Mark Bristow

The emotional cost of buying your first home

A recent report has revealed that a significant percentage of Australia’s first home buyers (FHBs) are under financial and emotional stress, with some ‘losing hope altogether’, and others believing that seeking help from their family is a sign that they have ‘failed.’

Some of the best home loans for refinancers and investors in August 2021

A recent Commonwealth Bank study found that home buying intentions declined in July 2021. Considering that much of the country is experiencing lockdown conditions, and many of us are accessing hardship assistance, it makes sense that buying a home or a car may be far from the first thing on our minds.

What is lending criteria? The factors that may help you get a home loan

Banks and mortgage lenders want to make sure that they provide home loans only to borrowers who can comfortably afford the repayments. With this in mind, most home loan deals require borrowers to fulfil certain eligibility criteria in order to successfully apply.

What type of home loan is best for a first home buyer?

Because every first home buyer is in a different financial situation and has different personal goals, the best home loan option for each borrower will be different. Understanding some mortgage features and benefits that are popular with first home buyers can help you compare home loans and find a deal that best suits your needs.

Can you deposit cash in your home loan account?

Many banks and other mortgage lenders will let you make extra repayments onto a home loan. Depositing your extra cash into your mortgage like this can help to lower your loan principal, reducing your interest charges and bringing you closer to exiting the loan early. However, it’s not always easy to take this cash back out of your mortgage again in a hurry, unless your home loan has a redraw facility.

Some of the best home loans in August 2021

With lockdowns in parts of New South Wales, Victoria, South Australia and Queensland, banks large and small have been extending relief packages to affected home loan customers, offering mortgage repayment deferrals and more.

Citi enters Buy Now Pay Later race with Spot

Citi Australia has announced its new Buy Now Pay Later (BNPL) product Spot, to be available from October for use anywhere Mastercard is accepted; online, in-store, overseas and in Australia.

How much does a house depreciate in value?

You may not think of houses as depreciating in value – after all, don’t house prices keep going up and up? But property investors know that houses and apartments experience wear and tear over time, which requires upkeep and maintenance. While this can eat into the rental yield from an investment property, the depreciation costs can often be claimed as an expense on your taxes.

Do you need a bank account to get a home loan?

To get a home loan, you’ll need a bank account in order to manage the repayments. However, you aren’t required to bank with the same financial institution that holds your mortgage.

What happens to my super if I’m a temporary resident working in Australia?

Working in Australia means a percentage of your wage or salary must be put aside in a superannuation fund. But what happens if you’re only working in Australia on a temporary basis? Will you be unable to access this money until you retire, or can you access your super early?