Home Loans & Mortgages

Home buyer Shift. Archicentre’s Victorian manager David Hallett says home buyers and home owners want to know whether they are buying an energy guzzler or a well-designed energy-efficient home that will save dollars. Hallett says the questions being increasingly asked revolve around people wanting to save money on energy and water, but also wanting to create a [...]

Uptake of fixed interest rate home loans have fallen to the lowest rate in almost two years, but may rise again as fears escalate of an increase in interest rates. Australian Finance Group (AFG) general manager of sales and operations Mark Hewitt said a decline in fixed rate mortgages in July indicated property buyers were not [...]

Just to give you a quick run down, the eight most common mistakes that I often discover in a home loan application are:

1. There are too many credit enquiry notations on your credit file.
2. Your loan submission is poorly written.
3. Your proposed home is appraised lower than the agreed purchase price.
4. Your chosen lender says you have insufficient funds, as savings, deposit, or your income level does not qualify you for the loan you seek.
5. You have changed jobs, employers or job status recently.
6. You have no savings history, or an irregular savings pattern.
7. You or your partner have an undisclosed bad credit or poor credit history.
8. You chose the wrong lender and your security is declined.

Professional Home loan packages or ‘pro packs’ were once restricted to people with high income professions and qualifications such as doctors, lawyers, accountants and engineers and senior managers. But now they’re available to any home buyer and, in some cases, require combined borrowings of just $150,000 to activate. As the average mortgage home loan is now around [...]

Those that are in a position to buy right now, need to shop around and drive a hard bargain. There will be plenty out there right now. Remember what seems cheap now may seem too dear if prices drop further as they have done in the UK and the US recently. Cash is King in this housing market.