Rui Santos Mortgage Specialist | Finance

Rui Santos Mortgage Specialist

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15.05.2022 Now you can buy with a little help from your friends: We all know that Australia's housing market is one of the least affordable in the world. Housing affordability is affected by many factors including slow land releases and restrictive development regulations (both likely to persist for some time).... An increasing number of Australians are turning to co-ownership as a solution. To discover some of the benefits (and how to avoid the pitfalls) from entering into a co-ownership arrangement, download my free guide - "You can buy with a little help from your friends"?. https://www.mortgageaustralia.com.au//buywithalittlehelpfr

04.05.2022 Are your plant and equipment looking a little tired? New equipment is one of the most common reasons to get finance. An equipment or vehicle loan can be structured to preserve cash flow and also leverage any tax benefits your accountant or tax adviser may suggest. And because the equipment is the security, you may not need to use other assets, either personal or business, as collateral. ... With lots of options out there, talk to us today.

02.05.2022 What's the best way to lose your deposit - and be left out of the market for years? So, you're looking to purchase your first home. You already found a great mortgage broker who arranged a pre-approval for you, and you have the deposit ready to go. Let me ask you a question - is it okay to submit an offer on that dream home now, without making it 'subject to finance approval'? The answer is 'Heck No' - but instead of telling you why, I'm going to tell you a story about Meliss...a and Dave. Mel and Dave had put away money diligently for 5 years and they were keen as mustard about buying their first home. They had a pretty decent figure in the bank, enough to cover a 10 percent deposit on any property in their price range, as well as all of the stamp duties and other miscellaneous costs. The couple met with a mortgage broker, who arranged their loan application. Everything went well, and they received a pre-approval for finance. After looking for a couple of months, Mel and Dave found a great little property in their price range, and decided to make an offer. There were quite a few interested parties, and the selling agent mentioned that the vendor would only be considering 'unconditional offers'. It seemed that the vendor was motivated to sell, and didn't want to waste any time waiting to find out about finance approval. After talking it over, Mel and Dave decided that they weren't really taking much of a risk by making a clear offer on the property, because their finance was already approved. They decided to increase their offer by $20k due to the heated competition, and they crossed their fingers. To their delight, the offer was approved, and the agent dropped past to get some contracts signed and collect their deposit cheque. He left the couple with a nice bottle of champagne, and it seemed like all of their hard work was finally coming to fruition. That was until the valuation came back from their Lender. Unfortunately the lender determined that Mel and Dave had paid too much for the home. Even though they stayed under budget, their loan was not approved and they were unable to find another lender to finance the sale. As a result, the sale was unable to proceed, and the couple forfeited their deposit. This is just one of many sad stories about people who lose their deposit by not adding conditions when they make an offer on a property. The only purchaser who can really afford to buy unconditionally is someone who has the entire purchase price in the bank, ready to dispense. Even then, a wise investor would still insert a clause making the offer subject to a satisfactory building and pest inspection. Don't let this happen to you. Ask your Mortgage Broker or Solicitor about how to protect yourself when purchasing a home.

28.04.2022 Drive away in your dream car with a low cost car loan.

25.04.2022 6 Steps you can take today to achieve your financial goals Are you struggling to manage your household expenses, mortgage repayments and other unexpected bills that always seem to arrive at the wrong time? It might be time for you to sit down and create a budget that works for you. Many homeowners have achieved their financial goals a lot sooner by creating and following a careful budget. Who knows - you might even be able to pay a little more off your mortgage each month ...and be mortgage free a couple of years sooner. Step 1 - Identify how you're spending money now Get out the bank statements, receipts and online banking, and spend some time examining exactly what you spend money on now. Be honest, and don't forget to factor in the things that only come up on occasion - like car registration, birthday presents, Christmas etc. Step 2 - Set goals for the future Work out what you hope to achieve by implementing your budget. This will help to motivate you because you will be working towards an actual goal and you can see the results. Step 3 - Use budgeting software or other methods for monitoring spending There are some incredible programs available now for budgeting, accounting and monitoring spending. Many of these can be synced with your internet banking so that they automatically collate the information for you. Step 4 - Leave room for the occasional unscheduled purchase There's no use creating a strict budget if you can't stick to it. If you currently go out for dinner once a week, rather than removing it altogether, try budgeting for dinner out once a month. If you don't feel like your life has come to an end, you're more likely to stick to the budget and achieve your goals. Step 5 - Watch out for disappearing notes Do $20 notes seem to grow legs and walk out of your wallet whenever you stop at the ATM? If you don't need to withdraw cash then try to avoid it. Most outlets have EFTPOS facilities these days, so try using your card for small purchases, rather than withdrawing money and making it disappear. Step 6 - Don't count on uncertain wins Don't spend money that you can't afford, because you think that you might be getting a tax return this year. It's dangerous to rely on any money that isn't guaranteed when you create your budget. Maybe you could wait until you actually receive the money and then do something really special with it once you have it.

20.04.2022 Are you ready to purchase a new car but don't want to get hit with high interest rates from expensive car dealerships? Our team can help you secure fast, low-rate car finance to get you on the road. Our partners also offer conditional approval for up to 60 days, giving you time to shop around and find your dream car.

15.04.2022 If securing your first home, stepping up to something better or securing an investment property is on your to-do list then it may be in your interest to maximise your borrowing power. Understanding how much you can borrow will help you make critical decisions, especially when it comes to what to buy and when. There are a number of factors that influence your borrowing capacity. The key ones are income and existing debt including credit cards and personal loans....Continue reading

11.04.2022 Protect your investment - find a great property manager: If you are a property investor you probably know about Landlord's Insurance, but there's another way to protect your investment, and make sure that you continue to get a good rental return. The trick is to find a great property manager. There a few characteristics that will help you to tell the difference between a fabulous property manager who will care for your investment, and a nightmare property manager who will co...st you a fortune. Professional and Committed A really good property manager is not the disgruntled young buck who was recently rejected as a junior sales agent, and now has to see his days out processing rental applications. The best property managers are people who wouldn't have it any other way. They have made a career out of managing property and they have a network of satisfied clients. Good processes in place for screening tenants A good property manager has excellent processes in place for making sure that potential tenants are carefully screened. They keep detailed records and they check references. Conducts regular inspections A good property manager can tell you how often they will be inspecting your property. They will personally inspect the property at the agreed time and report back to you with any issues. They don't send the receptionist. Has a maintenance team ready to handle any issues A good property manager has a team of workers on call in the event that there are emergency repairs or maintenance needed at your property. They believe that it's vital to stay on top of any small issues before they become bigger ones. Answers your phone calls A good property manager is approachable and it shouldn't take a week for you to get them on the phone. They care about maintaining a relationship with you because they want to keep your business. Treats tenants with respect A good property manager treats tenants with fairness and respect, and understands that happy tenants are more likely to keep the property in good repair, and pay the rent on time. They also know when to do something if a tenant is not keeping up their end of the bargain. Cares about your property Most of all, a good property manager cares about you and your property and they will ensure that your investment is protected. By maintaining good rapport with all parties, they will help you to retain good tenants to keep your rental return coming in.

23.03.2022 How to buy a property with a friend (and remain friends)! How would you like to double your deposit and double your income to buy your first property? Sounds pretty good doesn't it? That's the reason why many young homebuyers are now working together with a partner, friend or relative to break into the property market. Although there are some excellent benefits to entering a property partnership, there are some pretty nasty horror stories out there too - so you need to make... sure you protect yourself against the worst. Make sure you have similar goals for you property purchase. Do you both agree on how long you would like to keep the property for? Do you want to rent it out, or will you be living there together? Make sure everyone is on the same page before you enter into any contracts. Buy with someone who is at a similar stage in life. If you buy with a family member who has a baby on the way, you might be asking for trouble. Likewise, buying with a sibling who is too young to appreciate the importance of keeping up financial commitments could be just as much of a recipe for disaster. Take a moment to check your financial compatibility. You will be responsible for the loan if the other party becomes unable to pay, so take the time to have some open discussions about money, and make sure you are both equally committed to paying things on time and keeping track of the bills. Decide if you want to be housemates. If you plan to live together in the home, make sure you both agree about things that could cause arguments such as having pets in the house, allowing partners to sleep over, housework and other potentially touchy subjects. Get Legal Advice. Find out about your options legally if something was to go wrong, and decide whether you want to be Joint Tenants, or Tenants in Common. This might depend on whether you will pay an equal share of the deposit and loan repayments. Create a formal agreement. Get a formal agreement drawn up that covers as many issues as you can think of. Hopefully you won't have any problems, but it might be helpful if you already agree on the solution ahead of time. Property partnerships can turn into nasty legal battles when parties don't agree on important issues, such as whether or not to sell the property. If you can thrash out some of these issues now you will save yourself a lot of worry in the future. Keep records of spending. Make sure you keep it even, and try to keep records of who paid for what, just in case you have problems down the track. Hopefully your property partnership will be a very positive experience, and if you follow these steps you should be well on your way to being a great team.

11.03.2022 Fixed rate loans - Safety Net or Hostage Situation? Do you buy your movie tickets before you leave the house? Do you like to book a table at a restaurant to make sure you don't miss out? There is a certain comfort in knowing what's going to happen, especially when it comes to planning your financial future.... If you worry about the ups and downs of the official cash rate, and the possibility of your home loan repayments increasing without warning, a fixed rate loan could be your new best friend. Fixed interest rates are a kind of insurance policy that protect you against the financial pressure caused by interest rate movements. Depending on your personal situation, you might struggle to meet your repayments if interest rates were to rapidly increase. If you opt for a variable interest rate, you have no control over fluctuations in the market. Ideally, you should have allowed for a few rate rises when deciding how much to borrow. But if you stretched your limit in order to buy your dream property, then fixing your interest rate is a great safety net. Fixed rate loans allow you to be sure about your exact repayment figures for a fixed period of time. This is great for borrowers on a tight budget - because you never have to worry about interest rate fluctuations during the fixed period. The purpose of a fixed rate loan is not to save you money on interest. Generally, these loans will cost you more in interest. Fixed rates are usually higher than variable rates, so the only way this approach will save you money, is if there is a rapid fluctuation in interest rates, and the standard variable rate climbs significantly above your fixed rate. A fixed rate could cost you money if interest rates fall. You will be locked into a higher rate when other people are enjoying a reprieve. You need to decide if you're happy to take this risk and fix your rate for a period of time. The biggest risk of going fixed is the penalties that you will incur if you need to get out of the loan. Many lenders charge enormous discharge fees for borrowers leaving during the fixed interest rate period. It's also very difficult to change your loan during the fixed period, and generally you can't make any lump sum repayments. If you have a variable rate loan, it's a great idea to regularly review your needs every few months. You might decide that the time is right to fix your rate, depending on your circumstances, and the fixed interest rates on offer. Beware of sitting on the fence. Many lenders promote the concept of 50/50 fixed and variable rate loans. Some borrowers see this as a risk-free alternative to choosing either fixed or variable rates. Keep in mind - if you choose to fix part of your loan and leave the other part variable, you will still be locked in because of the fixed portion of the loan.

06.03.2022 Do you know what your credit record says about you? Have you ever actually seen it? For many borrowers, it can be quite a surprise to learn that a few blotches have appeared over the years on their credit history report. ... Unfortunately, many are blissfully unaware until they apply for a home loan. Once your application has been lodged, it can be tricky to challenge your credit report and prove your worth to the lenders. Don't let this happen to you. Enrol in boot-camp today and get your credit record in shape - and the good news? You won't need to squeeze into the Lycra and start counting calories. 1) Review your credit record The first step is to get your hands on a copy of your credit history report. This can usually be done through your mortgage broker, or by directly contacting a Credit Reporting Body. There are quite a few companies who can provide your credit report to you, but the national bodies are: Veda, D&B, and Experian. 2) Challenge any discrepancies or misunderstandings If you think that there's a discrepancy on your credit history report, you can challenge these. The first step is usually to contact the company who added the incorrect information to your report, and see if they can amend it. Failing this, you can dispute the discrepancy through a Credit Reporting Body. 3) Be honest It pays to be upfront with your lender about anything on your credit report that could impact your ability to borrow. Most lenders are fairly strict, but some will take into account your explanation credit issues, and the steps you took to resolve them. 4) Cut down debt and credit Before you apply for a loan, try to reduce the amount of credit card debt - and also available credit that you have. Some borrowers are surprised to learn that a credit card with no debt owing at all - but with a high limit, can have an impact when being assessed for a loan. Try to reduce your limits wherever possible, or if you don't really use the card then consider cancelling it. 5) Know your finances Come to the first meeting with your lender or broker, prepared to explain your budget, expenses, income and your capacity to repay the loan. It's also important that you can demonstrate savings, as most lenders will require at least 5% of the purchase price in order to approve a loan. When it comes to the deposit, the more you can pay upfront, the greater your chances of being approved for a loan. If you can put down 20%, you will remove the need for Lenders Mortgage Insurance (LMI) which could represent significant savings for you.

15.02.2022 Buying or selling - or even just thinking about it? We may not have met in person yet, but I thought you would appreciate knowing that I'm always quoting and arranging home loans for people across our suburb. If you are even remotely thinking about buying or selling, or you are just not sure what your home is worth and how much you can borrow, why not ask me to help you work it out? That way you will know exactly what you can do...and it doesn't cost anything either!... I have access to home loans for just about everyone and every situation so please try me out. It usually only takes a few minutes and the privacy act ensures our conversation is entirely confidential. A cuppa and a chat It could be as simple as that.

22.01.2022 Mortgage traps ahead! - Don't fall in. Do you love a bargain? It can feel like such a victory when you find that special deal on a new TV, or when you save a bundle by doing your Christmas shopping during a toy sale. Unfortunately, this sort of approach to looking for a mortgage can easily land you in hot water. Whilst it always pays to look around for a good deal on a home loan - there's also an old saying: "If it sounds too good to be true, it probably is".... There are a few fatal traps when it comes to choosing the right loan for you. Unfortunately the excitement of buying your first home can be all too distracting, and it's easy to put your foot in it by failing to research your loan options. Irresistible Offers The majority of lenders are very responsible and cautious, and only give out loans to people likely to make their repayments. These lenders will offer the best deals their desired customer - usually someone who earns a good income, has a clean credit history report, and has a decent deposit to contribute. If you know that your circumstances don't make you particularly appealing to a lender, but you're being offered a crazy deal - there might be something amiss. Take some time to read the fine print and make sure that the loan contract doesn't contain any nasty surprises. Remember - there's no such thing as a free lunch! Fixed rates You might be tempted to lock in a low interest rate for a couple of years so that you can have the peace of mind that comes with knowing your repayments. The danger here, though, is that you might be missing out on features that you need, or being charged additional fees. Make sure that you research all aspects of the loan, rather than just focussing on the interest rate. Fees and Charges Loan contracts can be very detailed - packed full of confusing words and legal disclaimers. But one section that you should study with a magnifying glass is the schedule of fees and charges. Do you know whether you can make changes to your repayments? How much will it cost if you default on a repayment? What is the fee associated with ordering a statement ahead of time? And importantly - what establishment fees will you have to pay at settlement? If you don't know this amount, you might not be able to proceed with your purchase and you could lose your deposit. Flexibility and Features It's important to consider what features you need in a loan - do you want to be able to make extra repayments when times are good? Would you like to be able to take that money back again if something doesn't go according to plan? What about if you want to change your repayment frequency? The features of your loan are just as important as the interest rate - and not paying attention could mean that you end up paying a lot more in the long term.

12.01.2022 How to avoid getting stuck in the borrower's 'land of confusion': Comparing the true cost of a loan can be a lot more complicated than it seems. Comparison Rates are one way of comparing loans, but it doesn't always provide a complete picture of the total cost of the loan.... Make a mistake and you could pay thousands more in interest than you should. To avoid this, have a look at this short guide - "Land of Confusion". https://www.mortgageaustralia.com.au///landofconfusion.pdf

11.01.2022 Avoid trouble when the bubble bursts - 5 ways to spot a housing bubble. Purchasing a property is a major financial commitment, and hopefully a great investment that will serve you well. Unfortunately though, many purchasers don't recognise the warning signs, and make this great leap in the middle of a 'bubble' - when housing prices are suddenly inflated. What happens next can be a devastating blow - the bubble bursts and your property is now worth less than what you paid fo...r it. Don't let this happen to you - look out for these 5 ways to spot a housing bubble... Housing prices have increased rapidly If prices in your area have climbed by 20% in the past few months, there might be other factors at play. Beware of sudden increases to property values, and try to find out who is paying more. In the past, Government incentives such as enormous 'first home buyer' grants have caused property values to rise with speed. When the schemes come to an end, the market will adjust itself accordingly, and many new purchasers can be caught unaware. Affordability Figures are low If housing affordability figures indicate that median house prices have become unaffordable for the average Australian, chances are that they will settle back down again at some stage. Interest Rates threatened to increase When interest rates are low, property sales figures are often very strong. Unfortunately once interest rates begin to rise again, property prices and selling rates will drop accordingly. Relaxed lending criteria Lenders tend to adopt stricter lending criteria during tough economic times. During the Global Financial crisis, many lenders required a 20% deposit on all new loans. When loans are being awarded freely, and lenders are advertising 95% finance or more, there is often trouble on the way. Delinquencies The United States was heavily impacted by the GFC, and the first sign of trouble was a higher rate of delinquencies. Freely available loans and very long mortgages contributed to a situation where finance was given to many purchasers who could not afford to service their loan. Look out for a high rate of delinquencies which could signal that the bubble is almost ready to burst.

05.01.2022 Do you know what your credit record says about you? Have you ever actually seen it? For many borrowers, it can be quite a surprise to learn that a few blotches have appeared over the years on their credit history report. ... Unfortunately, many are blissfully unaware until they apply for a home loan. Once your application has been lodged, it can be tricky to challenge your credit report and prove your worth to the lenders. Don't let this happen to you. Enrol in boot-camp today and get your credit record in shape - and the good news? You won't need to squeeze into the Lycra and start counting calories. 1) Review your credit record The first step is to get your hands on a copy of your credit history report. This can usually be done through your mortgage broker, or by directly contacting a Credit Reporting Body. There are quite a few companies who can provide your credit report to you, but the national bodies are: Veda, D&B, and Experian. 2) Challenge any discrepancies or misunderstandings If you think that there's a discrepancy on your credit history report, you can challenge these. The first step is usually to contact the company who added the incorrect information to your report, and see if they can amend it. Failing this, you can dispute the discrepancy through a Credit Reporting Body. 3) Be honest It pays to be upfront with your lender about anything on your credit report that could impact your ability to borrow. Most lenders are fairly strict, but some will take into account your explanation credit issues, and the steps you took to resolve them. 4) Cut down debt and credit Before you apply for a loan, try to reduce the amount of credit card debt - and also available credit that you have. Some borrowers are surprised to learn that a credit card with no debt owing at all - but with a high limit, can have an impact when being assessed for a loan. Try to reduce your limits wherever possible, or if you don't really use the card then consider cancelling it. 5) Know your finances Come to the first meeting with your lender or broker, prepared to explain your budget, expenses, income and your capacity to repay the loan. It's also important that you can demonstrate savings, as most lenders will require at least 5% of the purchase price in order to approve a loan. When it comes to the deposit, the more you can pay upfront, the greater your chances of being approved for a loan. If you can put down 20%, you will remove the need for Lenders Mortgage Insurance (LMI) which could represent significant savings for you.