Leigh Morris in Sydney, Australia | Mortgage brokers

Leigh Morris

Locality: Sydney, Australia

Phone: +61 447 263 567

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25.01.2022 Your maximum borrowing capacity and the amount you should borrow are often different. Just because a bank or lender is willing to lend you a certain amount, doesn’t mean that amount is right for your individual needs. Determining your maximum borrowing capacity should be carefully assessed by looking at a number of factors including your income and individual spending habits. When looking at borrowing capacity, the two limiting factors are your savings/deposit and your availa...ble cashflow. Example 1 If Jenny is looking to by a $600,000 home, has no savings/deposit but has sufficient income to make loan repayments, Jenny would be unable to purchase a property as she is unable to pay for the upfront costs (deposit, stamp duty and other purchase costs). Example 2 If Jenny has $200,000 saved but has insufficient income, she would be unable to purchase the property. Although Jenny has enough money to pay for the upfront costs, she would be unable to make the ongoing loan repayments. For first home buyers, the upfront costs are usually the limiting factor due to the large amount of savings required. In some instances a family/equity guarantor or Lenders Mortgage Insurance (LMI) can be used in place of genuine savings. If you'd like to know more, get in touch #education #finance #homeloan #mortgagebroker #firsthomebuyer #sfpfinance

18.01.2022 Refinance for home improvement have been a big hit lately with a mix of low rates and Covid travel restrictions! #testimonial #mortgagebroker #sydneyproperty #homeloan #refinance #renovation #sfpfinance

17.01.2022 As widley predicted, the RBA has dropped the cash rate by 0.15% to a record low 0.10% to help stimulate the Australian economy. "At its meeting today, the Board decided on a package of further measures to support job creation and the recovery of the Australian economy from the pandemic," - Governor Philip Lowe #rba #interestrates #homeloan #investor #mortgagebroker #sydneyproperty #sfpfinancial

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13.01.2022 http:// FINANCED 4 bed 3 bath 3 car in Rose Bay Upsizing the family home ... #homeloan #sydneyproperty #rosebay #mortgagebroker #sfpfinancial

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04.01.2022 http:// FINANCED 2 bed 2 bath 1 car in Bondi NSW First home buyer loving the new pad ... #firsthomebuyer #homeloan #sydneyproperty #bondi #mortgagebroker #sfpfinancial

02.01.2022 Friday dream destination... Fira, Santorini - Greek Islands A Mythos and a gyro sitting right there would go down real well ... #fridaydreamdestinations #santorini #greece

01.01.2022 As part of the NSW 2020 budget, NSW Treasurer Dominic Perrottet announced that the state government will open a public consultation to put forward changes to Stamp Duty on owner occupied homes. Under the proposed model home buyers would be able to choose between paying Stamp Duty up front or an annual property tax instead. The proposal would only apply to owner occupied property purchase so property investors would not benefit from the changes. The change could assist in el...iminating the barrier of entry for first home buyers trying to save for a home deposit and help families reduce costs when looking to move home. First home buyers already receive a stamp duty exemption up to $650,000 and partial exemption up to $800,000. Under the new changes, instead of a stamp duty exemption, the state government could offer a grant of up to $25,000 to offset the tax or to refurbish the home. Below is the current stamp duty cost in NSW based on property value: Purchase price $500,000 Stamp duty $18,311 Purchase price $1,000,000 Stamp duty $40,811 Purchase price $1,500,000 Stamp duty $68,311 Purchase price $2,000,000 Stamp duty $95,811 Treasurer Dominic Perrottet had this to say, "It (stamp duty) adds tens of thousands of dollars to the cost of the biggest financial commitment most people ever make. If you want to move, change jobs, or switch careers, upsize or downsize to match your family size, stamp duty can be the spanner in the works If passed, the changes could come into effect mid to late 2021. More to come #stampduty #nsw #nswbudget2020 #homeloan #firsthomebuyer #mortgagebroker #sfpfinancial