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How Does Redraw Work

A redraw facility is a feature of certain types of loans (usually home loans) which allows the borrower to access extra contributions that have been made to the loan. While drawing on these funds will reduce the benefit of paying more into the loan than you’re required to, having an extra pool of cash at […]

Finance for Apartments – Size Matters

Loans for the purchase of residential apartments usually have guidelines and/or restrictions based on each lender’s willingness to accept the risk associated with the property. The main consideration is usually the size of the apartment. Most lenders impose restrictions on the minimum size of an apartment. Usually the apartment will need to be at least […]

Buying at Auction

Important finance considerations Before attending an auction you will need to make sure that you well prepared and are in the best possible position to bid. This will include knowing your purchase price limit. On auction day you will need to make sure you have funds available to complete the purchase if you are successful. This will […]

Offset Accounts vs Redraw

In terms of interest savings, a redraw facility has much the same effect as a 100% offset account. Therefore, what are the advantages of one over the other? Offset accounts are essentially savings accounts and operate that way. There will be easy access to your funds. Most come with an ATM, EFTPOS and cheque access. […]

How do Guarantees Work?

Guarantors traditionally use their own property (or the equity in it) as security to guarantee either an entire loan or a portion of it. What are the types of guarantees?Guarantor loans have become popular in recent times as they can reduce the upfront cost of a home loan, particularly when it comes to the deposit. […]

Applying for home loan while pregnant

It’s usually better to apply for a home loan while you’re pregnant and still working rather than while on maternity leave. Some banks may be more willing to consider a loan application which involves maternity leave than others. Pregnancy is only one element of an application the banks consider when making a decision. Being pregnant […]

Basic Loan vs Package Loan

A basic home loan is a home loan which is light on features but offers a low interest rate and less mortgage fees. This type of “No Frills” home loan is useful for borrowers who seek lower regular repayments and ongoing costs. The borrower’s requirements may be simple and met for example by just having […]

Mortgage Brokers - the benfits

Why Use Mortgage Brokers

There are many benefits to you by using a professional mortgage broker. While legislation and regulation imposes a “best interest’ responsibility on all brokers, as in all professions some brokers are simply better than others. We became mortgage brokers long before the the regulators stepped in and we have always made our client’s best interest […]

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