Buying a property could be a daunting and exciting experience.

dream home

Buying a property could be a daunting and exciting experience. A good Mortgage Broker will use their expertise to guide you and manage the process through to settlement. At Sydney Mortgage Options, we’re here are to help you find a property within your price range, arranging your finance, providing local market reports and assisting you with your conveyancing matters. We’re here to help make your property dreams become a reality. There are certain factors to take in to consideration when buying a property! HOW MUCH DEPOSIT DO I NEED? A straight forward purchase without involving Lenders Mortgage Insurances is 20%… Read More

New Responsible lending reforms to unsecured credit

shutterstock debt

The Australian Securities and Investments Commission (ASIC) has introduced new assessment measures to be used by credit providers when assessing credit limit increase and new credit card contracts for consumers. From 1st of January 2019, credit licensees will be required to assess whether a credit limit increase and new card is unsuitable for a consumer based on whether the consumer could repay the full credit limit amount within a 3-year period which has been introduced by ASIC. ASIC has claimed that the three-year period would “strike an appropriate balance” between: • preventing consumers from being in unsuitable credit card contracts,… Read More

Selling your home before buying a new property

shutterstock buying

In an ideal world, It would be so easy if you could sell your current home at the same time as buying a new one. Most homeowners will eventually have to make an important decision whether to sell their home first or to buy first. Potential positive points when selling before buying: • Negotiating a delayed settlement will give you time to buy another property and potentially move into the new place before settling your original property. • Reduced pressure to achieve the sale before a certain deadline. • You may avoid the expense of bridging finance • You will… Read More

Home loan interest rates on the rise

shutterstock 3

CBA and ANZ are set to bring in close to $1 billion in extra interest from their existing customers after increasing their mortgage rates. Both Banks announced rate increase within minutes of each other on Thursday afternoon, following Westpac’s announcement last week. CBA will increase all variable home loan rates by 15 Basis points (Bps) from the 4th of October, while ANZ will raise 16 Bps from the 27th of September. The proposed rate increase means customers with a $400,000 mortgage from CBA will pay an extra $37 a month, or $447 a year, whilst ANZ customers with the same… Read More

Equity release

shutterstock_567837904

If you’ve owned your home for a number of years, it’s likely your property has increased in equity – that’s the difference between the property’s market value and the balance of your home loan. It means there’s a large amount of cash waiting to be tapped into either through a home loan refinance or a loan top up. But treating your home as an ATM is not healthy. Here are some smart, sensible, and downright ways to use home equity. Sensible – with strings attached Consolidating personal debt – If you’re juggling a few credit cards, a personal loan and… Read More

Save money by refinancing!

refinance

In the past year, over 200,000 Australians refinanced their home loan[1]. These sorts of numbers make it logical to ask “why refinance your home loan?” In fact, there can be plenty of reasons why refinancing makes good financial sense. The home loan market is very competitive, and lenders want your business. However, some may reserve their best deals for new customers. If you’ve had your loan a few years, chances are you could secure a better deal by refinancing to a new lender. Some lenders are even offering $1,250 rebate when you take out a loan or refinance with them…. Read More

Is now a good time to lock in a fixed-rate on your mortgage?

595fdbab92a683c82c4fe8b84d2b8e98

Our record run of low interest is over, and rates are now on the rise even if the Reserve Bank officially has it on hold. National Australia Bank is the last of the Big Four banks to confirm the record low interest rate has come to an end, with ANZ, Westpac and Commonwealth Bank already leading the interest rate rise. NAB has confirmed that it would increase variable rates on new and existing investment home loans by 0.15 per cent per annum to 5.55 per cent from next Monday, but keep its variable rate for owner occupied properties at 5.25… Read More

Expert tips and advice on refinancing

Refinancing

There is a lot to consider when it comes to comparing lenders and their home loan products. There are over thousands of home loans to choose from, making it difficult to choose the right loan for you. A good broker really knows what’s out there. They compare Home Loans from a wide panel of lenders, all presented in clear and simple terms so you’ll understand the concept. Many home owners who are looking to refinance just want to enjoy the benefits of a lower interest rate. They’re aiming to save on their repayments to increase their cash flow or just… Read More

What were the most popular vehicle models of 2015?

shutterstock_417789883

For the third year in a row the Toyota Corolla has won the contest for the best selling new car, with the Mazda3 once again coming in second place. The Toyota Camry has also snuck into fourth place, both helping making Toyota the most popular brand for 2015. Interestingly enough, despite SUVs accounting for 35.4% of new car sales, none make the top 5 best sellers, it will be interesting to see if this changes next year. Official figures are: Toyota Corolla 42,013 down 3.8% Mazda3 38,644 down 10.8% Hyundai i30 32,306 up 2.5% Holden Commodore 27,770 down 8.1% Toyota… Read More

Benefits of using a mortgage broker

img01

When you use a mortgage broker, you are not seeing just one lender, you are seeing a broad range of lenders saving you time and getting you the best deal possible. A good mortgage broker, such as Sydney Mortgage Options, saves you time and effort by coming to you and helping you select a loan that suits your personal circumstances. They can help you avoid making costly mistakes by taking out a loan that you might later regret. A mortgage broker can help work out how much you can comfortably borrow so it’s a good idea to see them before… Read More