Y.I.Finance » You're Important

Improve your chance of a home loan approval! This article outlines tips on how to get your “financial house” in order before making an application to a lender for a home loan. Since 2010 lender policy has been heavily influenced by financial regulation and laws aimed at verifying capacity to service current and future commitments. Following recent policy changes, many lenders are now taking a more detailed look into applicant’s financial situation including conduct of transaction accounts, type of expenditure, Read More…

Rising house prices can make it difficult for first home buyers to save a deposit to get into the market. This article uses an example from a major bank to demonstrate the minimum deposit needed, in this case 5% of purchase price plus the major borrowing cost, Lender Mortgage Insurance (LMI). As outlined in previous articles, LMI is payable by the borrower if the proposed loan is higher than 80% of the property’s value. While it can be a large Read More…

As well as the deposit what are the other costs you need to budget for? A lot of focus is placed on raising a deposit to purchase a home. A deposit is your “skin in the game” that can come from a variety of sources; including savings, gifts from family or proceeds of asset sales. Lender policy requires a deposit. While the amount of deposit as a percentage of the purchase price can influence the borrowing cost, there are other Read More…

It is often said the great Australian dream is to own your home. The initial step to achieve this dream is to purchase your first home. Since 2000, the various State governments have provided assistance to eligible first home buyers. Assistance can be in the form of lower taxes (purchase stamp duty) and/ or a cash grant. The assistance is reviewed annually in line with the economic situation and government policy. For the past few years assistance has been directed Read More…

Let us help you move from renting to living in your own home! Are you sick of paying rent? Talk to us today about how we can help you purchase your own home! We are passionate about helping aspiring first home buyers fulfill the dream of owning your own home. This is the first in a series of articles detailing the ins and outs of purchasing your first home, including the most frequently asked question we get asked – How Read More…