With the right guidance you can find lenders that will be open to your needs and timeframes. By having an understanding of the market of lenders’ policies and timeframes, SGB Finance are able to help.

Rental yield is essentially the rate of rental income returned against the costs of an investment property, and can be a great indicator of a property’s investment potential.

Lender’s Mortgage Insurance (LMI) is required when the value of a loan is more than 80% of a property’s purchase price, or property valuation if refinancing. The purpose of LMI is to protect lenders should the borrower fail to make loan repayments when the LVR exceeds 80%. A higher deposit means a smaller loan amount and therefore a lower LVR thereby reducing the lender’s risk. Here are some ideas on how you can avoid paying the costly premium.

Is the key to saving a home deposit as simple as giving up smashed avo toast for breakfast? Well not quite, but spending less does make a difference.

Start by understanding how you spend.

You have a home on the market for sale, which is getting interest from buyers, and so you start looking around for a new home to purchase. But how do you find the 10% deposit that the agent is asking for to secure your new home?

The good news is you have a few different options.

If you’re about to purchase a property, you can expect the process to take about 4-6 weeks (differs between states). Here is a brief run-down of the property settlement timeline.

The amount of documents a broker will ask for when applying for a home loan can seem huge - but we have some time saving ideas that can make it pretty easy, or so our clients tell us 😊

Normally you have to fumble through old filing cabinets to find the documents, and then get them to the lender/broker via post, in person, or by email. We have instituted technology that makes the whole process a lot quicker and easier!

It is a common industry-wide policy that home loan applicants must have 5% of the purchase price of a property saved for at least three months in an account in their own name – this is referred to as ‘genuine savings’. Gifts from family cannot be included in this genuine savings calculation.

The second part of having enough funds to purchase a home is called ’funds to complete’.

Back in March the Australian Federal Government introduced a range of measures to assist the economy during COVID-19, one of which was the ability for financially affected people to withdraw from their superannuation.

The purpose of the measure was to assist these people to be able to afford their living expenses in the event that they were stood down, laid off, or had their hours reduced, as a result of COVID.

However many people seemed to have other ideas in mind for the cash.

There is a myth in the mortgage marketplace, that by paying weekly or fortnightly mortgage payments instead of monthly, you can save big dollars and years off your loan term.

The myth is based on interest being calculated daily on the outstanding balance and by paying more often, should save you on the amount of interest paid over the life of the mortgage. This is, unfortunately, not the truth.

I get a lot of feedback from clients that they can’t find their PAYG (pay as you go) summary when applying for a loan. This is the document that your employer used to give you at the end of the financial year to tell you how much you earned over the year, which you then lodged with your tax return.

So you want to buy a property but you’ve been denied a loan because you have bad credit? Or perhaps you haven’t applied for a loan yet and you just want to see what your credit rating is? A few unpaid bills, that you may have thought remained locked away in your past, can come back to haunt you when you decide to apply for a loan for anything from a car to a house, and even when trying to obtain a credit card. In many cases it is possible to clear defaults and judgments from credit reports.