SK Financial Solutions

06/03/2022

With the cash rate forecasted to be increasing later in the year, banks have been increasing their fixed rates on both owner occupier and investment home loans.

National Australia Bank's boss warns variable mortgage rates will "probably" rise later this year, but said his customers are mostly well positioned to cope.

01/01/2022

12/12/2021

Reflecting back, what a year for property it has been! With unparalleled growth levels, now may be a great time to review your owner-occupier and investment home loans and secure a better deal.

For any refinance or pre-approval enquiries, get in touch with us at [email protected] or 0412 597 549 today.

Australia's property prices smash records in 2021 with fastest growth on recordBy Stuart Marsh • Senior Producer11:06am Dec 9, 2021 Tweet Facebook Mail Australia's property market has surged through a record-breaking 12 months as prices rose at the fastest year-on-year rate in history.Domain's End...

21/11/2021

Waiting for prices to cool off before getting in the market? Forecasts show house prices are set to continue rising faster than wages over the next year. With interest rates at record lows, now may be the right time to buy your first-home.

Get in touch with us today on 0412 597 549 or [email protected] to get pre-approved and shop with confidence in this booming market.

It's now 'extremely difficult' for those who do not already own property to get in to the market, top economists warn, and cheaper rents are offering little help.

08/11/2021

What is LMI?

LMI refers to Lender’s Mortgage Insurance and is the insurance that is in place to protect the lender if you default on your loan. LMI only applies to loans with a Loan to Value of 80% or above as this represents a higher level of risk for the lender. LMI can either be paid upfront by clients at the time of settlement or it can be capitalised and added onto the balance of the loan. During the home-buying process, approval would be required from both the lender and mortgage insurer.

A lot of people choose to pay the LMI rather than waiting to save a 20% deposit as it allows them to get their foot in the market earlier. Banks will calculate LMI based on the amount that you are borrowing in comparison to the value of the property you are purchasing to gauge the level of risk being undertaken.

LMI premiums like interest rates can also vary from lender to lender so it is essential that you perform all due diligence. This is where a mortgage broker comes in most handy as they are able to compare all interest rates and LMI premiums to ensure you are receiving the best possible deal.

Purchasing or Re-financing? Contact us at [email protected] or 0412 597 549 today.

02/11/2021

As expected, the RBA has once again held cash rate at 0.10%. With rates at record lows, now might be a great time to review your mortgage.

Contact us at [email protected] or 0412 597 549 today.

The bank has conceded a rate rise in 2023 is “entirely plausible” but pushed back at suggestions it could be lifting rates early next year.

19/10/2021

It is always in your best interests to have a chat to a mortgage broker about your finance options. Whether it be getting a pre-approval to allow you to shop with confidence or simply refinancing to ensure you have the right loan structure to suit your needs.

Get in touch with us at [email protected] or 0412 597 549 today.

Including why pre-approval is so important. The post 4 mortgage truths that may surprise you appeared first on In The Know.

11/10/2021

Hear acronyms like DTI being tossed around in the news but never know what they mean? Keep reading to find out.

DTI stands for Debt-to-Income ratio and is an assessment tool used by banks to measure the overall amount of debt you have taken on in comparison to your gross income. This provides lenders with an overall view of the capacity of the borrower to maintain repayments and the general risk of default.

A low DTI indicates to lenders that there is a good balance between a debt and income and the risk in lending is deemed to be lower. On the contrary, a high DTI indicates that there is more risk in lending due to possible uncertainty in meeting future monthly repayments.

The maximum DTI for consideration varies from lender to lender dependant on their respective policies. It is also important to remember that DTI is not a sole indicator for the chances of approval on a loan. This along with a range of other factors are used by lenders for loan approval.

Purchasing or Re-financing? Reach out to us at [email protected] or 0412 597 549 today.

05/10/2021

Once again, RBA have held the cash rate at its record low of 0.10%. With interest rates at this level, now would be a great time to review your mortgage save money by refinancing.

Contact us at [email protected] or 0412 597 549 today.

The Reserve Bank is sticking by its belief interest rates will not rise until at least 2024, holding official interest rates at 0.1 per cent.

30/09/2021

Lending restrictions are imminent over the next few months. Get your pre-approval now before they come into play.

A key industry survey shows players expect tighter access to debt over the coming year as macroprudential measures slow mortgage lending.

17/09/2021

What is the difference between redraw & offset? Keep reading to find out.

An offset account is like a separate transaction account attached to your loan. It can be used like any other everyday account for all forms of purchases and transactions. The balance held within this account will offset the balance on your mortgage and interest will be calculated on the remaining account, allowing you to pay off your home loan faster while making the same repayments. On these accounts interest is calculated daily, meaning that everyday you have any funds in your offset account you will be saving interest on your mortgage.

A redraw account is a feature which is attached to your mortgage and allows you to make extra repayments to pay off your loan quicker. You also have the option to withdraw those extra repayments in the future if the need arises. Some lenders may have certain fees associated with withdrawing those extra funds from your mortgage, which would act as incentive for forced saving and paying off your loan earlier.

Purchasing or Refinancing? Contact us at 0412 597 549 or [email protected] today.