Premium Business Specialists | Loan service

Premium Business Specialists

Address: 549 Willoughby Road 2068

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

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24.01.2022 Home buyers daunted by pre-approval process: This is a headline in the Advisor earlier in the week. According to a May report released by the Lendi Group, more than three-quarters (77 per cent) of property buyers said that they are confident about the property market and are still interested in buying property in 2021, but 54 per cent of respondents said that they feel unsure about how to take the first or next step to achieve their property goal. For those that are in the 54 per cent category, this is perfectly normal. The purchase of a property is a big step and requires considered planning and thought. If you feel you are in this category and want to discuss the pre- approval process, please feel free to get in touch.

22.01.2022 Hope everyone had a Happy and Safe Easter. You may be embarking on a well earned holiday or already there now ! Whilst you are relaxing, have a quick think about how you can save some money and start planning the next Holiday ! Premium Business Specialists working closely with the Premium Broker Group can provide you some Refinancing or Loan options for your Investment property purchase. Please get in touch if we can assist you. Mobile: 0412 543 393 email: [email protected]

22.01.2022 Hi All, For those looking to get into the Property Market, here are some useful tips to help you reach that goal ! Bigger (deposits) is (are) better,... Lenders look at something called ‘loan-to-valuation ratio’, or LVR that’s the ratio of your loan versus the value of the property you want to buy. So if you have a deposit of, say, 20%, you have an LVR of 80%. Or, if your deposit is worth 5%, your LVR is 95%. The bigger your deposit, the better. It lowers your LVR, and that means lower repayments. And the lump sum you contribute as a deposit at the start, is money you’re not paying interest on later. Smaller deposits mean lenders mortgage insurance, There’s another good reason to aim for a bigger deposit. If your LVR is above 80%, it’s likely you’ll need to pay lenders mortgage insurance (LMI). It’s a one-off sum that protects the lender if you default on your loan. Usually it’s bundled into the amount you borrow so it’s not an upfront payment, but it does mean you’ll pay a bit of a low deposit premium. There are other upfront costs, Buying a house is an expensive exercise. Besides the deposit for your lender, you’re also going to be forking out for legal fees, insurances, moving trucks, connection and disconnection fees and a fancy new welcome mat. Stamp duty is the big drainer. It’s calculated on the contract price for your property and it just goes straight to the government, not towards paying off your place. The amount you’ll pay varies between states and territories and as a first home buyer, you could be eligible for a discount. Use our stamp duty calculator to plan ahead. You’ll need to have all of these costs covered in addition to the minimum deposit for a home loan. More ideas to get over the line, You could explore buying a property with someone else. Maybe you and a friend can go halves, or the bank of mum and dad is happy to top up your deposit? Remember if you’re buying with a friend, they will also need to demonstrate a strong savings history and ability to make repayments. A cash gift can also be an incredibly generous boost to your deposit. Keep in mind that we’re keen to see your healthy relationship with savings, so getting a lump sum to cover the whole lot is actually not as impressive as consistently putting aside what you can afford. Saving for a deposit can be pretty daunting, but a small deposit doesn’t have to lock you out. Have a look at this link https://www.premiumbusiness.com.au/calculators to our borrowing calculator to see how a bigger deposit can affect your repayments. To discuss further please call Terry O’Brien on 0412 543 393 or email terry@premiumbusiness.

04.01.2022 Federal Budget - HOUSING MEASURES For those that missed the Federal Budget during the week, here are 3 key takeaways for the Housing market, 1. 5% deposit scheme for 10,000 first home buyers with the Federal Government guaranteeing up to 15% of the loan. This means those that qualify for this grant will not need to pay Lenders Mortgage Insurance, this will save thousands of dollars.... 2. First Home Super Saver Scheme, $50,000 able to be released from Superannuation to save for a deposit, up from $30,000. 3. 2% deposit available to single parents buying their first home, the Federal Government will subsidise the remaining 18%. If anyone is wondering why there is a 20% threshold, this is because if you don't have a 20% deposit saved up, the lenders will require you to pay LMI - Lenders Mortgage Insurance. This can amount to thousands of extra dollars which is usually capitalised into the loan. The other option to avoid paying LMI is a guarantor on your loan, usually a family member. This works by a family member offering up some equity in their home as extra security for your Home Loan. For any enquiries regarding LMI or Guarantor Loans, please feel free to get in touch.