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[3 min Wed finance tips series] What is home loan pre-approval and why are we doing it?

For those getting ready to stride into the world of home ownership, the uncertainties of pre-approval can cast a shadow of doubt over an otherwise exciting time. When is it necessary? How long does it last? And what does it involve, exactly? Pre-approval is a lender’s assessment of your likelihood of being approved for an…
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Why Loan Structuring is even more important than ever in the post APRA world!

  It’s been almost a year and half since APRA put the foot down to intervene by clamping down the Interest Only (IO) loans. Back at that time, IO loans consist of almost 40% of the new residential mortgage lending by banks and this was seen as very risky by APRA so they’ve stepped in…
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Principal & Interest vs Interest Only Repayment – which one is better suited for you?

I often get asked this question so I thought I would write something generic for everyone but what is most suitable for each will depend on everyone’s circumstances so please seek qualified professionals for tailored advice. Before we jump in let’s understand what these two terms mean: Principal & Interest (P&I) repayment type means at…
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Why every Property Investor needs savings

Urgent maintenance is an unavoidable aspect of being a landlord, so having a cash buffer set aside will help you deal with any unexpected problems.   When renting out an investment property, having access to extra cash is vital for two reasons: To cover the costs of maintaining the property, giving it the best chance…
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What is the best time of year to buy a house?

While spring is renowned as the time that sellers dust off their properties and place them on the market, this doesn’t mean it is necessarily the best time for buyers to go shopping.   One of the biggest issues with shopping in spring is the flood of other buyers looking to snag their dream homes,…
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Rentvesting – investing in property without sacrificing your current lifestyle!

As property prices continue to rise, purchasing in a centrally-located or sought-after area is out of reach for the average working people. Instead, many are opting to rent rather than buy as it means not having to compromise their inner city or beach side lifestyle. But for those who are still eager to enter the…
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How redraw and offset accounts can save you money!

Offset accounts and redraw facilities work in similar ways; they both allow you to reduce the balance of your home loan, and therefore the interest charged, by applying extra money to your debt.   Redraw facilities allow you to deposit spare income into your home loan account, allowing you to redraw a sum equal to…
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What counts as genuine savings in a loan application?

What counts as genuine savings in a loan application? If you apply for a home loan, particularly if the loan is for more than 80% of a property’s value, you’ll more than likely have to prove to lenders that you have a satisfactory amount of savings. This is to demonstrate your ability to funnel a…
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Thinking to refinance? Here are the traps to avoid

Whether you are after lower repayments or want to tap into the equity sitting in your home, refinancing can offer a world of benefits. Here are some things to be aware of so that you don’t find yourself hooked into a bad deal. Understand the purpose Understanding the purpose of refinance is the most crucial…
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How to cut your expenses and increase savings?

Is the key to saving a home deposit as simple as giving up smashed avo toast for breakfast? Well not quite, but spending less does make a difference. On top of a budget, a savings plan and strategies such as a high-interest savings account, an effective way to save is to reduce or eliminate expenses. Start…
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