Interest-Only loan is is very popular with property investors, however, the recent tightening of lending conditions in this area of the market may make it difficult for some people to refinance to another interest only period on their loan. So, what are IO home loans, what are they used for and how can your broker help you if the IO period on your home loan is about to come to an end?
Valentine’s Day makes us think about loyalty – which is an admirable quality in any relationship. But is your devotion to your home loan provider justified? It’s important to ask your mortgage broker to help you review your home loan from time to time. Here are some tell-tale signs that it may be time to part ways with your current lender and start afresh with someone new.
It’s been nearly eight years since the Reserve Bank of Australia (RBA) last raised the country’s official cash rate. Interest rates have been at historical lows for quite some time and as a homeowner, you may never have experienced an “official” rise in interest rates. So, how does the cash rate affect interest rates and ultimately, your home loan repayments?
Pre-approval is a green light from a lender. A home loan pre-approval usually lasts for three to six months and gives you a set budget during your property search. Here’s why home loan pre-approval is so important.
Your credit report paints a picture of your life as a responsible bill payer and borrower. Under the new Comprehensive Credit Reporting (CCR) regime introduced this year, it has increased in importance because lenders will be required to take it into consideration when approving your home loan. That’s why it’s a good idea to keep yours in good shape.