Category: Helpful Information

What is Lenders Mortgage Insurance?

What is Lenders Mortgage Insurance?

What is Lenders Mortgage Insurance? Lenders Mortgage Insurance (LMI) is a type of insurance that allows consumers to purchase a home with less than 20% deposit.  All major banks throughout Australia currently require you to pay LMI if you have less than a 20% deposit and have no guarantor.  LMI is paid as a once […]

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How Does a Mortgage Broker get paid?

How Does a Mortgage Broker get paid?

How does a Mortgage Broker get paid?  Because a Mortgage Broker essentially does the job of a banker, lenders are happy to pay a commission in exchange for a successful loan application – meaning the customer doesn’t have to pay them anything.  There are two way a Mortgage Broker gets paid: upfront commission and trail […]

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How a Guarantor Loan Works

How a Guarantor Loan Works

According to Finder.com.au, approximately 33% of all first home buyers in Queensland use a gift or guarantee from their parents when buying.  Guarantor loans are becoming increasingly popular, giving parents the ability to help their children into their home by using their equity, not their cash.  They do this by putting a guarantee on the […]

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First Home Buyer’s Information

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First Home Buyer’s Information

Where Should You Start?   Buying your first home can seem overwhelming and confusing, but by talking to the right people, and understanding both the processes and Government incentives available, everything will become much simpler. Generally, a first home buyer’s first step is to ask questions: ask for your parents and friends’ advice first, as […]

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Ways to Strengthen your Home Loan Application

Ways to Strengthen your Home Loan Application

When we apply for a home loan, our lender of choice will factor into their system numerous things in order to determine the risk of giving you the home loan.  There is no guaranteed formula to get your loan approved, but there are some things you can do to strengthen your position before applying. Account […]

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Offset accounts explained

Offset accounts explained

How does an offset account work? Instead of earning interest on money in a savings account, it could be in your best interest to put your savings into an offset account.  Here’s a simple example showing how an offset account works: John has a home loan of $200,000 at 4.20%. John also has a 100% […]

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The Different Types of Home Loans

The Different Types of Home Loans

The range of home loans available in this day and age is truly staggering, and the different types of home loans available to consumers can be really confusing.  This article is designed to, very simply, educate you on the differences between the various types of home loans available to you.   Variable Interest Rate This […]

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