When you take out a mortgage you have an option to get either a fixed or a variable home loan – OR one of each which is called a split loan – ie: some variable and some fixed.

Oh no – settlement is meant to be the 10th and for”¦ whatever reason”¦ it’s not going to happen on time!!

Interest rates are low right now – like historically record low rates. Which is awesome if you’re looking at buying a home. But unlike other countries where you can lock in the same low rate for the life of your loan (yes, it happens!) here in Australia – you’ve either got a variable home loan rate that goes up or down with the market or you can fix for a few years.

While you’re in discovery mode for first home buying, now is a great time to order a free copy of your credit report.

I got this question from a client tonight and it’s one I get asked often!
“Just wondering if there is room to get some money to renovate? For example, XXX Street has just come up but it desperately needs attention. It’s only $XXX,000 but could we borrow more to do that work to make it livable?”

You’re preparing up all your information for your broker and you want to have the best chance of getting your loan approved. It’s natural to think that you want to put your best foot forward in everything you send to the bank. BUT”¦ Don’t estimate low on your living expenses.

If we need you to take documents in to get them certified the easiest way to do this is to gather up:
– Your driver’s license
– One other form of ID (passport, bank card (note NOT credit card), utilities bill addressed to you etc)
– Your medicare card

What does a variable or fixed rate mean?

When you borrow more than 80% of a property’s value most lender’s will charge you Lender’s Mortgage Insurance (LMI).

When buying property with another person it is important to understand the difference between joint tenancy and tenancy in common to avoid unforseen issues and costs.