A Guide to Guarantor Loan Requirements in Australia
Buying a house can take time, especially while having to save enough money for a sizeable deposit and all the other costs involved. Lenders view customers with a deposit of 20% as a less risky client. Having less than a 20% deposit means you’ll have to pay for Lenders Mortgage Insurance (LMI), this is a […]
How a Self-Employed Mortgage is Calculated
When a potential borrower applies for a home loan, one of the most crucial factors the lender will consider is their taxable income to ensure they can afford the monthly mortgage repayments. A self-employed applicant, however, will be less straightforward, as their monthly income isn’t as easy to prove or calculate. Freelancers, small business owners, […]
What Is a Comparison Rate?
Australian lenders are legally required to indicate a loan’s comparison rate – that is, the total cost of a loan. This information means you can accurately compare different loans over a set period. But what is a comparison rate? And how is a comparison rate calculated? Understanding these points will assist you in making a […]
Non-Bank Lenders: How Do They Work?
Non-bank lenders can be a great alternative to traditional banks when your situation is a little out of the box and you need a lender that is more lenient than your mainstream lenders. Here’s everything you need to know about non-bank lenders in Australia, so that you can make an informed decision about whether going […]
Borrowing Power: How Much Can I Borrow For My Mortgage?
How much you may be able to borrow if you want to take out a home loan is calculated by taking your net income after tax and deducting your expenses, such as groceries, petrol, credit card, loans, and other debts and financial commitments. A borrowing power calculator is a helpful tool to give you an […]
How Much Can I Borrow With A Guarantor Mortgage?
Guarantor loans are designed to help those who can only afford a small deposit – or even no deposit at all. A guarantor can be a close family member who uses some of their own home’s equity to secure your home loan. The benefits are that it will could allow you to purchase something more […]
The Ultimate Guide on Land Loans
A land loan, also referred to as a vacant land loan, is a type of home loan product where borrowers want to purchase a block of land to eventually build a house on one day. These are popular because they aren’t constrained to a specified amount of time, so the vacant land can stand empty […]
The Debt Consolidation Loan Strategy
If you’re feeling like you’re in over your head with juggling multiple debts and credit card repayments then you should consider applying for a debt consolidation loan. Debt consolidation loans can be beneficial because they: house your debts in one place, have a clear repayment schedule, and have an endpoint in sight. However, these loans […]
What is Debt Recycling? And How It Helps
If you’re still under the guise that all debt is bad debt, you need to know about debt recycling. Most people see debt recycling as a strategy employed only by advanced property investors, but that simply isn’t the case. A debt recycling strategy can be used by any property owner wanting to grow their wealth […]
The Essential Guide to Split Home Loans
If you’re shopping around for a home loan but can’t settle on whether a fixed interest rate or a variable interest rate would work better for you, there could be a solution – split home loans.