If you’re over 60, own your home and need to access money, releasing equity from your home may be an option. How home equity release works ‘Equity’ is the value of your home, less any money you owe on it (ie your mortgage). ‘Home equity release’ lets you access some of your equity, while you…
Fixed rate terms on your home loan last for a set period of time that is prearranged between you and your lender. Fixed rate periods generally last between 1 and 5 years. When your fixed rate term ends, your loan will usually revert automatically to the standard variable interest rate unless you have provided instructions…
The Australian Government has announced a new program called the Family Home Guarantee. It provides eligible single parents with dependants the opportunity to build a new home or buy an existing home with a deposit of 2%. Here’s how it’s going to work: Family Home Guarantees will be from 1 July 2021, 10,000 over four…
There is more to selling your home than putting up a ‘For Sale’ sign on your front lawn. Here are the first things you should check off your list to help you get a favourable result from your investment and to ensure the process runs as smoothly as possible. Choose a quality agent Asking family…
Considering transforming your home from ‘boring’ to ‘brilliant’, but lack the funds to support your makeover? Never fear, we’ve listed your five home renovation finance options that could help turn your dream into reality. 1 Equity Release / Top Up Home Loan This is probably the most common way people borrow money when they want…
The barriers a first home buyer faces when entering the property market are well documented. So, will the government’s new First Home Loan Deposit Scheme (FHLDS) help, or not? Here’s a guide to who’s eligible, how it will work and what the new scheme may mean for the housing market. How does it work? Under…
Another month, another rate cut. Finance can be so tedious. That is until you realise it could mean more money in your pocket. But how? For many, matters of personal finance are so dull and/or difficult, they are immediately filed in the too-hard basket. Unfortunately, these people are often slugged with a ‘lazy tax’ – the…
If you applied for a home loan in the current financial environment, your lender would probably assess your application in the context of both your credit score and your credit history – on top of your income, assets, liabilities and living expenses. Your credit score is a number calculated by a credit-reporting agency, which compares…
As a home owner with a mortgage, chances are you’ve heard of the term ‘refinancing’. Refinancing involves reviewing your current mortgage, and changing to another lender with a cheaper interest rate or a loan that better suits your needs. Refinancing can also allow you to consolidate your debts or pay down your mortgage limit. Another…
Getting into the real estate market can be tough for young adults, but as a parent you may be able to lend a helping hand. Here’s some possible ways you can help. 1. Family guarantee If your child doesn’t have enough deposit for a mortgage, you could provide a family guarantee. This is where you…