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BorrowRight Mortgage Brokers

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19.01.2022 Update: Limited spots under the Australian Governments FHLDS program are still available! The First Home Loan Deposit Scheme is an Australian Government initiative to support first home buyers to build or purchase a new home sooner with a deposits little as 5% with no Lenders Mortgagee Insurance Currently only 3 lenders are taking pre-approval applications under this scheme whereas other lenders (including the major Banks), only have waitlists.... For a property to be eligible for the Scheme it must: Be a ‘residential property’ this term has a particular meaning under the Scheme, and you should ask your lender if there is any doubt Have a purchase price (and value) under the price cap for its location Be purchased by an eligible first home buyer under the Scheme list you as the sole registered owner/s of the property at the settlement date for your home loan Be a property which is (1) an established dwelling, or (2) a new-build dwelling that is purchased under a house and land package, a land and separate contract to build a home or an ‘off-the-plan’ arrangement that is financed under an Eligible Loan from a participating lender. This incentive an all be used in conjunction with the First Home Owners Grant of $10,000 and the $15,000 Home Builder Grant

15.01.2022 What is the HomeBuilder grant? HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant to build a new home, substantially renovate an existing home or buy an off the plan home/new home! - HomeBuilder will provide a $15,000 grant for eligible contracts entered into on or after 1 January 2021 until 31 March 2021 - A $25,000 grant is available for eligible contracts entered into on or after 4 June 2020 up to and including 31 December 2020 Ho...meBuilder also inclues eligible substantial renovations Substantial renovation can be either: substantially altering the existing dwelling, or demolishing your home and building a new home on the land. Get in touch today to see if you are eligible for HomeBuilder! See more

15.01.2022 Let's talk about health care professionals! Their usual career stability has encouraged certain lenders to create lending products that may aid them to more easily manage their home loan and save money Healthcare professionals may be able to receive a Lenders Mortgage Insurance Waiver (which is often in the thousands of dollars) even if they are borrowing 100% of the home value. Any healthcare professional should be sure to ask about this benefit ... Some eligible professionals include the below: General Practitioners Gastroenterologists Nephrologists Neurosurgeons Dentists Dermatologists Psychiatrists Radiologists Optometrists Gynaecologists Cardiologists Clinical Pharmacologists Anaesthetists Surgeons in various specialised areas & more! Be sure to ask me what concessions nurses may be eligible for as well!

10.01.2022 What is H.E.M and how does it impact your mortgage borrowing capacity? H.E.M or 'Household Expenditure Measure' is a benchmark which Banks use to estimate your annual living expenses based on income, post code, children & lifestyle in general. What expenses do the Banks take into account? Groceries (food, toiletries etc) Medical (pharmacy visits, specialist appointments etc) Insurances (personal & property insurances)... Entertainment (eating out, movies, holidays etc) Childcare & Education Car & Transportation and more The kicker here is even if you spend less than what H.E.M estimates, Banks will still use the higher H.E.M amount when calculating your borrowing capacity. If you're apply for a home loan and want to increase your borrowing power there are few steps you can take: Cut back your expenses. Lenders won't examine your entire life's worth of spending but they will look closely at the months leading up to your application. So before you apply, hold off on big purchases Increase your deposit. If you can add a bit to your deposit your loan amount will shrink, increasing your chances of approval Reduce your debts Check your credit score. Your lender will look into your credit history, but you can check yourself beforehand! See more

02.01.2022 For example, where zoning laws do allow for apartment buildings, land prices are typically higher, meaning that medium-density housing forms, including townhouses, are not financially viable which prevents the development of much needed diverse housing.