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Up to date information on the trends in financing in Australia

mortgage broker

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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

 

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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 [...]

property market

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clearance rate from WE 20/10/18 Melbourne had 894 properties up for auction out of which 427 sold and 467 passed in or withdrawn leaving a poor clearance rate of 48% the scene in Sydney was 49%.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 [...]

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 [...]

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.

[...]

pay debt or invest

Investors face this dilemma of whether to pay down debt with excess cash (e.g. Bonus, salary increase & other windfall) or invest that money to turn it into even greater amounts of wealth. If you pay off too much debt and reduce your leverage, you may not be able to garner enough assets to retire. Conversely, if you’re too aggressive, then you may end up losing everything. In order to decide whether to pay down a debt or invest, you must consider your best investment options, risk tolerance and cash flow situation.


Pay Down Debt or Invest?

All debt is not equal. The type of debt you have can play a vital role in the decision making of whether to pay it off as soon as possible or put your money toward investments.

From a numbers perspective, your decision should be based on your after-tax cost of borrowing versus your after tax-return on investments. Suppose, for instance, [...]

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 [...]

credit cards vs debit cards

Advantage of Credit Card Vs Debit Card

 

Most personal finance experts spend a lot of energy trying to prevent us from using Credit Cards – and with good reason. Many of us abuse them and end up in debt. But contrary to popular belief, if you can use the card responsibly, you’re actually much better off paying with a credit card than with a debit card and keeping cash transactions to a minimum. Let’s examine why your trusty credit card comes out on top.

Signup Bonuses (aka Money for Nothing)

There’s nothing like a welcome-aboard perk. Applicants with good credit can get approved for credit cards that offer signup bonuses worth anywhere from $50 to $250 (and sometimes even more). Other cards thank newcomers by bestowing on them a large number of reward points that can be redeemed for fun stuff (more on those below). In contrast, a standard ATM/Debit card that comes with a bank account offers zero money [...]

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