Your first home might not be exactly what you want but you can make cosmetic changes until you decide on what you really want. Paint, new floor coverings, taps, cupboard doors and handles, regrouting, screens/room dividers and better lighting can all refresh your home. And remember that your mortgage broker can often increase your mortgage to fund some of these renovations. Top 5 tips for a budget home renovation 1. Do the big-impact stuff first Walls and floors occupy the greatest area so have the largest impact so they’re what you want to fix first. But before you do anything, if you’ve bought an older home, it could probably do with a good clean. So hire a pressure cleaner (or engage a company that does this) to clean the exterior including paintwork, bricks, roof and driveway. Walls Whatever article you read about budget renovations, you’ll see that ‘painting’ features in all of them. There’s a good reason; new paint doesn’t… Read More
The gift that keeps on giving: my new book. If you’re like most of us, you’re more optimistic than ever that you’ll be able to own your own home or buy an investment property. But where do you start? Well, to help you out, I wrote a book. Quite a long book. The reason it’s so big is I wanted to pack in as much information as I could about buying property in Australia. But, I hear you ask, aren’t there many other books on mortgages and borrowing? Yes, there are, but they tend to be aimed at those on six-figure salaries with standard 9 to 5 roles. Frankly, these people don’t need too much help, although they’ll definitely pick up some tips for paying down a mortgage sooner. There are so many potential home owners out there who fall outside the spectrum within which lenders are comfortable lending. My book covers these home loan or investment loan borrowers and… Read More
Did you know that every year people just like you lose money, by not understanding their rental property depreciation entitlements? People short change themselves by not using these rental property tax deductions effectively. Well this article may help you avoid this, and assist you in getting the most out of your tax return. So first of all what is depreciation? Depreciation Depreciation is basically the decline in the value of an asset that you can claim as a tax deduction against your income. To give what could be a more familiar example, after you purchase a car it loses value over time due to various factors including wear and tear. This loss of value is called depreciation. Similarly, your rental property (being the building not the land) starts losing value from the time you purchase it, again due to various factors including wear and tear and the limited life of various fittings and appliances (eg. Hot water systems and… Read More
If you have plans to take your career in an international direction – or if you are already globetrotting, and wish to dip your toe into the Australian property market – there are plenty of options available to you. Importantly, these are available without you having to put up with uncompetitive interest rates or high deposit amounts. In fact, by purchasing an investment property back in Australia while you are overseas, you can even benefit from attractive tax benefits*, which makes this prospect even more attractive. So how does it work from afar? 1- Confirming eligibility The first step is to confirm your eligibility. Non-resident Australian citizens who live overseas are often eligible for the same loans and financing as those who live locally. Factors that will be taken into consideration include: a) The country you are living in and the currency you are earning. Different lenders accept different countries and currencies. b) Your income: your income needs to… Read More
Your job doesn’t just help you make money; when it comes time to get a mortgage, it can actually also help you save money. This is because your career can influence not only who will lend to you, but also how much they will lend you, and how flexible the terms of your mortgage will be. It’s a little-known secret in the mortgage industry that if your profession falls into one of your lender’s preferred categories, you can access better loan conditions and better interest rates for your mortgage. It is all about the risk factor at the end of the day, and if you can prove to your lender that you are a ‘low risk’ purchaser, then they will be more willing to work with you and woo you as a client. The end result is that you can actually save money when you are buying your house. Your stable employment, a clear credit history and strong financial standing… Read More
If you shuffle between important meetings at work and are responsible for making big decisions, then the odds are, you’re working in a professional capacity. And if this is the case, you could stand to save tends of thousands of dollars when you decide to buy your next home or investment property. A professional home loan package can save you a significant amount off the cost of your loan. Why? Because lenders want to attract low risk borrowers and high-income earners, so they offer special features and rates that aren’t always available to the general public. Could you qualify for a professional home loan package and what are the benefits? Who is considered a professional? Professional home loan packages were once restricted to medical professionals, lawyers and accountants, but now they are available to all sorts of people with sufficient income and assets. Teachers, nurses, defense force personnel, scientists and engineers are among the most widely recognised professions. Interest rate… Read More
Most overseas buyers who are looking to buy real estate in Australia – whether as an Aussie expat, a temporary resident or a foreign citizen – need to save a minimum 20% deposit to purchase property in Australia. Of course, there are exceptions to every rule, so while a 20% deposit is preferred by most lenders, there are certain financiers in the market who will accept smaller deposits and higher LVRs, depending on the strength of your application. At MAP Home Loans, we work with these lenders every day to make sure we can source the best value loans on behalf of our customers. We also negotiate hard to try and secure you the best possible rates and conditions. If your situation falls into one of the ‘exception’ category listed below, you may be in luck. For Australian expats wanting to buy Australian property, a strong employment history, current stable job, clean credit history and earning a currency that is… Read More
Thanks again for all your help, I strongly doubt I’d have achieved everything so quickly (or at all) without your expert guidance. You’ve been invaluable throughout the whole process and I’ll be happily recommending you to all.