Loan Market Mortgage Broker servicing Woden, Tuggeranong, Belconnen & Gungahlin and surrounding suburbs
About Ashok Chhabra
My client’s needs are my first priority. I am strong a believer in an exceptional level of customer service and ensuring that the client is fully aware of all the pros and cons regarding the finance they are looking to do. I understand that everyone’s financial situation is unique. Whether you are a first time home buyer, switching your mortgage, refinancing or renewing your mortgage, I will assist you every step of the way.
How much can I borrow to buy a property?
You can use our Borrowing calculator to find out a rough estimate. If you would like an accurate figure, please feel free to contact me. I can assist you as depending on your financial position such as your income and expenses I can check with over 30 lenders on our panel.
First home buyers
First home buyers are also clients that I find so rewarding to be able to assist to find the right home loan. The market place has changed so dramatically in one decade, both with property prices and lending criteria, but I keep right on top of these ever-changing conditions so that first home buyers - and indeed any type of buyer - can make the best use of my knowledge. How much minimum deposit do I need?
As a general rule, you would require a minimum of 5% deposit to purchase your first home. Lenders have a specific definition of how they evidence genuine savings. It has to add to a percentage of the purchase price (usually 5%, but can be as low as 3%) that has been saved over a certain time period. Three months savings statements will be required to demonstrate this amount building up and being held in an account in your name.
It is also possible to do a no deposit home loan should you not have enough savings, provided you have a family member that is willing to offer their property as a guarantee. Debt consolidation
Debt consolidation and the positive impact it can have on my clients' day-to-day lives is very rewarding for me. Debt consolidation can truly make a big difference to monthly repayments, by easing heavy requirements on cash flow and allowing them to get back on top of their finances.
A good investment loan structure can make property investment a much smoother process. Investment loans vary depending on what you are looking to achieve. They can be very simple (like your standard home loan), or something more complex that helps you to make effective use of tax, gearing and repayments.
Low doc loans do still exist and can be used when the client is not able to provide the mountains of paperwork the bank requires to consider the client as a full document loan. Some lenders load the interest rate on low doc loans, but many don't so I always look at what you're trying to achieve and then let you know your options. That way, we can plan the best path to achieve your goal. Although the criteria is changing regularly in the current market, many lenders still do not require BAS statements for low doc loans.
The most important thing to look at is if refinancing will place you in a better position than you would be if you stuck with your current 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 time-frame 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.