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March 2018: RBA leaves interest rate on hold but are you saving on your loan?

We have now gone 19 months without any change from the RBA – I think this has provided much-needed stability for mortgage holders.

If you are mortgage holder, you should make sure your loan is not costing you thousands of dollars by not taking advantage to seek the best deal you can get on your mortgage in the current market.

Get a guidance and opinion from our Mortgage Broker who can check your mortgage health and see whether you are eligible to refinance and save thousands!

Contact us for free consulatation 0433 180 646 or email info@spmortgages.com.au

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First Home Buyers – Avoid Costly Mistakes!

2 common mistakes First Home Buyers make before real house hunting.

1. NOT getting pre-approval: just knowing you qualify for a home loan is not enough. Before you start searching for properties, you should obtain a pre-approval letter from lender on how much they are willing to lend you.

Benefits of gaining pre-approval:

– Let you buy the property with confidence since it gives you clear guidance on how much money you can borrow
– You will not set yourself up for disappointment if you think you can spend more than your lender agrees to lend you
– It can speed up your mortgage application process, so when you decide on a property, you can access your home loan faster.
– It shows real estate agents and vendors that you are serious about doing a deal, which could make negotiations easier.
– It can be valid for up to 6 months

DON’T:

– Get multiple pre-approvals with different lenders because having multiple can affect your credit rating, as your credit file will show numerous enquiries with different lenders.
– If you are not seriously considering purchasing than you should not seek a pre-approval because unnecessary finance enquiry may negatively impact on your credit rating.

2. Underestimating or not estimating additional costs is a fatal mistake many first-home buyers make and thinking that if they’ve got a $50,000 deposit and a $500,000 home loan they will be able to afford a $550,000 property. The reality is that there are many other costs you should know and budget ahead of time so you won’t be losing sleep when you move into your new home.

Some of the additional costs include:

– Stamp duty
– LMI – Low mortgage insurance (applicable if your loan value is more than 80%)
– Solicitor’s cost
– Home insurance
– Moving costs
– Council rates and water rates

Buying your first home can be quite tricky. That’s why, I am here to be with you every step of the way AND PROTECT YOU FROM MAKING ANY COSTLY MISTAKE!

Contact us to help you avoid any mistake with your first property!

info@spmortgages.com.au