The new financial year as of July 1 2023 brings in new opportunities for first home owners to enter the property market using government schemes that reduces the required deposit, while removing costly upfront fees.
Minimising Interest – Offset and Redraw Facilities
We as homebuyers who have relied upon mortgages to help purchase property are always looking for ways to minimise our monthly repayments. The common strategy is refinancing to cheaper loans, however lesser known options are to utilise offset accounts and redraw facilities which can either fully remove, or minimise the interest charged to borrowers.
Strategies to combat rising interest rates
Soaring house prices over 2021 have reduced housing affordability for many homebuyers, especially younger first-home buyers. Saving up a 20% deposit is difficult at current prices, causing many to purchase property with a low deposit, leading to a downward spiral as the lenders charge LMI fees, further increasing the cost of purchasing.
Stamp Duty Exemption
Stamp Duty (Land Transfer Duty) is a tax charged by the state government upon the purchase of property. The amount charged to the buyer depends on the contract price.
In’s & Out’s of Lenders Mortgage Insurance
Looking to buy around Melbourne or anywhere in Australia? Then this is a must read, learn about Lenders Mortgage Insurance, what it is and how you can avoid it.
From your trusted mortgage brokers.
Guarantor Home Loan
A guarantor home loan is a potential strategy for new home buyers (not just first homeowners) which reduces the upfront financial strain of purchasing property and can reduce the monthly repayments of borrowers.
Goal Setting
If we were to ask you what your goals are for this year, or the next three years, or the next ten years, what would you say?
First Home Buyers Guide
Before you buy your first home, here are some essential facts you need to know.
Reasons You Should Consider Income Protection
Income protection insurance can help provide a cash flow when you’re unable to work because of illness or injury. It can feel like having a safety net designed to protect the lifestyle you and your family work hard to create.
5 Tips For Young People Entering The Housing Market
This article contains my top 5 tips for fellow Gen Yers entering the housing market: