Reviewing your Home Loan
Reviewing your Home Loan Applying for a home loan is probably the biggest financial commitment you will ever undertake. Obtaining a home loan is one thing but it is vitally important that you regularly check with your broker to ensure that your existing home loan still meets your needs and the rate is competitive. Most […]
What is a Parental Guarantee?
What is a Parental Guarantee? Parental guarantees are often used by first home buyers to overcome a lack of savings and therefore qualify for a home loan which enables them to get into the property market sooner. The maximum purchase price for first home buyers in WA before stamp duty kicks in is $430,000. Some […]
What is an Offset Account?
What is an Offset Account? An offset account is a regular everyday savings account that sits alongside a home loan. It has all the usual features like ATM access, direct debits, direct deposit of your pay, Bpay etc. However, it has one special feature with the potential to save you thousands of dollars in interest […]
What is Lender’s Mortgage Insurance (LMI)?
What is Lender’s Mortgage Insurance (LMI)? LMI applies when you are borrowing more than 80% of the value of the property being offered as security. LMI IS NOT income protection, death cover, sickness, accident, unemployment or redundancy insurance. It protects the lender in the event of you defaulting on the loan and the bank incurring […]
Glossary of terms
Glossary of terms COS: Contract of sale, also known as offer and acceptance. This is the form you complete and sign when making an offer on a property Credit card: A credit card account has a fixed limit and you can buy goods and services and even obtain cash using that card. If you make […]
What is Equity?
What is Equity? Equity is a simple concept which many people find confusing. Ask three different people to define equity and you’ll most likely get three different answers. In simple terms, equity is the value of your home minus any amount owing. For example, if your home is worth $1 million and you owe $200,000, […]
