Category: Home loans

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reducing your loan

An inquiry found by ACCC that the negative attention on the banks from the Royal Commission, the Productivity Commission’s inquiry into competition in the financial system and the ACCC’s Interim Report on residential mortgage prices had prompted some borrowers to review the prices they were paying for their residential mortgages.

reducing your loan

For example, in the quarter ending 30 June 2017, 88,000 residential mortgages received a price reduction, while in the final quarter of the monitoring period (ending 30 June 2018), just over 144,000 residential mortgages received a price reduction.

In all, about 11 per cent of borrowers with variable rate mortgages had the price of their current residential mortgage reduced by one of the five banks under review in the year to 30 June 2018.

Despite this, the rate of borrowers switching lenders remained low; less than 4 per cent [...]

First home buyers

For first home buyers trying to make their mark on an increasingly impenetrable property board, a low 5% deposit can give them a much-needed break.

First home buyers

With the purchase of a new or existing residential property, we offer a maximum LVR of 95% inclusive of LMI. For those already in the market, the same applies for refinancing of a home loan or construction loan.

There is NO exception to this is for any interest-only loans where the maximum LVR remains at 90% for all purposes plus LMI

Concerned about Property Prices Drop!       

First home buyers

For Aussies that purchased their property in the last three [...]

mortgage broker

We have lenders with a range of flexible products that offer Tax Debt solutions;

Whether it is Full Doc and Alt Doc borrowers Up to 90% LVR No limit to the amount of tax debt to be consolidated

dbij financace mortgage brokers

 

Are you concerned about your credit rating because of  Defaults, you don’t have to be as all defaults up to two years ignored this will help you move on towards your desired goal, as we tailor solutions that make you look financially smart!! This offer is for a limited time, expires on 30/11/2018.

 

property market decline

On Melbourne’s busiest weekend of auctions 27/10/2018 for the spring selling season, around one in two homes up for sale got passed in.The clearance rate for more than 1400 scheduled auctions across Victoria was 48 per cent according to Domain Group data. The result is a continued reflection of the softening property market decline according to agents and experts.

The Australian Bureau of Statistics estimated that 30,620 Australian residential houses commenced construction in June 2018, rising 9.6% from the year before.

With the construction market rapidly growing, it’s handy for you to know that you have a Flexible Home Loan as a construction loan – borrowing up to 95% of the property’s value once built (inclusive of LMI).

During construction, you only pay the interest on your construction loan as per funds drawn at stage by the builder– and you won’t start paying principal and interest until construction has been completed

 

If your Investment Home Loan [...]

reducing your loan

With a lot of talk about the property market, www.realestate.com.au property outlook report provides some interesting insight into what’s happening across the country in property.

The report found that the demand for Australian residential dwellings has decreased by 0.3% year-on-year to September 2018, with the capital cities showing a distinct cross-section of highs and lows signalling a continuation of the two-speed market.

It also showed that national demand for houses has dropped by 0.5%, while demand for apartments across Australia has fallen by 8.5%.The auction clearance rate from WE 20/10/18 Melbourne had 894 properties up for auction out of which 427 sold and 467 passed in or withdrawn leaving a poor clearance rate of 48% the scene in Sydney was 49%.

If you are keen to understand how equity can be created without having to do much or leverage off this in the future don’t hesitate to give DBIJ Finance a call on [...]

how to get a loan approved after being declined

How to get a loan approved after getting declined

It’s one thing when the banks say no to a borrower with an “out-of-the-box” scenario as we don’t live in a perfect world along with the fact that there are events that occur in anyone’s life that one cannot control, but what happens when an everyday event that occurs & one of the clients request to borrow funds gets turned down?

Recently we examined a scenario my client had approached a major bank to apply for a loan solution as the borrower was seeking a loan of $550k to purchase another property as they had considerable funds held in their savings account, but despite his clear credit history, the bank would only lend him $325k.

 

We captured the borrower’s circumstances in one of the many banks servicing calculator, in the same way as they had been given to the bank, to see whether we would be able to [...]

First Time Home buyers

Buying your First home can be a daunting task. But millions of people have been there before you and survived. If you do your homework or speak to “Suresh” your senior mortgage broker at DBIJ Finance, you’ll have the best possible chance of finding a place you can afford for a price you can pay. The big surprise for many first-timers is that they need to finish the first five steps on this list before they can even begin to look for a home.

 

1. Review Your Financial Health

Before clicking through pages of online listings or falling in love with your dream home, do a serious audit of your finances. First look at savings.  Don’t even consider buying a home before you have an emergency savings account with three to six months of living expenses. Look at how much is left over in your savings and investment accounts that could contribute towards a 5-10% initial deposit.

[...]

9 Income Sources That will help you Boost Your Borrowing Power

Whether you’re planning to buy your first home or an investment property or just want to upgrade to a larger dwelling, then it’s essential to maximise your borrowing power by fully considering your income source.

Banks and other lenders assess your supplementary income streams quite differently to your base salary. And each bank employs their own unique set of policies and criteria to determine how much they’re willing to lend.

A detailed appraisal of all your incomes sources is necessary to secure the most appropriate loan for your situation. All possible income sources need to be reviewed. Whether these income streams are assessed correctly or not, could mean the difference between securing your dream home, or missing out to another buyer.
9 Income Sources That will help you Boost Your Borrowing Power

Here are 9 income sources that you need to assess:

Bonus Income

Do you earn a regular bonus at work? If you do, [...]

home equity loans

According to Veda Advantage or Equifax, a credit score is a number that lenders use to help them decide: “If I give this person a loan or credit card, how likely is it I will get paid back on time?” The information from your credit reports is used to create your credit score.  Your credit score will always be a key ingredient for low interest rates when qualifying for mortgage or home equity loans.

Before getting a line of credit, get your free credit report from each of the three major credit reporting agencies (CRAs): Veda Advantage or Equifax, under federal law, you are entitled to one every year. Order online at https://www.mycreditfile.com.au, or call 13 83 32. Check to make sure someone else’s information isn’t mixed into your report. If so, contact the CRA immediately and have them delete it.

Then, follow these tips to help you establish credit and build your credit score:

[...]

loans

Home Loan Essential 1

Buying your First Home! …
Buying your first home is an exciting and satisfying experience. There are a number of things that one has to be aware of:
• Various government benefits for first home buyers
• Understanding Lender requirements before they give you a loan

Government grants and stamp duty exemptions can save you valuable $$$ off the cost of your new property in some states, if you’re eligible! First home buyers get 2 main benefits. First is a cash grant handed to you (called the first home owner’s grant) and second is an exemption of stamp duty costs associated with the purchase of a property.

Things to consider for FHO (First Home Owner)

1. The First Home Owners Grant

Each state has different qualification rules and pay different grant amounts. The grant varies from $5,000 in some states to $20,000 in others. To be eligible for [...]

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