Your local mortgage broker in Adelaide, Burnside, Port Adelaide and around
If you are like many of the home owners I have spoken to recently then you probably have not reviewed your home loan in years! Or even worse, you’ve gone straight to a bank for your home loan on your recent purchase and missed out on some crucial discounts you may have been eligible for!
It’s an absolute passion of mine to make sure all of my clients not only experience a streamlined home loan process, but also save thousands on their home loan by allowing me to shop around for them.
You see, my previous career in mortgage management taught me the value of flexible lenders. It also taught me that in order to help a customer save is truly about being able to offer a broad range of home loan products and the power to negotiate on their behalf. Through Loan Market, I now have access to hundreds of products and that give you a huge advantage.
Finding the right home loan for you can be a pretty daunting task. Offset accounts, monthly fees, application fees, Lines of credit LVR’s! Should you use a guarantor? And what about mortgage insurance?
If you are an investor looking to grow your portfolio or maximise your investment returns, whether you are a buy and hold investor, buy and renovate, or simply first time property investor, you’ve come to the right place.
Being self employed myself, and working with hundreds of small business up to larger company owners I understand which lenders will consider your individual circumstances and require less documentation than you think!
Is your home loan affected by recent changes?
You may have seen a fair bit of movement on the banks side in recent times under pressure from APRA to make changes to investment lending. Those mainly affected are - Investors with investment purposed variable Principle and interest home loans (Rates likely to have increased) - Investors with investment purposed Interested Only home loans (Increased) - Owner occupied home loans with interest only repayments (possibly increased) Now more than ever it is crucial to check your home loan interest rate and product. You can easily do this if you have online banking and navigate to the loan details tab. (Happy to walk you through this if you want to send me an email or call me direct) If you had an investment loan in the past and recently moved into your home (therefore changed the purpose) then please contact me immediately to see if we can renegotiate your loan product, you could be savings hundreds if not thousands by switching to the correct product!
The new world of investment lending
Along with this, lending policies for investors are changed by some lenders. Policy changes include; - As a minimum, the loan repayments are serviced at 7.25%, there is always a buffer regardless of the current rate paid. You can see how it gets tight very quickly, if you add that to a portfolio of properties, at principal and interest plus reduced rental income. - 60%- 75% of the actual rent recieved is the amount of the rental income used for servicing. - Servicing is calculated on a principal and interest loan term, but not the interest only repayment. (yet this was an old policy) - Negative gearing to service a borrowers ability to repay the loan is being removed
Teaching Your Kids About Money
Teaching your kids about money can be rewarding for you and the future of your children. How do you each your kids about finance in a cashless society?? Setting goals, expectations and rewards. This article will help you plant the important principles of finance in your childs life!