Home Loans

Tenants in common or joint borrowers – an important decision.

We are often asked about buying a property with a partner, be them friends or family as an easy way of getting into the property market or expanding a portfolio faster than your could acting alone.  However there are traps and technicalities you need to consider. One answer is to buy as tenants-in-common where the […]

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Buying off the plan

Off the plan purchase is all in the developers favour. Would I buy property off the plan?  not in a million years!  That’s not to say that  lot’s of people are not happy with their off the plan purchase, but in my 12 years experience as a mortgage broker I have seen plenty of people […]

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Real Cost of the Mining Boom Bust

I read this post today in the Somersoft forum Some help please…desperate A background, foolishly I bought in Blackwater and Mackay when rents were crazy and out look was bright. Now rents in Blackwater have gone from $950pw, purchase price $495k to now $350pw and an agent told me today if I sold now I […]

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Hey Dad will you go guarantor for my home loan?

“Hey Dad will you be a guarantor for our home loan?”  This is not a new question for Mums and Dads as guaranteeing your kids loans has been a common practice for decades. My Dad guaranteed my first car loan way back in 1972 and without that guarantee I would have never qualified for the […]

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Lax lender’s procedures could snare brokers

Today I discovered something of a potential minefield for mortgage brokers when I came across an ambiguous process in Westpac’s servicing calculator. I am not targeting Westpac it is just that their calculator almost caught me out and so I figure the same could happen to others. If not detected it could result in the ridiculous […]

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CRM for Mortgage Broker – available on your iPad

I have been developing an in-house CRM system for Peach Financial Group since 2002 using FileMaker Pro.  We wanted a system that was independent of their aggregator, which made life much easier when they moved aggregators in 2007.   Around that time  I released a free run-time stand alone version named Agent86 which has been […]

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The inconsistency of NAB’s procedures

I have long been a critic of NAB’s archaic attitude to mortgage brokers being forced to conduct face to face interviews with all clients.  Compared with most other lenders who require that we conduct telephone or Skype video interviews.   I have argued that we can record these interviews and if required provide the originals or […]

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Ban Break Fees or was that exit fees ..

I thought that headline would attract your attention and if you think break fees (break costs) are already banned then you are confusing exit fees and break fees which only apply to fixed rate home loans. The truth is that as a mortgage broker I don’t support a ban on break fees, that would make […]

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Honeymoon hangover – introductory rate loans

Let’s understand one thing, even onnormal home loans lenders don’t make much if anything out of your home loan in the first year or two.  These loans are intended to attract you in the hope that you will stay with the lender and there are some very good deals available and they can be particularly […]

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Residential construction home loan

A good client of mine recently asked if they could have a line of credit in order to bulldoze their existing house and build a new one – they wanted to manage the build themselves.  The answer was no – and virtually all lenders I am aware of under almost all circumstances will say no […]

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Investment Home Loans

At least half of all of our clients are investors looking for investment home loans and when you consider the fifteen thousand inquiries that we have dealt with over the past 12 years then you would think  that we have heard them all, however almost every week someone comes up with a plan or strategy […]

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Buying another home

Downsizing, Upsizing, Seachange or Treechange This article is intended for people who have already owned a home rather than first home buyers although much of what I wrote there still applies, especially if you don’t have much of a deposit. It isn’t specifically about new homes – just buying another home, although all is relevant ...

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Home renovation finance

By far the most common problem with home renovation is that it goes over budget – this is not an issue if you have made provision for this and all of your finances are in order.  But if you have decided to renovate on the sly, maybe using some savings, or redraw or credit cards […]

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Renting our your existing home – gearing issues

If it is possible that the owner occupied home you are about to purchase may in your future be rented as an investment property you need to put the correct strategy in place before you buy this home as there are critical taxation issues which if not addressed before can cost you potentially tens of thousands […]

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Bridging Finance Home Loans

You may have considered renovating and decided against and so now you want to purchase another home. The question is do you really want to have to rent a place so that you have somewhere to live after you sell and before you purchase your new home? Think it through carefully as renting means entering […]

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Home Loan Mortgage Refinance

Changes by the Australian Federal Government to laws affecting lender’s ability to charge early exit fees and to simplify the movement of transaction account/ auto payments etc between banks means that in may ways a home loan refinance is more painless than ever.  But of course the government gives and the government taketh away and […...

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Cost of loan the only true comparison

A few years ago I was developing software for mortgage brokers and I was trying to offer a better outcome than the mandatory comparison rate schedule because as discussed here it was simply confusing matters.  I developed an Actual Rate calculation that was pretty good but still didn’t handle fixed rates or split loans at […]

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Comparison rates just confuse me!

Don’t despair if you find Comparison Rates confusing because your not alone – in fact I think the regulators who made them mandatory failed to understand what they were doing.  Thankfully as of last year mortgage brokers are no longer required to provide comparison rates a decision that is something of an admission that they […]

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First Home Don’t Panic – it’s only a home loan

Your first home loan – biggest decision of your life fact or hogwash? I have heard so many people claim that arranging your home loan will be the most important financial decision in your life. That is quite simply hogwash! Think about it – since the federal government banned early exit fees it has never […]

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Calculator

Powered by Mortgage Auto Loan Calculator Our calculator is intended as basic tool to assist you in the decision making process however please don’t think that they can give a full picture. We are here to help you figure out what you really need then find the right loan for you.

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