If I have funds in redraw what will the bank base the minimum repayment amount on?

We get this question a lot! Kirsty explains how the bank works out what your minimum repayments are going to be, and what they’re based on. Spoiler: if you pay extra into your redraw, your minimum repayments may not change (different banks behave differently) because they are based on the loan as a whole (unless your bank does it the other way!), but you won’t pay extra interest […]

Read More | 13 Dec, 2022

Decline Advice

As a finance broker each of our team at Up Loans are under compliance restrictions where they cannot submit an application to a bank that they do not feel will service (show borrowing capacity) and be approved. As such if you come to a team member at Up Loans with a contract that has been signed and we do not have a solid option for you we cannot […]

Read More | 28 Nov, 2022

What names to go on the loan / title?

Oftentimes a client in a relationship will have owned a property prior to entering the relationship. When doing new lending the following are options for how that lending will impact the previous property:   Let’s say Jenny and Joe are in a relationship and Jenny owned her own house prior to meeting Joe. Now Jenny and Joe want to buy a house together.   Options for Jenny’s current […]

Read More | 28 Nov, 2022

How does my equity / savings impact on borrowing capacity?

  Kirsty has recorded a quick video here answering a very commonly asked question about how savings / equity impacts on borrowing capacity. In effect they’re the two halves of borrowing. We need either equity and or savings AND the income in / out – but having equity / savings doesn’t necessarily give you extra borrowing capacity. Have a watch and ask any questions. Side note, this was […]

Read More | 23 Nov, 2022

Providing your photo ID

Every time we open up a new application with the bank, we have to prove that you are who we say you are (and not a robot) with an ID check of some description. Because we do a lot of our meetings via Zoom, we’ve found the most reliable way to do this is a screenshot of our initial call with you that shows your broker, you, and […]

Read More | 18 Nov, 2022

First Home Buyer FAQs

Hello, First Home buying friends! We’re lucky enough to be able to help lots of first home buyer clients in our daily work, and there are a few questions that crop up pretty commonly. In the video below, Kirsty & Lucy chat about some common questions asked by first home buyers, plus share some things they wish they’d known when they were looking at purchasing a house for […]

Read More | 17 Nov, 2022

How your loan is calculated?

The loan amount recommended by your broker for your application may differ slightly from your own estimate of how much to borrow . People are frequently surprised by this, but we assure you that there is a method to the madness! Watch the below video where Kirsty explains why we calculate loan amounts the way we do. https://youtu.be/qwQWgJi9pNk

Read More | 14 Sep, 2022

Finding Unclaimed Money

  Hey there First-Home-Buyer-To-Be (or Savvy-Saver, we don’t discriminate),   How good is that feeling of finding a ten dollar note in the pocket of some pants you haven’t worn in a while? What if the internet could search your pockets for you to find that cash? Good news. It can! (Sort of – they won’t actually search your pants pockets, that would be creepy). The MoneySmart website has a […]

Read More | 01 Sep, 2022

Extra voluntary tax contributions on your payslip?

Have you checked your payslip to see if you’re paying any extra tax, either deliberately or as a hangover from your HECS/HELP debts or your salary sacrifice? Kirsty has some advice on what extra tax deductions on your payslip can do to affect your home loan application.     Related watching: Advice on the Home Loan Super Saver Scheme

Read More | 05 Aug, 2022

How To ‘Fix’ Your Home Loan Yourself

With the recent interest rate rises, we’ve been getting a lot of clients reaching out to ask about fixing their home loans! We have a pretty simple tip here to help you ‘fix’ it yourself if you’re thinking that a fixed rate could be the way to go for you. It’s easier than you think, and it doesn’t require any fees… sounds good right? Have a look at […]

Read More | 15 Jun, 2022