Buying your first home can be both an exciting time and a daunting one. We understand that the home loan and conveyancing processes involved in purchasing your first home can be complex and overwhelming, so we provide the expertise required to make them as simple as possible.
Both the finance and legal processes can be taken care of under one roof quickly and accurately with a minimum of fuss to you, allowing you to realise your dream of owning your own home sooner.
Andrew Warren Associates understand that as a first home buyer you’re likely to have a lot of questions such as:
We have answered all of these and more on our Help & FAQs page.
- What is the First Home Owners Grant Scheme & First Home Plus Scheme?
- Deposit- what is the minimum I need to buy a house?
- What are the additional costs of owning my first home?
- What are the inspections and checks I need when buying a home?
- What is the loan application process?
Refinancing allows you to replace or extend an existing home loan with the same lender or with another financial institution to suit your new circumstances. We recommend you assess your home loan regularly to ensure that the original home loan you chose is still the best for your needs.
You may be interested in refinancing for a number of different reasons, for example:
When you take out the loan, some or all of the funds are used to pay out your existing loan. You have the choice of refinancing with your existing lender or new lender. Should you choose another lender they will take care of the pay out process of your existing loan.
- Moving from a fixed rate mortgage
- Clearing an existing mortgage
- Consolidating existing debts by rolling them into the home loan
- Reducing interest rates
- Needing to borrow more money
Australia has more than one million self-employed workers - business owners, contractors, consultants, or commission sales people.
If you are one of the many people in this category, we make it easier to get a loan. Our Mortgage Brokers/Consultants can help you structure a mortgage to fit almost any income and credit situation - even if you are unable to provide the full documentation to support your loan application.
Investing in property has always been considered a way of building long term wealth. Investment properties are purchased for the sole purpose of earning a return on the investment, either in the form of rent or capital gain.
Thesedays investment loan interest rates are very similar to standard home loan rates and if you already have a home you may be able to use the equity in this property for the further property investment.
Some things to think about if you are interested in investing in residential property include:
- Using the equity you have built up in your home as a deposit
- Negative gearing
- Capital Gains Tax (CGT)
- Seeking independent financial advice for investment strategy.
- Loan structure
Not everyone has the traditionally ‘perfect’ finance track record, perfect credit background, the right age and status and a big deposit.
Lenders have now developed loans called non-conforming loans for people with incidents in their credit histories, non-residents, people with small deposits and older borrowers.
These days non-conforming loans are very competitive and borrowers can have a choice of loan type and/or choose additional features. However because people with a credit impaired history are regarded as high-risk borrowers, most non-conforming loans have a higher interest rate and/or higher fee structure than traditional loans.
When you buy before you sell, you may need bridging finance. Bridging finance bridges the gap between the proceeds of your home being sold and the money required for the new one.
There are a number of ways that lenders can structure bridging loans so talk to us about your specific needs. We can help find some great solutions for you.
Building your dream home can often be more complex than anticipated. Different lenders have home loans that are designed for the purpose of buying land and then later building on it.
Building Loans or Construction Loans are usually more flexible and can include features specific to building your home like progressive draw-downs, interest only payments, redraw and additional pay-in facilities.
Some people have different loans for different reasons, often with different lending institutions. Home loans, investment loans, car leases, even credit card debt, are often taken out at different times and often with differing interest rates.
Talk to one of our brokers about refinancing to consolidate your loans as there may be a fair chance you can reduce the interest rate you are paying.
Reverse mortgages offer retirees a great cash-flow solution by maximising the value in their home. Reverse mortgages operate the opposite way to a ‘standard’ home loan. Instead of the loan amount reducing as repayments are made, interest is applied to your loan, which is secured against the house.
Generally, no repayments are required on a reverse mortgage until the borrower sells the home, passes away or permanently moves out, with the total amount growing over time.
Dependent upon the lender and the product, borrowers can take out up to 50 per cent of the house’s value as a lump sum or in the form of regular payments to create an income stream to supplement the aged pension, or a combination of both. Age restrictions apply.