Home loans, arranged around your purchase

A home loan service provider manages communication between you, the loan holder, and the financial institution that provided the loan. Part of the service includes taking care of administrative tasks relating to your mortgage, including providing monthly statements, maintaining accurate records of your payments and any delinquencies, managing and remitting funds to the loan holder as an independent third party. Home loan service providers often provide additional services relating to the renting or buying of property.

1. Get Organized

From home loan pre-approval to First home Buyer Grant applications and everything in between, you will be handing over piles of documents throughout the process.

2. Get thorough inspections

A pre-purchase inspection can detect draiange issues, mould, rot, foundation and structural issues as well as a range of other faulty features in the home. It can also detect anything in need of repair or help estimate costs of repairs if required.

3. Update your insurance policy

Make sure you get a building insurance to cover your purchase. It is to protect you during the settlement period.

4. Check your budget

Be sure to consider stamp duty (in most states), council rates and Lender's Mortgage Insurance if you've saved a deposit under 20%.

Consider hidden costs as well, such as loan application fees and building inspections.

Above information are for reference only, for details, please ensure you enquire the details with us.

If you have invested in real estate, you've definitely heard of "Refinance", which is also known as "on-lending". It refers to pausing the home loan with the existing bank, transferring the loan to another bank, and reapplying for property evaluation in exchange for a more favourable interest rate, increasing the loan amount, reducing or maintaining the LVR (Loan to Value Ratio, the so-called loan and housing Value ratio).

1. Evaluate the value of the property and its loan ability

Because the bank will reassess the borrower's current repayment ability and house value, if there is a change in job, new member in the family, new car loans and new credit cards applied for, changes in bank deposits, and changes in the property structure and so on will have an impact on the evaluation results. It must be reconsidered to avoid bank rejections.

2. Cost considerations

Such as: bank withdrawal fees, loan application fees, bank annual fees, evaluation fees, time costs etc...

If the interst saved by refinancing cannot cover the above costs, refinancing needs to be considered.

3. Understanding of preferential interest rates

It is true that many banks have relatively preferential interest rates recently, but there is a period of time (above four weeks) from the beginning of the refinancing process from the preparation of materials to the re-lending after the bank's evaluation.

Whether it is still in the process of bank preferential treatment and whether the preferential interest can be obtained requires attention. After all, the bankl's interest rate policy may change every week.

If you need to lock in interest, you may have to pay other additional fees.

4. Comprehensive comparision of loan products of various banks

Banks will have some preferential policies for refinancing customers, such as cash rebates, gifting of bank points, and refinancing fees.

5. Use of increased loan funds

To cash out the value-added part of the property, how to reasomably use and plan this part of the funds needs to be considered before refiancning, to avoid increased repayment pressure.

1. First, contact the lending bank

First, please contact the lending bank to discuss your concerns and difficulties. Banks have their own customer rights protection teams. With their years of experience, they will do their best to help you.

2. Get free financial advice

Secondly, if you encounter financial difficulties, you can contact the National Debit Hotline (http://ndh.org.au/) and get free consulting services. They will help evaluate your financial situation.

3. Be wary of debt management companies

Becareful of debit mangement companies. Most of the time, these services require a portion of the total debt of the customer as a service fee.

If you encounter financial difficulties, be sure to contact the bank as soon as possible or seek free financial consultation when needed to obtain the best solution.