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Best Broker - Home Loan Specialists, Suite 1, 523 skipton Street, Redan (2026)

02/12/2021

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02/12/2021

How to maintain a good credit score

When you are applying for a loan, the first thing lenders will do is check your credit score – and this will have a strong impact on their ultimate decision. So what is your credit score and how do you maintain a good score that will impress lenders?

The five elements of your credit score
Your credit score is a three digit number designed to indicate how likely you are to meet your credit obligations. Lenders will look at your score to decide whether they are prepared to give you credit for a loan. The score is calculated based on five elements of credit history information – your payment history, your level of debt, your credit age, your mix of credit and enquiries. You could look at your credit score like a school grade, where different subjects have different weighting on your overall mark.

Pay your bills promptly
Payment history makes up 35% of your “grade.” This is based on your ability to pay your bills promptly, and any history of late payments, collections or bankruptcy will have a negative impact on your score, particularly if they are recent. For a good grade in this subject, make sure you maintain a history of paying your bills on time.

Minimize your debt
Debt level makes up 30% of your score. Your level of debt is compared to your credit limits to calculate what is called your credit utilization. If your credit utilization is high, then your level of debt is close to your credit limit, making you a bad risk.

In simpler terms, this just means to keep your credit balance low in order to reach a higher credit score. For example, if you have a $1000 credit limit on your credit card, don’t exceed a debt of $300. If you have numerous lines of credit, try to pay some off or consolidate them, so you are not juggling too many debts.

Don’t close your first credit card account
Your credit history makes up 15% of your score. A longer credit history will result in a higher score, as this provides more information about your ability to manage your finances. So rather than closing your oldest credit card account, keep it open to demonstrate your long term credit history.

Limit your credit applications
Inquiries, which are worth 10%, refer to the number of credit applications you have made in the last year. An excessive number of applications can negatively impact your score as it looks as though you are taking on too much debt or you are desperate to be approved for a loan.

The final 10% is based on your mix of credits, which refers to your ability to successfully manage a mix of credit accounts. However, this is only considered important if there is insufficient information available from the first four categories.

Check your credit score
Even if you are sure you are doing everything right, it is prudent to check your credit score before you start applying for loans. You might find a way to improve your credit score and increase your chances of securing the loan you want.

Another good reason for checking your credit score regularly is to ensure that there is no inaccurate information stemming from credit card fraud or identity theft. When you check your score regularly, you can confront issues like this immediately.

Contact us today if you need help finding out your credit score or learning how to improve it based on your circumstances.

30/11/2021

Tip: Don't just repay the minimum on your credit card every month! Doing so may take 20+ years to pay it off.

Instead, create your own plan e.g. Say you decide to pay your credit card off in one year. Take the balance and divide it by twelve. Take that figure and set automatic monthly transfers from your savings account to get rid of that credit card debt quickly.

29/11/2021

Quick tips for working out a property’s market value

When you are searching for the perfect property, it can be challenging to work out exactly how much you should be paying. Rather than relying completely on the word of others, you can develop your own strategy for valuing a property, so you have a better independent idea of how much it is really worth.

1. Make a comparison search
Property sales are in the public domain, so you can research your chosen area and make a list of five comparable properties that have sold within the last six months. To ensure the properties are comparable, make sure they are within a kilometre of your target property, and that they have similar features, such as the same number of bedrooms, bathrooms and car spaces, and a similar land size. Also make a note if any property has additional features such as a pool, or whether it is more conveniently located in relation to amenities such as schools and transport.
Do not include properties that have not yet sold, as the advertised price is not a true indication of how it will sell.

2. Rank your list
Once you have a short list of comparable properties including the one you are planning to sell or buy, rank each property in order from “Most Desirable” to “Least Desirable.” Try to be objective in this exercise, looking at the land size and location, rather than whether you prefer one garden to another. Proximity to schools is a plus if you are valuing a three or four bedroom home, but less of a concern for a one or two bedroom home. Buyers tend to be drawn to properties with newly renovated kitchens and bathrooms, so keep this in mind when ranking your properties. Your ranking from most to least desirable might not tally with the ranking from most to least expensive – this will give you an idea of what features are important to people buying into the area.

3. Adjust for market movements
Now you have placed your target property within a list of five comparable properties so you can see where it stands in the price range between the most expensive and least expensive properties. However, the market may have shifted within the last six months from hot to cold or back again, since the first property was sold, so you will need to adjust for current market conditions.
Once you have adjusted, you should have a clear idea of how much your target property is currently worth, based on its place in your ranking list.

4. Check your figures
You can back up your research by checking the median house price for the suburb in question. The Domain real estate website will also show the discounting percentage for a specific area, which is the average discount below the agreed listing price. For example if a house listed at $1 million sold for $900,000, then the discounting percentage is 10%.

Contact us today if you need assistance assessing the value of a particular property.

28/11/2021

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Message me today to get your free borrowing capacity report!

25/11/2021

"Never give up on something that you can't go a day without thinking about."

25/11/2021

=> Top ten tips for first home buyers 🏡

It is a long journey from saving up the first deposit to actually owning your own home, but it is certainly a rewarding one! Your first property is an important financial and emotional investment into your future, so you want to make the most of every opportunity to make your dream home a reality.

1. Start budgeting like a home owner
The journey starts with saving for your deposit. This takes a great deal of discipline, especially in the beginning when the dream of owning a home seems so far away. Once you own your home, you won’t have so much disposable income, so start limiting your disposable income now, and put this money aside to build your deposit. And when you establish a realistic and practical budget, you will have a better idea of what you can afford once you take on a mortgage.

2. Save the biggest deposit possible
The larger your deposit, the more equity you will have in your property right from the beginning. This also means you are paying less interest. Place your growing savings into a fixed term deposit or a high interest savings account so you can grow your deposit through accumulated interest.

A larger deposit will also have the bonus of making lenders look more favourably on your loan application. When they see that you are disciplined and committed to owning a home, they will know you are a good risk.

3. Minimize your debt
Accumulating debt through credit cards can undermine all your efforts to save up for a deposit. When you are ready to apply for a home loan, the lender will be examining your credit history, so if you do have ongoing debt, stay on schedule with payments so your credit rating is not adversely affected. Cut down on the credit card use, and pay off your car and any personal loans so you can concentrate on saving for your first deposit.

4. Remember to calculate the costs of purchase
Once you feel you have saved a sufficient deposit to buy the property you want, don’t forget to double check your figures to make sure you can also afford all the related purchasing costs. Many first home buyers disregard or under-estimate expenses such as inspection reports, stamp duty, Lenders Mortgage Insurance (LMI) and legal costs. When you fail to account for these expenses, you run the risk of reducing your deposit when you are ready to buy.

5. Stay within your means
House hunting can be an extremely emotive business and it is easy to get carried away about a dream property and forget that you can’t actually afford it. You need to maintain strict self-discipline so you don’t become tempted to purchase a property that is priced beyond your means.

6. Apply for the First Home Owners Grant early
The First Home Owners Grant is a government initiative designed to assist Australians in purchasing their first home. This grant can save you thousands in fees and duties. The conditions and benefits vary from state to state so visit the First Home Owner Grant website to learn how this can help you.

7. Research incentives and concessions
Each Australian state and territory also offer their own incentives and grants to first home buyers, including stamp duty concessions. So it pays to do your research on what financial assistance you are eligible to receive where you live.

8. Choose a property that suits your needs
Stay objective when you are looking at houses, and write up a list covering all the essential requirements of your ideal property. The list will generally centre on property size, location and price, although you may have other key requirements that need to be included on the list. You can also include a list of “wants” but these should be negotiable.

9. Don’t forget the property inspection
Once you have found your dream property, don’t assume that everything is as perfect as it seems on the surface. Arrange for an independent property inspection, so you know exactly what you are buying. Potential problems could include faulty plumbing, structural faults or electrical faults. After the inspection, you might find grounds to renegotiate the asking price, or you may decide the property needs too much maintenance to be suitable.

10. Get independent legal advice
Seek legal advice before you sign the contract, so your lawyer or conveyancer can check that there are no issues such as covenants or easements hanging over the property.

Contact us today if you need help or advice before purchasing your first home.

23/11/2021

Did you know that just because one lender rejects you doesn't mean another won't welcome you with open arms!

Use a mortgage broker to help you (for free) find not only the right home loan deal but also the lenders that will actually help you.

Using a professional mortgage broker can save you a lot of time and stress.

Have a great day :)

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22/11/2021

Why do banks and agents value your home differently?

Have you ever wondered why your lender will give you one value for a house while the real estate agent has said something completely different?

How do you know the real value of a property when everyone is giving different quotes?

The difference in the two valuations is due to the lender and the agent assessing different aspects of the property’s value – the lender is looking at how much to comfortably lend you in relation to the cost of the property, while the agent is looking for a sale price.

Bank valuations vs market valuation
The property’s market value is the estimated amount for which the property should fetch on the date of valuation, assuming a buyer and seller were to enter willingly into a sales transaction. The bank valuation is the amount that the lender is prepared to lend against the property.

How is the bank valuation made?
The bank or lender appoints a valuer to independently verify the value of the property. As the property is the asset providing security for the loan, the bank valuation generally tends to be more subjective and conservative, to protect the lender financially in case you cannot pay your mortgage and the property must be sold to cover your debt. While the bank valuation is based on extensive research into comparable properties, it will be lowered when the buyer is borrowing more – this is a way for the bank to balance its risk. The bank’s valuer can potentially be held liable if the bank suffers financial loss, so they prefer to make a safer more conservative estimate. The valuer can also advise the bank to refuse the finance application if they believe the buyer has paid too much for the property.

Not happy with the bank valuation?
If you are dissatisfied with the bank valuation of your chosen property, you have two options – request a reassessment of the valuation; or cancel your finance application and start again with another lender. The bank will only do a reassessment if you can provide evidence that comparable properties reflect a higher value than their valuation.

You should also check that the market valuation reflects the true market price of a comparable property, as you may find that the seller has overpriced the property. You can hire an independent valuation company to make a market valuation of the property.

How is the market appraisal made?
The market opinion is assessed by a real estate agent, and establishes the asking price for the home. The agent has a different agenda than the bank’s representative – they want to value the property to achieve the highest possible price in the sale. However, they do need to work realistically within the parameters of recent sales and real estate activity in the area. The vendor can receive valuations from several agents when deciding which agent to appoint to sell the property.

Whether you are buying or selling, contact us today if you want independent advice about your property.

21/11/2021

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Some clients discovered saving $300+ per month by switching to a better deal.
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18/11/2021

"Life isn't about waiting for the storm to pass... It's about learning to dance in the rain."

18/11/2021

🚫 Top Property Investment Mistakes

1. Emotional investment
When you are choosing an investment property, there is no such thing as “love at first sight.” If you make an emotional investment before you have done your research into the location and the rental potential, you are at risk of making an extremely expensive mistake. Investors who let emotion rule their decision-making are far more likely to over-capitalise from the beginning, making it even more challenging to ensure your long term investment will be profitable.
Your investment purchase decision should be based on thorough research into the long term profitability of the location and the specific property.

2. Lack of planning
Any long term investment strategy requires specific goals and a realistic strategy in order to be successful. Without a clear plan, you will not have any sense of direction, and this could leave you struggling to maintain your financial commitments and missing profitable opportunities.

3. Get rich quick attitude
If you are looking for a quick turn-around or a fast profit, the real estate is not the investment strategy for you. Shares and other asset classes can have an unpredictable value, property is a long term investment.

Real estate is a long term investment because it takes time for a property to increase in value and there are numerous additional costs involved in buying and selling a property. The value of property lies in its long term security and lack of volatility.

4. Poor cashflow management
Your property may not generate enough income to cover the cost of maintenance, rates, taxes and management fees, particularly in the beginning so you will need a comprehensive budgeting plan and a long term strategy to ensure you always have the cash flow to maintain the property.

When you are planning to purchase an investment property, a good rule of thumb is to budget an additional 10% of the property’s value to cover costs until the property becomes more self-sufficient.

5. Misinterpreting the market
Many inexperienced property investors fail to ask the most essential question of all – is this property an appealing rental prospect? Do some research into the local area and find out what types of properties are in demand for tenants, and what types of tenants you will attract.

Check out the property at different times of the day to see if there are any glaring issues that may drive tenants to leave as soon as their lease expires – noisy neighbours, heavy traffic, or just an inconvenient commute to the local shops could make it difficult to rent out the property in the long term. You should also calculate the average rent in the area to see how it will cover your costs.

6. Lack of delegation
You might think a DIY approach to property management will save you money, but remember your time is valuable as well. Consider all the jobs a property manager handles – finding new tenants, conducting regular inspections, collecting rent, and managing any emergency maintenance issues. A property manager also deals with any legal issues relating to the rental property and will represent you at a tribunal if necessary. This person is an invaluable asset, and gives you the opportunity to expand your property investment portfolio with more properties, knowing you can delegate all property management issues to a full time expert.

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