loan and still keep the same lender but it is also possible to refinance to a different lender entirely. While it is easy to understand refinancing on a surface level, it is important to understand the inner workings and costs.

Speak to Your Broker
The first step in the refinancing process is to reach out to your broker. I will ask a series of questions related to employment and financial situation in order to determine your suitability for particular loans.

Documentation and Paperwork
You will then be asked to provide documents to confirm your identity and your financials. It is a good idea to have these documents prepared prior to beginning your negotiation with a lender to streamline the process.

Property Valuation
Once the lender is satisfied with the paperwork and they have confirmed you are eligible, the next step is for them to value your property. This is done so that they can determine the loan to value ratio. LVR is important as it can influence the cost of funds for you.

Settlement
When your new loan is approved, your lender will transfer the debt to your new loan. If you are refinancing to a new lender there will be Discharge forms required to organise the transfer of the Mortgage. There is usually legal costs and Settlement Fees to pay - and it can take a few weeks to get things organised.

While refinancing can be a lengthy process it is often worth the time if you can save money in interest and fees by refinancing, or if the new loan better suits your personal circumstances. As a broker, I can help streamline this process and look after the negotiation and paperwork for you.

Should You Be Reviewing Your Home Loan?Once people secure their home loan, they often forget about it and simply pay the...
14/12/2022

Should You Be Reviewing Your Home Loan?
Once people secure their home loan, they often forget about it and simply pay their loan repayments.
This may seem fine, but the reality is you could be missing out on many benefits and savings by not reviewing your home loan regularly. I have put together a list of potential benefits you could get simply by reviewing your home loan every now and then.

Unnecessary features:

When you first set up your home loan have been often extra benefits that are part of the deal. However, as time goes on these features may seem unnecessary and are no longer of use to you. Despite this, the rate you pay for your home loan will remain unchanged. By reviewing your home loan, you can refinance to a home loan that makes more sense to your current lifestyle and financial goals.

A change of circumstances:

Our lives are constantly changing, whether it is personal circumstances, family or finance, changes in circumstances will always affect the suitability of your loan. Therefore, you should be reviewing your home loan whenever your circumstances change to ensure your loan is still suitable.

Get a lower cost loan:

While your home loan’s interest rate may have been competitive at the time you signed up for it, it may no longer be competitive against current home loan interest rates. Additionally, the interest rate you were offered was based on your past circumstances, you may be able to get a lower rate with your current financial history and situation.

Pay off your home loan faster

When you initially set up your home loan you may not have had the funds to afford a shorter home loan. However, if you are now in a better financial position, you may be able to pay it off faster by refinancing.

It is worth reviewing your home loan regularly to ensure your loan is still the right one for you.
Want to learn more - call Marika 0411 394 575

13/12/2022

Taking out a home loan can be a nerve wracking experience, particularly for first time buyers.
The key is to understand exactly what you are taking on.

Here are the questions you should know the answer to before getting your home loan.

Are you eligible for government assistance?

There are a variety of both state and federally funded concessions and grants for property buyers. Notably the First Home Buyers Assistance Scheme(FHBAS) can be a significant aid to first-time buyers.

What is the interest rate?

Your interest rate is offered to you by the lender and will be based on wide range of factors, including credit score, supporting documentation and loan amount. Along with the loan balance and term, your interest rate is what determines the amount you pay every month. If you are unhappy with the interest rate you are offered, you can try a different lender or alternatively improve your credit score to qualify you for lower interest rates.

How much can you afford to repay?

Loan repayment calculators are a great way to work out how much you need to pay and whether you want to do so monthly or fortnightly. Ask yourself whether you can afford to pay more than what has been allotted and how this would impact your overall financial plans. Make sure you understand exactly how much you will be paying every month and that you have considered insurance and taxes payments in your budgeting calculations.

Fixed or Variable rate loan?

Fixed-rate home loans give a consistent rate for a set period (usually 1-5 years). This has the advantage of giving you certainty over the amount you will repay and ensures you can plan ahead.

Variable rate loans have a changeable interest rate after a certain fixed period, allowing you to take advantage of any future reductions to interest rates. If you do take up this option, make sure that you understand how often the rates will change and which index the rate is tied to.

What is the minimum Deposit?

It depends on the lender. Depending on your situation, you may be able to get a loan with a deposit as small as 5%.

If you are looking for help and support with your home loan, contact Marika on 0411 394 575

Think Outside the Box with a Non-Conforming Home Loan.A non-conforming or ‘Specialist’ home loan is a loan that does not...
23/02/2022

Think Outside the Box with a Non-Conforming Home Loan.

A non-conforming or ‘Specialist’ home loan is a loan that does not fit a lender’s standard criteria for a home loan. These loans are usually offered to people that have a bad credit history or extraordinary financial needs.

Because non-conforming home loans differ from the norm there are a few differences you need to understand and keep in mind"

http://nestquest.com.au/our-business/blog/think-outside-the-box-with-a-non-conforming-home-loan

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