Steven Lunn in Perth, Western Australia | Mortgage brokers

Steven Lunn

Locality: Perth, Western Australia

Phone: +61 400 205 788

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25.01.2022 Do you feel a bit ill when you open the letterbox and see your credit card statement? Its happened to most of us at some point - a few untimely expenses pop up, and suddenly that credit card has a life of its own. The good news? There is hope. You can get control of your credit card debt today with a few simple steps. ... Stop the bleeding It might sound obvious, but the first step to cutting down your credit card debt is to stop growing it. If you have any direct debits connected to the card, make other arrangements for these to come out of a bank account. Then, use whatever means necessary to destroy the card so that you can stop accruing debt. Pay more than the bare minimum If you only pay the minimum amount each month, youll see many birthdays waiting for your credit card debt to decrease. In most cases, you will only be paying the interest on the debt without reducing what you owe. Its time to sit down and make a budget, and look for ways to pay as much as possible off your credit card each month. Work out your priorities If you have debts on more than one credit card, your instinct might be to pay the largest amount off as a priority. Alternatively, try focussing on the card with the highest interest rate. Its also worth knocking over your smaller cards first (and then cancelling them) so that you can concentrate on one monthly repayment. Try a balance transfer Many lenders offer great introductory rates on new credit cards. Some even offer rates of 0% for the first 6 or 12 months. This presents a great opportunity to work on getting your balance down, without being charged interest. Beware though - its important to investigate what your interest rate will be after the introductory period. Its also vital that you do pay as much as possible off the balance. If you dont reduce your debt, and if the standard interest rate is higher than what you had before - you will only do further damage. Save for a rainy day Many of us get into trouble with credit cards because we dont have adequate savings when something unexpected comes up. While you work hard at reducing that credit card debt, try to put a little bit in savings each month and build up a buffer. That way if you suddenly need a new set of tyres or a hot water service, you wont undo all of your good work by whacking it on the credit card. Put your hand up If you cant seem to get control of your finances and you feel like the situation is getting worse every day, it might be time to ask for some help. There are experienced financial counsellors and legal representatives who can help you to make a plan and get back on top of things again.

24.01.2022 Your Perfect Match - How to find a loan that keeps you warm at night. Do you find that youre usually attracted to the same type of person? We all have a mental image of our perfect mate - some people are even lucky enough to wake up next to that person each day. Just as the dating market can be tricky to navigate, its easy to miss the signs and find yourself attracted to the wrong home loan.... To help you find a loan that loves you unconditionally, here is a quick run-down of the different types available. Basic Loan The basic home loan usually doesnt have a lot of fees. What you see is what you get. Usually you get a low interest rate, but you dont get much else. If you want some features, and flexibility this might not be the match made in heaven. Introductory Rate loan Otherwise known as a Honeymoon loan this one is a bit like some new relationships. You get a really good deal at the beginning, and everyone is happy. After a year or two the honeymoon is over, and you find out what the loan will really cost you. A good option if you want to keep your repayments down in the beginning - but make sure you investigate the interest rate that you will be charged after the introductory period. Standard Variable rate loan For those who want to be able to pick and choose their features, the standard variable rate loan could be your perfect mate. You generally get a low interest rate, but the flexibility to select some options that suit your needs. Low-doc Loan A low-doc loan is a good alternative for Self-Employed borrowers who are often unlucky in love when it comes to finding their ideal mortgage. Low-doc loans allow you to use different methods of proving your income. The rules are usually a little less restrictive - but you will pay a much higher rate. On top of this - most lenders require self-employed borrowers to contribute a 20% deposit, and cover all upfront costs such as Stamp Duty and Lenders Mortgage Insurance (LMI). This is a good option for people who dont have any other options. 100% home loan Also known as a No-deposit loan, this one allows you to borrow 100% of the purchase price. Dont be fooled though - this is not a free ride. Most lender still require you to save a 3% deposit to cover the LMI, and youll also need to make sure that you have enough left over to cover stamp duty, moving costs and conveyancing - and any other associated costs. Sometimes these loans are available, sometimes they are not, it depends on the current lending environment - but it never hurts to ask.

23.01.2022 If you havent done so already, grab your free copy of my book: The 7 Easy Steps to Mortgage Freedom - revealed by a mortgage industry insider who did it in just 7 years! Just visit my Facebook page and click the FREE BOOK tab below my cover photo.

21.01.2022 Here are the key questions many property investors ask me. 1) What's the difference between an investment loan and an ordinary home loan? Most of the same types of home loans and loan features apply for investors as for owner occupiers. Some lenders may charge higher rates for investment properties if the associated risks are higher....Continue reading

21.01.2022 6 Tips to Avoid a Bad Purchase: You searched the web for properties that fit your criteria, and one in particular caught your attention. The photographs paint a lovely picture, and the agent swears that this one is something special. But before you get to the open house, be sure to take a moment and remember that you have a job to do... ... 1. Ignore the trimmings Its easy to be romanced by the lovely scented candles, flat screen television or pricey bedspread, but the reality is - youre not shopping at a department store. This is an important purchase, and when the designer furniture is removed from the house you dont want any surprises. Make an effort to look past the decorations and really notice the layout, condition, features and drawbacks. 2. Look up, and all around Take a good look at the ceilings and walls - water damage and leaks can be costly to fix, but the good news is that usually they are difficult to hide as well. Try to use all of your senses and be on the lookout for smells and sounds that might indicate a problem with the property. 3. Check out the neighbours Your grandparents would probably tell you to buy the worst house on the best street. Theres a lot to be said for location, and part of the formula is to be surrounded by neighbours who maintain or improve their properties. Try introducing yourself to the neighbours and see what you find. If the elderly lady next door says "Im glad they decided to sell that house - we need new fences and they wont pay up" you might like to leave some room in your budget! 4. Whats most expensive to fix If the kitchen and the bathroom are a lovely shade of brown and you would like to renovate as soon as possible, make sure you can afford it. These are usually the most expensive rooms to improve, and you need to know what youre in for. If in doubt, ask a tradesman to inspect the property with you before you make an offer. 5. Ask lots of questions It pays to ask plenty of questions - a great one is why are they selling? If you have twins on the way, and the agent says they want to have another baby, you might like to consider whether the property is big enough for you. Its also a great idea to ask how much the current owners are paying for their utilities. Some houses, by design, tend to generate very large heating and cooling bills, so these are all important considerations. 6. If in doubt - organise a building and pest inspection Unless you really know what youre looking at, it always pays to arrange a building and pest inspection. This can be added as a condition when you make an offer on the property. If the vendor is not willing to allow an inspection, you might like to run screaming down the street before making a very costly mistake.

20.01.2022 I recently heard an inspiring story about a young lady named Hannah. Hannah was living with her boyfriend of several years, Sam, and they had been saving to buy a home together in the near future. She had a small amount of money in her personal bank account, but most of her savings were in the joint bank account that they had opened together. One day Hannah came home to find that Sam had suddenly moved out. His clothes were all gone, and he had taken the television and the ...computer. There was no warning, although in hindsight she recalled a few small things that she failed to notice. Hannah was left alone with the rent to pay, unsure of what had happened. It turned out that Sam had a gambling addiction, and it wasnt until a couple of days later that Hannah discovered he had emptied their joint account. Rather than giving up hope on her dream of buying a home, Hannah took her disappointment in stride and got to work. The lease was nearly up on the unit anyway, so she declined the offer to renew. A friend had mentioned housesitting as a method of living cheaply, and Hannah saw this as an opportunity to start saving again. Over the next two years, she looked after six houses - all very luxurious homes in great locations near the city, and she saved as much of her wage as possible. Within two years, Hannah had saved $50k, which was enough for a deposit and stamp duties on a small unit. Although it was a bit of a downgrade from the luxury that housesitting had provided, she was absolutely thrilled to have finally reached her goal of owning a property - and without help from anyone else. This story is a reminder of how you really can recover from any setback if youre dedicated enough. Things go wrong, and people lose money all the time, but if you think outside of the square you will find a way to improve your situation in no time.

19.01.2022 Bridging finance vs deposit bonds - avoid financial distress by learning the difference: Have you decided to purchase a new home before your existing home is sold and settled? Bridging finance might be an option for you - but beware - there are some pretty big risks involved. Bridging finance allows you to purchase a new home while your old home is not yet sold. As the name suggests, this sort of loan will bridge the gap between two properties by financing both for a short ...Continue reading

18.01.2022 Here are the 7 questions most First Home Buyers ask me. 1) How much money can I borrow? This amount varies from lender to lender and depends on a number of factors. Go to our clever loan options tool for a quick idea of the approximate amount. Were more than happy to give you a more detailed response based on your individual circumstances....Continue reading

17.01.2022 Face the future with greater certainty with a fixed rate home loan. One in five Australians taking out a home loan is now opting to fix their interest rate, according to a recent AFG Mortgage Index. Not only are fixed rates proving popular in the midst of global economic uncertainty, many borrowers are cashing in on unprecedented, increased competition around fixed rate loans. ...Continue reading

16.01.2022 The Australian finance market is complex and constantly changing. The clear dominance of the Big 4 banks has contributed to a perception that all lenders are the same, but in fact consumers are spoilt for choice. There are around 55 banks in Australia, over 100 building societies, mortgage managers and credit unions, plus numerous other non bank lenders. When looking for your next home, widen your search and you might find some great lenders out there.... For more details, check out my "Beyond the Big 4" fact sheet.

15.01.2022 For many Australians retirement is an opportunity to down-size their homes and simplify their lives. For more than 138,000 retirees*, that means opting for life in a retirement village. Village living offers an appealing lifestyle, especially for those looking for a sense of community and to spend their new-found free time on recreation rather than maintaining a property. But the process of taking up a spot in a retirement complex is very different to buying your own home. Ha...Continue reading

15.01.2022 Advice on the pros and cons of borrowing with a smaller lender compared to a big bank: Whether we realise it - or care to admit it - Australians are very loyal to our big banks. In fact, more than 80 per cent of home loans in Australia are held by one of the big four or their subsidiaries. But there are other options out there in the form of non-bank lenders. Haven takes a look at how non-bank lenders work and what they can and cant offer home owners....Continue reading

14.01.2022 Did you know Mortgage Stamp Duty is no longer charged on refinanced home loans? When our home or car insurance comes up for renewal each year, most of us (hopefully) invest the time to shop around and investigate the competition to make sure we are getting a good deal. The average Australian with a mortgage spends 18% of their gross income on housing costs. With such a large investment, why do we not give our home loan the same regular review?... With the recent change that Mortgage Stamp Duty is no longer charged on refinancing your home, it is a lot cheaper and easier than many people think to switch loans. For more details, read my "Change can be good" article.

12.01.2022 Why part-time work is good for kids: In our stable economy, there are plenty of opportunities for young people to get a part-time job. Kids need to be 14 before they can get a proper paying job and they need a tax file number (TFN). High-schoolers can skip the usual paperwork by applying for a TFN through the secondary schools program, which allows schools to verify a students identity through their records. If your school doesnt participate in the program or you attend uni...Continue reading

10.01.2022 Read this before you sign on the dotted line: Have you been asked to act as guarantor for your child or another family member? Before you whip out a pen and sign the contracts, you need to hear Wendys story. Wendy is in her mid- sixties, and lives in Perth with her son. She has a granny flat at the rear of her sons property where she stays with her two dogs, Millie and Ellie....Continue reading

10.01.2022 Do you wish that your superannuation was growing as quickly as the value of your home? Did you know that you might be able to use your superannuation to invest in real estate? Many Australians have started very lucrative property portfolios with a single purchase using their superannuation. But how does it work?... Here is how to invest in property via a Self Managed Superannuation Fund (SMSF) Step 1 - Set it up The first step is to set up your Self-Managed Super Fund (SMSF), which will take some time and you will need to consult your Accountant or Financial Planner to get their input. This option doesnt suit everyone so its vital to make sure that investing in property through SMSF is the best fit for your personal situation. Step 2 - Roll over your existing super If you need to roll your super over into a SMSF, this could take a month or so. Dont go looking for an investment property to buy until you have your SMSF set up with the funds rolled over. Step 3 - Look into Trusts Ask your Accountant or Financial Planner about setting up a trust before you take out a loan for the investment property. The idea is to set things up so that the loan is only secured against the investment property, rather than throwing your family home into the mix. This way, if something unexpected happens and you cant repay your investment loan, you wont lose your own home too. Step 4 - Know your limits Usually when you borrow through a SMSF, the maximum loan amount is 80% of the purchase price, and remember that there will also be purchase costs involved, just like any other property transaction. Step 5 - Go shopping Now for the fun part - looking for a property to purchase. Usually you can choose any sort of residential property to invest in, but make sure you spend plenty of time researching your options, considering the growth that you want to achieve and the sort of tenant you want to attract. Make sure you shop with your ideal tenant in mind. (Dont look for single bedroom apartments near a university if you only want to rent to a retired couple - you might be barking up the wrong tree!) Step 6 - Remember the rules There are a couple of rules about investing in residential property through your SMSF. Generally speaking, you and your family members cannot live in the property. So if you thought it would be a good idea to purchase an investment as a home for your daughter, you might need to investigate other options. Secondly, you can maintain the property but you cannot improve it. There could be a few grey areas here (is painting consider improving or maintaining?) but obviously you wont be able to add a second level to the home, or replace the kitchen.

10.01.2022 Dont kick yourself later - ask these questions today and avoid loan confusion. Theres nothing worse than walking out of an important meeting, only to realise that you forgot to ask some important questions. One of the most important meetings you will have when you enter the property market is your initial meeting with a mortgage broker.... In order to get the most value out of your appointment, and improve your chances of being approved for a loan, you need to come along prepared to answer a host of questions about your finances and your living situation. But dont forget to ask some questions of your own. After all, the goal is to find the right loan for you, which wont happen if you dont speak up. When meeting with your mortgage broker, remember to ask: Which loan is right for my situation? There are a range of loans available but your mortgage broker should be able to help you decide which ones best fit your lifestyle. What is my borrowing power? This is usually based on your income and financial commitments, and it can vary greatly from one lender to another. What percentage of the property can I borrow? Its important to know how much you need to put down as a deposit, and also whether you need to pay other upfront costs, or whether they can be included in the loan amount. Will I have to take out LMI? Lenders Mortgage Insurance covers the lender in case you become unable to make your repayments, and there is a shortfall when the property is sold. Some lenders require borrowers to pay this amount upfront. Which loan offers the best rate? Some loans might offer a good introductory rate, but its important to look at the ongoing rate once the honeymoon period is over. What flexibility does the loan offer? Can I make changes down the track? What if I want to make a lump sum payment in the future? Is the rate fixed or variable? Variable rates are usually lower, but keep in mind that they can change frequently. Fixed rates are a little higher but they provide some certainty for those on a strict budget. However fixed rate loans are usually a lot less flexible than variable rate loans. What will my repayments be? Its important to look at your budget and make sure youre not over-committing yourself. How much is the loan establishment fee? This is another cost that is often payable upfront, so you will need to ensure that you have funds available at settlement if this is the case. Are there any ongoing fees associated with the loan? Monthly account keeping fees can vary between lenders so its important to make sure you compare your options. Are there any conditions to be aware of such as discharge costs, fees to change the loan? Not asking this question could be very costly if youre planning to refinance down the track, or make a significant lump sum payment in a few months.

09.01.2022 Would you like to find out about the true story of a family who went from being first home buyers to owning a $920,000 home in just 7 years - without scrimping and saving and making extra repayments? Visit my Facebook page and get your free copy of my book - The 7 Easy Steps to Mortgage Freedom. Just click the FREE BOOK tab below my photo.

09.01.2022 Get a free copy of my book, The 7 Easy Steps to Mortgage Freedom from my Facebook page today. Its the story of how a real person got rid of their home loan in just 7 years by applying the same home loan methods we use for our clients. Discover the inside secrets to saving hundreds of thousands of dollars and becoming debt free many years earlier.... This is the ultimate guide to the same methods that finance professionals use on their own home loans to become debt free the easy way and steadily and safely build wealth. Just visit my Facebook page now and click the FREE BOOK tab right below my photo to get your complimentary copy.

08.01.2022 Do you know the difference between how much you can borrow, and how much you should borrow? There might be a very big difference between how much a lender is willing to give you, and how much you can comfortably afford to repay. So how do you work out your real should borrowing capacity? Dont you want to be sure that you can afford to make the repayments on your loan?... Lenders will take into account your ability to repay the loan, based on what you earn, how many dependants you have, what your credit rating is, and your declared living expenses. However, lenders only know what you tell them, and there are a few things you need to take into account that might not be considered by a lender when deciding on your borrowing capacity: Job Security How secure do you think your job is? If youve worked for the same company for several years and earn a decent wage, your lender will view this very favourably. But have you been hearing murmurs about a possible restructure? Do you work in a department that could potentially be outsourced offshore? Youre in a much better position to assess your job security than a lender is, and you need to be realistic. If you commit to the maximum loan amount and then your role is made redundant, you might struggle to keep up your end of the bargain. Job Satisfaction Your excellent employment history was a definite tick for your lender, but how do you feel deep down about your job? Have you just been hanging on until you can get finance approved? If this is the case, think carefully about how much you should borrow. You might need to take a pay cut early on, if you decide to move into a different line of work. Family Planning You answered zero when asked about your dependants, which contributed to the assessment your lender made when offering you a bumper loan. But what if you were suddenly expecting a child, or if you decide to expand your family a few years down the track? Your Lifestyle You might be able to afford the repayments on a big loan, but what happens when mothers day, your brothers birthday and your car registration all come around at once and you need some extra cash? Or maybe you would like to take a holiday at some stage next year. Dont leave yourself short, or its going to be a very long 25 to 30 years. Your other goals Would you really love to continue your studies in a few years? Do you dream of taking off for a few months to take the kids around Australia? Dont forget about your other dreams and goals when you work out how much to borrow. You still need to have a life, and some things are more important than having a spare room for your shoe collection.

07.01.2022 How to save for your FIrst Home - without moving back to Mum and Dad: Are you trying to save up for your first home? Theres so much to think about - not just an enormous deposit, but stamp duties, moving costs, conveyancing fees and loan costs all add up to quite a number. Saving such a large amount can be a tough slog. You try and put a bit away each week but unexpected things tend to pop up, and it can feel like youre not getting anywhere at all. But there are a few thing...s you can do to speed up your savings journey. 1. Cut your costs Its time to sit down with the calculator and work out just how much you spend - on what. Its all too easy these days to tap and go when you make purchases, without really stopping to notice the cost. For example, you might be horrified to learn that you currently spend $900 per year on energy drinks. And thats not including your morning coffee. Wait until youre in the right mood - and then be brutal. Its time to work out where you can trim the fat. 2. Kill the credit cards Credit cards are expensive to keep - and they have a way of blossoming if you dont keep paying them off in full. If you have a credit card debt, get rid of it. Sell your old textbooks, get a Saturday job, do whatever it takes because this one isnt doing you any favours. Not only will a credit card accrue interest, your savings goals will be undermined if you have to keep making repayments on credit cards all the time. 3. Make a budget Write down what you earn. Then list all of your non-negotiable expenses - like rent, groceries, bills, train fares etc. Deduct the non-negotiable expenses, and what you have left is your disposable income. Rather than disposing of it - try to save as much as possible. Make a plan for how much you can afford save each month. It might be a bit of a stretch some months if you receive a big bill - so try keeping a separate account where you save a small amount every week. That way, if you receive your car registration you can pay it without compromising on your savings that month. 4. Leave some room to breathe We all need a break occasionally, and its important that your budget does include some room to breathe. You might need to buy new shoes for work, or a present for your sisters birthday. Dont make it so tight that you cant even go to the movies. Leave a bit of slack for those times when you really need to live a little. That way, youre more likely to reach your savings goal.

07.01.2022 Spring has sprung and home buyers are emerging from hibernation. Thats the theory, but the reality is home buyers are on the hunt all year round for the right property at the right price. The economic cycle and how you present your property will have a far greater impact than the weather on how soon it sells and how much it fetches. ...Continue reading

06.01.2022 BUYER BEWARE THE BARGAINS Limited cash flow and equity mean many first-time property investors feel the need to chase down a bargain to enter the market. But, like most things in life, you usually get what you pay for, which in the case of property can mean unrealised returns or even losses. While theres nothing wrong with paying less in the hope of making more, investors need to understand when a cheap property is truly a bargain and when they could be selling (or rath...Continue reading

06.01.2022 Are you Financially Fit? Just like our health, our finances can do with a little check-up from time to time. Circumstances change - new job, new home, a partner or children - or we get caught up in the hurly-burly of life and lose touch with our finances. Thankfully, the Federal Governments MoneySmart program has created a handy online tool for all of us in need of a fiscal pulse check.... The Money Health Check helps you get back to basics by looking at your circumstances and financial goals and helping you with strategies to reach them. The questions are straight forward and will prompt you to consider some of the financial red flags you may not be aware of, or perhaps prefer to ignore! The Money Health Check will help you take a global view of your finances - from regular budgeting to debt reduction, retirement and estate planning. It also highlights the value of protecting your assets once you have them. Consider this your money GP, where you can get an overall check-up, identify any issues and get the information you need for further action, if required. The aim is to help Australians be more financially resilient for the long haul. Dont put it off - get your Money Health Check today at www.moneysmart.gov.au//calculators-and-/money-health-check

05.01.2022 Whats the best way to lose your deposit - and be left out of the market for years? So, youre looking to purchase your first home. You already found a great mortgage broker who arranged a pre-approval for you, and you have the deposit ready to go. Let me ask you a question - is it okay to submit an offer on that dream home now, without making it subject to finance approval? The answer is Heck No - but instead of telling you why, Im going to tell you a story about Meliss...a and Dave. Mel and Dave had put away money diligently for 5 years and they were keen as mustard about buying their first home. They had a pretty decent figure in the bank, enough to cover a 10 percent deposit on any property in their price range, as well as all of the stamp duties and other miscellaneous costs. The couple met with a mortgage broker, who arranged their loan application. Everything went well, and they received a pre-approval for finance. After looking for a couple of months, Mel and Dave found a great little property in their price range, and decided to make an offer. There were quite a few interested parties, and the selling agent mentioned that the vendor would only be considering unconditional offers. It seemed that the vendor was motivated to sell, and didnt want to waste any time waiting to find out about finance approval. After talking it over, Mel and Dave decided that they werent really taking much of a risk by making a clear offer on the property, because their finance was already approved. They decided to increase their offer by $20k due to the heated competition, and they crossed their fingers. To their delight, the offer was approved, and the agent dropped past to get some contracts signed and collect their deposit cheque. He left the couple with a nice bottle of champagne, and it seemed like all of their hard work was finally coming to fruition. That was until the valuation came back from their Lender. Unfortunately the lender determined that Mel and Dave had paid too much for the home. Even though they stayed under budget, their loan was not approved and they were unable to find another lender to finance the sale. As a result, the sale was unable to proceed, and the couple forfeited their deposit. This is just one of many sad stories about people who lose their deposit by not adding conditions when they make an offer on a property. The only purchaser who can really afford to buy unconditionally is someone who has the entire purchase price in the bank, ready to dispense. Even then, a wise investor would still insert a clause making the offer subject to a satisfactory building and pest inspection. Dont let this happen to you. Ask your Mortgage Broker or Solicitor about how to protect yourself when purchasing a home.

05.01.2022 Cure your confusion today - 9 steps to purchasing your first home. Do you start to get a headache when you think about everything involved in getting a home loan? Dont despair. Many other borrowers have felt the same way in the past. ...Continue reading

03.01.2022 Here are the key questions many property investors ask me. 1) Whats the difference between an investment loan and an ordinary home loan? Most of the same types of home loans and loan features apply for investors as for owner occupiers. Some lenders may charge higher rates for investment properties if the associated risks are higher....Continue reading

03.01.2022 There is no better time to get your finances in order than when you are upgrading your home. Get it wrong and you will pay thousands of dollars more than you need to. Use this free guide to help you make the right choice:

03.01.2022 Introducing my favourite week of the year - Moneysmart Week. By world standards, Australia is a wealthy nation. We have a strong economy with high employment and a far rosier outlook than most developed countries. And yet almost half (47 per cent) of us are anxious about our finances, according to research by the Boston Consulting Group. Finance guru Paul Clitheroe reckons most Australians want to improve their financial situation but dont know where to start. Thats why ...Continue reading

02.01.2022 Is changing your job going to affect your ability to buy a new home? Approximately half the Australian workforce is considering a job change at any one time. Younger people are the most active in the job market with those under 30 almost twice as likely to change jobs as those aged over 40.... But did you know that lenders may not view a new job as positively as you do? If you are thinking of buying a home or investment property, its important to get your timing right when it comes to changing your employment so it doesnt upset your plans. But if you are considering a career change, or have recently changed jobs, by managing things properly you may not need to put your borrowing plans on hold. To avoid problems, please check out this article - "Will the Bank be Impressed with my New Job".