McLean Home Loans in Greenwith | Mortgage brokers

McLean Home Loans

Locality: Greenwith

Phone: +61 408 085 635

Address: PO Box 86 5125 Greenwith, SA, Australia

Website: https://www.mcleanhomeloans.com.au

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19.01.2022 2% deposit for single parents! Stay tuned for more details on this new Government Scheme over the coming weeks.

14.01.2022 A Guarantor (or Family Guarantee) Loan is a home loan where you can use the equity in a property owned by Mum and/or Dad to reduce the deposit you need to put in, and also save on Lenders Mortgage Insurance. With most Lenders who provide this type of loan, there is no minimum deposit. You can borrow the full purchase price plus fees (subject to normal lending criteria) using the equity in an immediate family member's property. This means you are able to proceed without havi...ng to wait longer to save a bigger deposit, and because the Bank has an additional property to secure the loan there is no Lenders Mortgage Insurance cost. Your borrowing capacity is still calculated on your income and expenses (not your Parents), so you will find the amount you can borrow with or without a Guarantor will be almost identical - but what changes is the minimum deposit required. Guarantors are not required to make any repayments on the loan, but they are putting their house on the line. If you as the Borrower ever defaults on the loan the Bank has the right to sell up your home, as well as the Guarantors if they need to do so to recoup their money. Given their are risks involved to the Guarantor it is recommended that they seek independent legal advice (which most Banks insist on) before entering into the Guarantee. Guarantors are not on your loan for the full 30 year loan term. They are only required to be there until such time that you have sufficient equity in your own property to be able to release them. The magic number is 20% equity, so your loan is 80% or less of what your property is worth. At this point in time you can look to refinance your loan and release the Guarantor. This doesn't happen automatically, so is something that you will need to review with your Broker / Lender. If you would like any more information on Guarantor loans or anything else please don't hesitate to reach out. [email protected] 0408 085 635 mcleanhomeloans.com.au

14.01.2022 An offset account is an everyday bank account that is linked to and saves interest on your home loan. You can use an offset account in the exact same way as you would with your current everyday transaction account with money coming in and going out. The difference is that it is linked to your home loan and the balance of this account is then offset against the amount owing on your home loan. For example, if you have a Home Loan of $500,000 and have $10,000 sitting in an off...set account the interest is calculated on the difference between the two, being $490,000. Keeping any surplus funds / savings in an offset account can save you thousands of dollars in interest and shave years off your home loan. Many Lenders will now allow you to have multiple offset accounts linked to the one home loan. So if you like to have different accounts or 'buckets' you can still have these but they can all be linked to the home loan and help you save interest. Generally speaking, an offset account is only available against a variable rate loan (not a fixed rate). So it is a good idea to discuss the pros and cons with an experienced Mortgage Broker to work out what best suits your situation. Please don't hesitate to reach out if you would like any further information. [email protected] 0408 085 635 mcleanhomeloans.com.au

12.01.2022 "Mothers are like glue. Even when you can't see them, they're still holding the family together." - Susan Gale Happy Mothers Day to all the very special Mums out there. Most of all my beautiful and hard working Wife, Sara. Enjoy an amazing day with your families. I hope they spoil you rotten.

09.01.2022 Ok footy fans, who ya got? for Port for Crows