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Archives for May 2015

Family Guarantee Loans

Wanting to buy your first home, but don’t have the deposit you need? With increasing house prices, we’re seeing more First Home Buyers struggle to save the deposit they need to purchase their first home. If you’ve found yourself in the same position, you may be able to buy your home sooner than you thought by using a family guarantee loan. Family guarantee loans are only helpful when you’re capable of making all the repayments on the new loan yourself, it’s just that you’re a bit short … [Read more...]

Buying property with a family member

You may be happy to share some chocolate (maybe!) or a facebook post, but have you thought about sharing property ownership? By buying a property with a family member, you will only need to save half a deposit, pay half the mortgage and cover only half of the bills. It can sound like a good idea, right? Property co-ownership can be a great way to get a foot in the door at a reduced cost, but it can bring added complications. Should you wish to go down this path, here are things to … [Read more...]

What is a comparison rate?

I’m sure you’ve seen the term “comparison rate” floating around, but do you know what it actually means? Why do comparison rates exist? Comparison rates were introduced to ensure consistency in the way lenders represented the cost of a loan. It allows consumers to see the total cost of a home loan, without having to delve into the small print. Because all lenders use a standard formula, we can compare the true cost of a loan before making a decision on which loan to go with. What goes in to … [Read more...]

RBA Decision – May Meeting

The RBA has announced their decision today to reduce the official cash rate by 25 basis points to 2.0%. For the average $300,000 loan, this may represent a saving of approximately $60 per month. What do you plan to do with the savings?! Here's part of the statement by Glenn Stevens, Governor: Monetary Policy Decision. The global economy is expanding at a moderate pace, but commodity prices have declined over the past year, in some cases sharply. These trends appear largely to reflect … [Read more...]

Release that Equity!

Owning a property can provide a hidden wealth that once tapped into, and as a property investor, you can use this hidden wealth to help grow your property portfolio. It almost acts like as a second savings stream and may potentially relieve the need to contribute any cash savings towards your next purchase. What we are referring to, is equity. Equity is the difference between the market value of your home and the current balance of your home loan. It can be increased when the balance of your … [Read more...]

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