FOXX Financial | Mortgage brokers

FOXX Financial

Phone: +61 412 094 964

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24.01.2022 Swapped the computer for these views for a few days! Work hard, play hard.

21.01.2022 Bridging finance Ready to build or buy now, but haven’t yet sold your old property? Bridging finance could be the answer to keep the ball rolling. Trying to sell one property and buy another can be quite a daunting and emotional process, especially when the timelines of both projects don't match up perfectly. Generally, people can be a bit nervous or anxious, but it’s an education process for them. One of the services that some MFAA Approved Credit Advisers have offered clien...ts in the past is assistance in applying for bridging finance, despite the fact that they don’t financially benefit from handling them. A bridging loan is usually just an extension of the loan amount on a regular home loan, and it can cover the purchase price or construction costs of a new property while your old one is selling. Most lenders offer a period of interest-only repayments on bridging loans, allowing borrowers to get into their new home sooner without having to start paying off a full mortgage before selling the old one. MFAA Approved Finance Brokers are also well accustomed to negotiating rates with banks to get appropriate deals for their clients so they don’t necessarily need to refinance to make savings when interest rates fall. They use their knowledge and other banks’ rates to drive rates lower. So occasionally, clients don’t even have to change their bank. Credit advisers can often just negotiate a better deal to keep the banks honest. Contact me today to discuss your options. See more

18.01.2022 Five simple ways to increase loan repayments Paying off a mortgage can seem relentless every payment counts of course, but it can seem to be taking forever to make a dent. Here are some simple ways you can increase the amount you pay off and own your home sooner. Reducing the principle on your mortgage as quickly as you can means paying less interest, so your future payments are going even further towards reducing that principle. To find the ideal balance between the extra...Continue reading

16.01.2022 Application & establishment fees, stamp duty + more. When taking out a mortgage, many people forget to consider the associated fees and expenses. Here are some of the extra costs that you’ll need to consider when you take out a home loan. Home loan application fees Most lenders charge a home loan application fee. This can range from loan to loan, and covers: Loan contracts ... Property title checks Credit checks Attending a settlement Mortgage fees and costs Mortgage establishment fees Lenders generally charge a mortgage establishment fee a fee for setting up a mortgage. Property valuation A third party chosen by the lender, is appointed to determine the value of your land and improvements. Mortgage registration Your Mortgage deed needs to be registered with the government. Mortgage stamp duty Some State Governments charges stamp duty to register your mortgage. Lenders mortgage insurance If you don’t have 20% of the purchase price or the value of the property, the lender will require you to pay for a lenders mortgage insurance policy that covers their risk in the event you default on your repayments. Property fees and costs Building, Pest and Electrical Inspection fees It’s wise to have your property inspected for any structural or electrical problems and for pests (e.g. termites). Stamp duty Governments charge Stamp Duty to transfer the ownership of a property. Registration of transfer fee The new owner of the property needs to be registered at the Land Titles Office. Legal fees You generally need to pay a Solicitor of Settlement Agent to handle the transfer of ownership of the property on your behalf Home & contents insurance Most homeowners insure their home and contents against a range of threats: burglary, fire, storm, etc. Lenders insist that your property is insured while you have a mortgage. Life and income protection insurance Borrowers should consider protecting their incomes and themselves while they have a mortgage. Utility costs Connecting electricity, gas and telephone can attract a fee. Council Rates Your local council charges rates to cover garbage collection and a host of other services. Water Rates The water corporation charges rates for the supply and upkeep of water to your property. Body corporate fees If you buy an apartment or Strata Titled property, body corporate fees are charged, and some fees can be significant particularly if the building is in need of a major work (e.g. concrete cancer, security upgrade, new hot water system, etc) or if there are lifts, pools and other communal facilities. Maintenance costs Don’t forget to make provision for regular maintenance on your home even if you decide not to undertake significant renovation. To learn more about the hidden costs of buying a home, talk to me today!

14.01.2022 UPDATE - THE BUDGET HAS BEEN ANNOUNCED AND THOSE BUYING A PROPERTY ARE GOING TO BENEFIT IN STAMP DUTY Land transfer (stamp) duty Bringing forward the 50% land transfer (stamp) duty concession for commercial and industrial properties in regional Victoria applies to contracts entered into on or after 1 January 2020.... A land transfer (stamp) duty waiver of up to 50% on purchases of residential property in Victoria with a dutiable value of up to $1 million applies to contracts entered into on or after 25 November 2020 and before 1 July 2021.

11.01.2022 Wishing everyone a very Merry Christmas with their families

05.01.2022 Concerned about servicing your loans? If you are concerned about servicing your loan, reach out to your local mortgage broker for help. As Australians everywhere take a close look at their financial circumstances, mortgage brokers stand ready to lend a helping hand. Whether experiencing financial hardship through job loss, a reduction in work hours, or business disruption, an increasing number of Australians may be struggling to balance their books as a result of the Coronav...irus, and in many cases are wondering how they will continue to pay the bills. Difficulty with repayments According to research conducted by Finder in early 2020, about one in five mortgage borrowers, or about two million Australian households, were struggling to make repayments, despite record low interest rates. And with the challenging circumstances that have emerged since, it is anticipated that these pressures will only increase forcing more people to require financial assistance. Financial relief strategies In this difficult time lenders have responded by announcing financial relief strategies. In an official Australian Banking Association (ABA) statement, CEO Anna Bligh said, Banks stand ready to support customers and if anyone is in need of assistance, they shouldn’t wait but come forward as soon as possible. Different lenders have different assistance options. These may include, waiving fees on early term deposit withdrawals, interest rate freezes on loans, options to defer or restructure home loan repayments, and emergency credit card limit increases. It is important to remember that mortgage brokers have the knowledge, experience and relationships necessary to assist people experiencing or expecting to have trouble paying their home loans as a result of changing circumstances. In times like these, the importance of mortgage brokers in assisting customers with hardship and facilitating access to credit cannot be overstated. For many Australians particularly those in rural or regional areas brokers may represent the only source of assistance. Expertise of brokers is of critical support Brokers’ expertise in helping customers navigate the complex home lending market and their intimate understanding of their customers’ personal circumstances - means they are uniquely positioned to provide critical support for customers when discussing hardship and available options with lenders. If you have any questions or concerns about your existing loans, need further guidance on hardship assistance, or have other questions about your loan arrangements, give me a call See more

03.01.2022 How to increase your borrowing capacity Maximizing the amount a lender will hand over to you isn’t about trying to take on unmanageable levels of debt. It’s a matter of taking a few simple but smart steps that could mean the difference between toiling in that ‘fixer-upper’ or owning your dream home. 1. Shop around for lenders... Different lenders define income in so many different ways that it pays to use a credit adviser who knows their way around what’s included and what’s not. One lender may allow share dividends as income, while another lender may not. 2. Shop around for the right mortgage A good credit adviser will help you choose the most appropriate mortgage. Even with one lender, your borrowing capacity can vary due to the loan type that you choose. If you add features such as a line of credit this can reduce the amount you can borrow. 3. Update your financial records Try to have your PAYG income tax return as up-to-date as possible. This gives a better historical view of your income than just the two most recent payslips. 4. Check your credit rating Check your credit rating before applying for a mortgage. Due to changes to the Privacy Act from 12 March 2014, your rating may not be as healthy as you thought. The national credit reporting agencies are Veda, Dun &Bradstreet and Experian. Find out more here.

01.01.2022 Five ways to fund a renovation Considering transforming your home from ‘banal’ to ‘brilliant’, but lack the funds to support your makeover? Never fear, we’ve rounded up five home renovation finance options that could help turn your dream into reality. 1 Equity Release / Top Up Home Loan This is probably the most common way people borrow money when they want to renovate. It involves borrowing against the current value of your home, before any value-adding renovations and in mo...Continue reading