Whether you are a first home buyer, looking to refinance your existing loan, looking to purchase an investment property or wanting to invest in commercial property, (unless you’re in an incredibly fortunate position) you’re going to need finance to help you achieve your goal. You could go directly to a bank to help you or you could use a mortgage broker.
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Loan Value Ratio – the key ingredient to understanding your borrowing capacity
Loan Value Ratio (LVR), can sometimes be confusing to home buyers, especially new buyers as they enter the property market for the first time. It’s very important to have a clear understanding from the start of what LVR means and what it provides in respect to your borrowing capacity.
The Seek Financial team have put together information that will hopefully give you a clearer understanding about what LVR is, how it’s calculated and why it’s so important in your quest to buy property.
What is the Family Home Guarantee?
In the 2021-22 Federal Budget, Josh Frydenberg announced a new scheme to enable single parents to get on the property ladder sooner. Under this scheme, from July 1st, 2021, 10,000 Family Home Guarantees will be made available over four financial years to allow single parents to buy a new home with a deposit of as little as 2%. This will help them to avoid the cost of lenders mortgage insurance (LMI) that usually applies to low deposit borrowers.
Parental Guarantee / Family Pledge
Buying your first home is a huge milestone and whilst it’s a very exciting time in your life, it is potentially one of the biggest investments you’ll ever make. On average it can take first home buyers five years to save enough for a 20% home loan deposit. You will be happy to know that there are ways to get onto the property ladder a bit quicker, such as the First Home Loan Deposit Scheme, the First Home Super Saver Scheme, and a Parental Guarantee (otherwise known as a Family Pledge).
What Are the Benefits of a Split Home Loan?
With interest rates at an all time low, the question of whether to choose a fixed interest rate loan is a hot topic. Last month we took a closer look at The Pros and Cons of a Fixed Rate Home Loan, but what if you are torn between a fixed rate and a variable rate home loan? There is a solution – you can take out a split rate mortgage.