Buying a home is both exciting and stressful. It's a major decision and having a broker on your side will help you make an informed decision.
As your mortgage broker, I will help you plan and do the research and will educate you on the home buying process. I will let you know how much you can afford and can help you decide if you are ready to buy. My goal is to find solutions for my clients.
What do I provide my clients?
- First-class, friendly and honest service
- Access to a panel of 30 lenders and hundreds of home loan products
- I educate you with the home loan buying process and discuss with you the various loan products and features
- I compare home loans, loan features, fees and charges and analyse which one is the most suitable for your financial situation and lifestyle
- I will get you a pre-approval to give you the comfort of making an offer on the property you desire
- I help your manage the home loan process through to settlement
Lenders Mortgage Insurance (LMI)
You will need to organise LMI if you borrow over 80% of the purchase price of the property.
Having LMI allows you to borrow up to 95% and a lower required deposit due to the LMI providing protection for the lender.
This extra cost can be included in your upfront costs or can be incorporated into your loan repayments which will be spread out over the course of your loan.Stamp Duty
When you purchase a property you are required to pay stamp duty, which you will need to pay within 30 days of settlement. Stamp Duty is a tax charged on either a particular document or transaction.
There are a number of exemptions and concessions available, most commonly for First Home Buyers or pensioners.
To find out how much you will need to pay in Stamp Duty costs, go to our Calculator Section
You can find more information on the State Revenue Office website.
LVR – Loan to Value Ratio
LVR is the ratio of the loan (money you’re borrowing) to the value of the property you are purchasing and is calculated as a percentage.
Loan Amount Purchase Price 100 = LVR
Loan Amount $400,000
Purchase Price $500,000
You may think that you need a lot of savings before you can get into your first property, but there are options out there if you don’t have a lot of savings behind you.
Once you have saved 5% of the purchase price you can start looking at buying as there are banks that will lend up to 95% LVR (Loan to Value Ratio), keeping in mind that you will also be required to purchase Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
Buying your home can be an exciting yet overwhelming experience, not to mention a big financial commitment.
Here are few things to think about;
Genuine Savings – Make sure that 5% of the property value has been held in your account as savings for at least 3 months. (We could also use your mum and dad as a guarantor to help this along.)
Affordability – As a general rule of thumb, you should be able to borrow four times your gross salary.
eg. $40,000 per annum = $160,000 borrowing capacity (approx)
Security – Make sure that the property is larger than 50sqm (at least a 1 bedroom apartment) and is zoned residential.
When you have multiple debts, it’s not only a challenging task to keep them under control, it can become a big stress on you and your family. Managing different interest rates, as well as varying minimum repayment amounts and repayment due dates, can be overwhelming and most of all, expensive. If you’re holding debts with a number of different creditors, that only complicates matters further. Debt Consolidation can be key to managing your finances as it has many advantages;
- saves you having multiple payments
- will save you paying higher interest and fees
- AND will reduce your stress. Which is a HUGE plus!
Book in an appointment with me today to discuss your options to reduce your financial stress and help you get ahead.
My brother advised me to go to see Marios, as he was extremely happy with the services provided when they needed finance for their home.
When I first rang Marios to discuss obtaining a home loan I was impressed that he was able to provide honest answers over the phone even before making an appointment.
Through the wealth of knowledge from Marios and his assistant, Monica they were able to find the best loan that suited our situation. Our situation was a difficult one but both Marios and Monica never gave up. We were approved for the amount required to build our dream home and have all the major works completed within weeks of moving in.
I had a great experience dealing with Marios and his team and have recommended him to work colleagues, employees, friends and neighbours.
- Domit M., Fawkner, VIC