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- Contact us and arrange a no obligation appointment.
- We will email you our credit guide/privacy statement and fact find.
- Completing your fact find and return prior to appointment if possible.
- Appointment and assistance with fact find.
- Arrange supporting documents (i.e. ID, pay slips, PAYG, tax returns if self employed, statements for savings funds and everyday accounts, credit card statements and other relevant documents we will adivse you of).
- Assess lending capabilities with one of our brokers, shortlist loan options and determine the most appropriate loan from the shortlist.
- We will provide you with our compliance forms and your loan application for reviewing.
- Submit loan application with all supporting documents to lender.
- Obtain pre-approval / conditional approval subject to valuation and lenders conditions.
- When property is already chosen we can arrange an upfront valuation to speed up the process to formal approval.
Note: Finance can be applied before you find a property or when you do. However, you can consider a pre-approval so that you have a true measure of your borrowing capacity before committing to a purchase. Pre-approvals are usually always subject to further conditions including valuations, hence a pre-approval is not a guarantee, but is a very useful tool if you are looking for a property. Note, pre-approvals do expire and the timeline to the expiry date varies from lender to lender.
- Engage a solicitor or conveyancer to check contract of sale.
- Place offer on the property.
- Complete building and pest inspections, strata and title searches as relevant.
- Sign contracts along with submitting agreed deposit.
- Arrange insurance (contents, building and/or income protection).
- Process first home owner grant (FHOG). - If doing a home loan application with us, we supply you with the forms and submit to the lender.
- Complete settlement.
- Pick up keys.
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- If currently renting, advise landlord that you’re moving.
- Collect bond from rental agency - where eligiable.
- Arrange disconnection of utilities and cleaning of old premises (if required).
- Arrange quotes from removalist companies/schedule moving times.
- Connect the gas, electricity and other utilities for new home.
- Connect pay TV and/or internet/NBN.
- Redirect mail (can be arranged through your local post office).
- Redirect newspaper delivery, magazine subscriptions etc.
- Advise family and friends of new address/phone details.
- Clean up home before you move in if required.
- Move in!
Finding and applying for a home loan can be a tedious process. As mortgage brokers we can help you find a suitable product which will suit your financial cicumstances and needs, guide you through the process, and manage your application from start to finish.
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- Income protection
- Life insurance
- Total & permanent disability (TPD)
- Critical illness / Trauma
- Business expense
Robert is an authorised representative of Spectrum Wealth Advisers AFSL 334400 and can offer general advice on any of the above products.
Be ready to buy - Contact us to discuss your options
REQUEST YOUR FREE RP DATA PROPERTY REPORT BELOW:Email us the address of the property you would like a report for and we will email it to you -
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Savings tips - Contact us now to assist with your budgeting and start your saving plan now
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START BY UNDERSTANDING YOUR SPENDING AND WHERE TO CUT BACK
SPEND LESS - its that simple!! If only it was.
On top of a budget, a savings plan and strategies such as a high-interest savings account, an effective way to save is to simply reduce or eliminate expenses and to do this you need to understand where your money is going.
It can be easy to lose track of how you're spending money, especially using cashless payments and credit/debit cards.
To help you work out where your money is going, to help you with this you can download an app to help you track your spending, alternatively we can email you a budget planner tool to use.
Decide whether to do monthly or weekly, I would recomment starting with what you have spent from Monday to Sunday and by using the TrackMySPEND app from ASIC MoneySmart, this app is simple and to use and you can easily record every spend on your phone for that week.
Once you have worked out what your weekly spend on the app you can then transfer these expenses onto the budget planner (we can send you a copy) and put in your income and then include your monthly/quarterly/yearly expenses like car registration, utiltiies etc.
This planner will then summarise where your money goes and will show you your weekly/monthly/yearly surplus. With the break down of your weekly expenses you can go through these costs and see where you can cut back and then put these savings amount into the savings field and then transfer that into actual cash and watch your deposit grow. Contact us to receive more guidance and help, we can supply you with more tools and ideas and a cash management plan.
TIPS:
On top of a budget, a savings plan and strategies such as a high-interest savings account, an effective way to save is to simply reduce or eliminate expenses and to do this you need to understand where your money is going.
It can be easy to lose track of how you're spending money, especially using cashless payments and credit/debit cards.
To help you work out where your money is going, to help you with this you can download an app to help you track your spending, alternatively we can email you a budget planner tool to use.
Decide whether to do monthly or weekly, I would recomment starting with what you have spent from Monday to Sunday and by using the TrackMySPEND app from ASIC MoneySmart, this app is simple and to use and you can easily record every spend on your phone for that week.
Once you have worked out what your weekly spend on the app you can then transfer these expenses onto the budget planner (we can send you a copy) and put in your income and then include your monthly/quarterly/yearly expenses like car registration, utiltiies etc.
This planner will then summarise where your money goes and will show you your weekly/monthly/yearly surplus. With the break down of your weekly expenses you can go through these costs and see where you can cut back and then put these savings amount into the savings field and then transfer that into actual cash and watch your deposit grow. Contact us to receive more guidance and help, we can supply you with more tools and ideas and a cash management plan.
TIPS:
- When you earn overtime, commission or bonuses - put these straight into your savings account.
- Work your budget out on base income, not with the extras.
- Steps to taking control of your money:
- TRACK - your day-to-day spending
- COMPARE - money in and money out
- PRIORITISE - where you want your money to go and:
- ACT - to make your money work for you
dONT JUST PAY DOWN CREDIT CARDS -
It seems like a no brainer, right? You are buying a home, so you’ll pay off your credit cards to reduce your debt but keep them active, so you can buy some furniture or deal with emergencies even when you have a mortgage to pay. Wrong.
Lenders consider your credit card debts and the monthly repayments on them when you apply for a home loan. What you may not realise is that the lender doesn't go on the current balance owing, they assess you on each credit cards total limit. And if you have a high credit limit, you also have a high debt risk in the eyes of the lender. So regardless of what you owe, we must include in your application repayments on the total limit of credit cards, regardless of what you owe.
As an example, if your limit is $10,000 and you only owe $1,000, we still must assess your repayments on the limit of $10,000. The limit is multiplied by 3% which gives us a monthly repayment figure which in this case is $300/month. Add this monthly repayment to your basic living expenses and other monthly commitments and proposed home loan repayments you can see how credit debt can impact greatly on your serviceability and lending capacity in the eyes of a lender.It can be surmised that a high credit limit will negatively affect your serviceability; $300 per month off a mortgage repayment means quite a bit over the life of a loan. In fact, being able to repay an extra $300 each month on a 30-year $500,000 loan at 5.5 per cent interest will mean paying it off 5 years faster and saving approximately $100,000 on the total cost of the loan. Alternatively, it may mean that you are able to borrow an extra $50,000. So, you can see, reducing credit card limit or paying off and closing them will improve your lending position and the savings on repayments can go to building your deposit.
Lenders consider your credit card debts and the monthly repayments on them when you apply for a home loan. What you may not realise is that the lender doesn't go on the current balance owing, they assess you on each credit cards total limit. And if you have a high credit limit, you also have a high debt risk in the eyes of the lender. So regardless of what you owe, we must include in your application repayments on the total limit of credit cards, regardless of what you owe.
As an example, if your limit is $10,000 and you only owe $1,000, we still must assess your repayments on the limit of $10,000. The limit is multiplied by 3% which gives us a monthly repayment figure which in this case is $300/month. Add this monthly repayment to your basic living expenses and other monthly commitments and proposed home loan repayments you can see how credit debt can impact greatly on your serviceability and lending capacity in the eyes of a lender.It can be surmised that a high credit limit will negatively affect your serviceability; $300 per month off a mortgage repayment means quite a bit over the life of a loan. In fact, being able to repay an extra $300 each month on a 30-year $500,000 loan at 5.5 per cent interest will mean paying it off 5 years faster and saving approximately $100,000 on the total cost of the loan. Alternatively, it may mean that you are able to borrow an extra $50,000. So, you can see, reducing credit card limit or paying off and closing them will improve your lending position and the savings on repayments can go to building your deposit.
LOWER YOUR CREDIT CARD LIMIT
You may decide to keep one credit card for emergencies and online payments. If so, lower the credit limit on it to an amount that you can repay within 3 months, say $2,000.
WHEN CHOOSING WHICH CREDIT CARD TO GET RID OF FIRST, YOU CAN -
Pay off the credit card with the highest interest rate first - In addition to making minimum payments on all cards, pay more on the card with the highest interest rate, so you pay off the total amount on that card first. Then work your way through your other cards.
Pay off the card with the smallest debt first - Keep making minimum payments on all cards, and pay more on the card with the smallest debt, so you pay off the total amount on that card first. Then work on paying off the next smallest debt, and so on.
Whatever option you choose, stop using all but one of your credit cards, and try to only use it for emergencies.
Pay off the card with the smallest debt first - Keep making minimum payments on all cards, and pay more on the card with the smallest debt, so you pay off the total amount on that card first. Then work on paying off the next smallest debt, and so on.
Whatever option you choose, stop using all but one of your credit cards, and try to only use it for emergencies.
BUY NOW, PAY LATER CREDIT LIMITS -
Please be wary of retail 'buy now, pay later' credit tools, these are credit facilities that enables you to take home retail purchases (or order them online), and they pay the merchant on your behalf. You then repay them in installments until the balance is paid down to zero. Here is the thing, once paid down it may be zero balance, but the limit is still available similar to credit card limit, and therefore like credit card limits, your servicing and loan assessment takes into account monthly repayments on your limit/s even if the balance is zero.
If you are using these types of products regularly Lenders may consider you are using credit to maintain your lifestyle which puts you in a high risk bracket and a non favourable prospect for a home loan. If you do need to use this type of credit for an emergency, pay off as quickly as possible and close completely.
If you are using these types of products regularly Lenders may consider you are using credit to maintain your lifestyle which puts you in a high risk bracket and a non favourable prospect for a home loan. If you do need to use this type of credit for an emergency, pay off as quickly as possible and close completely.
CLOSE EACH CREDIT CARD ACCOUNT AS YOU PAY IT OFF -
As you clear the debt on each card, close the account by contacting your provider. If you don't close the account properly, you may still have to pay fees, even if you no longer use the card.
MORTGAGE TIPS
HOW TO PAY OFF YOUR MORTGAGE FASTER
When was the last time you looked closely at your loan, the progress you are making on paying it off and how it compares to others in the market? Analysing your mortgage could mean savings for you, as well as the opportunity to pay it off more quickly, invest in other assets or reach financial freedom sooner.
DON'T DECREASE REPAYMENTS WHEN INTEREST RATES FALL
Even if your repayments are lowered when fees and interest rates decrease, it doesn’t mean that’s all you have to pay and, by keeping your repayments at the same level when interest rates are lower, you will pay down more of the principle with each payment and make speedy progress on your loan.
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MAKE SMALLER PAYMENTS, MORE OFTEN
To cut the size of your payments, make more of them. This could even see you pay off your loan faster, and therefore pay less interest overall.If you pay your mortgage monthly, consider changing to fortnightly repayments. For example, if your mortgage equates to $2400 a month, cut this in half and pay $1200 each fortnight. As well as having more manageable payments to make, by the end of the year you will have paid off $31,200 rather than $28,800.
OFFSET IT
If you can, use an offset account. A mortgage offset account is linked to your loan and the interest payable on the loan from month to month is calculated by deducting what is in your offset account from your current loan. For example, if your mortgage is $500,000 and your offset account has $10,000 in it, you will only pay interest on the remaining $490,000.An offset account will save interest while still giving you access to your savings. It also means investors can preserve the tax deductibility of the mortgage.
PAY JUST A LITTLE BIT EXTRA
A minimum repayment is just that – for most loans there is no reason you can’t pay more, whether here and there or regularly.By rounding up to a full number or contributing an extra $100 or even $20, you’ll significantly reduce your mortgage. It may also be worth considering putting all bonuses, tax returns and gifts into your mortgage.
FIND A BETTER DEAL
Ultimately, your mortgage needs to suit you and your circumstances, or you will wind up paying too much. If you think your current loan no longer matches your situation, give us a call. We will be able to find the right product for you, as well as negotiating appropriate rates on it.Of course, it is important to make sure that your lender doesn't charge fees for extra repayments, refinancing, or any other steps you take to save on your loan. We will be able to provide details and make sure you have a loan that lets you pay down your balance sooner.