First Home Buyers Guide
If you are wanting to purchase your first home in Australia there are a few things that you should take into consideration before you purchase. First home buyers often go into the process knowing very little about what they are looking for and what they should buy. Keep reading to uncover a few basic things that you should do before you purchase your first home in Australia.

The very first thing first home buyers should do is to work out a budget. Estimate your monthly budget and determine how much of a house payment you can afford. You do not want to leave yourself short each month. Buying a property above your budget is the most terrible thing you can do.

 The first thing you should do if you are in the market for purchasing your first home, is make a list of your priorities. Rate these things in order of importance. For example, is having a huge living area the most important thing or is having two or more baths more important? Determine where you would like to live in Australia according to climate, education system and employment availability. This will help you to narrow down your choices for a house.

While you are deciding on what type of house you want to buy, you should be saving funds for the down payment. The larger the down payment, the less your monthly payments will be. First home buyers often make the mistake of rushing into a home purchase with very little down and then regret it later when they see their monthly payments.

Don’t be afraid to shop around for the home that fits your needs. First home buyers should find a reputable real estate agent in Australia and give the agent a list of things that you are looking for in a property. The agent should be able to set you up on tours of homes that fit your needs. Any agent who tries to pressure you into a purchase does not deserve our business. Don't forget that the agent is working for you, so don't be afraid to say "NO" if you haven't found exactly what you want in a house.

When you have picked your home, shop around for a good mortgage deal. You may want to enlist the help of a mortgage broker for this. Make sure that the broker you choose to work with has access to many different banks so that they can get you the best rate that suits your requirements.

 If you are a first home buyer, knowing what to expect will make the home buying process a lot less stressful.

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Refinancing Australia

Refinance Australia

When would I refinance my Mortgage?

Whenever it makes financial sense to do so.

Heard about Mortgage Refinancing? In the past, most people who took out a Mortgage doggedly continued with it until they had paid it off. These days, people refinance their Mortgage much more frequently. The average duration of a Home Loan in Australia now is just 4-5 years. Here we look at some of the reasons people in Australia refinance their Home Loan.

Mortgage Refinancing Reasons: lower rate

The most common reason for people to refinance their Mortgage is to get a better deal. But be careful you don't become interest rate-fixated. When you refinance your Home Loan, you need to consider fees and charges as well as the interest rate. You often have to pay charges for exiting your current home loan, plus charges for taking out the new mortgage. You need to be sure that in refinancing your Home Loan that you'll be better off in the long run after taking into account all costs.

Mortgage Refinancing Reasons: more flexibility

Many people only discover the full details about their Mortgage when it's too late. They try to do something and get told by their Lender that either they can't do it, or they will incur a hefty charge if they do. An example is a Redraw Facility - the ability to pay extra money into a Mortgage and then redraw it later. This feature is not possible with a Basic Home Loan, so many people refinance their Mortgage to give themselves this sort of increased flexibility.

Mortgage Refinancing Reasons: renovation

If you carry out renovations, it often makes sense to refinance your Mortgage and take out a construction loan so you only pay interest as building progresses. Once construction is over, it might make sense to refinance your Home Loan again so that you consolidate the total amount you owe into a loan that minimises your interest bill, while giving you a degree of liquidity.

Mortgage Refinancing Reasons: home equity

Over recent years in the property market houses have appreciated at a significant rate. e.g. a home you bought for $300,000 five years ago, might now be worth $500,000. Refinancing your Mortgage with a Home Equity Loan might let you tap into that extra $200,000 equity.

Mortgage Refinancing Reasons: defaulting

Some people find they have borrowed more than they can comfortably repay, and they're in danger of defaulting. There's no shame in that. But don't suffer in silence. If you're having trouble making your Mortgage repayments, talk to your MFAA member about refinancing your Home Loan to make it more manageable.

Talk about Mortgage Refinancing with an MFAA member

To look at your Mortgage Refinancing options, talk to an MFAA member today.

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Refinance Australia

How do I pay off my Mortgage sooner?

 

Pay more, more often.

Want to pay off your Mortgage early? Then make bigger Mortgage Repayments, more frequently. You'll own your own home sooner and save a bundle on interest.

Act now - you pay most interest up front

Most Mortgages are structured so that you pay off most of the interest in the early years. If you are serious about wanting to reduce the interest you pay on your Home Loan, you'll act now.

Get rid of car loans and credit card debt

You're generally paying a higher interest rate on small loans (e.g. a car) and your credit cards so it makes sense to eliminate those debts first. So, put a rein on your credit card usage and then tackle your Mortgage.

Make sure you're paying off the right Mortgage

When you entered the Mortgage market, you might not have been as well informed as you are now. Or the market might not have been as competitive. Stay in close contact with your MFAA member. They can let you know if there is a new Home Loan product that will save you money over the term of the Mortgage.

Flexible Mortgages

Most debt-retirement strategies depend on you being able to pay off more of your Mortgage sooner. Read the fine print or talk to your MFAA member to see if you have the flexibility you need to reduce your interest charges.

Pay more and pay often

Assuming you have a Mortgage that lets you pay extra, you should pay more and pay often. The interest charged on a $300,000 Home Loan at a rate of 7.15% over 30 years with monthly repayments is over $420,000. By paying off an additional $50 a month, you'll reduce the interest bill by $39,000 and your loan term by 2 years and 4 months. You could look at making repayments weekly or fortnightly rather than monthly. Over 30 years the savings add up. To learn more, talk to an MFAA Member today.

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