Why a home loan ‘no’ might not the final answer
Why do people get turned down for loans? Bank’s home loan lending rules can change Having your loan turned down by your bank can be a reflection of their current credit policy, which can change based on shifts in market conditions. This means when you may have had no issues getting a home loan from […]
Fixed Rates are Rising
Commonwealth Bank (CBA) is the latest lender to increase its long-term fixed interest rates, in a sign that more rate rises could be one the way. With the RBA yet to indicate whether they will be bringing their own interest rate rises forward, CBA has gone ahead and increased some of their products by 0.05% […]
Non-conforming loans: What they are and how to get one.
All the major banks have a standard set of rules they use to decide if a loan application is acceptable, or not. A ‘non-conforming’ home loan is simply a term used for home loans designed for people that don’t fit those rules. Loans like these can also be called ‘specialist’ or ‘alternative’ loans (alt doc). […]
What is an alt doc loan and how can it help me?
An alt documentation loan (alt doc) or a low documentation loan (low doc) are mortgages that can be taken out using different sorts of paperwork to the kind needed for a full documentation (full doc) loan. Self-employed borrowers, who can find it difficult to provide standard documentation as proof of their income, often use these […]
How to save a much larger home deposit
When you are thinking about your first home, finding out you should be thinking about saving for a 20 per cent deposit can seem really overwhelming. The good news is that for some of the big non-bank lenders like Pepper Money, a minimum deposit required on some products can be as little as five percent […]
All your debts in one basket – Why home loan debt consolidation could be the right move
A lot of small debts can balloon into one big headache. A simple way to get things under control could be to refinance your home loan to consolidate debt. So – is it right for you? What it is Simply put, debt consolidation is combining all your debts – credit cards, car loans etc. – […]
Buying your first home? Here are 7 things you need to know
Bigger deposit, better position While some lenders can offer low-deposit loans for less than 5 percent of the purchase price, saving around 20 percent can offer you big benefits: • Access to a wider pool of lenders and products • You need to borrow less money overall • It’s a clear sign to potential lenders […]
Self-employed and struggling to get a home loan? An Alt Doc Loan might help
If you’re self-employed or you own your own business, you’ll know all about the challenges of admin – keeping your accounts, finances and income flow all on track. It’s not easy. The last thing you need is a ‘no’ on your home loan application because of the paperwork. But here’s some good news. There are […]
Is bad credit a total barrier to a home loan?
Your finances can get a bit out of control sometimes, for all sorts of reasons. Illness, divorce, redundancy – sometimes, just getting overwhelmed with things to do and accidentally missing a bill payment. The end result can be that you get put in the bad credit basket. Even if you sort it out and pay […]
Discharged from bankruptcy and wanting a home loan? There is hope.
Recovering from bankruptcy can be a long and difficult process. And even when you’ve been discharged or completed a debt agreement, some lenders will automatically decline your application for a home loan because of the history. However, there is good news. Some lenders look at things a little bit differently to others. Well-established non-bank lenders […]