What happens if my valuation falls short?

Most of the time when you purchase a property the valuer is merely trying to ascertain (through previous sold settled properties) that what you’ve paid is fair.  You pay $285,000 the valuation will (most likely) come back at $285,000. You pay $666,666 the valuation will (surprisingly) come back at exactly $666,666! But sometimes the valuation can fall short of the mark and here you’ve got a few options: 1.     Accept the lower valuation and either contribute more […]

Read More | 18 Mar, 2020

Valuations explained

There are two main types of valuations: Onsite valuations. Where a valuer will go to the property to inspect it (here’s a little article on what to expect from the valuer when they perform their onsite inspection: https://www.uploans.com.au/blog/2017/06/03/what-to-do-when-a-valuer-is-coming/)  Type 1.  Where there is a contract of sale. Usually you’re purchasing a property from someone who is not a relative. You might be using a real estate agent or dealing […]

Read More | 13 Mar, 2020

Will my pre-approval work for a new build as well?

Woohoo – you’re all pre-approved, awesome, you’ve made the first step towards getting ready to buy.  Quite often however we get clients who can’t find what they’re looking for so they’ll edge towards building instead of buying something existing and that’s fine! Most lenders are equally agreeable to build as they would be a purchase of an existing home, but here are some things to remember: Double check with […]

Read More | 06 Dec, 2019

How on earth are you going to save to buy your first house?

You betcha! If potatoes can become vodka (or gnocchi, or fries from the land of France), and cauliflower can become pizza, and caterpillars become butterflies, tadpoles become frogs, these tiny slugs (see below) can become giant pandas and a chameleon can pretty much become anything – you my friend can become a home owner.  I think it’s best to start an article on savings in the words of […]

Read More | 03 Sep, 2019

Why we can’t tell you what you should offer on a property.

Whenever you’re going to put in an offer on a property, especially your first home, but really any home at any time, the desire to know that you’re not paying too much is really really strong. If you love a property you don’t want to miss out, but you also don’t want to pay too much. We get it!  Unfortunately even though a number of our team members […]

Read More | 03 Sep, 2019

So the property you love is up for Private Sale?

How does this differ from purchasing through a real estate agent? Great question, and in most ways it won’t differ at all. Read through this blog to get started: https://www.uploans.com.au/blog/2018/12/19/backtobasics/ Remembering that two key points are: Get us to do some research for you (email us the property address) It’s GREAT if you’re already pre-approved, if not a 21 day finance clause is advisable Now the part where […]

Read More | 16 Aug, 2019

If it seems like it’s too good to be true – it probably is!

When it comes to debt, the unfortunately reality is – the worse it is for you, usually the easier it is to get! Credit cards, interest free, afterpay, zip pay, personal loans – all typically quite easy to get, all used to buy things which go down in value and they all can impact your ability to get a home loan and your credit score.  Things to be […]

Read More | 16 Aug, 2019

Should I go “Unconditional” before my finance is formally approved?

“Unconditional” is a word you’ll hear your solicitor or conveyancer and real estate agent use when you have no conditions left to fulfil before you confirm you’re going to purchase your property.  Typical conditions include:  Finance Building inspection Sale of another property Due diligence But there can be many others as well.  Unconditional effectively means – you have no other conditions and you are confirming you are going […]

Read More | 05 Jun, 2019

Basic home loan or fancier package home loan?

These days most banks offer two main types of products:  Basic home loans Usually are a home loan with the following features: –  a low or zero cost set up fee ($0 – $600) –  a low variable rate read this article–  no ongoing monthly or annual fees –  most have redraw options but no offset facilities  Pros:  no ongoing costs you can put extra funds into the home loan to […]

Read More | 28 May, 2019

Cross Collateralising – the do’s and don’ts.

When you own one property with a significant amount of equity, there is often a way to use that equity to purchase a second (or third or fourth etc), and there are two main ways to go about doing this – cross collateralising and stand alone securities. You can have a watch of this video Kirsty has made that steps through how this all works, and also see […]

Read More | 03 Mar, 2019