First Home Buyer Costs If you’re about to buy a first home or even upgrading, you need to get a grip on the costs, and there are plenty. As a rough rule of thumb allow about 5% on the purchase price to cover costs excluding any Lenders Mortgage Insurance. Here is a rough guide. Please check for actual costs in your local state or area. Conveyancer or Solicitor Conveyancing costs can vary across states and property values so you do need to ask this question of your local conveyancer. I always feel a good conveyancer/solicitor is worth paying a little extra for. A poor one can costRead More →

Spring has finally sprung, the birds are going off, grass is growing as fast as the Melbourne property prices.   You’re sitting in what is likely your most valuable asset, your home.  If you haven’t had your home appraised recently you could be doing yourself a big disservice and possibly exposing yourself to significant risk. Time to get a market appraisal of your home: Here’s why: Curiosity I think we all would like to get a  better idea of what our  property is worth.   We all read the papers and would love to really know if our house has gone up too. Necessity If notRead More →

If your about to use a mortgage broker for the first time here is what you should expect: In my business we have an agenda we generally follow when working with you to assist in obtaining finance, which is:: Introduction: Just a couple of minutes where we can cover off who we are and answer any questions you might have about Loan Market, Vital Wealth Group etc. Expectations: We understand obtaining finance for a home is a big deal.  So it’s appropriate to take a couple of minutes to make clear what you expect from me and my team, and some things I will ask of you.Read More →

Lending term – LVR, what does it mean and why is it important for first home buyers and investors? LVR stands for Loan to Value Ratio. Lenders see this figure as significant as it reflects a level of potential risk.  So the higher the LVR the greater the perceived risk.  The significance to you is that the higher the perceived risk the more requirements will be placed by lender to gain approval.  This might include showing a savings history, stability in current employment, approval of Lenders Mortgage Insurance (LMI) Calculating LVR: LVR is simply calculated by dividing the value of the property by the loan amount and expressedRead More →

Year on year the property market marches on, so if you want to climb on board here are 5 tips to get you on your way. Pre-approval IF you have been looking for more than 3 months and you had pre-approval best to check if it is still valid as they can expire after 3 months.  There have been some changes in lending policy so best to see if yours is still valid.   I always recommend having a pre-approval, while a pre-approval isn’t the same as an actual loan, as it gives you the confidence to know what you should be approved for.  It alsoRead More →