The Credit Score Blog
A blog about mortgages, loans, interest rates, tips and tricks.
How do you compare: how much of your pay goes to your mortgage?
The property market is going through a boom phase, which means housing affordability is getting tougher.
So how much does the average Australian household need to put towards their monthly home loan repayments in the current market? Let’s take a look.
How To Buy Without A 20% Deposit
When you consider that a small flat in Sydney could set you back half a million dollars at the moment, saving a 20% deposit to buy that flat – $100,000 – can seem an insurmountable task. That’s where insurance can help. Lenders mortgage insurance (LMI) may be an added...
Timing Doesn’t Have To Be Everything
Ready to build or buy now, but haven’t yet sold your old property? Bridging finance could be the answer to keep the ball rolling. Trying to sell one property and buy another can be quite a daunting and emotional process, especially when the...
Why Paying Off Your Credit Cards Is Not Enough
Getting your mortgage application together can require quite a bit of financial scrutiny. In order to figure out your serviceability, your potential lender will look deeply into your finances. It’s a no brainer to take your credit card debts into consideration when...
How To Increase Your Borrowing Capacity
Maximising the amount a lender will hand over to you isn’t about trying to take on unmanageable levels of debt. It’s a matter of taking a few simple but smart steps that could mean the difference between toiling in that ‘fixer-upper’ or...
ATO turns attention to property ‘rorts’
ATO turns attention to property ‘rorts’ As the financial year draws to a close, the Mortgage Business ran a timely article today with regards to the Tax Office’s focus on appropriate deductions for investment properties. With interest rates at historic lows, the...
Guaranteeing Your Child’s Loan
Rising house prices are making it increasingly difficult to enter the market. Parents who guarantee their children’s loans can help, but it is important to understand how this can impact the parents’ retirement or investment plans. Being a guarantor generally means...
Westpac cuts investor loan discounts
Westpac cuts investor loan discounts The SMH article reports that Westpac has joined ANZ, CBA and NAB in reducing the incentives for property investors. The regulators and APRA in particular have made it clear over the last 6 months that they consider growth in...
How to pick the best type of home loan
How to pick the best type of home loan Andrew Heaven answers a readers question in The Australian about how best to approach selecting the right type of home loan. In deciding whether to have a P&I or IO loan, consider the purpose of the loan: is it for investment...
APRA has more tools to tackle house prices
APRA has more tools to tackle house prices Continuing the theme this week this is another article looking at the changes that are occuring in the investor lending space. This article looks at what other measures that the Regulator APRA can bring to play to address the...
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