Loan Plaza- Shanik Jain in Craigieburn, Victoria, Australia | Property

Loan Plaza- Shanik Jain

Locality: Craigieburn, Victoria, Australia

Phone: +61 433 595 262

Address: 1/66 Bridgewater Road 3064 Craigieburn, VIC, Australia

Website: http://www.loanplaza.com.au

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24.01.2022 @ TBG - The Business Guild in Craigieburn.

17.01.2022 Stamp duty explained Stamp duty is a charge which is applied by state governments in Australia on transactions relating to the transfer of land or property. It is paid upfront and needs to be budgeted for in addition to your loan deposit. The amount of stamp duty you are required to pay differs in each state, however, there are three factors, along with the value of the property, that determine how much stamp duty you will pay. Contributing factors include:... 1. whether or not the property is a primary residence or investment property; 2. whether or not you are a first home buyer; and 3. if you are purchasing an established home, a new home, or vacant land. There are a number of stamp duty calculators available online that take the guesswork out of budgeting for a property. Factoring in this additional cost cannot be overlooked when you are considering your capacity to repay a loan. However, in a bid by state governments to stimulate homeownership and growth, there is a range of tax concessions available to reduce stamp duty. Again exact amounts differ across each state, but those who benefit the most are first home buyers and those opting to buy a new home. To find out how much stamp duty you need to pay, and whether or not you are eligible for any concessions, contact us on 0433595262 to speak to an MFAA Accredited Finance Broker.

12.01.2022 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 is 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 lender's 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 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 the significant renovation. To learn more about the hidden costs of buying a home, call us on 0433595262 to speak to an MFAA member today. An MFAA Approved finance broker is not your average mortgage broker.

06.01.2022 The home loan approval process: Following the lodgement of a home loan application, hopeful borrowers are often keen to know what will happen next and how long it will take for them to receive the verdict. The bad news is that there is no one-size-fits-all answer. The good news, however, is that a solid application is a key to keeping the approval time short. The amount of time it takes for you to receive a response to your home loan application can vary. An answer is usual...ly received between two days to two weeks, depending on a range of factors. For a reasonably straightforward application, it’s 48 hours to final approval. But, depending on how complex the circumstances are, it can take longer than that, explains the finance broker. Before offering conditional approval, your potential lender will need to make an assessment of your application and conduct a valuation of the property. Of course, having a valuation that is acceptable to the lender done in advance will expedite the process. With valuations, the intention is to support an application rather than to make or break it, the broker says. There are a few things that can result in an application not being approved based on valuation, like zoning, property size, or if the condition of the property is poor enough that major repairs would be required before it could realise its market value. The lender will also assess your capacity to repay the loan amount you have requested. This is where all of the information about your salary and liabilities come into consideration, and where accurate and complete information is essential. The credit review by the lender can include a bit of to-and-fro between the customer, the broker and the lender due to the lender’s request for further information as that credit review takes place, the broker says. Your potential lender makes an overall judgement of you as a borrower and the complexity of your financial history will affect how long this takes. It’s best to be full and frank in disclosure from a borrower’s perspective. The biggest red flag is non-disclosure of liabilities or adverse information on a credit history, whether it is included in documentation or not, the broker says. The complexity of the application process is a great reason why you would sit down with a reputable broker, as they can just explain all of that to you. Following the submission of an application, you can expect your finance broker to be in touch with you to update you on progress, and to notify you of the outcome. If your application is approved, your broker will also advise you of when to expect a formal letter of approval from your lender. Call us today to speak to an MFAA Accredited Finance Broker about how we can simplify the home loan application and approval process, and create the strongest application for you.

06.01.2022 How to pay off your mortgage faster When was the last time you looked closely at your loan, the progress you are making on paying it off and how it compares to others in the market? Analysing your mortgage could mean savings for you, as well as the opportunity to pay it off more quickly, invest in other assets or reach financial freedom sooner. Make smaller payments, more often: To cut the size of your payments, make more of them. This could even see you pay off your loan fa...ster, and therefore pay less interest overall. If you pay your mortgage monthly, consider changing to fortnightly repayments. For example, if your mortgage equates to $2400 a month, cut this in half and pay $1200 each fortnight. As well as having more manageable payments to make, by the end of the year you will have paid off $31,200 rather than $28,800. Pay just a little bit extra: A minimum repayment is just that for most loans there is no reason you can’t pay more, whether here and there or regularly. By rounding up to a full number or contributing an extra $100 or even $10, you’ll significantly reduce your mortgage. It may also be worth considering putting all bonuses, tax returns and gifts into your mortgage. Don't decrease repayments when interest rates fall: Even if your repayments are lowered when fees and interest rates decrease, it doesn’t mean that’s all you have to pay and, by keeping your repayments at the same level when interest rates are lower, you will pay down more of the principle with each payment and make speedy progress on your loan. Offset it: If you can, use an offset account. A mortgage offset account is linked to your loan and the interest payable on the loan from month to month is calculated by deducting what is in your offset account from your current loan. For example, if your mortgage is $500,000 and your offset account has $10,000 in it, you will only pay interest on the remaining $490,000. An offset account will save interest while still giving you access to your savings. It also means investors can preserve the tax deductibility of the mortgage. Find a better deal: Ultimately, your mortgage needs to suit you and your circumstances, or you will wind up paying too much. If you think your current loan no longer matches your situation, speak to your finance broker. They will be able to find the right product for you, as well as negotiating appropriate rates on it. Of course, it is important to make sure that your lender doesn't charge fees for extra repayments, refinancing, or any other steps you take in an attempt to save on your loan. Your finance broker will be able to provide details and make sure you have a loan that lets you pay down your balance sooner. If you don’t already have an MFAA Accredited Finance Broker, contact me today to make sure you aren't paying too much and are on a loan that suits you.