The mortgage industry is a wide, wondrous world with a language all of its own. One of the many acronyms bandied about is ‘LVR’, which stands for ‘Loan to Value Ratio’. Here’s what it means. When you are working out what amount you can borrow to purchase a property, the size of deposit you need […]
Fixed rate loans A fixed rate loan is one that maintain the same interest rate over a set period of time regardless of market fluctuations in interest rates. A fixed rate home loan can offer stability for those conscious of a budget and who want to take a medium-to-long term position on a fixed rate. […]
If you’re thinking of building your own home, you’ll need to be familiar with the ins-and-outs of construction loans. Construction loans are not as straightforward as standard home loans. There are additional decisions to be made about the structure of the loan, additional documentation is required, and the funding is released in an entirely different […]
While loan officers work solely for a lending institution and can only offer that institution’s products, brokers can help connect you to the lender best fit to serve your mortgage needs by shopping around on your behalf. Finance brokers on the other hand are paid commissions by lenders to match borrowers to the right products […]
We are excited to share the seventh edition of Genworth’s It’s My Home Magazine. Genworth’s seventh edition features super straightforward and informative articles covering property inspections, different home loan products and features, and the roles that mortgage brokers, solicitors and conveyancers play when purchasing a property. Buying a property is a very important decision and […]
Offset accounts and redraw facilities work in similar ways. They both allow you to reduce the balance of your home loan, and therefore the interest charged, by applying extra money to your debt. Redraw facilities allow you to deposit spare income into your home loan account, allowing you to redraw a sum equal to the […]
Before you take the leap into a holiday-home investment, it is essential that you consider all angles. This means taking your heart out of the equation and giving thought to rental returns – which means location really is king. When deciding whether or not to buy a holiday house or unit as an investment, you […]
It’s easy to understand why we look for the largest, most prestigious properties we can afford – we are constantly urged to define our success by our possessions- bigger, better, newer, faster, shinier. A relatively recent counter-movement, however, urges lower impact, fewer goods and less consumption, and at its core nestles the tiny house. With […]
Entering the property market is no easy feat for a first homebuyer, but even parents who aren’t prepared to hand over cash for a deposit may help by being a guarantor on a loan. Before taking the plunge however, it’s crucial to be aware of the implications involved. Here are three questions to ask yourself […]
For the best possible chance of getting the loan that suits your circumstances, you need to tick all the boxes. If an application is not completed correctly, you risk delays in approval, or even being declined by potential lenders. Other than the obvious documentation that needs to accompany an application, satisfactory identification and evidence of […]