The bank wants to see ‘genuine savings’. What does that mean?
Applications for a home loan greater than 90% of the value of the property require you to prove to the lender that the funds you are contributing are classed as ‘genuine savings’. This policy is in place so the bank has confidence you are able to save funds and be financially disciplined over a prolonged …Read More
Why should I speak to 40 Forty Finance?
Trying to navigate your way through the lending world can be a complex and confusing process. If you are looking to buy a property or refinance an existing loan there are numerous stages that need to happen for the end result to be a success.
It is becoming increasingly more common that people are turning to …Read More
Opportunities in a falling property market
After several years of exponential growth, Australian housing prices are on the downturn causing a falling property market. CoreLogic’s national index demonstrated dwellings within Melbourne and Sydney dropping by 3.3% and 3.5% respectively. This downturn is attributed to tighter lending standards, reduction in property investors and larger capital requirements enforced on Australian banks.
Property owners will …Read More
Redraw V’s Offset: What is better for you?
An offset account or redraw facility are common home loan features many lenders offer. These features give you the functionality to store additional repayments/savings against your loan while reducing the interest charged on your home loan. The funds remain accessible to you should you want to draw on them in at any point in the …Read More
Victoria’s new Tenancy Rules explained
The Victorian Government has recently passed new laws under the Residential Tenancies Act that will increase the rights of renters. These new changes will come into effect on July 1, 2020.
As a renter or investment property owner, it is important you understand what the planned changes are and how they may impact your decision-making.
Key Points:
Landlords …Read More
How to avoid overcapitalising
What is overcapitalising?
Overcapitalising refers to the process of improving property beyond its actual value. For example, spending $100k renovating the kitchen and bathroom of a $600k property, doesn’t automatically mean the property is worth $700k. A sale price of your property is always going to be determined by what someone will pay for it. The …Read More
5 Key Questions To Ask Yourself Before You Buy
Buying your first home is an exciting time but there are some key questions you need to ask yourself before you take the leap.
1. Is it the right time?
This question needs to be asked and then asked again! The notion of owning your own home is a fantastic ambition but is it the right time …Read More
How important is a property valuation?
What is a property valuation?
A property valuation is the process of acquiring information involving the construction and physical characteristics of the property, the size and any issues that may be involved. Data collated from comparative sales within the area also considered when determining the value of the property.
This is completed to determine the value of …Read More
Tips and Traps to Buying Off The Plan
Off the plan (OTP) is simply signing a contract for a property that is yet to be built. The design of the property in the form of building plans can be observed however the physical property cannot. There are many factors when determining if purchasing OTP property fits your current needs and future plans.
Advantages
The most …Read More
You’ve just purchased a property… What happens next?
Congratulations! The hardest part is done. Once the excitement settles down, you will need to focus on the items that need to be completed in order to be ready for settlement.
This exciting time does come with a fairly lengthy and systematic process that at times can be confusing and complicated. Below provides a snapshot of …Read More
