Articles Archives - 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...]

2024: MMO’s Year in Review

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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...]

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...]

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...]