Category: Investing

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home valuation

Understanding The Home Appraisal Process

When you buy a home using financing from a bank, refinancing your existing loan, or selling your home through a Real estate other than an all-cash sale, the home appraisal is a key component of the transaction. Whether you’re a buyer, owner or seller, you would want to understand how the valuation/appraisal process works and how an appraiser determines a home’s value which helps you making a knowledgeable decision.

 

What Is a Home Valuation/ Appraisal? & Why is it important?

A valuator is an unbiased professional opinion of a home’s value. Appraisals are almost always used in purchase and sale transactions and commonly used in refinance transactions. In a purchase and sale transaction, an appraisal is used to determine whether the home’s contract price is appropriate given the home’s condition, location, and features. In a refinance, it assures the lender that it isn’t handing the borrower more money than the home is worth.

Lenders want [...]

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.

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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, [...]

property prices

Property prices don’t always go up and many markets that investors are encouraged into today are actually at the peak of their growth cycle. There are a number of suburbs listed in the negative growth report that might surprise you as they may have been touted as a hotspot for investors.

We identify the controversial suburbs that despite popular opinion have experienced a fall in values. Plus, we take a look at the areas in each state that have been hit hardest.

State by state: the areas that got hit the hardest

Tasmania

Nine house markets in Tasmania and 12-unit markets recorded negative price growth, the worst being the Launceston suburbs of Rocherlea and Trevallyn which respectively delivered a 12.5% decline in house prices, and a 25% drop for unit prices.

There seems to be a real phenomenon of investors driving the growth of some of the locations in Tasmania and, not local buyers. This can create a significant [...]

personal loans

If you’re looking to borrow a sum of money then chances are that you’ll look to take out personal loans rather than any other type. The term personal loan is simply used to describe standard types of borrowing – i.e. a loan taken out by a consumer rather than a business for general purposes (but not for a mortgage which is obviously dealt with by a mortgage loan).

The majority of personal loans can be used for any purpose and the chances are that your lender won’t even be hugely interested in what you want the money for. Their primary concern is checking that you’ll be able to repay your loan! This situation can be different with specialist loans (which also fall under the banner of personal loans) such as home improvement loans and car loans, for example. These loans are expected to be used for their specified purpose – i.e. a major DIY project [...]

Is it better to rent or to buy in Australia?

This might help you chose a side
Buy or rent in Australia dbij finance

To buy or to rent? It’s one of the most hotly debated questions in any city – and nowhere more so than Australia. Here, expensive housing means that buying is often a big trade-off between your money and your lifestyle.

While many believe that the benefits of owning your home far outweigh being beholden to a landlord, others argue that more money can be made over the long term by investing the savings made from renting.

So what are the pros and cons of renting versus buying – and which choice is ultimately going to offer the best long-term financial outcome for you?

Why Rent?

1) Live where you want.

When you find a neighbourhood you love, you can probably afford to live there as a renter, even though buying there might be out of the question.

And if you’re new to town, renting is a terrific way to test-drive a neighbourhood. Decide you don’t [...]

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