Dana Boyd Mortgage Broker - Tundra

Whether you are a first home buyer or experienced investor, buying a property can be an exciting by daunting experience. It is therefore important to understand who’s who in the zoo and ensure that you have a network of people to help support you through the process. Real Estate Agent Does the thought of meeting a real estate agent make you think of a used car salesman? Things have changed a little, but unless it is a private vendor, you will inevitably have meet and liaise with a real estate agent when viewing and buying a property. The key is to understand that they are working on behalf of the vendor not you. They will also handle the sale and negotiation of the property to buyers. Conveyancer A conveyancer plays an important role in the purchase of a property. They handle the legal side of the property transfer. If you are in the market to purchase a property, they can review the properties Section 32 to ensure there are no obvious concerns. Once an offer has been accepted, they will prepare the legal documentation involved in the change of ownership. Many conveyancers are also solicitors and can then also provide… [Read More]

Have you been thinking about refinancing your current home loan? The cash rate has dropped to a record low with lenders dropping their home loan rates. Interest rates have dropped across both variable and fixed interest rates with Virgin Money currently offering 2.99% * fixed for 3 years! Whether you are refinancing to enjoy a lower monthly repayment or are looking to release some equity in your home for a renovation or investment property, make sure you are getting what you think you are. Make sure you read the fine print As demonstrated with Virgin Money, many lenders are offering enticing interest rates, but make sure you are actually a better deal than your existing loan. The fine print for the Virgin 2.99% was that the new comparison rate is 3.53% and was calculated on a loan amount of $150,000 for a term of 25 years with a loan to value ratio (LVR) of 80% or less. Different terms, fees or other loan amounts might result in a different comparison rate. Therefore, you may not fit their policy mould and may end up paying more than you expected. Why is the advertised interest rate 2.99% and the comparison rate 3.53?… [Read More]

Whether you like it or not, Scott Morrison is Prime Minister for a further term and with it comes a new incentive for first home buyers. As part of their election promise, the Liberal Government plans on supporting first home buyers further by establishing the First Home Loan Deposit Scheme (FHLDS). Evidence suggests that saving for a 20% deposit for a home can take on average 9 to 10 years. The Federal Government wants to help young Australians realise their home owning dream by helping with the deposit. How are the State and Federal Governments currently supporting first home buyers? At a State level, first home buyer incentives vary. In Victoria there are a first home buyer grants and stamp duty concessions: Stamp duty exemption and concessions on established homes, exemption for properties valued up to $600,000 and concession for properties $601,000-$750,000 First home buyer grants; buying or building a new home you may be eligible for $10,000 owner occupied property in metro Melbourne and $20,000 in regional areas. Live webinars to help you to understand at https://www.sro.vic.gov.au/events At a Federal level, the Government introduced the First Home Super Saver Scheme (FHSSS): FHSSS; under the scheme, you’ll be able to… [Read More]

If you are an active online shopper, you will have undoubtedly seen the introduction of ‘Buy now Pay Later’ platforms such as AfterPay and Zip Pay. During the period of 2015 and 2018, such providers saw a steep growth of interest with the number of users increasing from 400,000 in 2015 to 2 million in 2018! If you are a looking to purchase your first home, the ‘Buy Now, Pay Later’, instant gratification shopping, will come at a cost, potentially that of buying your first home. If you are a shopper that has not tried the ‘Buy Now, Pay Later’ experience, it is a system that allows the consumer to buy an item of clothing, for example, even if you do not have the cash in the bank. The provider, such as Zip Pay or Afterpay, will pay the merchant on behalf of the consumer, allowing the consumer to receive their new item of clothing immediately. As the consumer, you are then required to pay off the debt to the provider in a number of instalments. Shoppers be warned!! This particular method of shopping could risk your ability to buy your first home. How? Well If you manage your money… [Read More]

When people think of buying an investment property, many only think about buying in their local area. Investing in a property interstate may be a smarter idea, potentially resulting in a better return on your investment. it may also be a potential way to snaffle a bargain. You could be buying into an area with greater potential capital growth compared to your home state – as well as being more affordable for the budget. Many first home buyers have chosen to rent in the area that they want to live in and purchase an investment property elsewhere, just so they can get in the property market. There are some the key issues to keep in mind before you buy: The logistics of property management Some may find it hard to manage their investment property from another state. It can be costly maintaining a property and finding tenants if you regularly need to travel between states. Although employing a property management service may be able to help here. Property managers undertake several jobs that can be difficult for an interstate investor to do. They can screen your potential tenants, source local tradespeople for repairs and, by inspecting the property on your… [Read More]