Urgent maintenance is an unavoidable aspect of being a landlord, so having a cash buffer set aside will help you deal with any unexpected problems. When renting out an investment property, having access to extra cash is vital for two reasons:  To cover the costs of maintaining the property, giving it the best chance of remaining tenanted To cover the cost of the mortgage should you lose your employment or rental income.  A buffer ensures that you are not stretched to your financial limits, but Read More +

 Before you apply for a home loan with your partner, there are a few discussions that you need to have that go a little beyond what you may know already. You’ve found someone you want to spend your life with– the hard part is over, right? Wrong. You know each other well enough to know whether or not you each blow the budget every month, but you probably don’t know each other’s complete credit history. So, before you buy a property together, there are plenty Read More +

Entering the property market is no easy feat for a first homebuyer, but even parents who aren’t prepared to hand over cash for a deposit may help by being a guarantor on a loan. Before taking the plunge however, it’s crucial to be aware of the implications involved. Here are three questions to ask yourself to see if a family guarantee is right for you. Am I financially fit to be a guarantor? The very first thing you should be certain of is whether or Read More +

When taking the plunge into the world of home loans and property investment, the challenge often lies in knowing which expert to approach for help. Brokers and financial planners, although similar in their professional outlook, cater to different financial endeavours.  Brokers that deal in home loans must be qualified and licensed loan advisers with in-depth knowledge of home loans and options suitable for a range of different financial situations. They negotiate with lenders to arrange loans and help manage the process through to settlement. When it Read More +

Making extra repayments on your home loan can be a clever financial strategy. Investing your extra cash into your home can speed up your loan’s life cycle, with the added benefit of saving money in the long run. However, care must be taken to ensure that extra repayments are planned and the right type of loan taken out to allow for them. Every reduction in a loan’s principal balance reduces the interest paid for the life of the loan, meaning that extra repayments aren’t just Read More +

In case you ever had a doubt who Michael would most like to swap places with for the day 😆

Last Q&A of our Lockdowns series: FAQ #4: If I take a payment holiday now, will it impact my ability to refinance in the future? When assessing any loan application, lenders look at your serviceability – that’s your ability to make repayments. That includes your repayment record for any previous loans. So if you have taken a repayment holiday or made a payment variation due to hardship, it may very well reduce your chance of success if you can’t show a record of perfect recent Read More +

Today we’re sharing the 3rd of our 4 FAQs on the impact of lockdowns on your mortgage. FAQ: I lost income due to Covid lockdowns and therefore can’t pay my mortgage; what can I do? First of all, contact your lender or your mortgage broker. Measures were taken by many banks and non-bank lenders in order to support eligible affected customers, such as: a repayment holiday or deferral of up to six months  a waiver of fees, including free offset withdrawals and late payment fees.  Read More +

Second part of our series of FAQs on some of the main concerns we hear from clients regarding the effect of lockdowns on their mortgage. FAQ: I have been approved for a home loan that has not yet settled and my job is impacted by COVID; will the bank still lend me the funds? You must let your broker / Lender know when there is a change in your circumstances since your home loan approval. For example, if you start receiving COVID payments in lieu Read More +