Dana Boyd Mortgage Broker - Tundra

A bridging loan, also known as a relocation loan, is a home loan that can be taken out to purchase a new property while waiting to sell or settle on your current home. This means that during the bridging period, the time where you are waiting to settle on your current home, you will have the equivalent total of two loans. Bridging in a nutshell: Short term loan of 6 to 12 months Approval for bridging depends on the lender, the property type and the ability to service (pay the loan). Some lenders require you to be able to service the loan based on the peak debt. The peak debt is when you have both your  loan for your current home and loan for your new home. Lenders mortgage insurance is not usually available The maximum loan to value ratio is dependent on the lender. Repayment options during the bridging time is also lender dependent. Some will have an interest only repayment during the bridging period. Eligibility for bridging loan: Outside of normal servicing and lending requirements, you will need to have A valuation performed on your existing property Contract of sale for your new property. During bridging period/peak debt: If your current… [Read More]

As a home owner, you will undoubtedly be doing everything in your power to ensure that you have the finances to cover the cost of your mortgage. What you might not know is that it’s been estimated that in Australia, ‘up to 1 million Australian households could be in danger of missing mortgage repayments by September’1 – not to mention facing strikes against their credit score. Repossessions can occur for any number of reasons; from losing a job, all the way to taking a financial hit to your income. Regardless of what can lead to them – there’s nothing quite as terrifying for a family, especially if they have small children. Decades ago, the Australian Government introduced several pieces of legislation to ensure that if a lender plans on repossessing a home; they must follow a particular set of guidelines. The Early Signs of Repossession One of the first things that a lender will do is to be open and approachable when it comes to helping a home owner. There are a number of steps that will be taken prior to repossession of your home. If they can help you to get on top of your arrears, then there may… [Read More]

Have you felt like it has been a long gloomy winter? Spring has sprung, the weather is improving, Yay! Why not start thinking about ways you can brighten your home with these spring makeover ideas? Kitchen Remodel: You don’t need to spend a lot of money, a few little tweaks can brighten up your old kitchen. If you don’t want to invest in buying new cabinets or cabinet doors, there are kits that allow you to paint them a warm and inviting colour just in time for the new season. You can also change the door handles on the cabinets to something  more up to date and fashionable. Refinance you existing loan to get cash out to renovate your home: If you want to make some major changes to you could consider refinancing to renovate. Consider updating your flooring or renovating your kitchen and bathrooms. Colour: updating the feel of your home could be achieved by adding colour to your living areas. Consider a new coat of paint or updating your pillows and other accessories. Landscaping: for instant colour, consider planting flowering plants along your driveway or walkway. Consider shrubbery around the perimeter of your backyard to give it a cool, secluded vibe. Do your research when… [Read More]

You have found your dream home and would really like to put an offer on it. You have saved long and hard for a deposit. Skipped that smashed avocado toasty on the weekend. Problem is, you haven’t organised the finance required to buy the property. That’s ok, you can include a ‘subject to finance’ clause on your offer! What does a ‘subject to finance’ clause mean? When you find your dream home and want to put in an offer, you will be required to make an offer in writing. A ‘contract of sale’ is the document used to make an offer and it is common to make an offer ‘subject to finance’ as well as other conditions such as ‘subject to building and pest inspection’. Making an offer ‘subject to finance’ means that the offer you make will only proceed if your finance has been approved by a lender. In the event that the loan is not approved, then as the buyer, you can generally opt out of the sale without penalty. Do I need to have a subject to finance clause? Yes. A ‘subject to finance’ clause can help ease the stress of buying a property. Even if you have… [Read More]