Michael Fernandez in Sydney, Australia | Mortgage brokers

Michael Fernandez

Locality: Sydney, Australia

Phone: +61 467 060 277

Address: Barden Ridge 2234 Sydney, NSW, Australia

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

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25.01.2022 A Few Things Effecting your Borrowing Capacity I am finding more recently there are a Few things reducing how much you can borrow: - living expenses; how much you spend from your bank accounts and credit cards. Some lenders can see a summary from your internet banking and this can be summarised over the last 6 months to 12 months. I have seen bank staff have their own loans declined because of this. If you are looking to borrow money, I would start reducing your expenses at l...east 6 months in advance if you can. - rental income; depending on which lender you proceed with , some lenders are taking 100% of the rental income and some lenders are taking 60% - 70% of the rental income received. - some banks have really tightened up their credit scoring system and are also looking at your debt to income ratio. If your debt is more than 6 times your income, some lenders are giving a blanket NO. You need to know which Lender to proceed with upfront rather than shopping around and putting more enquiries on your credit file and potentially getting declined along the way.

25.01.2022 Credit: Macquarie Bank The Federal Budget 2021 : What it Means for Individuals

25.01.2022 If you have deferred your loan repayments, what are your plans? If you are still having any repayment concerns, I would recommend speaking to your existing Lender this week and your Broker.

25.01.2022 This number will continue to increase over time, as Client's realise that they are given Choice in terms of loan options and it is in their Best Interest to use a Mortgage Broker.

24.01.2022 Do you have a Number of Loans, Credit Cards and / or a Tax Debt you cannot clear and Have Equity in your Property? There are a few lenders that can assist you in consolidating these and reducing your monthly repayments. We will need to check that you will be financially better off in terms of the interest paid, taking a home loan over 30 years. ... It may just help you sleep better at night. Credit Image: equifax.com.au

24.01.2022 Reduced Stamp Duty in Victoria New Homes - 50% Established - 25%... Valued up to $1mil from 25 November - 30/6/2021

24.01.2022 Some Great Tips to Get you Budgeting towards your Next Purchase Credit: Pepper Money

24.01.2022 HOW TO IMPROVE THE VALUE OF YOUR PROPERTY? CREDIT: RAYWHITE NORTH LAKES QLD Whether you want to improve your home's value or your investment property, we hope that you find some of the following tips helpful.... Increasing the value does not always have to cost tens of thousands of dollars. 20 TOP TIPS 1. Contact our friendly and knowledgeable team, who are here to advise you on how you can improve the value of your property. 2. Tidy up and improve the front street appeal to the property as there is no second chance for a first impression. 3. Freshen up the entry space to the property. 4. Paint the property internally and externally. 5. Paint or replace your garage door/s. 6. Update or clean the internal window coverings. 7. Update or clean the floor coverings. 8. Purchase new bathroom and kitchen handles. 9. Consider adding new benchtops and cupboard doors to the kitchen and bathroom/s. 10. Change the light switches if they are cracked, old and outdated. 11. Add or replace splashbacks in the kitchen, laundry, or other rooms. 12. Update taps in the kitchen and bathroom/s. 13. Give your gardens a fresh make-over and add some mulch or bark. 14. Take the time to pressure clean driveways and outside areas. 15. Replace the toilet seat/s. 16. Replace the kitchen sink if it is looking old and outdated. 17. Regrout bathroom, laundry, and kitchen tiles. 18. Replace old and outdated lighting shades. 19. Fix any minor repairs. 20. Spring-clean the property from top to bottom. 5 BONUS TIPS For those investors who have a little more money... 1. Add an extra room or extension to the property. 2. Create a granny flat addition to the property to generate extra income. 3. Paint the roof of your property. 4. Completely upgrade the kitchen and bathroom/s. 5. Install solar power. Credit Image: wikipedia.org

23.01.2022 Has your Property Gone Up in Value Recently? Do you know if you have Equity in your property to be able to Buy an Investment Property and Create Wealth for your Future? To make this possible, we would need to ensure your borrowing capacity is evident and supports your longer term goals.

23.01.2022 What you need to know about Best Interests Duty (BID) Off the back of the Banking Royal Commission laws have passed to ensure Brokers are doing the right thing by our Clients. You may start to hear about this more coming upto the 1/1/2021. I feel we are already acting in the best interest of our Clients by providing more than one loan option to our Clients when providing home loans. This does not apply to Commercial / Business Loans or Banking Staff or Franchises that offer t...heir only one Product such as a RAM's franchise. Key Principles of BID Best Interest Duty - BID aims to ensure mortgage brokers act in the best interests of customers and to improve customer outcomes. The best interests duty (BID) obligations are designed to align the interests of mortgage brokers more closely with the interests of their customers. Conflict Priority Rule Prioritise your customers interests when providing credit assistance. Conflicted Remuneration Must not receive remuneration outside of the normal payments made by Lenders. I have completed my training in preparation of this.

23.01.2022 Is the Property you are looking to Buy close to Powerlines or a Water Tank? If you are looking to borrow and Lenders Mortgage Insurance (LMI) is involved (when you borrow more than 80% of the value of the property), the LMI company may knock back the security as being unsuitable. The ultimate decision is made by the Lenders Mortgage Insurance company. It is more so important to tell your Broker if you are going to auction, to check with the lender to confirm that the security... will be acceptable, if you are borrowing in LMI Territory. You do not want to lose your 5% or 10% deposit at auction, if you do not have choices of any other lenders.

23.01.2022 Credit: CoreLogic Australia Where the Property Market is Heading...

21.01.2022 Looking to Settle Before Christmas? I would recommend getting your Loan Application submitted this week. Some Lenders, especially the Major Banks have lengthy turnaround times for approvals and do put in place cut off times for loan documents to be signed and returned, in order to settle before Christmas.... Purchase Settlements are Prioritised over Refinance Settlements.

21.01.2022 Merry Christmas to You and Your Families! Stay Safe and Take Care. Cheers... Michael

20.01.2022 This has not passed yet, but provides an option for Buyers to Save Less towards their Purchase. The future regular instalment may cost more in the long run, but will provide an opportunity to get into the Market sooner. The Lender may take this repayment into consideration or include this into a living expenses category. This potentially may push property prices up.

19.01.2022 One of the main reasons consumers are using Brokers more is that we are able to provide loan solutions and numerous loan options. If you were to go to your bank, you only get the chance of an approval or a decline. I had an example today, where a Client who had their offer accepted today on a property, proceeded with a loan outside of the Major Banks. This was due to the borrowing capacity being better with the other Lender and the repayments were within their comfort level. This solution has allowed them to get into a house for their Family and rent out their existing townhouse. The Client is now referring his Friend who was struggling for answers and loan options in buying an Investment Property.

19.01.2022 A New Record of the Cash Rate. Let's see which Lenders will move their interest rate downwards.

19.01.2022 And It Has Started... In line with the cash rate and fixed rates reducing, a couple of lenders have dropped their assessment / servicability interest rates; the way they work how much you can borrow. Meaning you potentially can borrow more money. There are some lenders already below these assessment rates, but I hope it happens across the board by all Lenders.... Credit Image: domain.com.au

18.01.2022 A further extension of the scheme, but the grant has reduced to $15,000. It is still $15,000 you never would have had previously. Credit: IBuildNew

18.01.2022 A great read shared by one of my New Clients on Saturday.

18.01.2022 Although Interest Only Repayments are less, you are not reducing your Loan Balance. After speaking to your Accountant, Interest Only Repayments maybe beneficial for an Investment Property Loan from a tax perspective, Credit: Westpac Bank

17.01.2022 Helpful Tips for Self Employed Clients.

16.01.2022 Quick tip: Exit Strategy Applications where the loan term will exceed the borrowers expected retirement age must include an exit strategy in writing and signed by all applicants, or demonstrate the capacity to repay the loan past the normal age of retirement. Where the exit strategy involves the sale of another asset or the use of superannuation funds, evidence of those assets must also be obtained share account balance statements, confirmation of ownership of any other pro...perties and corresponding debts, superannuation balance statements, etc. Credit Image: Resimac

16.01.2022 What's the Difference Between Proceeding with a Major Bank vs the Second Tiered Lenders? They both have different lending policies, both and good and bad from a borrowers perspective, depending on their circumstances. A lot of people from experience have always gone with a Major Bank. They feel more secure about having their loan with a Major Bank. Also, they are concerned about the smaller banks falling over or increasing their interest rates. ... Examples of Second Tiered Lenders are Firstmac, Suncorp, Virgin Money, BOQ, Macquarie Bank, ING, Bankwest, just to name a few. It is important to understand which lender is behind them such as Virgin Money is backed by BOQ and Bankwest is backed by CBA as examples. Most of the time, these second tiered lenders have cheaper interest rates, because they do not have the overheads of the Major Banks such as branches. With my last 5 Clients, 4 of them proceeded with a second tiered lender, after me providing options of a number of Lenders. One of my Clients was leaning towards a Major Bank and bucked his own personal trend, as there was a decent enough gap between the interest rate and saw value for money. What is also important in the market is turnaround times for loan approvals. We are finding the second tiered lenders at the moment, can have a formal approval in as quick as 3 days, where the Major Banks are taking a minimum of 7 days just to pick up your file. Some things to consider the next time you are looking to buy or refinance.....

16.01.2022 Some Statistics from Corelogic.

16.01.2022 The Power of Specialist and Second Tiered Lenders I have a Client who has an owner occupied property and an investment property. He is planning to rent out his existing townhouse and buy a House as he has 3 Young Children. He exchanged and put down his 10% deposit yesterday on a Home yesterday!... Through a major bank, they would only lend him less due to their lending criteria. I researched lenders on my lending panel and found two that were able to assist him. This allowed Him to obtain a higher loan amount to find an ideal Family Home., due to the way that they assess his rental income and existing loan repayments. Second Tiered lenders and Specialist Lenders have more flexible policy, but they come with a slightly higher interest rate. Specialist Lenders also, assist Clients with home loan arrears, discharged bankrupts and Clients with defaults. In this instance, the Client had a Clean Credit History and File. After a detailed conversation, the repayments were in his capacity to make these each month. He was also able to secure a Home for his Family, as this is something he has been looking at for quite some time.

15.01.2022 Credit Score and the Colour Codes Credit: John Dickinson Debtx-X Debt Mediation Services... A credit score can be impacted by several things such as a change of employment, credit applications and most of all, missed payments and payment defaults. Unfortunately, once a credit score falls below a certain level it can be next to impossible to secure finance, at least at good rates. From a credit provider’s perspective, a credit score is a way of quickly assessing risk. Many larger lenders such as the banks have automated credit assessing processes and these are triggered to react to a credit score. While it may be an over-simplification, in many cases a credit score of X will result in an application moving forward where a score of Y will mean it’s automatically declined. In some cases, high volume credit providers such as the banks will use a credit score as a way of culling applications, if it’s low the answer is no. Credit scores are colour coded with the colours moving from red (bad) to yellow (could be a problem) to green (good). The red range, being a low credit score, starts from -200 to around 350. Orange covers scores from 400 to 550 and green scores range from 650 to 1200. While these colours are only a guide it is fair to say that it would be best to have a credit score in the green of at least 650 and ideally 800 plus. This by no means guarantees credit will be approved but it’s a good start. The good news is there are situations where negative credit listings such as defaults and court judgments can be removed from a credit file which will dramatically improve a credit score, however that’s another topic on its own. The bottom line is a good credit score has never been more important as lenders are becoming more risk conscious and lending policies are getting tighter. If you have any concerns about your Credit File, I recommend everyone checks their credit score before applying for finance as no one likes nasty surprises.

14.01.2022 No One Wants to Pay Lenders Mortgage Insurance Lenders Mortgage Insurance is a one off cost, which is applicable when you borrow more than 80% of the value of your property. It is insurance to protect the bank if you were to default on the loan. The cost depends on the size of your loan and how much you are borrowing against the value of the property. Whether it's buying your first home, next property or refinancing, you could be saving not paying Lenders Mortgage Insurance (...LMI). A Bank is currently waiving LMI premiums for eligible professional customers who have a loan to value ratio of between 90% to 95%, meaning you could save thousands on LMI premium costs. For example, a medical practitioner could save up to $36,000 on an $800,000 home loan, plus no minimum income requirements apply. How much you could actually save depends on their circumstances, such as their profession, their loan amount and where their property is located.

14.01.2022 Some Great Education and Refreshers. Credit: ibuynew.com.au

14.01.2022 Still Working on a Friday Afternoon?

12.01.2022 If you are in a position where it is getting out of control, there are a few things you can do. Speak to your bank to work on a payment arrangement and/or consolidate your credit cards on the basis that you will close and cancel. Personal message me as I have access to some lenders in the personal loan space.

12.01.2022 Non-major unveils new LMI offering A non-major has unveiled a Monthly Premium LMI offering to help those with low deposits access a mortgage sooner. The customer-owned bank has partnered with its lender’s mortgage insurance (LMI) provider, Genworth, to offer borrowers the option of paying the cost of LMI in a monthly premium rather than as a cost that is capitalised into the home loan and paid off with interest over the life of the loan (or as a one-off, upfront fee).... From the 27 April, borrowers taking out a mortgage with a deposit of at least 5 per cent of the property value will be able to choose whether they would prefer to capitalise the cost of LMI into the loan to cover the risk to the lender, or pay an upfront fee, or instead make use of a Monthly Premium LMI. The premium is paid on a monthly basis only until the loan-to-value ratio (LVR) of the mortgage drops below 80 per cent (at which point LMI is no longer required). According to Genworth, the applicable premium rate is determined primarily by the size of the loan and deposit. Once set, the premium is held constant at that dollar amount unless there is a material change to the loan. The customer-owned bank stated that one of the main benefits of the Monthly Premium LMI is that it doesn’t impact the loan-to-value ratio (LVR) of the mortgage. Moreover, the bank noted that the structure could be beneficial for those wishing to refinance or pay off their mortgage in less than five years, as it has the potential to save them several thousand dollars in costs. For example, the bank outlined that a first home buyer couple wanting to buy a home for $500,000 with a 10 per cent ($50,000) deposit would typically need to save $9,644 to pay the upfront cost of LMI on top of their deposit and settlement/stamp duty costs. However, under this product the Monthly Premium LMI offering, they could access a 90 per cent mortgage ($450,000) and pay a premium of approximately $182 a month. This option would be cheaper for the customer should they pay down the loan within five years. The Monthly Premium LMI option could also potentially be popular with first home buyers in Sydney and Melbourne, where LMI costs are typically more than $10,000. The bank noted that the new product could particularly help brokers offer greater options for their clients and attract high-quality borrowers seeking to pay down their loans quickly, building equity in their home. The benefit for brokers is that Monthly LMI premiums potentially allow more borrowers to either: get into the market sooner; or to borrow a bit more for a better property because they don't have to capitalise the upfront LMI into the loan.

12.01.2022 An Ease on Credit Restrictions, Quicker Turnaround Times and a Relief on Audit of Living Expenses Credit Image: TheAdviser Treasurer Frydenberg has announced that the Federal Government is proposing to make significant changes to responsible lending laws to make it easier for qualified borrowers to access credit, while maintaining strong consumer protections.... These changes will remove unnecessary barriers to the flow of credit to consumers and small businesses, assisting in our economic recovery from the COVID-19 pandemic. The evolution of the responsible lending regime - combined with post-Royal Commission uncertainty on how to effectively comply - led to unacceptable growth in credit application processing times, and swamped customers and brokers with unnecessary paperwork and processes. The proposed changes should assist to address what has in the past been an almost forensic audit of consumer expenditure when assessing credit, with little to no consideration given to the borrower’s ability to adjust spending habits in order to take on new exposures, which has no doubt unnecessarily restricted the flow of credit in recent years. Once these changes are implemented, we should begin to see faster turnaround times for qualified borrowers which has been an increasing issue for lenders, and a point of frustration for many of you, particularly this year. These changes will leave the mortgage broking industry in a strong position, as the channel will now be further differentiated for customers beyond the experience, expertise, choice and convenience already offered by the channel. The integrity of the channel will also be strengthened as borrowers will now be more accountable for providing accurate information to inform lending decisions. It will be up to the Lenders to update their difficult at times, lending policies to Support the Consumers and Industry.

11.01.2022 Just for a mid - week chuckle!

11.01.2022 Great Read and Important to be Aware of if Buying New and Off the Plan. You would also want to have the flexibility of who will manage the property (property agent/managing agent) after the rental guarantee expires. I am wary and cautious of this, when I see Rental Guarantee. Credit: ibuynew.com.au

10.01.2022 Are You Insured? This year’s Natural Disasters and more recently Bushfires, has pushed the topic of insurance well into the spotlight. Thousands of home owners, landlords and business owners have lost valuable assets and without insurance cover are struggling to make ends meet. The devastation sends a strong message about the importance of insurance, whether it’s for your home, business, motor vehicle or investment property. Not only is it important for your assets to be insu...red, but also that they are insured at an adequate level and that you are familiar with the terms and conditions of your policy. It has been estimated that around 70% of Australian homes are under-insured*, which means that the value home owners have insured their home for is too low to actually replace it if it is damaged or destroyed. To avoid under-insuring your home it is important to understand your policy is it for a fixed sum-insured, a sum-insured plus margins for increased costs, or a total replacement policy? Each year before you renew your policy, adjust your cover to take into account the household items and possessions you have purchased over the year or any renovations you have done. Here’s an overview of some of the main types of insurance you might want to consider and what each can offer. Building and contents insurance The price and scope of these policies vary widely but their general purpose is to provide replacement of your property and its contents in the event of a threat like theft, fire, vandalism, storm or flood. It is common practice to bundle the building and contents together but you can obtain separate policies for either. Landlords insurance This insurance covers for the specific risks of owning a rental property that are not usually included in a standard building and contents policy. Commonly this includes malicious damage by tenants, accidental damage, legal liability and loss of rental income. Motor vehicle insurance It’s not only when you prang your car that you might need motor vehicle insurance, as many policies will also cover you for fire, storm, theft and malicious or accidental damage. Life Insurance Life insurance looks after your family financially if you’re no longer there to provide for them, commonly in the form of a benefit to take care of everyday expenses. Mortgage insurance Should you suffer an illness, injury or involuntary redundancy, mortgage insurance will cover your mortgage repayments for a prolonged period. The amount of cover is determined by the amount of your loan and loan repayments. *Australian Securities and Investment Commission, 2005 If you would like to contact me for a FREE Home Loan Health Check or review your insurance needs, please call me on 0467 060 277. https://au.linkedin.com/in/michael-fernandez-2359a910

10.01.2022 If you have been in a Fixed Rate for some time and it is about to expire, it would be worthwhile reviewing your Interest Rates, as Interest Rates would have come down over the last couple of years. Fixed Rates are currently cheaper than variable interest rates. If you were to re-fix your home loan, keep in mind that you are limited in the amount of extra repayments you can make during the fixed rate period. ... Also, if you were to break a fixed rate loan, the Economic Cost to break the fixed rate loan, can be in the thousands of dollars and depending on the size of the loan and how long to go in the fixed rate period, it can be in the tens of thousands. If you are planning to sell your property do not fix your loan.

09.01.2022 Some Great News! The HomeBuilder Construction Deadline has been Extended!

09.01.2022 With the Reserve Bank Reducing the Cash Rate, what has happened with Interest Rates? Lenders have reduced their fixed rate home loans on the longer terms such as 4 years fixed rate and business loan interest rates. Variable interest rates have not decreased. With the Reserve Bank stating that the cash rate will not move for 3 years, lenders are trying to lock their Clients in for a longer term.... Hopefully there is some movement in the future with the variable interest rates going downwards. Credit Image: theaustralian.com.au

09.01.2022 Do you work Consistent Overtime each Week or do you receive a Bonus in the first 3 months of the Financial Year? Some lenders will look at the income you have earned between the 1/7/20 to the 30/9/20 and will look to annualise your income for the remaining of the Financial Year. This will allow you to present potentially a higher income and allow you to borrow more. We are coming upto the 1/10/20, which will may allow you to increase your borrowing power and get the property you are after or a better deal on your home loan/s.

09.01.2022 If you have loan arrears, it is important that you speak to your existing lender and keep them upto date with your circumstances and work through a payment arrangement. There are lenders that could refinance to and obtain cash out, but your interest rate maybe higher.

09.01.2022 Always Great to get Recognition from New and Forever Client's!

09.01.2022 This process is quite challenging at times. Any thoughts about this?

08.01.2022 The Whole Picture Having spoken to a number of Brokers across the Industry more recently, we have seen a number of examples of this for self employed applicants. Although, you might pay yourself an income from the business and would like to think we can only use this as your salary, every lender needs to look at the whole picture.... If you are a Director / Shareholder of a company, you are treated as self employed and if you are running at a loss for tax purposes or due to setting up the company, every lender takes this into consideration and this amount comes out of the income paid to you.

08.01.2022 Happy 3 Months Into the New Financial Year!! It is a great time, as some Lenders will allow me to use the first 3 months income of the new financial year to annualise the Client's Income. If you receive bonuses/commission or overtime in the first 3 months, this may allow you to borrow more!

08.01.2022 Lenders Mortgage Insurance (LMI) LMI is a type of Insurance for Home Loans and is one off cost, which protects the Lenders if you were to default on the loan. This cost becomes applicable when you borrow more than 80% of the Value of the Property. This cost is waived upto a 90% Loan to Value (LVR) for some occupations.... There are 2 LMI companies in Australia, where they have slightly different costs. Most lenders have either one, but not both anymore. I am working on some scenarios at the moment for Clients. Not only do I have to look at the most suitable Product, but also the Cheapest Interest Rate available in LMI Territory (as usually higher than borrowing at an 80% LVR) and the cheapest LMI Cost. Credit Image: smartline.com.au

07.01.2022 How Lenders Look at Home Loan Interest Rates Lenders look at interest rates based on the loan balance, the purpose of the loan and if it is interest only or principal and interest. An owner occupied loan has a better interest rate than an investment loan interest rate.... A principal and interest loan has a better interest rate than an interest only loan. Lenders would like to see you in a position of reducing your debt. Most of the time, fixed interest rates are cheaper, but they do come with restrictions.

06.01.2022 What are you Looking to do Now as Part of your Long Term Goal? Do you Fit into one of these Loan Purposes or is it Something Slightly Different? At the moment there is still quite a lot of activity happening in My Business.... Hear are some of the Current Loans Occurring: - Refinance to a lower interest rate and Cash out for Business Purposes - Refinance to a lower interest rate and Cash out for non-structural home renovations - Refinance to a lower interest rate and Cash out for a future Investment Property Deposit and a Pre-Approval for a Future Investment Property for two separate Clients - Construction Loan - Complete a Duplex on an existing property with the long term goal to rent one and sell one - Construction Loan - Knock down an existing property and put a new house and fully maintained granny flat providing additional rental income - Commercial Venture with 2 other Business Partners - Buy an Existing Business, Sale/Lease Back the Existing Assets - Buying an Owner Occupied Property next door to where they currently rent; after moving to the Area to see if they like the Area first - Buying Vacant Residential Land with the intention to Construct and move into in the Medium Term - Loan Pre-approval for First Home Buyers who are waiting to show 3 months of overtime in the New Financial Year (1/7/20 to the 1/10/20) to increase their borrowing capacity, so they can find a more appropriate property for their Family - First Home Buyers on a Budgeting and Savings Plan to reduce their Expenses and Increase their Savings What can I do to get you to your Goal? Credit Image: pmg.com

04.01.2022 With some lenders considering dropping their interest rates, the next important thing is to watch to see if they will also reduce their assessment interest rate. The assessment rate is what Lenders use to calculate new and existing repayments and is a buffer above their normal advertised rates. They do this to ensure a Client can make the repayments, just in case interest rates go up in the future and is a Duty of Care. This will allow you to borrow more and it is important ...if it allows you to get into a specific property market, which previously may have been out of your reach. Credit Image: 9news.com.au

03.01.2022 With the Cold Weather, I thought this Article would be Appropriate to Save Some $$$, this Winter and into the Future.

03.01.2022 First Home Loan Deposit Scheme (FHLDS) Places Still Available There are a number of incentives for first home buyers at the moment stamp duty exemptions, grants, etc. One of these incentives the First Home Loan Deposit Scheme supports eligible first home buyers to purchase a modest home with a deposit of as little as five per cent. Through the National Housing Finance and Investment Corporation (NHFIC), the Australian Government guarantees up to 15 per cent of the asse...ssed property value to a participating lender. There are only 10,000 places available each financial year and in FY19-20, all 10,000 places were reserved within five months. This latest release from 1 July 2020 has been just as popular. You may have seen in recent media that Commonwealth Bank and NAB are working through their FHLDS waitlists at the moment. If you’re unable to secure a spot with CBA or NAB, there are still places in the Scheme available with any of the other 25 non-major lenders on the FHLDS participating panel.

02.01.2022 Our Tips For Choosing A House And Land Package Crediy: Preity Bhandary

02.01.2022 Guarantor Loans The borrower/s must still be able to afford the loan in their own right. The Guarantor is there to support the loan, not to make the loan. ... The Guarantor can provide their property as security so the borrowers avoid paying lenders mortgage insurance. Some Lenders require the Guarantor to be able to service the Guarantee Loan Amount and others allow the Guarantor to be a Security Guarantee. In either case, I strongly recommend Independent Legal Advice to be obtained by the Guarantors.

02.01.2022 The First Home Loan Deposit Scheme is a great way to get into the Market for First Home Buyers. The next rollout will be in the next Financial Year. Start saving your 5% deposit, keep your living expenses to a minimum and set yourself up now. Although the scheme is now closed, your Broker may have secured a place for you for a period of 90 days. If you would like more information, please let me know.

01.01.2022 Some First Home Buyers, who live at home with Family, will eventually rent out their property as an Investment Property. They have a great opportunity to get into the market with the stamp duty exemption and First Home Owners Grant, if buying new . As a First Home Buyer, you must move into the property for a minimum of 6 months, within the first 11 months of settlement.... If you don't the Government, can fine you and also ask to payback the grant and stamp duty cost.