The home loan application process is notorious for its complexity and tediousness. To make the process smoother for yourself, there are several tips and tricks you can employ, getting you closer to your dream home in Melbourne, faster! Of course, the basics go without saying, such as proof of identification and evidence of income. However, many lenders will want to see further documentation, such as a reference from an employer, tax returns, and records of your assets or shares. Providing this information is not only beneficial, but sometimes necessary to get your application progressing. Those that are self-employed will often […]

Where you choose to get your home loan from can affect the type of loan you get, meaning it’s important to think the decision through carefully. While many people turn to their bank for a loan, bear in mind that non-bank lenders might be a viable choice for you. What are non-bank lenders anyway? A non-bank lender has their own funds (therefore not a bank, credit union or building society), which they lend out with a margin for profit. This can include a company or individual who borrows money from banks at wholesale rates, and then lends the money with […]

The lending market is saturated with options, making it difficult to determine whether your home loan is the best deal for you. Comparing your options is always smart, but can quickly become an arduous task, given how much information there is to sift through. A great way to get around this is by looking for a loan broker in Melbourne who can provide you with specialist knowledge.   While there are great websites you can use to compare home loans, lenders will sometimes refer to the same product with different names, making it hard to work out what you’re actually […]

When it comes to buying your first home in Melbourne, any bit of help you can get regarding your home loan is definitely welcome. What many people don’t know is that their profession may actually allow them to save money on their mortgage. This is bound to be welcome news for many first time home buyers in Melbourne who are looking for a way to make their dream home more attainable. In some cases, your job may mean you are perceived as a “low risk” borrower by lenders. This could entitle you to special discounts, allowing you greater choice when […]

 When purchasing an investment property, there are a number of factors that could increase or reduce your potential return on investment. In this case it’s not just location, the number of rental properties are available in the suburb or street that you are intended to purchase. Rental yield, capital growth, future potential infrastructure plans also can be few factors to be considered. When considering a property for investment purposes, the most important question to ask is ‘will be attractive to tenants?’.  But how do you know what will appeal to someone you’ve never met? Settling on a handful of locations […]

When selling one property and purchasing another, the funds from the sale may not be available in time to use for the purchase deposit.  There are typically two options in this scenario: a bridging loan and a deposit bond. Bridging loan A bridging loan is a short-term home loan designed to allow you to initiate the purchase of a property before you have sold your previous one. Loan terms are often between 6 and 12 months and bridging loans generally have a higher interest rate than traditional home loans. This can be a great option but carries some risk. It’s […]