#Purchase

January 30, 2023
Unlocking the equity in your home
3 min
Using the built-up equity in your home is a very powerful way to grow your property portfolio or improve your current home.
August 31, 2022
Gift as a deposit
2 Min to Read
For many first home buyers, saving for a home deposit can be tough, which is why you might need a helping hand from your parents. One way to do this is with a gifted deposit home loan.
August 31, 2022
Buying at auctions vs private treaty
6 Min to Read
An auction is a sale held at a certain place, time and date, after a marketing campaign. Whereas a private treaty sale is simply a negotiation between both parties, usually done with the help of a sales agent on behalf of the vendor.
August 31, 2022
Top mistakes first time buyers make
6 Min to Read
Buying your first home is a very exciting part of life, but there are a number of mistakes that you can make if you jump in too quickly. Fortunately, each of them is easy to avoid.
August 31, 2022
Hidden costs of buying a property
7 Min to Read
Purchasing a property is one of the biggest investments most people make. However, it’s important to understand that there are a number of hidden costs that come with purchasing a property.
August 31, 2022
How to create a budget for your first home
6 Min to Read
The process of budgeting is critical if you’re hoping to get a home loan. Lenders assess not just your income but also the way you spend your money when they look at your loan application.
August 31, 2022
How to save money on your home loan
4 Min to Read
For most households, your mortgage repayments will be your biggest expense. We are going to cover a few things you can do to save on your home loan.
August 31, 2022
How much can you borrow?
6 Min to Read
When applying for a home loan, lenders typically look at how much you earn and how much you spend to determine your overall borrowing capacity. However, they also assess the type of lender you are and what kind of risk you might present to them.
August 31, 2022
What is Settlement Day? What happens and how does it work?
6 Min to Read
Settlement day is the day you assume legal ownership of your property. The two parties will also organise for the remaining balance of the purchase price to be paid to the seller.
August 31, 2022
What is Contract of Sale? What does exchange and Cooling-off Period mean?
7 Min to Reade
The Contract of Sale is a document that sets out the terms and conditions agreed upon between the buyer and seller. Once signed, the Contract of Sale is a legally binding agreement between the purchaser and the seller.
August 31, 2022
What is Building Insurance?
4 Min to Read
Building insurance is a type of home insurance that covers the building itself, along with the fixtures. Apart from giving you, as the owner, peace of mind and protection, having adequate building insurance in place might be one of the lender’s conditions of approval.
August 31, 2022
What is Formal Approval ?
4 Min to Read
Formal approval (or unconditional approval) is granted once you have met all of the lender’s conditions, and they are happy that you qualify for a home loan with them.
August 31, 2022
Different titles (Strata, Torrens, Family)
7 Min to Read
A property title contains the legal information about a property and includes details about the land and who the legal owner is, along with data on anyone who has a mortgage on it.In Australia, there are a range of different titles that give the owner different rights to the specific property, the house and the land components.
August 31, 2022
What is a Valuation? Types of Valuation?
4 Min to Read
A valuation is an assessment of what your home (or a home you’re looking to purchase) is worth. A valuation is conducted by a professional valuer.
August 31, 2022
What is a Building & Pest Inspection Report and Strata Report?
4 Min to Read
The goal of a building and pest report is to identify any issues with the property you intend to purchase. The Strata Inspection Report is similar to a building report, however, it reports on the entire building or complex. It is also known as the Strata Scheme.
August 31, 2022
What is Conveyancing? Who is a Conveyancer?
8 Min to Read
Conveyancing is the process of transferring ownership of the legal title of a property from one person to another. It is the process involved in preparing and lodging a range of legal documents in order for the property to officially be settled.
August 31, 2022
What is a Pre-approval?
4 Min to Read
A Pre-approval is an indication from a lender, that they are prepared to approve a loan, based on your income and personal circumstances. A pre-approval is often conditional, depending on a number of factors, including finding a property that meets the lender’s criteria and getting a suitable valuation.
August 31, 2022
What does High Density mean in the lending scape?
2 Min to Read
Lenders are cautious about issuing loans for properties in areas that they consider risky. Areas that are considered high density fall into this category and will normally be included in the list of postcode restricted suburbs, which means the lender will either not lend for that location, or the overall loan amount and LVR could be significantly reduced.
August 31, 2022
What are Postcode Restrictions?
2 Min to Read
These criteria are known as Postcode Restrictions, and they are put in place to protect the lender in the event that the borrower defaults on their loan obligations and the property needs to be sold to recoup the loan. What is it and why do banks put these restrictions in place?
August 31, 2022
Types of Defaults & Bad Credit Loans
7 Min to Read
What is a Default and how does it impact your home loan? How to deal with the situation of bad credit or any bankruptcies? Let's unpack a few of them here.
August 31, 2022
What is a Credit Report and what is a Credit Score?
7 Min to Read
A Credit Report is a summary put together by a credit agency, outlining your track record of paying back money to lenders. You’ll have a credit report if you’ve previously applied for any type of finance or even access to utilities, such as electricity, gas or an internet service.
August 31, 2022
What is Off-the-Plan?
6 Min to Read
Buying a house, apartment or townhouse ‘off-the-plan’ means signing a contract to buy a property prior to it being built.When buying a property off-the-plan, the purchase decision is based on building plans, elevations and renders, as well as the location itself.
August 31, 2022
What is LMI?
3 Min to Read
Lender’s Mortgage Insurance or LMI is a one-off insurance premium that the home buyer might be required to pay upon taking out a new home loan. You are only required to pay LMI if you are wanting to borrow a high percentage of the overall value of the property.
August 31, 2022
Ways to verify your identity
3 Min to Read
When you apply for a home loan, you will also need to verify your identity.In order to do so, you will need to provide 100 points of ID, which can consist of two primary identification documents, or one primary and one secondary document.
August 31, 2022
Different kinds of incomes: FTP, PTP, Casual, Contractors, Self-employed
8 Min to Read
Lenders are willing to offer finance to people with different types of employment, however, it is important to understand that the requirements vary for each employment type.‍
August 31, 2022
Government grants - FHOG, FHLDS, Reduced Stamp duty, Const grants
4 Min to Read
There are a range of government grants and exemptions that are available across Australia, which predominately target first-home buyers.
August 31, 2022
Genuine savings
3 Min to Read
When someone applies for a home loan, lenders like to see that the potential borrower has a deposit that stems from genuine savings. Lenders like to see that you have been able to save at least 5% of the purchase price for the property.
August 31, 2022
Family guarantee loans / pledges
3 Min to Read
A family guarantee allows you to purchase a home, by effectively using the equity in another person’s property as a deposit. The main consideration for you if you choose a guarantor loan is that the person providing the guarantee is liable in the event that you are not able to make your loan repayments.
August 31, 2022
What is the assessment rate?
4 Min to Read
When you apply for a home loan, lenders will look at both your income and your expenses when determining how much they are prepared to lend you. When you apply to a lender for a home loan, they will not use the actual interest rate on the home loan to do their serviceability calculations. They use what is called an assessment rate.
August 31, 2022
Home loan process
7 Min to Read
A short summary introduction to the home loan process.
August 31, 2022
Buying at auction
5 Min to Read
Buying at auction can be intimidating; however, if you are prepared and have done your research it is certainly possible to buy this way. This short guide will help you to be prepared.
August 31, 2022
Things to Consider when Buying your First Property
7 Min to Read
First home buyers have a range of options for getting into a property, and there are a number of considerations you need to look at before even making an offer.
August 31, 2022
Costs involved when buying property
8 Min to Read
While the price of the property itself is significant, buyers need to be aware of several other costs that come along with the purchase of a property. While some of the costs are clear and easy to understand, some are hidden and can easily be overlooked.
August 31, 2022
What is a rate lock fee? How does it work?
2 Min to Read
A rate lock sets your interest rate, which will prevent the lender from hiking the rate prior to settlement, whilst giving the borrower even more surety at the same time. If interest rates fall, most lenders will still allow you to benefit from the lower rate, which is an added bonus.
August 31, 2022
Offset & Redraw
4 Min to Read
An offset account is just like your normal bank account. It works alongside your loan account. The beauty of an offset account is that it earns interest at a similar rate to your home loan, effectively saving you money. There is also a redraw option and it is a common question to ask: Offset or Redraw, which is best?
August 31, 2022
Fixed vs variable interest rates
5 Min Read
Fixed rates home loans allow your interest rate to be locked in or fixed for a certain period. With a variable interest rate home loan, the interest rate will change if either the bank or the lender adjusts their interest rates, or if we see a change from the RBA. Which one is right for you?
August 31, 2022
Interest only loans
4 Min to Read
With an interest only loan, you are not paying down any of the debt, however, you can significantly reduce your weekly repayments. An interest only loan is a good option for home buyers who need to keep their repayments as low as possible, because of either budget constraints or not wanting to tie up additional money each week.
August 31, 2022
What is an owner-occupied property?
2 Min Read
If you are purchasing a home or apartment that you intend to live in, it is considered an owner-occupied property.‍You might also hear this referred to as your principal place of residence or PPOR for short.