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Home Loans

Being loyal to your lender may leave you out of pocket?

 Your house is probably the largest purchase you will ever make during your lifetime, yet most people don’t spend a lot of time looking at whether or not they are getting the best deal on financing their mortgage.

They have no trouble comparing prices for other big items, such as a car or a  TV, but when it comes to a house, it’s a different matter entirely. If you are looking for a new house or your mortgage is up for renewal, you may be asking yourself if you should shop around for a mortgage rate. Being loyal to your lender doesn’t really give you too many perks because let’s face it the most they will probably do for you is try to cross sell you some other products that you don’t really need.

If this is the case then you should probably start looking at refinancing because your lender may be leaving you out of pocket. Consumers who consider interest rates offered by multiple lenders or brokers may see substantial differences in the rates so that’s why we believe that consumers should be shopping around. Consider switching or even shopping around won’t hurt and the benefits of switching could easily out weigh being complacent with your current home loan. If you time your refinancing correctly then you can be lucky enough to lower your monthly mortgage repayment by locking in a lower variable rate that could even drop in the future.

Conquer the fear of change and save some extra cash that is better in your pocket instead of the lenders, treat yourself to those new golf clubs, buy your partner to a new pair of shoes or take the family on that holiday that they deserve.

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Home Loans

House Hunting?
Get good advice

Hunting for a new home can be one of the most rewarding things that you can ever do but it can also be one of the most confusing things. The excitement of buying a new house can overshadow common sense and mistakes can be made, that’s why below I have compiled a small list for you about some things to take into consideration when buying a new property.

Make a comparison chart Go beyond the basics like the number of bedrooms and bathrooms and think to things like natural light, storage space and cost per square meter.

Bring furniture measurements if every room in the house presents problems with your current furniture situation, you could effectively be adding thousands of dollars to the price if you have to purchase new furniture — something that is probably better to know sooner rather than later.

Taking a moment to visualise how you would use the space Just because the current owner uses the spare bedroom as storage it doesn’t mean that you should do that as well, just imagine a new office or home gym in that room and try to visualise color schemes and patterns that you can potentially use and really immerse yourself into the home.

If you’re seeking a good advice, then call us directly on  or contact us online.

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Lenders_Euphorialoans
Home Loans

Do you know how much your property purchase costs?

One of the most exciting things in your life is buying your very first property but it pays to have money put aside for the purchase costs or fees that no one really talks about which usually goes beyond your initial deposit.

 

Stamp duty

Usually this is the most expensive cost that comes with the purchasing of a property and is paid prior to settlement. In layman’s terms stamp duty is the tax paid to the government so they can register your mortgage but it varies from state to territory.

 

Pest and building inspection

If you plan on moving in then a pest and building inspection is probably the best thing for you as it can save you loads of money down the track just incase termites are there or there are any major structural issues.

 

Real estate agents fee’s

If you’re selling through an agent then there is an agents commission to pay

 

Legal costs

Conveyancing You will need a legal professional to transfer ownership of the property you are buying or selling, conveyancing fees can cost around upward of $1000

Searches Your legal rep will need to do a property and title search to ensure that the seller is legally entitled to sell the property

 

Insurance

There are a few kinds of insurance that you may need to think about when buying a property

Lenders mortgage insurance if you borrow more than 80% of the purchase price of the property you will need to pay lenders mortgage insurance which protects the lender if you were to default on your loan

Building insurance ensures that if something were to happen to your property that you will be able to move out and into something until your place is fixed

Contents insurance just in case something goes wrong all of your contents can be replaced

Mortgage protection insurance not essential but handy if you get ill or get injured and you can’t make your mortgage repayments

If you want to know what’s your property purchase costs simply ask one of our qualified team member. Call us directly on  or contact us online.

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Uncategorised

Buy now or wait?

With interest rates continuing to spiral down and supply struggling to meet demand, there is one question that everyone is asking… buy now or wait? It’s a tough question to answer and it can feel like this situation makes you want to bury your head in the sand. So instead of telling you what to do i’ll just give you a couple things to think about.

Consequences if there were to be a decline 

For the sake of the argument let’s say that you buy a house for $1,000,000 and in 5 years time it’s worth $800,000 and you plan to sell it for your retirement. It won’t hurt your day to day living but when you do decide to sell and cash in then you’re $200,000 behind and then daily life becomes harder.

Interest rates
With interest rates at an all time low, first home buyers and investors are jumping into massive loans, but is this the best idea? Some would argue yes and some would argue no but let me put this into perspective for you. Let’s say you take out a loan for $750,000 at an interest rate of 5% so you’re paying $37,500 per annum on just the interest but what happens if the interest rates go to 6%? Your interest repayments go to $45,000 per annum and what happens if the interest rates go to 7%? Your repayments go to $52,500 and so on.

ASK EUPHORIA LOANS NOW for competitive Interest rate and best advice. Call us directly on  or contact us online.

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