What is Lenders Mortgage Insurance (LMI)?
What is Lenders Mortgage Insurance (LMI)? Lenders mortgage insurance (LMI) is required when the value of a loan is more than 80% of a property’s purchase price, or property valuation if refinancing. In very basic terms, a lender considers a loan to carry a higher risk if the Loan to Value Ratio (LVR) is above […]
Explainer: Comparison rates
Explainer: Comparison rates Comparing apples with oranges doesn’t make sense. To make finding the right loan easier, and to make advertised rates as transparent as possible, there are comparison rates. You’re looking for a mortgage deal and you see an ad. It shouts ‘3.8% INTEREST!’ and, underneath that seemingly too-good-to-be-true rate, ‘7.9% comparison rate’. What […]
How do lenders assess applications?
How do lenders assess applications? While loan officers work solely for a lending institution and can only offer that institution’s products, brokers can help connect you to the lender best fit to serve your mortgage needs by shopping around on your behalf. Finance brokers on the other hand are paid commissions by lenders to match […]
Buying a tenanted investment property
Buying a tenanted investment property Purchasing an investment property that already has a tenant means you collect rent from day one, with no vacant period and no lease fees to find a new tenant. The lease just carries on as it did before you purchased the property. There are plenty of upsides to buying an investment […]
When should I refinance my mortgage?
When should I refinance my mortgage? Whenever it makes financial sense to do so. In the past, most people who took out a mortgage doggedly continued with it until they had paid it off. These days, people refinance their mortgage much more frequently. Here we look at some of the reasons people in Australia refinance […]
How to apply for a home loan if you are self-employed
How to apply for a home loan if you are self-employed As a business owner or self-employed entrepreneur, applying for a home loan can be difficult. Too many rejections can also hurt your credit score, which in turn can hurt your business. Instead of applying individually at each bank, talking to an experienced mortgage broker can help […]
Conditional Approval vs Unconditional Approval: How does it affect my home loan?
Fixed Rate vs Variable Loans: Which is best for you? Fixed rate loans A fixed rate loan is one that maintain the same interest rate over a set period of time regardless of market fluctuations in interest rates. A fixed rate home loan can offer stability for those conscious of a budget and who want […]
Securing Finance for Your Business
Securing Finance for Your Business Did you know that brokers do more than mortgages? Options for small business finance are growing with an increasing number of lenders and products on the market, and we can help you make sense of it all. We know that small businesses may need to access finance for a number […]
What Is Refinancing and When Should I Do It?
What Is Refinancing and When Should I Do It? As a homeowner with a mortgage, chances are you’ve heard of the term ‘refinancing’. Refinancing involves reviewing your current mortgage, and potentially swapping your loan to another lender, who can better meet your current needs, wants and circumstances. Refinancing can be a strategy to secure a […]
Getting Your Home Loan Approved Faster
Getting Your Home Loan Approved Faster Every home loan application is unique, so the time between your first contact with your broker and approval can never be predetermined. If an application is not completed correctly, you risk delays in approval, or even being declined by potential lenders. There are, however, some things you can do […]