Gurneet Bhatia in Byford, Western Australia, Australia | Property

Gurneet Bhatia

Locality: Byford, Western Australia, Australia

Phone: +61 413 249 402

Address: 32 Kannamit Crescent 6122 Byford, WA, Australia

Website: https://www.gurneetbhatia.com.au/home-loan-refinancing.html

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24.01.2022 Buying and selling at the same time - discover the Big Question that could make or break you. Are you nearly ready to upgrade your home? Its often a natural progression - we come to a point where the house is just too small to fit everyone comfortably. Maybe its got to the stage where you really need a home office. ...Continue reading

24.01.2022 Switching home loans could help pay down your mortgage sooner, providing you are refinancing for the right reasons and understand whats involved. Heres our guide to refinancing to help you make the right move when the time comes. Know the costs: Paying 0.5 per cent less per annum on a $250,000 principal-and-interest mortgage could save you around $23,000 over the life of a 25-year loan. Thats a sizeable chunk of change back in your pocket over the long term, but there are ...Continue reading

24.01.2022 A reverse mortgage definitely is not for everyone, and you certainly need to be aware of the risks. But in the right circumstances, it can be a good way to boost your income in retirement. A reverse mortgage is for people over 60 and allows you to borrow money using the equity in your home as security. The loan can be taken as a lump sum, a regular income stream, a line of credit or a combination of these options.... While no income is required to qualify, credit providers are required by law to lend you money responsibly so not everyone will be able to obtain this type of loan. Interest is charged like any other loan, except you dont have to make repayments while you live in your home - the interest compounds over time and is added to your loan balance. You remain the owner of your house and can stay in it for as long as you want. You must repay the loan in full (including interest and fees) when you sell your home or die or, in most cases, if you move into aged care. Some of the risks: - Interest rates are generally higher than average home loans - The debt can rise quickly as the interest compounds over the term of the loan - this is the effect of compound interest and is something you need to be aware of before making any decisions - The loan may affect your pension eligibility - You may not have enough money left for aged care or other future needs - If you are the sole owner of the property and someone lives with you, that person may not be able to stay when you die (in some circumstances) - If you fix your interest rate then the costs to break your agreement can be very high On 18 September 2012, the Government introduced statutory negative equity protection on all new reverse mortgage contracts. This means you cannot end up owing the lender more than your home is worth (the market value or equity). To find out more, have a look at the this Government webpage which explains things in more detail: https://www.moneysmart.gov.au//home-equi/reverse-mortgages https://www.moneysmart.gov.au//home-equi/reverse-mortgages

24.01.2022 We have recently helped someone reduce their loan repayments by over $423 per month through refinancing their home loan and other debts. In fact for the clients I see who are struggling with their mortgage and debt repayments, I regularly manage to save them hundreds of dollars per month. In these uncertain times of interest rate changes most mortgage owners are now starting to consider their finance options. ... Perhaps I can help you, like I was able to with many of your nearby residents. If you require: - reduced loan repayments, - consolidation of debt, - funds to renovate, install a pool or purchase a significant item, - finance to purchase another property, - parent equity guarantees to assist your children to purchase a property, or any other finance requirement Please contact me for a free no obligation assessment of your current situation. https://www.mortgageaustralia.com.au

23.01.2022 Trend alert: offset accounts Its not exactly the latest Parisian fashion fad, but Aussies have recently been putting more money into their offset accounts than usual.* So what exactly is an offset account? Its a transaction account that is linked to a mortgage account and it reduces the interest you pay on your loan. Thats because you only pay interest on the difference between the amount of money in the account and whats left to pay on your mortgage.... Heres an example: say you owe $350,000 on your mortgage, and have $50,000 in a savings account. If you move that $50,000 into a full offset account, youll only pay interest on $300,000. Want to know more? Call 0413 249 402, email [email protected] or DM us. *Source: RBA #GurneetBhatia #MortgageBroker See more

23.01.2022 Is your old equipment slowing you down? Old tech? Outdated machinery? Vehicle breakdowns? Will the purchase of new assets or equipment speed you up, help you become more efficient and help you get ahead? Asset finance is often the answer. ... Financing new equipment, instead of purchasing it outright, can be a good way to preserve cash flow and working capital while adding an asset that can begin to generate immediate income. And, of course, there may be potential tax advantages that could also come your way.

23.01.2022 Are you ready to purchase a new car but dont want to get hit with high interest rates from expensive car dealerships? Our team can help you secure fast, low-rate car finance to get you on the road. Our partners also offer conditional approval for up to 60 days, giving you time to shop around and find your dream car.

22.01.2022 A wise person once said: failing to plan is a plan to fail. As probably the most significant purchase of your life, saving for a home definitely takes prior preparation and planning! - How much can I afford? You may have a dream home in mind but you first need to work out if you can afford it. There are many factors that feed into our decision around what to buy and where - proximity to work and family and our stage of life are just a few - but the single biggest decider is ...nearly always what we can afford. Its really a case of looking at the big picture and working your way back from there. Consider your household income and what you realistically can afford in loan repayments, taking into account all of your expenses. As a guide a mortgage calculator can be a great place to start, but it wont take into account all of your personal circumstances or eligibility for a loan so talk to your local Mortgage Broker to get your plan underway. https://www.moneysmart.gov.au/ - How much do I need for a deposit? Ideally, you should start with a 20% deposit to avoid paying lenders mortgage insurance (LMI). This is a one-off insurance payment charged by lenders to those borrowers who are considered a higher financial risk. Your risk is determined by your loan to value ratio (LVR), which is the amount you wish to borrow divided by the lenders valuation of the property you wish to buy. Lenders generally like to have at least a 20% buffer so if you have to default on the loan, they stand a good chance of recouping the loan amount through the sale of your property.. Although LMI can add several thousand dollars to property purchase costs, many borrowers consider it a worthy investment to help secure a loan with a lower deposit. The critical factor is whether your income can support the higher loan repayments. Ask your broker for an LMI estimate based on your financial situation before deciding how much you need for your deposit. - Saving for a deposit: Working out how much you need for a deposit can be fairly easy compared to actually saving for it. Sacrifices are generally in order!. ?Budget cuts The best place to start is a budget. Review all of your expenses, including day-to-day costs like lunches, coffees and transport, and your bigger bills, such as rent and electricity. Dont forget to also include any annual bills such as car insurance and registration, which can sabotage your savings. Then its times to get a little ruthless and look for ways to cut back on costs. Here are just a few ideas: - Make your lunches. - Dine in, not out, with friends. - Ditch the gym membership and start exercising outdoors. - Make a list for your groceries and stick to it. - Save, dont spend, your tax return and/or salary bonus. https://www.moneysmart.gov.au//calcula/mortgage-calculator

21.01.2022 How I helped one of my client’s save $132 interest per week?

20.01.2022 Buying or selling - or even just thinking about it? We may not have met in person yet, but I thought you would appreciate knowing that I'm always quoting and arranging home loans for people across our suburb. If you are even remotely thinking about buying or selling, or you are just not sure what your home is worth and how much you can borrow, why not ask me to help you work it out? That way you will know exactly what you can do...and it doesn't cost anything either!... I have access to home loans for just about everyone and every situation so please try me out. It usually only takes a few minutes and the privacy act ensures our conversation is entirely confidential. A cuppa and a chat It could be as simple as that.

20.01.2022 Did you hear about this great win for home buyers? Australian home owners scored a win on July 1 2011 when lenders were banned from charging exit fees on home loans, making it more enticing for borrowers to shop around for a better deal. Exit fees were generally charged for the first four or five years of a mortgage to discourage borrowers from switching to a competitor before the lender had made a profit on the loan. Unable to now charge exit fees on variable loans, many len...ders are making sure they cover their costs upfront with higher set-up fees. If you are thinking of switching, you should make sure you get all the facts and compare like with like so what you gain in the short term isnt lost in the long run. Take into account loan establishment fees, ongoing account fees, the cost of any property valuations required by your new lender and settlement fees when doing your sums on how much you will be saving by switching. Exit fees also shouldnt be confused with break fees on fixed rate loans. Lenders can and do still charge a fairly hefty fee if you exit a loan during a fixed term. Break fees on fixed rate loans are usually based on: the interest rate you locked in, compared to the current market interest rate; the length of time remaining on your fixed-rate term; and your original loan amount. They can run into thousands of dollars, and remain a formidable deterrent to fixed rate customers thinking of a switch. One of the best ways to get a helicopter view of what it will cost you to switch and what you stand to gain is to talk to your local Mortgage Broker. That way you can be sure if you close the door on your current loan, you are stepping forward financially.

20.01.2022 Is it time to spring clean your finances? Rather than rolling up your sleeves around the house this spring, here are three ways you can spring clean your household finances. 1. Get rid of unnecessary transaction accounts. This can help you keep track of spending and save fees.... 2. Review your spending and update your budget. 3. Consider consolidating debts. This can help simplify repayments, save money and give you a clear timeline to being debt-free. If youd like to find out more about ways of consolidating your debts, call 0413 249 402, email [email protected] or DM us. #GurneetBhatia #MortgageBroker See more

19.01.2022 Fixed rate loans - Safety Net or Hostage Situation? Do you buy your movie tickets before you leave the house? Do you like to book a table at a restaurant to make sure you dont miss out? There is a certain comfort in knowing whats going to happen, especially when it comes to planning your financial future.... If you worry about the ups and downs of the official cash rate, and the possibility of your home loan repayments increasing without warning, a fixed rate loan could be your new best friend. Fixed interest rates are a kind of insurance policy that protect you against the financial pressure caused by interest rate movements. Depending on your personal situation, you might struggle to meet your repayments if interest rates were to rapidly increase. If you opt for a variable interest rate, you have no control over fluctuations in the market. Ideally, you should have allowed for a few rate rises when deciding how much to borrow. But if you stretched your limit in order to buy your dream property, then fixing your interest rate is a great safety net. Fixed rate loans allow you to be sure about your exact repayment figures for a fixed period of time. This is great for borrowers on a tight budget - because you never have to worry about interest rate fluctuations during the fixed period. The purpose of a fixed rate loan is not to save you money on interest. Generally, these loans will cost you more in interest. Fixed rates are usually higher than variable rates, so the only way this approach will save you money, is if there is a rapid fluctuation in interest rates, and the standard variable rate climbs significantly above your fixed rate. A fixed rate could cost you money if interest rates fall. You will be locked into a higher rate when other people are enjoying a reprieve. You need to decide if youre happy to take this risk and fix your rate for a period of time. The biggest risk of going fixed is the penalties that you will incur if you need to get out of the loan. Many lenders charge enormous discharge fees for borrowers leaving during the fixed interest rate period. Its also very difficult to change your loan during the fixed period, and generally you cant make any lump sum repayments. If you have a variable rate loan, its a great idea to regularly review your needs every few months. You might decide that the time is right to fix your rate, depending on your circumstances, and the fixed interest rates on offer. Beware of sitting on the fence. Many lenders promote the concept of 50/50 fixed and variable rate loans. Some borrowers see this as a risk-free alternative to choosing either fixed or variable rates. Keep in mind - if you choose to fix part of your loan and leave the other part variable, you will still be locked in because of the fixed portion of the loan.

17.01.2022 What is capital gain

17.01.2022 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. Financial literacy is not about getting rich. Its about understanding and...Continue reading

17.01.2022 How to beat mortgage stress Lets be real: 2020 has been a bit blurgh! For as many as 40% of Australian households, 2020 has been a time of mortgage stress*, with outgoing costs exceeding income. If youre feeling the strain, we might be able to help you:... - refinance to lock in a lower interest rate - consolidate your debts, which could help save you money and simplify repayments - switch to a home loan that better suits your current circumstances. To find out more, call 0413 249 402, email [email protected] or DM us. *Source: Digital Finance Analytics #GurneetBhatia #MortgageBroker See more

16.01.2022 You're a parent whose grown up kids want to buy their first home. And because you want the best for them, you probably also want to ensure that they get the correct advice before they sign anything. A truer word has never been spoken. ...and I think the best start for first home buyers is to talk through their options with someone who has done it before as well as someone who is directly involved with the process every day.... If you are a parent whose children have grown up, you've probably bought a home before. I'm helping people buy their home every day, it's my job. This means, together, we are well qualified to point your young adults in the right direction when it comes to buying their first home. So, why don't we catch up with your kids and discuss their options together. Between us, we should be able to provide helpful advice and motivation along the way. I provide home loans for just about everyone and every situation so why not try me out? It doesn't usually take long and the privacy act ensures our conversation is entirely confidential. A cuppa and a chat. It could be as simple as that.

16.01.2022 Did you hear the good news? The HomeBuilder scheme has been extended until March 31! Contracts signed between January and March will now attract a lower rate of $15,000 (down from $25,000), but hey, that's still nothing to sneeze at. The good news is that the property price caps have also been lifted to $950,000 in NSW and $850,000 in Victoria (but it'll stay at $750,000 for everywhere else).... To find out more, call 0413 249 402, email [email protected] or DM us. #GurneetBhatia #MortgageBroker See more

16.01.2022 For the more adventurous - here is a guide to investing in Commercial Property. When mum and dad investors consider property, most look no further than the residential market. While homes and apartments may be seen as simpler and safer options, many investors are prepared to defy tradition and set their sights on the commercial sector....Continue reading

15.01.2022 Is your bank charging you more for staying put? The loyalty tax is real. Statistics show that mortgage holders with older loans are typically charged a higher interest rate than customers with new loans.* For example, if your loan was written four years ago, theres a good chance youre paying an average of 40 basis points higher than you would if you had a new loan. ... So when was the last time you refinanced? To find out more, call 0413 249 402, email [email protected] or DM us. *Source: RBA #GurneetBhatia #MortgageBroker

13.01.2022 Introducing the new home building methods that can save you a lot of time and money. In the past, prefabricated houses would connote images of tackiness and shipping container living, but prefab housing is now enjoying an avant-garde revival. Today's prefab houses consist of high end materials, follow strict green building practices and are designed by leading architects. Often they have substantially better thermal ratings than brick homes, meaning they actually cost a lot l...ess to heat and cool. Some new builders even start with a traditionally built lower floor, then build a prefabricated second floor, being less expensive and much faster than building a standard two-storey home. To find out more, download my short introductory PDF article to this style of home that is growing in popularity - Absolutely Prefabulous. https://www.mortgageaustralia.com.au//absolutelyprefabulou

13.01.2022 If you are planning to start a family - these financial tips will help. Are you managing a mortgage and starting a family? Many a new parent has been caught out realising our once organised calm life is a thing of the past when we bring our bundle of joy home. Its amazing how tiny babies can turn our household upside down.... We quickly learn that we need to be more flexible about when we eat, sleep, go to the shops and even have a shower. It helps to be flexible in your financial life too when the impact of a reduced household income and the expense of a new addition to the family start to become apparent. A little forward planning now can make it easier to focus on whats important later - your family. Here is a guide with some ideas on how you can relieve the financial pressure of starting, or increasing, your family - Can you manage a Mortgage and a Baby? https://www.mortgageaustralia.com.au//amortgageandababy.pdf

13.01.2022 If you want more space, renovate right! Its been more than 25 years since Tom Hanks and Shelley Long showed us the calamitous side of renovating gone wrong in the comedy movie, The Money Pit, but the warnings ring loud and clear today. With a sluggish property market, many home owners are opting to renovate rather than relocate. Before you hit the hardware store and strap on the tool belt, here are my top tips to renovate your way to reward, instead of ruin....Continue reading

12.01.2022 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

12.01.2022 How green is your home? Research shows that properties with high energy-efficiency ratings typically sell for up to 10% more*. Installing rainwater tanks, solar and batteries are some great ways of boosting your propertys green credentials, as are improving insulation and draught sealing.... Have you been considering boosting your homes energy efficiency? If so, to explore your finance options, call 0413 249 402, email [email protected] or DM us. *Source: University of Wollongong

12.01.2022 Want to go green? Contact me for a loan that pays itself off with your power bill savings.

12.01.2022 Over 55% of Australian borrowers (including 65% of first home buyers) choose to use mortgage brokers to secure their loans. https://www.afgonline.com.au/broker/keep-competition-alive/

11.01.2022 Mortgage traps ahead! - Don't fall in. Do you love a bargain? It can feel like such a victory when you find that special deal on a new TV, or when you save a bundle by doing your Christmas shopping during a toy sale. Unfortunately, this sort of approach to looking for a mortgage can easily land you in hot water. Whilst it always pays to look around for a good deal on a home loan - there's also an old saying: "If it sounds too good to be true, it probably is".... There are a few fatal traps when it comes to choosing the right loan for you. Unfortunately the excitement of buying your first home can be all too distracting, and it's easy to put your foot in it by failing to research your loan options. Irresistible Offers The majority of lenders are very responsible and cautious, and only give out loans to people likely to make their repayments. These lenders will offer the best deals their desired customer - usually someone who earns a good income, has a clean credit history report, and has a decent deposit to contribute. If you know that your circumstances don't make you particularly appealing to a lender, but you're being offered a crazy deal - there might be something amiss. Take some time to read the fine print and make sure that the loan contract doesn't contain any nasty surprises. Remember - there's no such thing as a free lunch! Fixed rates You might be tempted to lock in a low interest rate for a couple of years so that you can have the peace of mind that comes with knowing your repayments. The danger here, though, is that you might be missing out on features that you need, or being charged additional fees. Make sure that you research all aspects of the loan, rather than just focussing on the interest rate. Fees and Charges Loan contracts can be very detailed - packed full of confusing words and legal disclaimers. But one section that you should study with a magnifying glass is the schedule of fees and charges. Do you know whether you can make changes to your repayments? How much will it cost if you default on a repayment? What is the fee associated with ordering a statement ahead of time? And importantly - what establishment fees will you have to pay at settlement? If you don't know this amount, you might not be able to proceed with your purchase and you could lose your deposit. Flexibility and Features It's important to consider what features you need in a loan - do you want to be able to make extra repayments when times are good? Would you like to be able to take that money back again if something doesn't go according to plan? What about if you want to change your repayment frequency? The features of your loan are just as important as the interest rate - and not paying attention could mean that you end up paying a lot more in the long term.

11.01.2022 Tempted to use Afterpay? Read this first Afterpay can certainly be tempting (particularly when late night shopping), but it can lead to consequences that linger long after the new shoe glow has faded. While the Afterpay approval process doesnt (generally) involve credit report checks, Afterpay (and its competitors such as ZipPay) is still a credit liability that needs to be disclosed when applying for a home loan. ... And with the banks pretty rigorous when it comes to approving loans these days, your next property purchase could be held up if youve racked up an Afterpay bill. So next time your finger is hovering over the Afterpay button, ask yourself: how will this look on my loan application? #GurneetBhatia #MortgageBroker

11.01.2022 Want to pay off your mortgage four years faster Increasing your repayments by $50 a week could mean your home loan is paid off years quicker. Now, we know $50 is a lot of money for many people right now, but lets put it this way: by paying an extra $50 a week off the average mortgage ($400,000) you could save $46,992 in interest and pay off your home loan four years faster.* ... Even $20 a week could save you $21,281 in interest and enable you to be debt-free one year and nine months faster. Shout out if youd like more tips on paying off your mortgage sooner or you want to discuss your refinancing options. Were always available - call 0413 249 402, email [email protected] or DM us. *Source: AMP #GurneetBhatia #MortgageBroker See more

10.01.2022 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.

10.01.2022 How do you feel about the property market right now? Believe it or not, confidence in the housing market has been on the upswing in recent months.* In fact, Westpac's ‘time to buy a dwelling’ index is at its highest level since September 2019. ... So, how about you? Have things on the financial and property front started to little more exciting recently? If so, find out more, call 0413 249 402, email [email protected] or DM us. * Westpac Consumer Sentiment Index #GurneetBhatia #MortgageBroker See more

09.01.2022 Here is why you shouldnt scrimp on loan repayments: With household costs on the rise, many mortgagees are struggling to balance their budgets. Its not surprising more Australians are skipping mortgage payments to help make ends meet. However, missing loan repayments could land you in a bigger hole. Not only will you be up for late fees - ranging from a manageable $9 to a stinging $195 per overdue payment - but you could be adding thousands of dollars of extra interest to yo...ur debt. At worst, a string of missed mortgage payments could see the bank recalling your loan, forcing a fire sale of your home. Even a couple of missed payments could put a red flag on your credit history, which is going to cramp future borrowings. One of the best ways to reduce the risk of mortgage stress is to give yourself a buffer on your budget. In Australia, its recommended borrowers mortgage repayments make up no more than 30% of household income. The problem is many home owners borrow to the edge of the threshold when interest rates are low - as they are now - leaving no room for inevitable rate rises and other increased living costs. Instead, budget for mortgage repayments at a 9% interest rate, a long-term average that accounts for peaks and troughs over the long run. When rates are low, stick the extra funds into your mortgage. You will not only save on interest but will have established a safety net, which you can draw on if needed when rates run high. If you are already feeling the pinch and struggling to make payments, talk to a Mortgage Broker sooner rather than later. A Mortgage Broker can help negotiate with the lender on your behalf and can look into other loan options to ease the squeeze.

09.01.2022 How long does it take a First Home Buyer to save a deposit? The short answer is around 3 to 6 years, depending on where you want to buy.* If you're just itching to enter the market your best bet is Darwin, where it takes an average 3 years 1 month to save a 20% deposit. In Sydney you'll have to be most patient - waiting about 6 years 6 months to get the cash together. ... But the good news is that wait times are expected to go down, thanks to lower interest rates, reduced investor activity and generous government incentives such as the first home loan deposit scheme. So if you're saving for your first home, call 0413 249 402, email [email protected] or DM us. You may be closer to a deposit than you think! * Domain #GurneetBhatia #MortgageBroker See more

08.01.2022 Six Steps to becoming mortgage-free - Step 6: Is the grass greener on the other side? Do you ever wonder if the grass really is greener on the other side? The question today is: are you getting the best deal on your mortgage? How would you like to make a few small changes that could lead you on the path to becoming mortgage-free and financially fabulous?... Well, there are six simple steps that you can implement today, that will help you knock over that home loan in record time. In the past weeks, we learned how choosing the best possible loan product could make a big difference to your back pocket. How changing the frequency of your repayments could lower your interest. Why it makes sense to pay more off your loan whenever possible, how to make the most of handy features like offset accounts, and redraw facilities, and why refusing lollies from strangers is always a good idea. Step 6: Refinance for a better deal The fierce and ongoing competition between lenders in the home loan market can sometimes play out like a scene from Gladiator. But the clear victor emerging from this never-ending battle is you - if you keep your finger on the pulse. Now more than ever, its vital that you keep assessing your financial needs and look out for opportunities to get a better deal on your loan. Even though you compared your options and secured the best deal a few years ago, that doesnt mean that your current interest rate is the best, or even close. By refinancing with another lender you could reduce your costs, and save time. Many borrowers who refinance are able to save as much as 1% off their interest rate, which could mean paying that loan off several years earlier than planned. If you havent reviewed your options for a while, it pays to speak with your mortgage broker and find out if the grass really could be greener on the other side. It could make all the difference if you want to pay your loan off sooner, and keep more money in your pocket in the process.

07.01.2022 How much do you spends on gifts each month? $20, $50 or 100? It turns out we're a generous bunch, spending about $100 a month on gifts, let alone the silly season itself!* What we're getting at is this: it's always a good idea to try and budget for gifts throughout the year so you can pay for them outright when the festive season arrives.... That's because you don't want to leave it all to the last minute as the banks don't look too favourably upon buy-now, pay-later transactions (like AfterPay and ZipPay) when you apply for a loan. * Financial Planning Association of Australia #GurneetBhatia #MortgageBroker See more

07.01.2022 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 doesn't 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". https://www.mortgageaustralia.com.au//willthebankbeimpress

06.01.2022 We all know that interest rates are cyclical and that when rates go down they will eventually go up. As a result, lenders have been assessing loan applications on the ability of borrowers to make repayments at interest rates approximately 2% higher than those currently available. While lenders have been assessing your ability to make repayments at a higher interest rate, what is the reality of the fi nancial impact of your regular loan repayments?... To make sure you are ready, click here to read my "What goes down, must come up" article. https://www.mortgageaustralia.com.au//whatgoesdownmustgoup

06.01.2022 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

06.01.2022 When buying a home doing things in a certain order can make it a lot less stressful. I hope my one-page Step by Step Guide to Buying a Home has some tips that may help when buying your next home. https://www.mortgageaustralia.com.au//astepbystepguidetobu

06.01.2022 How to buy a property with a friend (and remain friends)! How would you like to double your deposit and double your income to buy your first property? Sounds pretty good doesnt it? Thats the reason why many young homebuyers are now working together with a partner, friend or relative to break into the property market. Although there are some excellent benefits to entering a property partnership, there are some pretty nasty horror stories out there too - so you need to make... sure you protect yourself against the worst. Make sure you have similar goals for you property purchase. Do you both agree on how long you would like to keep the property for? Do you want to rent it out, or will you be living there together? Make sure everyone is on the same page before you enter into any contracts. Buy with someone who is at a similar stage in life. If you buy with a family member who has a baby on the way, you might be asking for trouble. Likewise, buying with a sibling who is too young to appreciate the importance of keeping up financial commitments could be just as much of a recipe for disaster. Take a moment to check your financial compatibility. You will be responsible for the loan if the other party becomes unable to pay, so take the time to have some open discussions about money, and make sure you are both equally committed to paying things on time and keeping track of the bills. Decide if you want to be housemates. If you plan to live together in the home, make sure you both agree about things that could cause arguments such as having pets in the house, allowing partners to sleep over, housework and other potentially touchy subjects. Get Legal Advice. Find out about your options legally if something was to go wrong, and decide whether you want to be Joint Tenants, or Tenants in Common. This might depend on whether you will pay an equal share of the deposit and loan repayments. Create a formal agreement. Get a formal agreement drawn up that covers as many issues as you can think of. Hopefully you wont have any problems, but it might be helpful if you already agree on the solution ahead of time. Property partnerships can turn into nasty legal battles when parties dont agree on important issues, such as whether or not to sell the property. If you can thrash out some of these issues now you will save yourself a lot of worry in the future. Keep records of spending. Make sure you keep it even, and try to keep records of who paid for what, just in case you have problems down the track. Hopefully your property partnership will be a very positive experience, and if you follow these steps you should be well on your way to being a great team.

05.01.2022 Have you spotted a property bargain recently? If you think there may be a few property bargains just waiting for you to check them out, why dont you ask me to confirm your borrowing capacity before you go and have a look around? There have been lots of changes in home loans too, so a bit of homework could be worthwhile.... It doesnt cost anything to find out and usually only takes a few minutes. The least I can do is point you in the right direction and the privacy act ensures our conversation is entirely confidential. Some of my more astute investors take the opportunity during these times to purchase more investment properties while the market conditions are good. If youd like to know more about this, contact me about using your equity to purchase an investment property. An email or a phone call is all it takes.

04.01.2022 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.

03.01.2022 Should you buy or build your next home? Many buyers struggling to find the right home are going back to the drawing board and building rather than buying an existing home. There are obvious benefits to a brand new home: you can build exactly what you want and enjoy shiny new surrounds, with no wear and tear costs for years to come. But there can be downsides to creating your castle....Continue reading

03.01.2022 Discover how to turn your home equity into a better retirement for you. If you have equity stored away in your home, now could be the perfect time to tap into it for an investment property. Equity is simply the difference between the value of your home and what you owe on it. If you have a property valued at $500,000 and owe $200,000 on it, you have $300,000 equity available....Continue reading

02.01.2022 We have all heard of credit reporting, but have you heard of credit scoring? Your credit file is one of your most important financial assets. Safeguarding this file is an important part of the finance application process. Your credit file contains... - credit applications - overdue credit accounts - payment defaults - clearouts (as a missing debtor) - commercial credit information - public record information. You will have a credit score calculated from your credit file. Did you know that a score of less than 500 will severely affect your ability to gain finance from many lenders? Read our one page guide - "Keeping Score" - to find out more. https://www.mortgageaustralia.com.au//fil/keepingscore.pdf

02.01.2022 Did you know there's a global shortage of new cars right now?* That means it's never been more important to have a broker like us in your corner when purchasing a new set of wheels. We can help you arrange a great finance solution for the purchase so that you can negotiate with the car dealership with extra confidence.... So if you've been thinking about purchasing a new vehicle lately, call 0413 249 402, email [email protected] or DM us. * ABC #GurneetBhatia #MortgageBroker See more

02.01.2022 Whats the go with those 0% car finance offers? Like most things in life, when something sounds too good to be true, it probably is. And 0% car finance offers that dealerships spruik are no different, because theyll typically sell the car to you at a higher price than youd be able to purchase it upfront for.... There may also be hidden charges and establishment fees that you might not find out about until its time to pay them. So how can we do it better? Our job is not only to get you a great loan with a low rate, but to negotiate on your behalf to ensure you pay a low price for the vehicle. Well also make sure youre aware of all the relevant fees and charges that may be hidden in the fine print. So if a hot set of wheels has recently caught your eye, call 0413 249 402, email [email protected] or DM us. #GurneetBhatia #MortgageBroker See more

02.01.2022 How long would you spend looking for your next home? When you add up all the hours spent researching properties, looking up lenders and applying for a home loan, most home buyers take 44 hours (longer than a full working week) to find their dream home.* And 80% of people say applying for a home loan is the most consuming, confusing and inconvenient part.... So feel free to ask for help - we can save you time and hassle by helping to arrange your financials and guiding you through the purchasing process. To find out more, call 0413 249 402, email [email protected] or DM us. *Source: 2020 St George Home Buying Survey #GurneetBhatia #MortgageBroker See more

01.01.2022 Heres some help with saving for your first home: Crush credit card debt You are working with one hand tied behind your back if trying to save for a home deposit while carrying credit card debt. Switch to a low-interest credit card and pay off as much as you can afford each month. The quicker you clear your debt, the faster you can put those funds into your deposit.... Move home Rent is another way to snuff out savings. While not everyone is in a position to do so, moving back to the family home can be a fast ticket to savings central. The simplest way to work out if a non-bank lender is right for you and your circumstances is to talk to your broker. Brokers act as a one-stop shop, with access to a wide range of lenders, including banks and non-banks, and hundreds of home loan products. From little things: If you require five or more years of savings to build a deposit, consider parking the funds in a term deposit account, where you are offered a higher interest return than a regular savings account in exchange for the use of your money for a set period. Minimum term deposit amounts can start at $1,000. While interest rates are fairly modest, it will take a number of years for your savings to sprout, but its a low risk investment option to consider. As with any investment decision, speak to a financial advisor before making any decisions. Manage expectations: Even the best laid plans can go astray. If you find your circumstances change, the real estate market jumps beyond your reach or life throws a curve ball at your savings, you might need to lower your expectations for your first property. A one-bedroom unit might be more within your budget than a house and garden, or you might have to look at a different location. You may also have to save for much longer than expected. Dont be thwarted. Adjust your plan if needed, but stick with it. Perseverance is often the key to that first home."

01.01.2022 How to fix a broken Credit Record. Do you know what a lender will find when they look at your credit history report? For many borrowers, its not until they apply for a loan that they even lay eyes on this document for the first time. Unfortunately, this is also when many people find out that their credit history is less than perfect.... There are lots of little mistakes you can easily stumble into when youre not focussing on maintaining a healthy credit record. Dont despair though - there are also ways to fix them, as long as youre willing to be a little proactive. Multiple Applications Some people cast a very wide net when applying for a home loan. They complete applications with a variety of lenders in the hope that one of them will be approved. This tactic might have been a great idea when you were applying to universities, but its the worst possible way to apply for a home loan. Unfortunately when you apply for a loan and you arent successful for any reason, this is noted on your credit record. There may be logical reasons for your application being declined - sometimes its as simple as not being a customer of that particular bank. The problem is, when you have a few of these on your record it can start to appear that you arent a very good risk for a lender - since so many other lenders have already said no. The best way around this is to engage a mortgage broker, who will investigate on your behalf before lodging and application with the most appropriate lender for your personal circumstances. Digging your heels in Lets face it - there are some companies out there who are just shocking to deal with. If you spend a lot of time on the phone arguing over incorrect bills, youre not alone. After lots of phone calls, it might seem like a good idea to ignore that incorrect phone bill and hope that it goes away. The problem with that approach - the bill might be listed as a default on your permanent record. For your own best interests, its probably better to pay the bill, and then dispute it afterwards. Not keeping on top of your bills If you have moved house a couple of times, or if you dont have the best filing systems in place, its possible that you might have misplaced or neglected to pay the occasional bill. Sometimes people have defaults listed on their credit history report due to moving house, and not receiving any bills or reminders relating to the debt. Make sure that you have proper mail redirections in place when you move, and make a list of companies to update your details with as soon as possible. If you have these sorts of defaults on your credit history report, you might be able to have them removed by communicating directly with the company who reported the default. Failing this, you might be able to lodge a dispute through a credit reporting body such as Veda.

01.01.2022 Would you like to improve the environmental efficiency of your home, save money on your energy bills and increase the value of your property? Our team can help arrange low-rate finance for energy efficient products. Our partners offer a fast, simple process and access to funds typically within 48 hours. Dont delay, get in touch today!