Articles (All) - MO'R MORTGAGE OPTIONS

How to finance a home renovation

Do your plans for 2025 include things like a new bathroom, a kitchen upgrade or perhaps even a whole new backyard (that may/may not come with a pool)? If so, let’s look at the different ways these projects can be financed so you can get an idea of what’s possible for you this year. Use cash saved in your offset account (or redraw funds in your home loan account) You may have cash saved in a home loan offset account. Or, perhaps as a result of paying more than the minimum loan … [Read more...]

Can a late credit card repayment impact my chances of buying a home?

Can a late credit card repayment impact my chances of buying a home? Short answer: yes. Since the introduction of Comprehensive Credit Reporting (CCR), lenders have access to more information about your credit and repayment history than ever before. This means that one seemingly small blemish on your credit report (i.e. a late credit card repayment perhaps) can impact your chances of getting a loan approved. Whilst it has always been important to pay your bills on … [Read more...]

Where’s the best place to get mortgage advice?

House prices and interest rates have always been hot topics around the proverbial water cooler. ‘Now’s the perfect time to buy!’ ‘There’s a property crash coming.’ ‘Don’t go with this lender, they’re terrible.’ But now with increased social media posts tagged with #mortgage or #tiktokmademebuyit, increasing numbers of Australians (especially Gen Z’s) are taking action on their finances based on content they’ve consumed online. If content creators are qualified - and actually know … [Read more...]

Before you return that phone call from “Lenny” the lender, please read this

We’ve spoken to a few clients recently who have received phone calls from their lender. It all starts out innocently enough. ‘Lenny’ wants to know if you’re happy with your current loan. He wants to know if things are all ticking along as they should. And he wants to know if there is anything he can help you with. The next thing you know, you’ve been locked into a fixed rate loan you weren’t sure you actually wanted or you’ve somehow agreed to increase your credit card limit. We don’t … [Read more...]

Property Separation: What do I need to do?

You purchased a home with your partner some time ago. Whilst everything was working out initially, it soon became clear that it wasn’t going to last. You’ve now separated but not sure how you’re supposed to deal with the property you own together and not sure what happens to the joint loan you have. Here are a few things we suggest you keep in mind as you navigate a property separation. Enlist the help of a family law specialist Whilst things might seem to be going amicably … [Read more...]

Will the property market spring into action this Spring?

Spring is traditionally a busy time of year for the property market. Sellers start manicuring their lawns getting their homes ready for sale. And prospective buyers start venturing out to open homes, happy to emerge from their winter hibernation. So what's in store for us this Spring? Let's look at the historical data first... If we look at trends over the past decade, Corelogic shows that Spring listings across the country increase on average by 18.2% when compared to … [Read more...]

Does your job come with home loan privileges?

We all know that different jobs come with different perks and/or benefits, with some being more generous than others. But did you know your occupation might also give you special incentives from lenders? When it comes to home loans, certain occupations often enjoy more favourable treatment from certain lenders. If you’ve already spoken to your local bank and were disappointed with how much they would lend you, come talk to us. Because we may know of a lender who can offer you more … [Read more...]

If you can nod your head to any of these scenarios, it’s time to review your home loan

We all know that it's a good idea to review home loans regularly. But like reviewing insurance policies, it seems to be something we put off because we 'don't have time' or our loan seems to be ticking along ok. The reality is though, just because everything seems ok, it doesn't mean it is. In fact, even if you are comfortably meeting your loan repayments, there's a good chance you're paying more than you need to - simply because you've never felt an urgency to look more closely into … [Read more...]

Buy a house with only 5% deposit? Yes, it’s possible with the First Home Guarantee Scheme (FHBG)

Buyers are ignoring the advice it can take years to save for their first home deposit. Instead, they’re taking advantage of government schemes - like the First Home Guarantee Scheme (FHBG) - which allows first home buyers to get into the property market with as little as 5% deposit. National Housing (previously the National Housing, Finance and Investment Corporation - NHFIC), which runs the federal government guarantee schemes, reports that in 2022/23, almost one-in-three first home … [Read more...]

What does a mortgage broker do? Why use a mortgage broker?

What does a mortgage broker do? Why should you use one? If you’ve not used a mortgage broker to help with your loans before, you might be wondering how they can help you. After all, can't you just talk directly with the bank to arrange your loan? Well, yes. Technically you could. But with 74.1% of home buyers choosing to work with a mortgage broker instead of talking directly to a lender, here are a few reasons you should consider working with a mortgage broker too. As mortgage … [Read more...]

Why haven’t interest rates fallen yet?

Only last week (18 June), we saw the Reserve Bank of Australia (RBA) announce the cash rate would remain unchanged, yet again. (If you were a little surprised by the rate announcement and thought the RBA only met at the start of each month, you can read our post about the new RBA meeting schedule here.) The cash rate hasn’t changed since November 23 and given the RBA isn’t due to make another decision until August, the cash rate will remain as-is, on ice, at least until 6 August. But … [Read more...]

The Federal Budget 2024

Has the release of the federal budget this week has left you thinking,"What about me?" Depending on what you're looking to do, here are a few things you might want to investigate further. 1. Looking for help to buy your first home? Whilst there wasn't much in the way of additional support for first home buyers, the existing incentives/schemes for first home buyers are still available. To work out what you might be eligible for, we suggest you look into: - The Home Guarantee … [Read more...]

I want to upgrade my home. Do I need to sell or can I keep my current property?

You're starting to feel you've outgrown your current home. You have started to look into options for something bigger. But you have questions... Can I buy something new and still keep my current home? Do I need to sell first before I can buy another property? How does the financing - and timing of it all - work? Whilst the answers to these questions will entirely depend on your personal financial situation, here are a few things to think about. Can I buy something new and … [Read more...]

How long does it take to get a loan?

How long does it take to get a home loan? You’ve seen a property on the weekend that could be, ‘the one,’ and it’s being sold at auction soon. The problem is, you’re not pre-approved, you haven’t spoken to anyone about finance, you’re not sure how much a bank would lend you and you have no idea how long it will take to arrange a home loan. Question: Do you have a chance of being ready for auction day? Answer: It depends. It depends on a whole host of factors, … [Read more...]

What’s stopping you from buying a home?

Want to buy your first property, but feel like something is stopping you from buying a home? You know it’s the right time to break free from your parents (or the renting cycle) but you’re also worried about interest rates and the state of the property market. Is it really the right time to buy a home? Here we examine some of the fears you may have a buyer and suggest ways to overcome them. The Fear of Missing Out Good old FOMO often makes an appearance when you’re getting … [Read more...]

What’s happening with property values in 2024?

If buying a home is a priority this year, here are some thoughts on where property values might be headed in 2024. Before we pull out the crystal ball for the coming year, let’s look back at the change in home values we saw over the past 12 months. In 2023, despite five official rate hikes, increases in living costs due to inflationary pressures, home values still increased nationally by 7%. On top of that, there were three capital cities which experienced growth above the national … [Read more...]

What’s changing with the RBA and their interest rate decisions?

RBA Feb 24 Cash Rate Decision The Reserve Bank kept the cash rate steady in February. However, a change to the RBA’s 2024 meeting schedule has commentators theorising about how this will impact interest rates changes this year. The RBA’s decision to keep the cash rates on hold at 4.35% earlier this month wasn’t unexpected, given the latest inflation data. Because after months of steadily rising living costs, inflation seems to be finally heading south, currently at 4.1% down from 7.8% in … [Read more...]

Home loans for Self Employed Borrowers

When you’re self-employed, applying for a home loan can be a little more complex. There are additional checks a lender may want to perform and it’s likely you’ll need to jump through a few extra hoops before you get the green light to go house hunting. If you’re self-employed and hoping to borrow money soon, here are a few things to keep in mind to ensure you give yourself the best chance of getting your finance approved quickly. Understand borrowing requirements for self-employed … [Read more...]

3 ways a pre-approval can put you ahead of other buyers

You don’t have to wait until you’ve found a home you’d like to buy before you reach out to us. In fact, we’d strongly recommend you contact us first. Arranging a pre-approval before you start making offers, will ensure you’re well placed above the competition and also ensure you’re not taking any unnecessary risks. Here are three reasons to arrange a loan pre-approval before you officially start house hunting. 1. A Pre-approval gives you a budget to stick to When it comes to a … [Read more...]

How can I maximise interest savings with my offset account for minimum effort?

You already have an 100% offset account as part of your loan, and you know it’s correctly linked against your owner occupied home loan.* With each monthly statement, you can see you're saving interest but you'd like to see if you can push those savings higher. Here's a few things you can try: Ensure all household income is paid into your offset account You should already have all wages, tax returns, investment income and windfalls (if you're lucky!) paid into your offset … [Read more...]