Duane Hunnam in Aspley, Queensland, Australia | Mortgage brokers

Duane Hunnam

Locality: Aspley, Queensland, Australia

Phone: +61 455 477 337

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• Financial service
• Loan service
• Mortgage brokers

24.01.2022 Offset Account Vs Redraw Facility Here are some common questions I regularly get asked by clients: What are they? - An offset account is like your everyday spending account, giving you complete access to the funds - Redraw facilities let you access any extra repayments that you have made on your home loan... What do they do? They both help reduce the interest you pay They both help you pay off your home loan sooner They're both generally available on most standard variable loans What is the difference? An offset account is separate to your home loan, and is just like your current everyday spending account. Your employer can deposit your salary into this account, you can make online purchases, transfers, cash withdrawals etc.. A redraw facility is not separate and is a facility within your home loan account. It isn't as flexible as an offset account meaning there may be limitations, for example; minimum redraw limits, ATM withdrawal access, fees etc... Which one is better? It all depends on your current financial circumstances and how you like to manage your finances Hot Tip You can bundle these two features & have them work together. You may decide to make additional repayments & also utilise your offset account as your everyday spending account Before diving in, it's best to speak with an expert to make sure your home loan is set up to suit your needs, objectives & financial situation If you would like to know more information, send me a DM or call me on 0455 477 337 See more

21.01.2022 Friday FHLDS Update 10,000 extra places for the First Home Loan Deposit Scheme (FHLDS) have been issued for First Home Buyers looking to purchase new homes, recently built homes or in Off-the-plan developments. Price caps on the scheme have also increased for every state. ... Please get in contact to find out more and express your interest. More information to come early next week. [email protected] 0455 477 337

20.01.2022 5% Genuine Savings? This refers to savings that prospective borrowers have saved themselves over time. This generally relates to those looking to purchase their first home or purchasing a home without the support of equity in another property When assessing a loan application, lenders will want to see that you have diligently saved money over time in order to evaluate whether you have the capacity to make your monthly repayments.... Every lender has its own definition and requirements for genuine savings, which will depend on the amount that you borrow, and some may not even require it at all. As a general rule, lenders will accept as genuine savings any funds that amount to 5% or more of the purchase price. These can be: Savings held or accumulated over at least three months Term deposits held for at least three months Shares or managed funds held for at least three months Cash gift held for at least three months Inheritance funds held for at least three months Contributions from the First Home Super Saver Scheme But what they generally cannot be is: Monetary gifts Inheritance Tax refund Bonuses from work Profit from the sale of an asset other than a property, such as a vehicle First Home Owners Grant Borrowed funds Short-term cash savings Reach out if you have any questions! 0455 477 337 https://www.inovayt.com.au

11.01.2022 Congrats Tara and Dylan on the purchase of your new home! Thank you for allowing me to assist you for the second time and I look forward to helping you again down the track :)

03.01.2022 Bank X says I can only borrow $$$ but what about the others? You’re borrowing capacity will vary depending on the bank. ... Every bank has its own calculator to determine your overall borrowing capacity and these can be better for some income types over others depending on the bank. Just because one bank says you can only borrow X does not mean that is the end of your goal. It may be that they’re currently not taking 100% of your income or they’re not correctly understanding your situation. Reach out if you’d like to discuss in more detail. 0455 477 337 [email protected]