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Graham Brims

Phone: +61 452 512 457

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25.01.2022 Which is the right home loan for you? There are a bewildering variety of home loans available, and it can be confusing to figure out which type of home loan is the best for your circumstances. However, when you know the pros and cons of each type of loan, you can make a decision that will fit best with your financial situation. Fixed rate home loan...Continue reading

24.01.2022 Questions to ask your mortgage broker When you are going through the home loan and mortgage application process, your mortgage broker can help navigate you through all the paperwork and different loan options to find the right loan for you. While the process might seem overwhelming, you might not know which questions to ask. When you ask your mortgage broker the following questions, you will have a better grasp of why your broker selected this loan as the best fit for your ...circumstances. You also need to be confident that you feel this is the best loan for your circumstances, and if you have any concerns you can discuss these with your broker before signing on the dotted line. Do you have a license? A mortgage broker is required to have a current license in order to practice in the finance market, and this license should be displayed on their web page or in the office. Without a valid license, your mortgage broker is not qualified to give you advice on your mortgage. What can you offer me that the bank can’t offer? Amazingly, not all brokers have an answer to this! A good broker will explain their services thoroughly and these services should include finding the right loan package for you, then setting up the loan on your behalf. Their services should save you the time and stress of comparing loan packages for yourself and then organizing the loan directly. Which lenders are on your list? A good broker will have access to a wide range of lenders, from the largest established banks to the smaller lenders. The broker should also be experienced in interacting with all these lenders, so they know how each one determines a loan application and how long they take to give loan approval. With this experience and background, the broker will be able to give you accurate updates about the progress of your loan application. How do you determine that this loan is the most suitable for my needs? Your mortgage broker is legally obligated to find a home loan that is suited to your circumstances. Ask your broker to explain the thought process so you understand how they felt the features, rates and fees were right for your circumstances. For example, if you want the freedom to make overpayments on your loan, you need to ensure that your mortgage broker has chosen a loan that allows this without a penalty admin fee. How long will it take to process the loan? As mentioned above, different lenders have different procedures for processing loans, and some will take longer than others. Your mortgage broker should know how long it will take to process your loan application so you can work with a realistic timeframe while house-hunting. You don’t want the right house to slip through your fingers because your loan wasn’t approved on time! Contact us today if you are looking for expert guidance or advice on how to find the right home loan for you, whether it is for your existing property or your next purchase.

20.01.2022 Is this your bank? Then it's time to take advantage of our Free Loan Comparison Service. Some clients discovered saving $300+ per month by switching to a better deal. Private message me today to see how much you could save by switching.

19.01.2022 What's A Better Strategy To Access Equity: Take Out A Line Of Credit Or Just Top Up A Loan? [Long Blog Educational Status Update]: Lines of credit can be very useful; however, you need to be careful regarding an evergreen set-up in which no repayments are needed and the interest is added on to the loan....Continue reading

19.01.2022 Did you know that you can obtain a home loan even though you are in a probation period with your work?

19.01.2022 Which is better? Plan A - Buy a home Or Plan B - Buy an investment property and rent

15.01.2022 Sharing a little bit of motivation for the day

14.01.2022 The hazards of applying to multiple lenders It’s natural that when you are researching something as important as a home loan, you should do as much research and comparison shopping as possible. However, if you apply for a mortgage through several lenders at once, your vigilance could backfire. How multiple applications impact your credit score...Continue reading

10.01.2022 Pros and cons of debt consolidation with your mortgage If you are struggling to keep up with multiple credit repayments credit card, car loan and mortgage one option for simplifying the issue is to consolidate all the debts into your mortgage. However, there are also potential negative consequences for consolidating all your other debts with your home loan, so you should consider this strategy carefully and ask for independent advice before making a decision. So what are... the pros and cons of debt consolidation with your mortgage? Pros Shifting from multiple payments to one payment When you consolidate your debt, you only need to make one regular payment, so your finances are more organized and you don’t have the stress of doling out minimum payments to multiple lenders. Once you have streamlined your repayment plan, you may even be able to increase the amount of that one repayment. Lower interest rate Multiple debts is equivalent to multiple interest rates, yet when you consolidate all these debts, you are only paying interest on one loan, which is generally at a lower rate than before. This is an automatic saving. With one interest rate and one regular payment, your monthly payment will probably be much lower than usual, giving you the option of increasing the amount of your regular repayment to get on top of the loan faster. Cons Reduces the equity in your home Unlike your car and the items you purchase with your credit card, your home is an investment which will appreciate in value. Your goal is to increase the equity in this asset for your own financial security. Yet when you combine your home loan with your other debts, you are reducing your equity without any increased value of assets to balance it out. Risking your secured loan Another difference between a mortgage and your other debts is that a mortgage is a secured debt if you can’t pay it, the lender can take something from you in lieu of the debt. In contrast, if you cannot make your credit card payments, it will affect your credit rating and your ability to get another credit card but it won’t have a significant impact on your overall security. Consolidation loans are also secured loans. When you consolidate all your debts into your home loan and then cannot manage to make the repayments, your home is at risk. More costly in the long term While your minimum monthly repayments may be reduced in the short term, your long term debt may be increased. For example, if your car loan was taken over a five year term and then consolidated into your 30 year home loan term, then the interest on the original car loan will actually be increased so you are ultimately paying more for your car. Debt consolidation can be a valuable tool for some borrowers, but can be difficult for others. Contact us today if you would like expert advice on whether debt consolidation is the right strategy for you.

09.01.2022 First Home Buyer Cheat Sheet: 10 Tips To Buying Your First Home So you’re going to take the plunge into real estate ownership. Congratulations! You’ve just made a smart decision in securing your financial future....Continue reading

09.01.2022 What Are Genuine Savings? Get approved today Genuine Savings For A Home Loan Deposit Explained Just when you thought that you could get the best home loan deal by simply having a lump sum of cash, you might have to think again. Not all cash deposits are acceptable in applying for a home or investment loan when your deposit is less than 20% of the purchase price.... These days you can obtain a home loan with as little as a 5% deposit. That means a bank can lend you up to 95% of the purchase price. If you are considering applying for a home loan with a deposit that is less than 20% of the purchase price then here are some of the things that you need to know. At least 5% of your deposit needs to be made up of genuine savings. 1. What exactly are genuine savings? These are savings that are held or accumulated in a savings account for at least three months. 2. What other assets might be considered as genuine savings? Other assets that can be considered as genuine savings are term deposits, shares, and equity in property that are held for at least three months. If you have any debts, e.g. a personal loan, and you have been paying extra off your debt above the minimum requirement, you can use this extra repayment towards your genuine savings calculation. If you are currently renting for 12 months or more through a Real Estate agent, you may be able to use those rent payments towards your genuine savings calculation as well. Please contact us to discuss your personal circumstances to see if you qualify. 3. What does not qualify as genuine savings? Gifts from parents Tax refunds Income Bonuses Inheritance money Cash kept at home If any of these apply, we recommend that you place those funds into a personal savings account and hold them there for three months to qualify. 4. How much do I need for a home loan deposit? You can obtain a home loan with as little as a 5% deposit. The major lenders may provide a mortgage up to 95% of the value of the property. In some instances you may be able to borrow the whole amount, contact us to see if you qualify. 5. Can I buy a property if I don’t have genuine savings? We have access to lenders where you can borrow up to 95% of the purchase price without having genuine savings. Of course you still need to come up with at least a 5% deposit plus funds to complete (stamp duty, legal costs etc). Contact us today, simply click the 'Message' button above and our home loan specialists will answer all your questions and assist you with finding the right home loan for your situation.

03.01.2022 Spend 10 minutes on the phone with me to see if you could save $250 or more per month OFF your home loan repayments. Private message me now for a free loan comparison!

01.01.2022 "Life isn't about waiting for the storm to pass... It's about learning to dance in the rain."