What is the FHLDS Scheme? Usually first home buyers are required to have saved up a 20% deposit or take out lenders mortgage insurance (LMI). The FHLDS scheme is a new scheme guaranteeing 10,000 low deposit home loans with the borrowers only requiring as little as a 5% deposit and without paying lenders mortgage insurance. This could save first home buyers $10,000- to $40,000 depending on deposit size, loan amounts etc. Are there any spots left? When the First Home Loan Deposit Scheme (FHLDS) released 10,000 spots – 5,000 were released to the NAB and CBA. These 5,000 spots filled up almost immediately. The remaining 5,000 spaces were released to 25 ‘non-major lenders.’ Whilst the NAB and CBA no longer have any available spots, there are still spots available with these 25 non-major lenders. Same opportunity, better rates and packages are on offer… in fact there is no negative except the name of the lender. What are the Conditions? The… Read More
Archives for March 2020
Covid-19 Update and Financial Relief
Covid-19 Loan Repayments If you’re concerned about your loan repayments during this Covid-19 crisis, please reach out to your broker who can guide you through the process of obtaining some relief. We are here to assist you through this process including helping you complete the forms to apply. Relevant Links here for packages available: CommBank: https://www.commbank.com.au/latest/coronavirus.html… ANZ: https://www.anz.com.au/perso…/home-loans/your-loan/covid-19/ NAB: https://www.nab.com.au/…/c…/covid19-help/home-owners-support Westpac: https://www.westpac.com.au/help/disaster-relief/coronavirus/ St George: https://www.stgeorge.com.au/about/sustainability-and-community/disaster-relief/covid-19?pid=iac:br:COVID_2003::hpg_a Macquarie: https://www.macquarie.com/au/personal/forms/financial-hardship ING Direct: https://www.ing.com.au/help-and-support/tips-hints-guides/financial-hardship.html Suncorp: https://www.suncorp.com.au/banking/help-support/financial-difficulty.html AMP: https://www.amp.com.au/home-loans/financial-hardship Bankwest: https://www.bankwest.com.au/personal/guides/financial-hardship-assistance Other Financial Relief The Government announced new measures on 22 March 2020 to provide support to affected workers, businesses and the broader community. Financial support is available to help you manage the affects of the coronavirus. Watch out for scammers who try to take advantage of coronavirus (COVID-19). Scams can take many forms. Be wary of offers to assist you access your superannuation or high-return investment opportunities. The Government, Reserve Bank of Australia and the Australian Prudential Regulation Authority have taken coordinated action to support the flow of credit in the… Read More
Why two properties are better than one investment property
How buying an investment property can save you money and provide an income. It might seem challenging enough to buy one investment property, so why would you buy two? Well, while it might seem counter-intuitive to increase your borrowing, buying an investment property can help you pay off your mortgage sooner. Of course, it will often depend on your income and how your loans are structured, but an investment property offers benefits that help you pay off your loans sooner. Tax benefits The ideal scenario for an investment property is that it is what we call “positively geared’. This means that you receive more rental income than you need to pay off the mortgage and other costs such as property management. However, it’s unusual to find a positively geared property. Most investment property costs aren’t covered by rental income. To make up the difference, you need to top up that income from your savings. And this is where the tax… Read More
How to buy Australian property as an expat or non-resident
The ABC of buying Australian property as an expat or non-resident When you’re not living in the country (expat) or you’re being paid in a currency other than Australian dollars, it can prove slightly more challenging to buy property in Australia. Living abroad or being a temporary resident when purchasing property in Australia has a whole host of challenges, none of which are insurmountable. The trick is to know of them in advance to help you with your planning and to ensure that you have the right people on your team to make it happen. Follow our guidance to make sure you secure your loan. Top tips for expats buying property in Australia a. Get your paperwork in order This tip isn’t only for expats or non-residents; it’s for anyone who intends to apply for a loan. Most lenders want to see at least three months’ worth of savings, payslips and credit card statements. However, to give yourself the best… Read More
