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Renovation Loan vs Construction Loan: Renovate or Build?

Should you take out a renovation loan and renovate your existing home? Or would you be better off with a construction loan and building a new one? If you’re considering a renovation or a new build, you’ll likely have some questions about the processes involved and the financing available.

For example, should you apply for a renovation loan? Or would you be better off with a construction loan? Understanding the difference is crucial if you’re going to minimise risks, stay within budget and achieve your dream home.

Understanding Renovation Loans

A home renovation loan is a financing arrangement that can be used for alterations on an existing property. This could involve a cosmetic refresh of one or two rooms or a major restructuring of the entire property.

There are several types of home improvement loans available in Australia, including:

Personal Loans

This is an unsecured loan that can be used for home renovation costs. Personal loans will usually have fixed interest rates and set repayment terms.

Home Equity Loan

If you’ve built up equity, you may be able to borrow funds for your renovation. Since the loan will be secured against the property your interest rates will usually be lower.

Cash-out Refinance

An alternative to an equity loan is a cash-out refinance. This is where you replace your existing home loan with a new mortgage set at a higher amount. The additional funds can then be used to cover renovation costs.

Exploring Construction Loans

But what if renovating isn’t for you? Would you prefer a complete knock-down rebuild? Or maybe you’d like to buy a block of land and start from scratch? If this is the case, you may find a construction loan to be the ideal solution.

A construction loan is a type of financing designed to fund a new build or an extensive renovation of an existing property. Unlike traditional mortgages, funds are released in stages as the project progresses and generally offer an interest-only arrangement while construction is underway (making payments more manageable). Once the project is finished, the loan can be converted into a standard mortgage or paid off in full.

Renovation Loan Vs Construction Loan: Factors to Consider

So, how do you decide whether to renovate or build a new home? There are a range of factors to consider, including.

  • Condition: If the property is structurally sound, but dated, you may find renovating is the easier option.
  • Budget: According to the latest data, it costs around $289,000 to build a new house in Queensland. Depending on the proposed works, it’s often cheaper to renovate than build.
  • Desired Outcome: If you want to completely change the size and design of the property it may be worth building a new home.
  • Convenience: A renovation may be quicker, but it can cause significant disruption to a family’s routine if they’re living in the property during the renovation.

Benefits of Using a Home Renovation Loan

couple choosing paint colour after getting a renovation loan

What are the benefits of using a renovation loan to do up an existing home?

  • Potential for significant cost savings.
  • Works can be completed faster.
  • You get to stay in a familiar location.
  • You can preserve elements of the existing home.
  • Applying for renovation loans is often simpler (compared to a construction loan).

Advantages of Building a New Home

What are the benefits of using a construction loan to build a new home?

  • You can customise the design to suit your needs.
  • Improved energy efficiency.
  • You receive a new home warranty.
  • A construction loan offers interest-only progress payments, which can make it a more affordable option if you’ll be renting while the work is completed.

Talk to a Broker About Home Improvement Loans

Whether you’re planning to renovate or build new, it’s important to get the right financial advice. The brokers at Sunshine Coast Financial Solutions can offer expert advice on whether a construction loan or a renovation loan would be the best choice for you. To get started on your dream home, book your free appointment today.

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Mortgage Broker vs Bank: Which is Better?

Are you currently shopping for a home loan? Are you constantly thinking about the mortgage broker vs bank debate? If you are, don’t worry, you’re not alone. 

Many potential borrowers ask the question, “Why use a mortgage broker instead of a bank?”. Whether you’re a first-time home buyer or a homeowner looking to refinance, your goal is likely to find the best rate and the lowest fees for your loan. So, of these two choices, which one should you gravitate towards?

Mortgage Broker Vs Bank: Who Should You Turn To?

In the past, the majority of Australians used to approach their local bank when they needed a loan. These days, this is no longer the case. According to research from the Mortgage & Finance Association of Australia (MFAA), mortgage brokers were known to have assisted with 71.7% of mortgages in the third quarter of 2022, surpassing the 70% mark for the first time ever.

Before you decide on what’s best for you, however, you should first know the answers to a few pertinent questions associated with the mortgage broker vs bank conundrum. These questions include:

  • What is a mortgage broker?
  • Why use a mortgage broker instead of a bank?
  • How much do mortgage brokers charge?
  • Who has access to the best mortgage broker vs bank deals?

Mortgage Lender Vs Mortgage Broker Vs Bank

When applying for a home loan, you essentially have 3 options: a mortgage lender, a bank, or a broker. They’re all different, so it’s important to know exactly what each one can offer you. To help you out, here are some things to know about each option:

Bank

A bank can also be referred to as a direct lender. This means they’re a financial institution that originates, processes and funds loans themselves. Banks these days offer a range of products and services in addition to home loans, including everyday transaction accounts, savings accounts, personal loans, business loans and credit cards. Banking companies can also sometimes offer insurance and superannuation products.

Mortgage Lender

This is a non-bank specialised lender that caters for special needs and circumstances. They are direct lenders, but they don’t offer other financial services, like credit cards. A mortgage lender typically offers home purchase and refinance loans. They can be more flexible with “outside-the-box” applicants, like those with lower credit scores or larger loan amounts.

Mortgage Broker

While most people are familiar with banks and non-bank lenders, many still ask, “What is a mortgage broker?”. A mortgage broker is an accredited professional that works for the customer to find them the best deal. The role of a mortgage broker is to source the best loan for you from a range of banks and other financial institutions.

What Is a Mortgage Broker and What Exactly Do They Do?

talking with a mortgage broker

A mortgage broker’s job is to help people find and secure the right home loan for their needs. Independent mortgage brokers do not work for a bank, and they generally do not charge the customer a fee for their service.

Here’s a breakdown of what the process typically looks like when working with a mortgage broker:

  1.   Initial consultation with the borrower.
  2.   Research and recommendations.
  3.   Assistance with the mortgage application.
  4.   Follow up and direct communication with the lender.
  5.   Settlement of the home loan.

Unlike a bank or a mortgage lender, brokers work for you. Their goal is to help you achieve the best possible loan to suit your situation.

Mortgage Broker Vs Bank: 5 Common Misconceptions 

When applying for a home loan, some common misconceptions can work against you in your efforts to find the best loan. Here are five of them.

1. Isn’t it easier to get a mortgage with your bank?

Not really. If you’re a first-time home buyer, you will still have to go through the same process as you would with any other lender. They will have your banking records on file, but none of the other necessary documents required for your application.

If you’re refinancing with your existing bank and they are the best deal out there, then the process can be fairly straightforward to refinance with your bank.

The difficulty is in determining whether or not your bank is offering the best loan product to suit you. To accurately compare your bank’s mortgage offerings with other products, you’ll need to research the market and approach other lenders directly to ask about their available offers. You’ll then need to compare all of the available products, keeping in mind interest rates, loan terms, fees, features and eligibility.

2. Doesn’t it cost more to use a mortgage broker vs bank?

Many borrowers are under the impression they’ll have to pay an out-of-pocket fee to use a mortgage broker. The reality is that many mortgage brokers earn a commission from the lender that provides the loan, rather than charging a fee to the borrower. This commission is typically a percentage of the loan amount and is paid by the lender upon settlement.

Some brokers may charge a flat fee for their services, which can vary depending on the loan amount and complexity of the transaction. This fee may be charged upfront or upon settlement, so make sure you enquire about their payment policy and other concerns you have in advance.

At Sunshine Coast Financial Solutions, our policy is to help you at absolutely no cost. We receive our commission from the lenders after the loan settlement is completed.

3. Don’t I need a bank to fast-track my home loan application?

When it comes to fast-tracking a mortgage application, it often pays to have a broker working for you. They know the intricacies of various lender policies and can help you swiftly and accurately navigate the application process. A broker will also have pre-existing relationships with the various financial institutions on their lending panel. This enables them to follow up and negotiate on your behalf.

4. Won’t banks have access to the best deals?

Banks will often promote excellent mortgage deals. But by approaching a bank directly, you’ll only have access to their limited range of products. In contrast, a broker has access to all of the best deals currently available from their broad panel of lenders. This enables them to compare deals, weigh up the pros and cons of various products and identify which home loan will offer the best solution for the specific needs of a borrower.

5. Won’t mortgage brokers offer loans with higher interest rates?  

There’s a mistaken belief that brokers offer loans with higher interest rates compared to banks. However, this isn’t the case. Experienced mortgage brokers can negotiate directly with lenders to secure competitive interest rates for their clients. They’re able to do this by leveraging their pre-existing relationships with multiple lenders. This means that working with a broker could give you access to competitive terms and rates that wouldn’t be readily available if you approached the lender directly. 

Why Use a Mortgage Broker Instead of a Bank?

comparing mortgage broker vs bank

Are you still wondering, “Why use a mortgage broker instead of a bank?” If so, consider some of the benefits that come from using a mortgage broker:

  • Access to a wide range of loan products from multiple lenders.
  • Thorough knowledge of the home loan process and industry regulations.
  • Ability to compare different loan options and negotiate on behalf of the borrower.
  • Personalised service and tailored advice to meet individual circumstances.
  • Assistance with paperwork to streamline the application process, potentially saving time and stress.
  • Increased likelihood of loan approval due to understanding lender requirements and eligibility criteria.
  • Potential cost savings through waived application fees or other special deals negotiated by the broker.

Mortgage brokers work with a variety of lenders and assist customers with a wide range of financial situations, which means they have a lot of valuable information. They also have access to the most up-to-date products and rates available on the market. So, you can go to one mortgage broker for a fast and accurate comparison of multiple loan products. You’ll also gain unbiased advice that can help you understand interest rates, fees and lending criteria, to help you find the best home loan for your situation and financial goals.

Mortgage Broker Vs Bank: Best Interests Duty

You can rest easy when you use a mortgage broker because they’re governed by Best Interests Duty Legislation, a legal obligation introduced in the National Consumer Credit Protection Amendment (Mortgage Brokers) Act 2019.

The Best Interests Duty (BID) is a legal requirement for mortgage brokers to always act in the best interests of their clients when providing credit assistance. This is undoubtedly one of the biggest advantages of using a mortgage broker, as it requires brokers to put the client’s interests ahead of their own. This includes providing appropriate advice, recommending loans that are suitable for the client’s needs and disclosing any conflicts of interest that may arise during the transaction.

  • Bank vs broker: Mortgage brokers are obligated to act in the best interests of their clients, whereas banks are not. Banks may prioritise their own interests, such as selling their products, over the needs of the borrower.
  • Mortgage broker vs bank: Mortgage brokers are required to consider a range of factors when recommending a loan, including the borrower’s financial circumstances, objectives and needs. They also must provide a reasonable basis for their recommendations, which means they have to do thorough research and analysis before recommending a product.

Should I Use a Mortgage Broker?

If you ask us, the choice of using a mortgage broker vs bank is clear. However, borrowers should carefully consider their options and do their own research to determine what will work best for them. Think about your circumstances when asking yourself, “Why use a mortgage broker instead of a bank?” If you want a simple process, with minimal stress that gets you access to the most competitive loan products to suit your situation, then it’s worth contacting an experienced mortgage broker.

Talk to Sunshine Coast Financial Solutions for Expert Advice

shaking hands with a mortgage broker

At Sunshine Coast Financial Solutions, we pride ourselves on providing personalised, trustworthy service to all of our clients, whether they’re first home buyers, refinancing or investors. We have access to a broad range of loan products and can provide expert advice to help you navigate the home loan process with confidence.

If you’re unsure whether using a broker is right for you, we encourage you to reach out to us and schedule a consultation to discuss your options.

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Home Loans Tips

Buying an Investment Property: Financing Tips

If you travel back in time and rewind 30 years, you’ll notice that the average Australian would rarely dream of buying an investment property. However, real estate investment began to steadily increase throughout the 90s and 2000s. These days, based on the latest data from the ATO, around 20% of Australian taxpayers are investing in property.

Why Consider Buying an Investment Property?

Why are so many people buying an investment property these days? Investing in real estate offers some serious advantages, including:

  • Potential appreciation in value
  •  A source of income through rental yields
  • Possible tax benefits

Historically, property values in Australia have increased over time, making investing in property a comparatively “safe” way to grow your wealth. That’s why investing in real estate is considered by many to be a strong and stable financial plan.

Set Realistic Goals Before Investing in Real Estate

When you know exactly what you want to achieve – whether it’s steady rental income or long-term appreciation – you can tailor your property search to match those objectives. For example, if your goal is regular income, residential properties may be ideal. Commercial properties, on the other hand, might be better suited to those aiming for long-term growth. Having a clear goal in mind will help you to invest wisely, aligning your choices with your financial objectives.

Do Thorough Research Before Buying an Investment Property

Once you’ve established your real estate investment goals, you’re ready to start house hunting, right? Not exactly. It’s important that you thoroughly research and understand market trends before making important real estate investment decisions.

What kind of factors should you consider?

  • Capital Growth

Check that the area has strong growth-trend indicators. What is the median house/unit price in the area? Has that price gone up over the past 5 years?

  • Vacancy Rates and Rental Yield

Research local vacancy rates for rental properties (a high vacancy rate is a bad sign) and check what the average rental yield is for real estate investment properties in the area.

  • Investment Location

Remember that you’re looking for a location that will appeal to tenants. Access to schools, shops and public transport are big drawcards, whereas proximity to heavy industry or airports may be a deterrent.  

  • Property Type, Age and Features

Units will be cheaper to buy initially, but how much are the strata fees? A house may cost more to buy and maintain, but will that be offset by higher rental yields? An older property is typically more affordable but comes with higher maintenance costs. Finally, certain features (such as additional bathrooms or a garage) will allow you to charge more.

A local real estate agent can often provide valuable insights into what kinds of rental properties are popular and which areas are experiencing low vacancy rates.

Financing Options for Investing in Real Estate

 Financing options available for property investing

When buying an investment property there are several different financing options available:

  • Mortgages: Traditional loans for buying residential properties, with fixed or variable interest rates.
  • Interest-Only Loans: Where borrowers pay only interest for a specified period, reducing initial repayment amounts.
  • Home Equity Loans: A loan that uses existing home equity as collateral for a new loan.
  • Line of Credit Loans: A flexible loan allowing withdrawals up to a predetermined credit limit.
  • SMSF Loans: Self-Managed Super Fund (SMSF) loans for property investment within a superannuation fund.
  • Construction Loans: Specifically for building or renovating properties.
  • Commercial Property Loans: Customised financing specifically intended for business-related properties.

Investing in Property with the Help of a Broker

Investing in real estate can be a significant step towards growing long-term wealth. But to ensure you maximise your real estate investment returns, you need to start with the right finance. A mortgage broker can help you optimise your real estate investment by identifying which finance option is right for you. 

At Sunshine Coast Financial Solutions, our brokers can walk you through the entire process of buying an investment property, ensuring you have everything you need to make an informed decision.  

Ready to embark on your real estate investment journey? Book a free consultation with the experienced brokers at Sunshine Coast Financial Solutions today.

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First Home Buyer Guide: Home Buying Tips for 2024

Being a first home buyer in 2024 is daunting. Property prices around the country have seen significant growth, despite 13 recent rate rises. And with the property market expected to go on climbing, first home buyers are more eager than ever to get a foot on the property ladder.

According to Canstar, 9 out of 10 first home buyers are now willing to make compromises so they can buy sooner. These compromises include drastically reducing spending, buying an older property or downgrading to an apartment instead of a house.

But buying your first home doesn’t have to be all about compromise. In this First Home Buyer Guide, we’ve included some helpful home buying tips tailored for the first home buyer. Being informed about loan options, stamp duty and first home buyer schemes could help you buy your first home sooner, and with fewer compromises.

Tip #1: Find the Right First Home Buyer Loan

As a first home buyer, there are several key things to keep in mind when applying for a first home buyer loan. These include:

  1.     Interest rates: Look for a first home buyer loan with a competitive interest rate. You’ll also need to consider whether you want a fixed or variable rate.
  2.     Loan terms: These may include the length of the loan and whether it includes any regular fees or added charges.
  3.     Loan features: The right features could help you achieve future financial goals. For example, you might include an offset account or a redraw facility.
  4.     Deposit requirements: The size of your deposit will depend on your eligibility for a first home buyer grant, your preferred lender and whether you’re willing to pay Lenders Mortgage Insurance (LMI).

For expert assistance in choosing the right first home buyer loan, talk to an experienced mortgage broker.

Tip # 2: Understand First Home Buyer Stamp Duty

Many people confess to being confused by first home buyer stamp duty. The most common question is: Do you have to pay first home buyer stamp duty?

As a first home buyer in Queensland, you may be eligible for a concession on stamp duty, if:

  • You’re a legitimate first home buyer.
  • You’ll live in the property for at least 1 year.
  • The property costs less than $550,000.

If the property price is less than $500,000, the first home buyer stamp duty concession will remove all transfer costs (so you won’t have to pay a thing!).  If it costs between $500,001 and $550,000, you will be charged some stamp duty, but at a significantly reduced rate.

Tip #3: Research First Home Buyer Schemes

woman researching first home buyer grants and guarantees

Eligibility for a first home buyer scheme in 2024 could make it possible for you to buy a property sooner:

  • First Home Super Saver: This first home buyer scheme allows you to make voluntary contributions to your superannuation and then redraw the funds to use as a deposit.  
  • First Home Guarantee: As an eligible first home buyer, this guarantee allows you to buy a home with only a 5% deposit. Because the government guarantees the remaining 15%, you won’t be charged LMI.
  •  Regional Home Guarantee: This scheme is open to anyone who hasn’t owned a property in the preceding 10 years (including a first home buyer). It allows you to build or buy a new home in a regional area with only a 5% deposit, without having to pay LMI.
  •  First Home Buyer Grant: This federal initiative can be an enormous help to a first home buyer. In Queensland, the First Home Buyer Grant recently doubled to $30,000 and can be used for building/buying a new home up to $750,000.

Tip #4: Talk to a Mortgage Broker

Applying for a first home buyer loan is challenging. But it’s not something you have to do on your own. At SCF Solutions, our brokers have a broad range of industry experience and in-depth knowledge of current market trends. This means we can answer your questions, provide tailored home buying tips and help you find the right first home buyer loan. 

To start your home buying journey, book an appointment with SCF Solutions today.

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Green Home Loan: Financing Sustainable Homes

As a nation, Australia is shifting towards a “greener” future and part of this is the introduction of the green home loan by lenders. This cultural change and shift towards ecologically friendly living is also influencing the way people make financial decisions. A recent study by Ernst & Young found that when it comes to how Australians view sustainability:

  • 71% believe brands have a responsibility to make a positive change in the world.
  • 76% say that sustainability is either “very”, “extremely” or “somewhat” important to them when making a purchase decision.

With this in mind, it’s no wonder that a growing number of Aussies are expressing interest in green home loans. But what is a green home loan? How can a green mortgage benefit both the environment and the homeowner? And what options are there for green home loans Australia and its residents can take advantage of?

What is a Green Home Loan?

A green home loan is a type of mortgage that supports environmentally sustainable practices. These loans offer incentives to encourage borrowers to invest in environmentally friendly features for their homes. A green mortgage may offer energy-efficient upgrades or carbon offset programs, in addition to lowered interest rates and flexible repayment terms. In this way, they foster a more eco-conscious approach to home ownership in Australia.  

What Are the Benefits of Green Home Loans?

Green home loans in Australia offer a range of benefits to eco-minded homeowners. These include:

  • Financial incentives, such as discounted interest rates or fee waivers.
  • A reduction in overall energy consumption (leading to reduced energy bills).
  • Minimising a homeowner’s environmental footprint.
  • Support for renewable energy initiatives.
  • Improved water sustainability (due to investment in rainwater harvesting systems and water-efficient fixtures).
  • Eligibility for relevant government incentives and rebates.

Green mortgages offer homeowners a great range of financial benefits while also helping them to adopt an eco-friendlier lifestyle.

What Options Are Available for Green Home Loans in Australia?

 sustainable housing using a green home loan

Australia’s first green mortgage was launched in 2020. Established by Bank Australia with the support of the Clean Energy Finance Corporation, that scheme was so popular that it doubled the expected uptake within the first year. Today, multiple lenders are offering green home loans in Australia. These include:

  • Some of the Big Four Banks (Commonwealth Bank, NAB and ANZ)
  • Smaller regional banks (Bank Australia, RACQ Bank, Regional Australia Bank and Gateway Bank)
  • Independent lenders (Firstmac)

To find out more about which lenders offer green home loans in Australia, talk to a mortgage broker.

What Are the Eligibility Criteria for a Green Mortgage?

Lending criteria will always vary but in general, the house you plan to buy/build will need at least one of the following to qualify for this type of loan:

  • Nationwide House Energy Rating Scheme (NatHERS) rating of 7 stars or higher.
  • Passive House Certification.
  • Residential Efficiency Scorecard with a rating of 7 stars or more.
  • Green Star – Design & As Built score of at least 8 points on the ‘Greenhouse Gas Emissions’ credit.

Building A Sustainable Future with a Green Home Loan

Let’s consider a hypothetical example of how this kind of loan could benefit a prospective homeowner:

Charlie lives on the Sunshine Coast and is committed to building an eco-friendly home. Charlie consults with an experienced mortgage broker, who identifies a lender offering a suitable green home loan. They submit an application outlining how the borrowed funds will be used to build a home with a NatHERS rating of at least 8 stars (which makes it eligible for this particular loan type). The lender, recognising Charlie’s commitment to sustainability, approves the loan and provides favourable terms, including a reduced interest rate.

By choosing a green mortgage, Charlie is able to build a home that is environmentally responsible, boasts long-term energy savings and has increased property value.

Talk to a Broker About Green Home Loans in Australia

To find out more about how a green mortgage could help you achieve your home ownership dreams in a more eco-conscious way, talk to the team at Sunshine Coast Financial Solutions. We’ll happily answer all your questions, explain the various options available and help you identify which green home loan will be the best choice to suit your needs.

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Home Loan Refinancing in 2024: Is It the Right Time?

Aussie homeowners refinanced at record levels throughout the 2023 FY, with 450,177 home loans refinanced nationally. In Queensland, home loan refinancing activity increased by 17.4% when compared with the previous year. This level of activity isn’t surprising though. 

With interest rates continuing to climb and the cost of living tracking steadily upward, it makes sense that financially savvy mortgage holders take proactive steps to reduce their monthly repayments. But is 2024 the right time for you to refinance a home loan?

What is Home Loan Refinancing?

Mortgage refinancing is when you take out a new loan to replace your existing home loan. Refinancing is a strategic financial move that can lead to reduced monthly payments, improved loan terms or the consolidation of debts. In this way, a home loan refinance can help homeowners save money and reduce financial stress.

What are the Benefits of Home Loan Refinancing?

There are numerous benefits to refinancing a home loan. Common advantages include:

  • Reduced monthly repayments as a result of lower interest rates.
  • Access to revised loan terms for improved financial flexibility.
  • Consolidating high-interest debt for simplified payments.
  • Obtaining useful loan features, such as an offset account or a redraw facility.
  •  Drawing on property equity to fund renovations or an investment purchase.

There’s clearly great value in home loan refinancing. However, as with any major financial decision, it’s a good idea to get expert advice before refinancing a home loan.

Factors to Consider Before You Refinance a Home Loan

How can you decide if 2024 is the right time for you to refinance a home loan? There are a few factors to consider:

  1. Take time to research current interest rates:

When considering refinancing a home loan, it’s crucial to research and understand the current interest rate environment. Compare current home loan refinance offers with your existing rate or use a refinance home loan calculator to see how much you could save.

  1. Do a thorough comparison of loan terms:

It’s important to look beyond home loan refinance rates. You’ll also need to consider loan duration, loan features and any associated fees or penalties.

  1. Weigh up the costs vs benefits:

Refinancing does come with certain costs. Take time to calculate all of these potential costs to ensure that the benefits of refinancing outweigh any associated expenses.

  1. Consider your credit score:

Credit scores significantly influence the interest rates offered by lenders. So, before you decide to refinance, check your credit score and, if necessary, take steps to improve it.

Does this level of preparation sound overwhelming? If so, don’t panic! An experienced mortgage broker can do all the hard work for you to ensure you’re getting a great deal.

How Much Could You Save With a Home Loan Refinance?

couple saving money

How much can a person save by refinancing? Let’s consider a theoretical scenario: Taylor has a $650,000 mortgage that originally came with a competitive fixed rate. However, once the fixed term ended, the loan automatically rolled over to the lender’s standard variable rate of 8.40%. As a result, Taylor decided to talk to a broker about home loan refinancing. 

After researching and comparing several competitive home loan refinance offers, the broker recommended a different lender with a home loan refinance rate of 6.1%. As a result of refinancing, Taylor’s monthly payments were reduced by $459 (saving over $5,500 per year!).

Talk to a Broker About Home Loan Refinancing in 2024

Are you wondering if this is the right time for you to refinance a home loan? Sunshine Coast Financial Solutions offers a free Home Loan Health Check that can help determine whether you could benefit from home loan refinancing. Our expert team of brokers are committed to helping you achieve the best possible outcome, every time. 

This means we’ll give you professional and unbiased advice. If there’s no measurable benefit to refinancing right now, we’ll let you know. But, if refinancing could help you save considerable money or access a better range of loan features, we’ll help you find the best home loan refinance offers for your situation.

Are you ready for a Home Loan Health Check? Book your free appointment today.

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Important Questions to Ask a Mortgage Broker in 2024

Applying for a mortgage can be a stressful process but knowing what questions to ask a mortgage broker can help reduce the stress. According to one international study, 41% of homeowners felt stressed out during the home loan application process, with one in five blaming the amount of paperwork involved. Meanwhile, 15% of respondents said that the industry “jargon” made things confusing and stressful. 

Fortunately, that doesn’t have to be your experience. To ensure you receive the best possible home loan with the least amount of stress, it’s important to first sit down with your broker and have a frank conversation. How will this help to eliminate stress? The key is understanding what questions to ask a mortgage broker.

Why You Need to Know What Questions to Ask a Mortgage Specialist

The Australian real estate landscape has experienced some substantial changes over the past year. With the Reserve Bank repeatedly raising the official cash rate, borrowers have had to adjust to a “new normal” that involves substantially higher interest rates. Despite recurring rate increases, property prices across Queensland have continued to climb. This is driven by steady population growth and a reduced number of properties listed for sale (a classic “supply and demand” equation).  

This means that borrowers are now in a more complex situation than they were pre-COVID. Lending criteria have changed, and while there are still some lenders offering fantastic deals, they’re not as easy to find as they once were. That’s why it’s more important than ever that you understand what kind of questions to ask a home loan broker. The right mortgage application questions could save you thousands of dollars over the life of your loan.

Important Questions to Ask a Mortgage Broker

One of the great things about chatting with a broker is that they’ll usually be able to answer all manner of questions. But have you ever been asked, “Do you have any questions?” and then found yourself stumped? You know there are probably questions you should be asking…you’re just not sure what they are. But there are some specific questions to ask a mortgage broker that will help to ensure you end up with the best possible loan to suit your circumstances.

How to Decide What Questions to Ask a Home Loan Broker

So, how do you decide what things to ask a mortgage broker? It’s a good idea to start with a personal financial assessment. This will enable your broker to understand exactly what your current situation is and then provide tailored advice on whether there are any areas you could improve. For example, standard mortgage application questions will focus on your credit history, genuine savings and the amount of personal debt you already have. Identifying areas for improvement ahead of time could end up saving you a lot of money in the long term.

The Top 5 Things to Ask a Mortgage Broker

top 5 questions to ask a mortgage broker in 2024

raw facility may be necessary. Or if you’re hoping to reduce the mortgage principal, then you’ll need to make sure your mortgage allows for additional repayments. 

3.     What is the maximum amount I should borrow? 

A common question to ask a home loan broker is “How much could I borrow?” But it’s even more important to understand how much you should borrow. An experienced mortgage broker will be able to assess your circumstances, your current earning capacity and how much you have saved as a deposit, and then make a recommendation on the maximum amount they would recommend you borrow. This could help you avoid higher interest rates or paying extra for Lenders Mortgage Insurance. 

4.     What will be the true overall cost of my mortgage? 

This is another one of those often overlooked questions to ask a mortgage broker. It’s important to remember that the true cost of your mortgage isn’t just the amount you initially borrowed – it’s the amount you end up paying back. This total amount can be impacted greatly by the length of the loan, the kinds of fees that your lender applies and whether or not you will be making interest-only repayments. Once your broker has calculated the true overall cost of the various mortgages available, then you’ll be able to make the best long-term decision.  

5.     What are the various stages of mortgage approval? 

Some people have been caught out by the various stages of mortgage approval, so it’s one of those important things to ask a mortgage broker about. Generally, ‘pre-approval’ can help you to know what price range you should be house-hunting in, but it’s not a guarantee and shouldn’t be used as a basis for making a formal offer on a property. A ‘conditional approval’ is more formal but is still conditional on what property you plan to purchase. ‘Full approval’ will only occur after the lender has signed off on a property. 

Do You Have More Questions to Ask a Mortgage Broker?

Have you got some additional questions to ask a mortgage broker? If so, the experienced team at SCF Solutions are here to help. We understand that this is one of the biggest financial decisions you’ll ever make. That’s why we’ll happily take all the necessary time to answer your mortgage application questions.

So, if you’ve got questions to ask a mortgage specialist, book an appointment with SCF Solutions.

 

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Using Equity To Buy Another House – Investment Property Finance

Using equity to buy another house is something many homeowners dream about. But is owning an investment property beyond the reach of the average Australian? Is it only achievable for the top 1%? You may feel like you struggled and saved for years just to purchase your first home, so how on earth will you afford a second one?! If you feel like this, don’t give up! Using equity to buy an investment property may be more achievable than you think.

According to the latest statistics from the Australian Taxation Office (ATO), over 2.24 million Australians owned an investment property in 2020-2021. That’s around 1 in 5, or 20% of Australian taxpayers. So, owning an investment property is clearly an achievable goal. How do many achieve this? By using the equity in the current property to help finance their investment. 

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Using Equity to Buy Another House

What does using equity to buy an investment property involve? It’s when you leverage the value of a property you already own to help finance the purchase of a new one. This can be done when the balance of your existing home loan is less than the property’s current market value. Borrowing against the equity can help potential investors who wouldn’t otherwise have the savings needed to secure a second mortgage. Using equity to buy another house comes with potential risks and benefits, so homeowners need a clear understanding of what’s involved before going ahead with an investment purchase.  

Using Equity to Buy Another House – Understanding the Jargon

If you’ve started researching how to use equity to buy an investment property, you’ve probably already come across a lot of unfamiliar financial jargon. An accurate understanding of this terminology will be really beneficial if you decide to move ahead with accessing equity. Some of the most common terms you’ll come across are:

  • Equity: The portion of property ownership that is not covered by a home loan. In other words, the part you have paid off and now own outright.
  • Usable Equity: The portion of a property’s value that can be borrowed against. This is usually calculated by taking 80% of the overall value of the property and then subtracting the outstanding mortgage total.
  • Home Loan Refinance: When you replace an existing mortgage with a new one, often to secure better terms, rates or conditions. This can also be done to access equity.
  • Leveraging: When you use the existing property’s equity as collateral to secure a loan for purchasing an additional property.
  • Loan to Value Ratio (LVR): A calculation used by lenders. It represents the percentage of the loan amount compared to the property’s appraised value. The lower the LVR, the less risky the loan is considered by lenders.  
  • Capital Growth: The increase in a property’s value over time, which can boost the amount of equity you have.
  • Negative Gearing: When the costs of owning a rental property (maintenance, home loan interest, etc.) are more than the income generated by renting the property out.

 

How to Use Equity to Buy an Investment Property

using equity to buy another house

So, you want to use the equity in your current home to buy another house. How do you go about calculating how much equity you have?

Start by obtaining an accurate assessment of your property’s current market value. Then, deduct the balance of your existing home loan. The remaining value is your total equity. For example, if your home is valued at $750,000 and you owe $350,000 on your mortgage, that means your current equity amount is $400,000. Most lenders will then lend a percentage of that equity (the ‘usable equity’) to you, which you can put towards buying another property.

How Much Do I Need If I’m Using Equity to Buy Another House?

Using equity to buy another house is possible if you have enough of a ‘usable equity’ buffer. Generally, lenders are happy to lend up to 80% of a home’s value (that includes your current debt as well) without requiring Lenders Mortgage Insurance (LMI). This means your usable equity is 80% of your home’s current value, minus any existing debt.

With the numbers we used above, your usable equity would look like this:

  •  $750,000 (home value) x 80% = $600,000
  • $600,000 (80% of home value) – $350,000 (current mortgage balance) = $250,000

In this scenario, your usable equity would be calculated at $250,000.

How Much Can I Borrow If I’m Using Equity to Buy an Investment Property?

Similar to when you bought your first home, most banks are willing to lend up to 80% of your investment property’s value with a home loan. They may loan you more if you’re willing to pay for LMI.

Once you know how much usable equity you have in your current home, you can work out roughly how much you could borrow to secure an investment property. You can do this by multiplying your usable equity by 5. If we continue using the figures from the example above, the calculation will look like this:

  • $250,000 (usable equity) x 5 = $1,250,000

Using equity as a deposit in this scenario means with your usable equity of $250,000, you have a 20% deposit to find a home worth more than $1 million.

Your capacity to buy a $1 million property also needs to factor in costs of stamp duty, legal fees and other upfront costs, as well as your ability to make repayments. That’s why it’s important to speak to an experienced mortgage broker who can assist you in better understanding your financial situation.

How to Use Equity to Buy Additional Investment Properties

If you have a principal and interest home loan on your investment property it will gradually start building up equity too. Property values rising on both your owner-occupied home and your investment property will increase your overall equity. As you build usable equity across your two properties, you can potentially draw on it as leverage to purchase more investment properties in the future (if that is your goal).

Property wealth is impacted by market prices because that determines your home’s value (and therefore, usable equity). So, as markets rise, your property wealth grows, and each time it falls, your property wealth shrinks. If you are strategic with your real estate portfolio, you can use it to your advantage to achieve long-term wealth.

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What are the Potential Risks of Using Equity to Buy Another House?

weighing the risks of using equity to buy another house

There are certain risks associated with using equity to buy an investment property. These include:

  • Market Volatility: Australia’s property market can be volatile. If there’s a market downturn, you could end up with multiple properties that are worth less than what you paid for them.
  • Interest Costs: Taking on a second home loan means you’ll be managing additional interest costs, which can lead to strain on your monthly budget.
  • Loan Approval: Securing approval for a second mortgage can be challenging because lending criteria is often quite strict.
  • Reduced Home Equity: Using the equity from your primary property can limit your ability to access it for other financial needs (such as future renovations) or emergencies.
  • Negative Gearing: If the new property doesn’t generate enough rental income to cover expenses, you may have to deal with negative gearing. While this can lead to tax deductions, it can also create financial stress.
  • Responsibilities: Owning multiple properties comes with added responsibilities. In addition to looking after your family home, you’ll also need to deal with property management, maintenance and any tenant issues.

While the above list may seem daunting, many of these risks can be managed by doing thorough research and consulting with experts before making a purchase.

What are the Advantages of Using Equity to Buy Another House?

There are significant advantages associated with using equity to buy an investment property. These include:

  • Leverage: Australia’s strong property market and consistent price growth make it an attractive environment for leveraging your existing property’s equity to purchase a new one.
  • Rental Income: You can generate consistent rental income from the new property, especially in high-demand areas. This can help to offset your expenses.
  • Tax Benefits: Home loan interest on the new property may be tax-deductible, potentially reducing your overall tax liability (talk to a financial consultant for more information on how an investment property will affect your tax).
  • Capital Growth: Historically, Australian property has seen steady capital growth. As a result, owning multiple properties can produce long-term financial benefits.
  • Diversification: Owning multiple properties in different regions (or investing in different types of real estate) can diversify your investments and reduce risk.

Using equity to buy an investment property carries the potential for substantial benefits. A mortgage broker with experience in investment loans can help you make the most of your assets to help you achieve your long-term financial goals.

Talk to a Mortgage Broker About How to Use Equity to Buy an Investment Property

Whatever your financial and property goals, talking to an experienced mortgage broker should always be your first step. This will help you to gain a better understanding of what is possible when using equity to buy an investment property. 

As experts in investment property mortgages, the team at Sunshine Coast Financial Solutions can guide you through the process of using equity to buy another house. Contact us today to book an appointment where you can find out more.

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Understanding Transfer Duty in Australia: Tips to Avoid It

Despite the huge amounts of transfer duty (also called stamp duty) being paid each year, many Australians find the concept confusing. This is largely because this fee is collected by state governments – so the rules may change significantly depending on where you live. This then begs the question, can you learn how to avoid transfer duty? Can you really avoid it and not get in trouble for doing so?

Stamp duty and how much you’ll pay is one of the most important factors to consider when applying for a Sunshine Coast home loan. Despite this, many homeowners don’t really understand how it works. According to the latest information from the Australian Bureau of Statistics (ABS), Australians paid a whopping $23.97 billion in transfer duty during 2020-2021. That figure accounts for more than 20% of all tax revenue collected by state and local governments. 

How to Avoid Transfer Duty: Does Everyone Have to Pay?  

If you’re a first home buyer on the Sunshine Coast then you’re likely wondering: what is QLD transfer duty? And is there a transfer duty exemption in QLD for first home buyers? In this article, we’ll break down what Queensland transfer duty is, what concessional rates may apply, and how to avoid stamp duty via the transfer duty concession QLD.

What is Transfer Duty in QLD?

paying transfer duty in Australia

Transfer duty is a tax you pay to the Queensland government when you buy a property. It can also be referred to as Stamp Duty (the two terms are used interchangeably and mean the same thing). Stamp duty is imposed and governed by the Duties Act 2001. This compliance tax applies to all dutiable transactions in the state of Queensland, such as:

  • a transfer of dutiable property.
  • an agreement for the transfer of dutiable property.
  • a partnership acquisition.
  • the creation or termination of a trust of dutiable property.
  • a trust acquisition or surrender.

Common Misconceptions About Transfer Duty

There are some common misconceptions about transfer duty in Queensland, particularly among first home buyers. The three most common misconceptions we generally hear are:

  1. “Stamp duty is a fixed rate”: A lot of people think that stamp duty is calculated based on a fixed percentage of the property’s purchase price. But in Queensland, it’s actually calculated using a sliding scale.
  2. “First home buyers don’t pay stamp duty”: There are some stamp duty exclusions and concessions for first home buyers in Queensland, but it’s not true to say, “all first home buyers are automatically exempt.” Eligibility criteria will still apply.
  3. “Transfer duty is covered by your mortgage”: Many first home buyers assume that stamp duty costs will be added on to the total cost of their home loan. While this is sometimes possible, it doesn’t happen automatically, and it will result in you paying more over the life of the loan.

Benefits of Understanding Transfer Duty

Stamp duty can have a big impact on your plans to buy a home, so it’s really important to correctly understand where it applies and how it is calculated. The three main benefits of understanding this include:

  1.   Better financial planning: An accurate understanding of stamp duty will make it easier for you to make well-informed financial decisions.
  2.   Find out how to avoid stamp duty: You may discover that you’re eligible for the transfer duty exemption in QLD for first home buyers. Even if you’re not eligible for a complete exemption, you may still qualify for concessional rates on stamp duty.
  3.   Easier cost management: Understanding stamp duty rates and how they apply will allow you to budget more effectively when planning a purchase that will be subject to stamp duty.

FAQ About Transfer Duty in QLD

  • Who pays stamp duty in QLD? The buyer of a property is generally responsible for paying stamp duty. This levy is based on the purchase price or market value of the property being purchased. 

Note: You pay transfer duty ONLY when you buy property. When you build, you are only paying this based on the value of the land, not on the house you build. This could mean thousands of dollars in savings.

  • How much stamp duty do I pay in QLD? In Queensland, the amount of stamp duty you pay depends on the purchase value of your property, and whether you are a first home buyer or buying an established property. This is also means-tested according to a person’s income and the number of dependent children they have. It can be as high as 5% of the purchase price (sometimes even higher!). For more detailed information, please talk to an experienced Sunshine Coast mortgage broker or visit the Office of State Revenue website.

When is transfer duty payable in QLD? This is payable in Queensland upon transfer of ownership of a property. It must be paid either within 30 days of settlement or within 30 days of the date the contract is entered into, whichever date is earlier.

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How to Avoid Transfer Duty: Transfer Duty Exemption in QLD for First Home Buyers

woman calculating transfer duty exemption

There is some stamp duty relief for first home buyers in Queensland. Concessional rates on transfer duty can apply under the First Home Concession, the Home Concession and the First Home Vacant Land Concession.

Non-Australians and non-permanent residents can also qualify for concessional rates on stamp duty, but they need to comply with additional foreign acquirer duty. For instance, where an Australian citizen has purchase costs of $14,916 on a $600K property, a non-citizen will have purchase costs of $56,914 on the same property. For more information on how to file a stamp duty concession QLD claim, we recommend that you seek professional advice from a mortgage broker on the Sunshine Coast.

Concessional Rates on Transfer Duty

To qualify for a stamp duty exemption or concessional rates, a first home buyer in Queensland would need to qualify and apply for one of the following concessions:  

1. Transfer duty exemption in QLD for first home buyers (First Home Concession)

This stamp duty exemption applies to Queensland homes valued under $550,000 and can potentially save first home buyers up to $15,925. To be eligible, you must:

  • have never claimed the first home vacant land concession.
  • have never held an interest in another residence anywhere in Australia or overseas.
  • be at least 18 years of age.
  • move into it with your personal belongings and live there daily within 1 year of settlement.
  • not dispose (sell, transfer, lease or otherwise grant exclusive possession) of all or part of the property before you move in.
  • pay market value if the residence is valued between $500,001 and $549,999.

2. Home Concession

You can claim the home concession for stamp duty even when you have acquired a home before. The concession rate applies to the first $350,000 of the value of the property, while the general rates apply to the balance. To be eligible, you must: 

  • Move into the property with your personal belongings and live there on a daily basis within 1 year of settlement.
  • Not dispose (sell, transfer, lease or otherwise grant exclusive possession) of all or part of the property before you move in.

3. First Home Vacant Land Concession

You could be entitled to a reduced rate of stamp duty if you buy vacant land valued under $400,000 and you intend to build your own home on it. This can easily save you up to $7,175 worth of stamp duty. To be eligible, you must: 

  • have never claimed the first home vacant land concession on another property.
  • have never held an interest in a residence anywhere in Australia or overseas.
  • be at least 18 years of age.
  • be paying market value if the vacant land is valued between $320,001 and $399,999.
  • build your first home on the land, move in with your personal belongings and live there daily within 2 years of settlement.
  • only build 1 home on the land.
  • be certain there is no building, or part of a building, on the land when you acquire it.
  • not dispose (sell, transfer, lease or otherwise grant exclusive possession) of all or part of the property before you move in.

How to Avoid Transfer Duty: Look for Cheaper Homes

couple looking at cheaper home options with realtor

Transfer duty is applied on a sliding scale — much like income tax. The cheaper your property, the lower your stamp duty rate will be, irrespective of the type of buyer you are. For example, in Queensland, you will not pay stamp duty if your property is valued under $5,000. While there aren’t too many properties available that cost less than $5,000, it illustrates the point that the lower your purchase price, the less stamp duty you’ll end up paying overall.

For more information, refer to the below table for a full disclosure of rates, taken from the Queensland Government website (note that these rates do not apply for those who are eligible for concessions and exemptions):

Property value Transfer duty rate
Not more than $5,000 Zero
More than $5,000 up to $75,000 1.5% per dollar over $50,000
$75,000 to $540,000 $1,050 plus 3.5% per dollar over $75,000
$540,000 to $1,000,000 $17,325 plus 4.5% per dollar over $540,000
More than $1,000,000 $38,025 plus 5.75% per dollar over $1,000,000

Need Help Avoiding Stamp Duty on a QLD Property? 

Wondering how to avoid transfer duty? Our experienced team of brokers can help. We’ll analyse your specific situation to see what concessions or exemptions you may be eligible for. Get in touch with us today to see how we can help reduce or eliminate your timestamp duty obligations.

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Demystifying the Home Deposit Mystery: How Much Do You Need?

Demystifying the Home Deposit Mystery: How Much Do You Need?

Saving up enough money for a home deposit is the first step towards buying your own home. But how much do you actually need to save? Is the amount the same for all home buyers? How much do you need for a house deposit?

The figure relevant to you depends on a number of factors. In some scenarios, applicants can borrow up to 95 per cent of their prospective property value leaving just 5 per cent for deposit plus purchase costs.

However, many banks and lenders recommend having at least 8 per cent plus purchase costs as a minimum saved up.

Why a Higher Home Deposit is a Good Thing

Having a higher home deposit will work in your favour for a number of reasons:

A large deposit shows that you are a great saver and could increase your chances of getting your loan application approved with prime lenders.

More deposit means borrowing less, which means there’s more chance of paying less interest over the life of your loan.

If your deposit is less than 20 per cent, you may need to pay Lenders Mortgage Insurance.

Here is an example of the deposit you’ll need depending on your house price purchase:

House price 5% deposit 20% deposit
$450,000 $22,500 $90,000
$650,000

 

$32,500 $130,000
$850,000

 

$42,500 $170,000
LMI required?

 

Yes No

How much is Lenders Mortgage Insurance?

Lenders Mortgage Insurance (LMI) is a one-off, non-refundable, non-transferrable premium that’s added to your home loan. It’s calculated based on the size of your deposit, loan to valuation bracket, and how much you borrow. These calculations are very important as they can cost you thousands of dollars in extra insurance.

LMI protects the bank against any loss they may incur if you are unable to repay your loan.

Let’s have a look at how much LMI you’re likely to pay if you have a deposit of less than 20 per cent:

House price

 

5% deposit LMI Estimate
$450,000

 

$22,500 $14,364
$650,000

 

$32,500 $27,849
$850,000

 

$42,500 $36,418

The Queensland Government assistance schemes such as the First Home Owner Grant, HomeBuilder Grant, and the federal government’s First Home Buyer Deposit Scheme may also assist with your home loan deposit and help lower fees on the transaction.

So, with this information, how much do you need for a home deposit? The best place to start is to contact a professional mortgage broker. They can assess your income and savings to determine what price range you should be looking at to purchase and what your loan options are. This way you’ll know that your house deposit range and options are unique to you and you can start house hunting with confidence.

Other Considerations to Make When Buying a House

buying a house after paying home deposit

There are lots of other things to consider aside from a home deposit when you’re thinking of purchasing a house. These include a good credit score, your debt-to-income ratio, the types of loans available to you, and even the current interest rates in the country. Let’s tackle a few of these considerations.

The Importance of a Healthy Credit Score

When thinking of buying a home, aside from asking “How much deposit do I need for a house?” you must also assess your credit score. Your credit score is a numerical representation of your creditworthiness. Lenders sometimes use this to determine how much you can borrow and what terms as well as rates to give you.

A higher score can open doors to better mortgage rates and more favourable loan terms. Checking your credit score and rectifying any discrepancies before planning on buying a home is wise. If your score is lower than expected, consider paying off outstanding debts, ensuring your bills are paid on time, and avoiding multiple credit inquiries in a short period.

Checking Your Debt-to-Income Ratio

Aside from your home deposit, your debt-to-income ratio (DTI) is a vital financial metric utilised by lenders to evaluate a potential borrower’s capacity to manage and repay debts. It’s determined by dividing an individual’s total monthly debt obligations by their gross monthly income. The resulting percentage offers a snapshot of how much of a person’s earnings are allocated to servicing debts.

Exploring Different Types of Home Loans

Australian lenders offer a range of home loan options. Fixed-rate loans provide certainty with consistent monthly payments for a pre-determined timeframe, while variable rates might offer lower initial rates but can fluctuate month to month. Interest-only loans, where you only pay off the interest for a set period, can be tempting due to lower initial repayments but might cost more in the long run.

Know that your home deposit will also have an impact on which home loan types and features you can access. The bigger your home deposit, the more options are available to you.

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The Impact of the Reserve Bank’s Decisions

The Reserve Bank of Australia (RBA) also plays a pivotal role in the housing market. Its decisions on interest rates directly influence the rates offered by lenders. Staying informed about the RBA’s movements can help you anticipate potential rate changes and make informed decisions about your mortgage.

Strategies to Boost Your Deposit Savings

If you’re asking, “How much deposit do I need to buy a house?” chances are, you don’t have enough to widen your range of options. It might be a good idea to increase your savings, so you have enough money for a good home deposit amount.

Growing your deposit can be accelerated with the right strategies. High-interest savings accounts or term deposits can offer better returns on your savings. Consider pooling resources with a trusted partner for a joint mortgage. Additionally, gifts or inheritances, if available, can significantly boost your deposit.

Will the Home Deposit Amount Change in the Future?

Predictions suggest a steady growth in the Australian housing market, influenced by both domestic and global economic factors. As the market evolves, experts believe that the ideal home deposit size might shift, emphasising the importance of staying informed and adaptable.

Sunshine Coast Financial Solutions is Here for You

Understanding home deposits and all the intricacies associated with them is crucial for anyone looking to step onto the property ladder. With professional advice from our expert mortgage brokers here at SCF Solutions, you can navigate the property market confidently. Our team can help you make informed decisions, which can help pave the way for a secure home ownership journey and financial future.

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