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Peter Varnay - Brickhill Financial Solutions - Mortgage Broker, Sydney (2026)

02/02/2025

Competition among lenders for home loans remains steep but borrowers may still be missing out on great deals and important information that could save them thousands of dollars.

1. YOU CAN SET UP A LINE OF CREDIT TO HELP FUND YOUR INVESTMENT PROPERTY

If you are negative gearing an investment property, you will have a shortfall between your costs and rental earnings. You can fund this gap with a line of credit (LOC) product using equity in your home or another property.

Say you have a gap of about $500 each month for your investment property, including interest and other costs, such as repairs and rates. You could set up a LOC for $20,000 to fund these expenses for a period of time, which may give you a little more financial breathing room. How long the LOC holds up will depend on interest rate fluctuations and your rental costs.

Like interest on your primary investment loan, the interest on this LOC is tax deductible, providing its sole use is to cover your investment expenses.

One caveat: this strategy works providing there is capital growth in your investment property over the same period, otherwise you are eating into your capital gain.

You also need to have some fiscal discipline and not dip into the LOC for non-investment related expenses, such as holidays.

While lenders will be able to set this structure up quite easily, they are not likely to offer it up front as part of your investment loan. Talk to your broker and financial advisor about whether this strategy is a smart option for you.

2. PEOPLE WITH POOR CREDIT RATINGS CAN STILL GET HOME LOANS

While it's true a poor financial record will probably make it harder for you to land a loan, the doors may not be closed. Lending criteria has tightened in the wake of the global financial crisis but there are still plenty of loans up for grabs for those with a blemished track record or little financial backing.

Be prepared, however, to pay a higher interest rate than the standard offering. A Mortgage Broker will be able to help you find loans with less stringent criteria, often labelled non-conforming loans, and will help negotiate with the lender on your behalf.

You should also do a budget to ensure you are able to make any repayments, lest you end up adding to your woes.

3. THERE ARE WAYS TO AVOID LENDER'S MORTGAGE INSURANCE IF YOU DON'T HAVE A 20 PER CENT DEPOSIT

Lender's Mortgage Insurance (LMI) is a one-off payment by the borrower when a loan exceeds 80 per cent of the property's value. It covers the lender's risk if the borrower defaults, but does not cover any loss by the borrower.

LMI can be a painful hit to the hip pocket, often running to several thousands of dollars, especially after a home buyer has scraped together the minimum deposit.

One alternative to paying LMI if you have less than a 20 per cent deposit is to secure a guarantor to cover the extra stretch.

A guarantor is usually a family member who is willing to put forward their property as security. One of the common myths that can scare family off is that the guarantor is then responsible for the entire loan. Not true. They only need to guarantee any amount beyond the 80 per cent loan-to-value ratio (LVR). Although it's a good idea for a guarantor to seek both financial and legal advice before committing.

The advantage of securing additional funding through a guarantor is that it simply gets tacked onto your loan so you can repay it over time, rather than forking out up front for LMI.

The key before you make any big decisions about home finance is to have all the facts at your fingertips. Your broker will be able to compare the products and options that are out there and size up which arrangement will work for you and your circumstances.

4. YOU HAVE FREEDOM OF CHOICE

Most lenders will pitch one or two loan products to customers. But that's a tiny fraction of the number of loans available in Australia. If you want to get a grasp of the wide variety of products out there, consider a mortgage broker.

A mortgage broker works for you, not the lender, and can help you tap this vast vein and find the loan that is best suited to your needs.

Talk to your broker about your financial circumstances and goals so they have as much information as possible to determine the best product solution for you.

31/01/2025

How to save for your FIrst Home - without moving back to Mum and Dad:

Are you trying to save up for your first home? There's so much to think about - not just an enormous deposit, but stamp duties, moving costs, conveyancing fees and loan costs all add up to quite a number.

Saving such a large amount can be a tough slog. You try and put a bit away each week but unexpected things tend to pop up, and it can feel like you're not getting anywhere at all. But there are a few things you can do to speed up your savings journey.

1. Cut your costs

It's time to sit down with the calculator and work out just how much you spend - on what. It's all too easy these days to 'tap and go' when you make purchases, without really stopping to notice the cost.

For example, you might be horrified to learn that you currently spend $900 per year on energy drinks. And that's not including your morning coffee.

Wait until you're in the right mood - and then be brutal. It's time to work out where you can trim the fat.

2. Kill the credit cards

Credit cards are expensive to keep - and they have a way of blossoming if you don't keep paying them off in full. If you have a credit card debt, get rid of it.

Sell your old textbooks, get a Saturday job, do whatever it takes because this one isn't doing you any favours.

Not only will a credit card accrue interest, your savings goals will be undermined if you have to keep making repayments on credit cards all the time.

3. Make a budget

Write down what you earn. Then list all of your 'non-negotiable' expenses - like rent, groceries, bills, train fares etc.

Deduct the non-negotiable expenses, and what you have left is your disposable income. Rather than disposing of it - try to save as much as possible.

Make a plan for how much you can afford save each month. It might be a bit of a stretch some months if you receive a big bill - so try keeping a separate account where you save a small amount every week.

That way, if you receive your car registration you can pay it without compromising on your savings that month.

4. Leave some room to breathe

We all need a break occasionally, and it's important that your budget does include some room to breathe. You might need to buy new shoes for work, or a present for your sister's birthday.

Don't make it so tight that you can't even go to the movies. Leave a bit of slack for those times when you really need to live a little. That way, you're more likely to reach your savings goal.

30/01/2025

If you are thinking of buying - start your research with a Free Suburb Profile report.

Australian consumers have grown to be exceptionally educated when it comes to researching the property market.

Not a day goes by when there isn't an article in the media reporting some aspect of the property market.

Information providers like MyRP Data make researching the local marketplace much easier for the average buyer, seller or investor.

Visit www.myrp.com.au/n/free-suburb-profile/myrp-545 for a free suburb profile report.

Please also download this guide for more details.https://www.mortgageaustralia.com.au/email/files/savvypropertypurchasing-freerpdatasuburbreport.pdf

28/01/2025

How to buy a property with a friend (and remain friends)!

How would you like to double your deposit and double your income to buy your first property? Sounds pretty good doesn't it? That's the reason why many young homebuyers are now working together with a partner, friend or relative to break into the property market.

Although there are some excellent benefits to entering a property partnership, there are some pretty nasty horror stories out there too - so you need to make sure you protect yourself against the worst.

Make sure you have similar goals for you property purchase.

Do you both agree on how long you would like to keep the property for? Do you want to rent it out, or will you be living there together? Make sure everyone is on the same page before you enter into any contracts.

Buy with someone who is at a similar stage in life.

If you buy with a family member who has a baby on the way, you might be asking for trouble. Likewise, buying with a sibling who is too young to appreciate the importance of keeping up financial commitments could be just as much of a recipe for disaster.

Take a moment to check your financial compatibility.

You will be responsible for the loan if the other party becomes unable to pay, so take the time to have some open discussions about money, and make sure you are both equally committed to paying things on time and keeping track of the bills.

Decide if you want to be housemates.

If you plan to live together in the home, make sure you both agree about things that could cause arguments such as having pets in the house, allowing partners to sleep over, housework and other potentially touchy subjects.

Get Legal Advice.

Find out about your options legally if something was to go wrong, and decide whether you want to be Joint Tenants, or Tenants in Common. This might depend on whether you will pay an equal share of the deposit and loan repayments.

Create a formal agreement.

Get a formal agreement drawn up that covers as many issues as you can think of. Hopefully you won't have any problems, but it might be helpful if you already agree on the solution ahead of time. Property partnerships can turn into nasty legal battles when parties don't agree on important issues, such as whether or not to sell the property. If you can thrash out some of these issues now you will save yourself a lot of worry in the future.

Keep records of spending.

Make sure you keep it even, and try to keep records of who paid for what, just in case you have problems down the track.

Hopefully your property partnership will be a very positive experience, and if you follow these steps you should be well on your way to being a great team.

27/01/2025

Have you considered a second residence on your property?

Home owners looking to invest in a rental property without taking on significant debt are finding a solution in their own backyard.

The granny flat is regaining popularity as a solution to tight rental markets, an ageing population and metropolitan land shortages, thanks to more relaxed legislation in some parts of Australia.

Whether it's actually for granny, an adult child or an unrelated tenant, a second residence on your existing property can bring benefits, if you do your homework.

Not just a room for rent

Different states have different rules but generally granny flats:

Can be built only on residential blocks 450 square metres or larger that are not strata title, subdivided or community title property.
Must be owned by the same person(s) as the main dwelling.
Can have no more than 60-70 square metres of living space (patios, verandas or carports can be additional).
Can be attached to the primary dwelling or freestanding.
Must have a separate entrance (even if attached to the main house).
Regulations regarding construction and occupancy differ between states and territories, so do your homework before finalising plans. Planning rules can also vary among councils.

Managing up

Having the grandparents close by has all sorts of family advantages, providing everyone gets along! One of the biggest perks, apart from having built-in baby- sitters, can be lightening the financial load for both the senior and junior parties.

Often parents agree to cover the cost of building a granny flat as an affordable alternative for their retirement, while their child can benefit from increased value to their property and possibly a rental income further down the track.

But don't assume a granny flat will instantly add value above and beyond its cost. Often the value is derived from the opportunity for an extra income to help pay down the mortgage on the primary residence faster.

It will depend on the housing market in your area as to whether a second residence adds to the overall value of your property - another reason to do your homework.

It's also important you get legal advice for your circumstances so if someone dies or has to go into care, or the younger family decides to sell, the financial implications are clear for everyone involved.

Still in the nest

A granny flat can be a win-win for parents whose adult children are still attached to the family home and all of its convenience. The separate residence gives both parties privacy, while the younger generation can get a taste of independent living and save on rent.

Parents may have to set some clear boundaries with this option because, although the kids are at arm's length, they are still under your nose and may still need to abide by your house rules.

Investing close to home

Taking the plunge into investment property can be daunting for home owners. With a granny flat, you can dip a toe without hefty debt and be positively geared from the get-go. For an investment of around $120,000 in a capital city, you are likely to reap $220-$330 a week in rent.

Talk to local real estate agents to gauge the local rental market. Granny flats (either attached or detached) often appeal to single women who appreciate the extra security of someone else living on site or young people studying from out-of-town or overseas, especially if your residence comes fully furnished.

You should also research whether a one or two-bedroom residence would be more rentable in your neighbourhood.

Tax implications

Capital gains tax (CGT) doesn't apply to your main residence, no matter how much it appreciates in value from when you buy to when you sell. You can even rent it out for six years, CGT-free, providing you don't claim another property as your main residence for that same period.

However, the CGT exemption may no longer apply for part of your property when you add a granny flat, which means you may have to pay CGT when you sell up.

The rules can be complex and a little blurry, and hinge around how the granny flat is used, so make sure you get independent, professional tax advice to fully understand the tax implications for your situation.

Need extra money to fund the build?

Talk to your broker if you are considering creating a second residence. It might be a good opportunity to review your home loan and find a deal to better suit your circumstances.

27/01/2025

How to save money and get rid of your mortgage sooner:

Do you like to dream about a time when your mortgage will be a distant memory? It could be sooner than you think. Provided you're willing to put in the hard yards, there are a few simple ways to save money and pay off your loan ahead of time.

- Create a really good budget

There are budgeting tools available that can help you to plan your household expenses and look for ways to save more. The most important thing is to remember all of your expenses. If you forget about your car registration because it only comes in once a year, your budget might be thrown into disarray.

When you first put together your budget, try using bank statements or online banking records, as well as any paper receipts in order to account for every household expense.

Don't forget to leave some room in the budget in case you need something unexpected - like medicine, a new work outfit, or maybe an anniversary present for your partner. (Although, if this one is unexpected you should give yourself a slap on the hand!)

- Consider an offset account for your savings

If you're trying to save as much as possible and get your mortgage down sooner, you can't go past an offset account. The idea here is that you can deposit your money into the account, it's linked with your mortgage but you can access it whenever you want.

When your lender calculates the interest on your loan, they will only charge you for what you owe minus your savings. This can save you a lot of money over the life of your loan and allow you to pay it off sooner.

- Manage your expenses on a credit card - but be very careful.

If you're fantastic with money, and I mean, really really responsible, it can be helpful to manage your household expenses on a credit card. By leaving your money in savings for longer, you could be earning interest, and with an offset account you could be saving interest on your loan.

This theory only works if you pay your credit card off in full at the end of each month.

The danger here is obvious, but if you have a lot of self-control it can be very helpful in managing your budget to run everything through a credit card. If you have a credit card with a good rewards program, you could even start to rack up quite a points balance.

- Align your mortgage repayments with your salary.

If you get paid fortnightly, it can make life a lot easier if you set up fortnightly repayments on your loan. This will help you to create a budget that makes sense to you - and is easier to stick to.

But try to give yourself a day or two between salary and mortgage payments, in case something goes wrong from your employer's end.

Make the most of interest rate reductions by saving the extra money in an offset account, or making voluntary repayments against your loan.

It's tempting to spend that extra money on fun stuff, but if you don't mind being a bit boring then you will reap the rewards in the long term, and get your loan paid off sooner than planned.

25/01/2025

There is no better time to get your finances in order than when you are upgrading your home.

Get it wrong and you will pay thousands of dollars more than you need to.

Use this free guide to help you make the right choice:https://www.mortgageaustralia.com.au/brokervbank.pdf

25/01/2025

6 Steps you can take today to achieve your financial goals

Are you struggling to manage your household expenses, mortgage repayments and other unexpected bills that always seem to arrive at the wrong time? It might be time for you to sit down and create a budget that works for you.

Many homeowners have achieved their financial goals a lot sooner by creating and following a careful budget. Who knows - you might even be able to pay a little more off your mortgage each month and be mortgage free a couple of years sooner.

Step 1 - Identify how you're spending money now

Get out the bank statements, receipts and online banking, and spend some time examining exactly what you spend money on now. Be honest, and don't forget to factor in the things that only come up on occasion - like car registration, birthday presents, Christmas etc.

Step 2 - Set goals for the future

Work out what you hope to achieve by implementing your budget. This will help to motivate you because you will be working towards an actual goal and you can see the results.

Step 3 - Use budgeting software or other methods for monitoring spending

There are some incredible programs available now for budgeting, accounting and monitoring spending. Many of these can be synced with your internet banking so that they automatically collate the information for you.

Step 4 - Leave room for the occasional unscheduled purchase

There's no use creating a strict budget if you can't stick to it. If you currently go out for dinner once a week, rather than removing it altogether, try budgeting for dinner out once a month. If you don't feel like your life has come to an end, you're more likely to stick to the budget and achieve your goals.

Step 5 - Watch out for disappearing notes

Do $20 notes seem to grow legs and walk out of your wallet whenever you stop at the ATM? If you don't need to withdraw cash then try to avoid it. Most outlets have EFTPOS facilities these days, so try using your card for small purchases, rather than withdrawing money and making it disappear.

Step 6 - Don't count on uncertain wins

Don't spend money that you can't afford, because you think that you might be getting a tax return this year. It's dangerous to rely on any money that isn't guaranteed when you create your budget. Maybe you could wait until you actually receive the money and then do something really special with it once you have it.

22/01/2025

Here are the key questions many property investors ask me.

1) What's the difference between an investment loan and an ordinary home loan?

Most of the same types of home loans and loan features apply for investors as for owner occupiers. Some lenders may charge higher rates for investment properties if the associated risks are higher.

2) Can I use equity in my home as a deposit for an investment property?

Many an investor has started out by utilising the equity of their own home. Banks will usually accept equity in a home (or other property) as additional collateral against which they are prepared to lend.

This means you could potentially borrow the full purchase price of the property, as well as all costs (stamp duty and other fees) without having to contribute any cash. The risk in using your home as collateral is that if you can't fund the mortgage for the investment property, the investment property and your home are at risk.

When we meet, we can go through the options you have available.

3) What is negative gearing?

This is when the cost of owning a property is higher than the income it produces. If the rent you get for an investment property is less than the interest repayments, strata fees, maintenance and other costs, your investment is negatively geared, or making a loss.

This loss can be offset against your income, reducing your income tax bill.

4) How much money can I borrow?

We're all unique when it comes to our finances and borrowing needs. Get an estimate on how much you could borrow with our fast and clever loan options tool. Or contact us and we can help with calculations based on your circumstances.

5) How do I choose the loan that's right for me?

Our guides to loan types and features will help you learn about the main options available. There are hundreds of different home loans available, we can recommend the right loan(s) for you.

6) How much do I need for a deposit?

Usually between 5% - 10% of the value of a property, which you pay when signing a Contract of Sale. Talk to us to discuss your best options for a deposit.

You may be able to use the equity in your existing home or an investment property.

7) How much will regular repayments be?

Because there so many different loan products, some with lower introductory rates, contact us for all the deals currently available and the right loan set-up for you.

8) How often do I make home loan repayments - weekly, fortnightly or monthly?

Most lenders offer flexible repayment options to suit your pay cycle. Aim for weekly or fortnightly repayments, instead of monthly, as you will make more payments in a year, which will shave dollars and time off your loan.

9) What fees/costs should I budget for?

There are a number of fees involved when buying a property. To avoid any surprises, the list below sets out all of the usual costs:

- Stamp Duty - This is the big one. All other costs are relatively small by comparison. Stamp duty rates vary between state and territory governments and also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself. To find out your total Stamp Duty charge, visit our Stamp Duty Calculator.
?- Legal/conveyancing fees - Generally around $1,000 - $1500, these fees cover all the legal rigour around your property purchase, including title searches.
- Building inspection - This should be carried out by a qualified expert, such as a structural engineer, before you purchase the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties. A building inspection and report can cost up to $1,000, depending on the size of the property. Your conveyancer will usually arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
- Pest inspection - Also to be carried out before purchase to ensure the property is free of problems, such as white ants. Your Contract of Sale should be subject to the pest inspection, so if any unwanted crawlies are found you may have the option to withdraw from the purchase without any significant financial penalties. Allow up to $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
- Lender costs - Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. We will let you know what your lender charges but allow about $600 to $800.
- Mortgage Insurance costs - If you borrow more than 80% of the purchase price of the property, you'll also need to pay Lender Mortgage Insurance. You may also choose to take out Mortgage Protection Insurance. If you buy a strata title, regular strata fees are payable.
- Ongoing costs - You will need to include council and water rates along with regular loan repayments. It is important to also take out building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan, but make sure you actually take out enough building insurance to cover what it would cost if you had to rebuild. Likewise, make sure you have enough contents cover should you need to replace everything if the worst happens.

10) What is landlord's insurance?

Landlord's insurance provides standard building and contents cover plus cover for theft or malicious damage to the property by tenants and covers loss of rent in certain circumstances.

It also covers the owner's liability (e.g. if a tradesperson is injured while working in the property). Landlord's insurance is an affordable extra safeguard and strongly recommended for all investors.

21/01/2025

BUYER BEWARE THE BARGAINS

Limited cash flow and equity mean many first-time property investors feel the need to chase down a bargain to enter the market. But, like most things in life, you usually get what you pay for, which � in the case of property � can mean unrealised returns or even losses.

While there�s nothing wrong with paying less in the hope of making more, investors need to understand when a cheap property is truly a bargain and when they could be selling (or rather buying) themselves short.

Here�s our guide to help investors actually get what they bargain for.

Always ask �why�:

There�s always a reason a property is selling cheap. Your job is to find out why.

Some reasons are obvious � the property is on a main road or backs onto a railway line � but others may be less overt. There could be termite damage, rising damp or shifting foundations, which perhaps only a property inspection will reveal. While not irreparable, these can be big-ticket fixes and probably beyond your reach if you have limited funds.

Other factors may be even more concealed. For example, a very small property with poorly placed sewer pipes that prevent extensions, a new flight path planned for overhead or a property in a high-risk flood zone. These are variables you can�t control and should probably be avoided.

The best way to avoid being sold a lemon is to do your research, not just on the property for sale but on others in the vicinity. What�s the average price for similar properties in the same suburb? And what do they have that yours doesn�t, or vice versa (as in the case of aircraft noise).

That�s not to say all cheap properties have sinister secrets. Some are under-priced because the owners need a quick sale or the property is part of a deceased estate. Keep in mind, though, these sorts of genuine bargains tend to get snapped up quick, so have your suburb research on hand to be in a position to pounce.

What can and can�t be fixed:

Even in the property market there are lemons that can be turned into lemonade. It�s a matter of knowing which lemons are worth squeezing, which means accepting what can and can�t be fixed.

What you can fix:

- Minor noise (with insulation and double glazing).
- Interior design.
- Configuration of rooms (turning a study into a bedroom or vice versa).
- Storage.
- Natural lighting in a house (add a skylight, windows or glass doors).
- Under-cover parking for a house (add a car port).
- Landscaping.

What you can�t fix:

Location.
- Land zoning and covenants (restrictions on height, building type etc).
- Land size.
- Traffic.
- Infrastructure that imposes on your property (e.g. power poles).
- Flight paths.
- Aspect (which way the property faces).
- Natural lighting in a unit (you won�t be allowed to add windows).
- Unit block exterior (although you can try and influence the body corporate).

Just because a negative, such as traffic, is beyond your control, the property may still be worth pursuing at the right price. You just need to accept it may be harder to rent and harder to sell, and will probably take longer than desired to increase in value.

One of the biggest mistakes investors make when they purchase cheap properties with �unfixables� is to over-capitalise on renovations (see our story in this edition on this very subject).

There can be a temptation to compensate on what can�t be fixed by over-investing in what can. If you decide to invest in a bargain that has some obvious drawbacks, do your homework on which renovations will give you the best return on investment.

Short-term pain, long-term gain:

As with all investments, you need to weigh up your personal finance goals and individual circumstances before settling on a property. For many investors, a bargain buy (even with some of the unfixables) is going to be their best opportunity to gain a foothold in the market.

It�s worth considering, though, whether settling for something cheaper is the best strategy in the longer term.

A slightly more expensive property in a quality suburb with higher growth potential could be worth the extra stretch up front if the capital gain over time far outstrips a bargain buy elsewhere.

Buyers should also be wary of towns or suburbs billed as the �next big thing�. Where there�s a boom, there can also be a bust. Towns built on the back of mining are key examples of property markets that can lure investors with promises of high rental returns. But if the mine dries up or goes belly up due to external factors, you could be left with a property that is worth much less than what you paid with few prospects of tenants.

The key to taking a longer term view is patience, and ensuring you are in a financial position to stick to your plan, especially if it means holding onto a property for 10 or more years to realise its growth potential.

Get expert advice:

Your broker can help you assess your individual circumstances to determine what you can afford. Everyone�s circumstances are unique so it�s important your first investment takes into account your earnings now and into the future, plus any significant lifestyle changes that might affect your ability to service a loan.

Are you planning to start a family or travel? Do you have kids in private education?

It�s important to weigh up all of these factors when considering your financial future.

Peter Varnay - Brickhill Financial Solutions - Mortgage Broker

02/02/2025

31/01/2025

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21/01/2025

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