Frequently Asked Questions

HomeInsights

Frequently Asked Questions

31 May

What is an offset account?

When considering a mortgage, it's advisable to research different lenders and their product offerings to determine if they provide offset accounts as an option.


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31 May

What are the costs of Refinancing? 

Several costs come with refinancing a home loan, although some of these costs are added to your new mortgage. You can get a rough estimate of the cost to refinance your mortgage by using a refinance calculator, or engaging a mortgage broker.


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31 May

Settlement Day

On settlement day, it's important to consider tasks such as reviewing the final settlement statement, ensuring funds are available for the down payment and closing costs, and conducting a final inspection of the property before completing the purchase.


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31 May

Reverse Home Loans

A reverse mortgage is a type of loan that allows homeowners who are typically 62 years or older to convert a portion of their home equity into cash.


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31 May

Mortgage Refinancing

Mortgage refinancing is the process of replacing an existing mortgage with a new loan, typically to secure better terms, lower interest rates, or access equity in the property.


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31 May

Lenders Mortgage Insurance

Lenders Mortgage Insurance (LMI) is a form of insurance that protects the lender in case a borrower defaults on their home loan, typically required when the borrower's deposit is less than 20% of the property's value.


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31 May

Interest Only Loans

Interest only loans tend to be popular mainly with investors who wish to make minimum repayments whilst the property hopefully grows in value or for negative gearing purposes.


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31 May

Guide to Construction Loans

Construction loans are a type of financing specifically designed to fund the construction or renovation of a property, providing borrowers with the necessary funds in stages as the construction progresses.


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31 May

Get mortgage ready before you start looking for a property

When preparing to buy a property, it's important to assess your financial readiness, research the real estate market, determine your needs and preferences, and secure financing options.


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31 May

Family Guarantee Home Loans

Family guarantee loans allow you to utilise a family member’s home as security for your home loan meaning that you don’t need a huge deposit.


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31 May

Fixed Vs Variable

Whilst there is no way to predict what will happen to the economy and interest rates in the future, what is helpful to understand is the advantages and disadvantages of fixed and variable home loans so you can determine which one may suit you.


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31 May

Deposits, Mortgage Fees & Funds To Complete

Most lenders are willing to finance home purchases of up to 95% of the value of the property, provided you have stable employment (in your current job for over 6 months), a clear credit file and evidence of genuine savings.


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31 May

Buying Your First Property

When buying a first home, it's crucial to consider factors such as budget, location, property condition, future needs, and financing options.


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31 May

Buying at Auction

When buying a house at auction, one should consider factors such as conducting thorough research on the property's condition, setting a budget limit, assessing potential renovation costs, and understanding the terms


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