What will it cost to refinance my home loan? It’s a good idea to review your home loan each year to assess whether it continues to meet your needs and offers the best value for money. You might find refinancing your mortgage will save you money, help you streamline debt, achieve other financial goals such as purchasing an investment property using the equity or give you access to improved loan features. To help you decide whether refinancing your home loan is right for you, take a look at our handy guide about the costs to consider. Exit fee You might […]

How to get a home loan when you’re self-employed? If you’re one of the two million Australians who is self-employed, you may be worried about your chances of securing a home loan. But while lenders are generally more cautious about offering mortgages to the self-employed than those on a regular pay cheque, there are steps you can take to improve your chances of being approved. Reduce debt If you’re able to, pay off any outstanding debts such as personal loans or credit cards before embarking on the loan process. Being debt-free will improve your credit rating, which may help you […]

Why choose a mortgage broker over a bank? Mortgage brokers or home loan brokers as they’re sometimes known are becoming increasingly popular with Australian borrowers. In fact, these days, they write more than 50% of all home loans. Here we look at some of the reasons why enlisting the services of a mortgage broker might be a better idea than going directly to a bank for your next home loan. It’s easier You won’t have to spend your precious time and energy searching for the best home loan on the market and assessing your eligibility. Your home loan broker will […]

How to help your kids buy property in Melbourne Buying property in Melbourne is harder for young people than ever before. At the end of 2017, the median house price in Melbourne was a staggering $821,000. That’s more than 10 times our average annual full-time salary. What’s more, the 14th Annual Demographic International Housing Affordability Survey released in January shows Melbourne now rounds out the top five least affordable places to buy a home – behind Hong Kong, Sydney, Vancouver and San Jose in California. It’s enough to put young people off the great Australian dream of home ownership altogether. […]

The types of mortgages and home loans in Australia With house prices at record highs, these days, getting a home loan is essential for most Australians looking to buy a new home. There are hundreds of home loans out there. And choosing the best loan for your circumstances can be daunting if you don’t have all the right information. A good starting point is working out whether a variable, fixed or split rate home loan is suitable for you. Let’s take a look at the different types of home loans in more detail. Variable rate home loans Variable interest rate […]

Over the past month, we’ve seen a lot of changes in the rates and compliance areas. Some lenders have tightened the investor-lending market, which has affected auction results through some capital cities. Although investor activity has been affected, first home buyer activities have increased. Mel Finance are committed to educating and empowering our clients, which is why we closely monitor the market and provide updates. Some of the key changes we identified as occurring last month include: Rising demand for mortgage brokers Mortgage brokers have taken over banks as being the primary distribution channel for a major lender. The CEO […]