About Michael James
Home Loans in Bella Vista
Getting your home loan sorted out early can ensure you are in the best position to negotiate for your home on your own terms. And while the home loan application process can seem daunting, it is often simpler than most people think. I have access to home loans from a large range of major banks and secure lenders, and I truly understand home finance in a real estate context.
First Home Buyers in Bella Vista
Buying your first home is an exciting experience, but there can be a lot to think about. I make the home loan application process as smooth and easy as possible, so you can concentrate on finding the right home. As part of my service, I will help you to understand the types of home loans available to you as a first home buyer and choose the right one for your situation. If you are eligible for the First Home Owners Grant or any state government first home buyer assistance, I will help you to fill in the paperwork.
Home Loan Deposit in Bella Vista
Most banks and lenders will require a minimum deposit of 5 per cent of the value of the property you are purchasing, before they will approve you for a home loan. Depending on the lender and your individual situation, you may be able to fund your deposit from a range of sources, including genuine savings, monetary gifts, inheritances and first home buyer incentives; it is important to note, however, that most lenders will require at least a portion of your deposit to come from genuine savings.
If you don’t have the deposit required, you may be able to make use of family equity, also known as a limited guarantor loan. The most common form of family equity is where a family member, usually your parents, offers their existing property as security for a portion of the home loan, generally around 20 per cent.
Home Loan Pre-approval in Bella Vista
Home loan pre-approval is a great way to ensure you know how much you can afford to pay for a property before you even start looking. A written pre-approval can also give you an advantage when you are negotiating on a property with a vendor, as opposed to someone who has no pre-approval or finance in place. A home loan pre-approval is generally valid for about three months, and you will still need a satisfactory valuation on the property you intend to purchase before your pre-approval can progress to a full loan approval.
Property Investment Loans in Bella Vista
Property investment can be a smart wealth creation strategy, if you get it right. And that doesn’t just mean finding the right property – you need the right investment finance as well, otherwise you may find yourself throwing money away for nothing. Your investment loan package should be tailored to your investment strategy and goals, so I work closely with your financial planner and/or accountant to make that happen. Whether you are an experienced property investor with a big portfolio, or just starting out with your first property, I can help you get the right investment loan for your circumstances.
Business/Commercial Loans in Bella Vista
Business and commercial loan options vary depending on whether you are a start-up or existing business. Whether you are buying commercial property, undertaking a property development , expanding your business or need some cash-flow funding, assistance from a good commercial finance broker can be invaluable.
Low Doc Loans for the Self-Employed in Bella Vista
Many self-employed borrowers need a loan that isn’t quite standard, mostly because they don’t have the full financial history required to get a regular loan. Low documentation, or low doc, loans fulfil the needs of many self-employed borrowers. You’ll still need some financial history and paperwork – often about 12 months BAS statements and an ABN that has been active for at least 6-12 months.
Refinancing in Bella Vista
Refinancing your mortgage is something that takes careful consideration. The most important thing to look at, is if refinancing will put you into a better position than you would be if you stuck with your current home loan. I can go through the sums with you to show you the costs involved in changing home loans, as well as your projected costs over a set timeframe for both your current and proposed home loans. And if you decide that refinancing is the right move for you, I will help you complete all the necessary paperwork to make the change.
Debt Consolidation in Bella Vista
Debt consolidation can be a handy solution when you are struggling with repayments on several debts, such as your home loan, credit cards, store cards and personal loans. Debt consolidation works by combining all those debts into your home loan, which is generally the debt with the lowest interest rate. Because the interest rate is lower, and the loan term is usually longer, your monthly repayments will drop, giving you a bit of breathing space.
Remember, if you make only the minimum required repayments, you will end up paying more in interest charges over the life of the loan than if you had left your debts separate. And debt consolidation will not fix the underlying problems, so be sure to get assistance from a financial planner to rectify your financial situation.
Upgraders/New Property Buyers – Bridging Loans in Bella Vista
Financing the move from one property to another can be quite stressful, especially if you are yet to sell your home – how do you free up the funds that are tied up in your current property to purchase the next one? A bridging loan can help. With a bridging loan, your lender will use both your current and new property as security and lend you enough to buy your new home.
While you are waiting for the sale and purchase process to be completed on both your current and new property, you make interest only repayments on the loan, or maybe even no repayments at all (called capitalising the interest). Once you have sold your old home, the proceeds go towards paying off your bridging loan. The amount left over, called the end debt, is then transferred to a standard home loan, becoming the home loan on your new property.
Let's break down the shifts
I find capturing the movements of the various markets so beneficial for my clients, particularly those who are looking to invest outside the local area. Read on as I break down the shifts.
Why everyone's doing it
I’m not sure what the collective noun is for refinancers; a review, a revolt, a rave… whatever it is, there are record numbers of them. Read on to find out more.
The top trends in home loans
COVID-19 has done some strange things to the mortgage market. Here are some of the biggest trends I’m seeing in home loans this month.