MORTGAGE BROKER HASTINGS

– Typically, a deposit equivalent to 20% of the total house value is considered a good target. But, you may still secure a loan with a smaller deposit by taking out Lenders Mortgage Insurance (LMI).

-Lenders Mortgage Insurance (LMI) is a form of insurance that lenders obtain to safeguard against the risk of not being able to recover the outstanding loan balance. This typically occurs when borrowers default on their loan payments, and the property is sold for an amount that falls short of the outstanding loan balance.

-The majority of State and Territory governments extend stamp duty concessions to first-home buyers, and in certain instances, they may waive the requirement to pay stamp duty entirely. For example, in Victoria, first-home buyers are exempt from paying stamp duty if the property’s value is less than $600,000, and the contract was signed after 1 July 2017. Additionally, if the property value falls between $600,000 and $750,000, first-home buyers can benefit from a concessional stamp duty rate.

-The majority of expenses associated with purchasing a property are usually dependent upon the property’s value and its location. State and Territory governments have varying costs, such as stamp duty, transfer fees, and council rates.  Other “add-on” costs you must be prepared for are your Conveyancing Fees, Buyers Advocate Fee (if you’re getting one), Building and Pest Inspection, water rates, and some post-settlement costs. You can check-out our blog on “The Costs Involved When Buying A House” here to know more.

Navigating the mortgage market can be overwhelming, but a mortgage broker can simplify the process. With access to a range of lenders, they can help you find the right mortgage product tailored to your unique financial situation. Brokers have extensive knowledge of the market and can negotiate on your behalf to secure better rates and terms. Let our professional mortgage broker guide you through the process of finding your dream home!