Broken-hearted by your home loan?

Is your home loan making you feel broken-hearted? Is your home loan provider loyal to you?   Loyalty is an admirable quality in any relationship. But is your devotion to your home loan provider justified?  It’s important to review your home loan from time to time. We’re here to check the interest rate, review it's features and make sure it’s still giving you everything you need and desire. Here are some tell-tale signs that it may be time to part ways with your current lender and start afresh with someone new. Your home loan is getting old Without suggesting you go on ‘Home Loan Tinder’ and start ogling a new lender every week, we have to say the days of staying with the same one for 30 years are long gone. If you’ve had your home loan for more than two...

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Are you credit fit?

Credit in Australia is changing due to the Banking Royal Commission, changes to lending practices and the introduction of Comprehensive Credit Reporting. It is more important than ever to know how credit fit you are before applying for a home loan, personal loan, or anything credit related. If you have ever completed a half or full marathon, you would know that you had to prepare for the event months in advance.  You would have a fitness plan leading up to the event so that you knew you could complete the marathon within a certain time frame.  Obtaining a home loan also requires preparation and planning, particularly if it is your first home purchase. Below is your six-step plan to ensure you are credit fit. 1. Understand your credit score Comprehensive Credit reporting (also known as Positive Credit Reporting) came into...

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5 Reasons to buy a home during the summer holidays!

Everyone looks forward to Christmas and the summer holiday season. After all, 'tis the season to be jolly.  To indulge in festive fare.  To get out in the great outdoors and enjoy quality time with family and friends.  But it could also be the right time to buy a home.  Here are 5 reasons why clever property buyers are considering making a purchase after Christmas during the holiday season. Motivated Sellers Spring is one of the busiest times of year in Australia's property markets.  That's when all the buyers are out in force and vendors have the best chance of getting their price.  If a vendor is still trying to sell come summer, they're often highly motivated - or even desperate - to get a sold sticker on that notice board. This year, spring auction clearance rates were lower than they've...

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A Step-by-Step Guide to Investing in Property

When done right, investing in property can help you to build long-term wealth, and who doesn’t like the idea of an additional income stream? (Imagine what you could do with that!). The really great thing about property investing is that just about anyone can understand the principals. If you’re thinking about building wealth for your future this way, here’s a step-by-step guide on how to go about it. We’ve kept it super simple and you’re bound to have questions, so please give us a call at Wyze Finance to find out how we can help you make it work! Step 1: Talk to us about your borrowing power The first step involves a friendly chat with us about the finance set-up. We’ll run through your personal financial circumstances and help you determine your borrowing power - which is the amount...

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How refinancing can help you save money!

When it comes to smart money management, the key to success is to regularly assess your financial position - and that includes taking a good hard look at your mortgage. Here’s why a home loan health check every three years may help you save, and why you should check in with us today to ensure your home loan is still the right choice for you. Refinancing may help you to: Secure a more competitive interest rate Checking your home loan regularly gives you peace of mind that you’re getting the most competitive interest rate and that your financial needs are being met. With RBA rate movements, lender rate changes and new loan products coming onto the market all the time, it’s quite likely there’s a better option available if you’ve had your home loan for a while. Access better features...

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3 tips First Home Buyers may not have considered!

First Home Buyers have a few options to consider when purchasing their first property, these options can be in addition to the government assistance of reduced purchase stamp duty and the First Home Owners Grant. Tip # 1 - Lower Interest Rate Products There are several lenders in the market that offer First Home Buyer friendly products.  Some lenders are offering products with special interest rates and/or reduced fees for First Home Buyers.  This assists in reducing the overall interest charged on the loan. Tip # 2 - Gift from parents or family Some parents are very keen to assist their adult children in entering the property market.  A ‘gift’ from parents can be used towards the purchase of the home.  A ‘gift’ can: * assist in reducing the amount of deposit that needs to be saved * reduce the...

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First home buyers! At last some great incentives to help buy your home!

The NSW Government has recently announced new measures to assist with housing affordability for First Home Buyers. The initiatives for First Home Buyers come with the following announcements: * Abolish stamp duty on all homes up to $650,000. * Provided stamp duty relief for homes up to $800,000 * Provide a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000 * Abolish insurance stamp duty on lenders’ mortgage insurance * Ensure foreign investors pay higher duties and land taxes * No longer allow investors to defer paying stamp duty on off-the-plan purchases The above initiatives commence from 1 July 2017. Below are some First Home Buyer examples and the potential savings: Renee and Peter are purchasing a brand-new home in a new housing development for $600,000 and are contributing $50,000 of...

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Are Fixed Rate Loans the new flavour of the month?

I’m sure you’ve noticed in the media lately that the big four banks have increased their variable home loan interest rates.  Whilst most increases have been for investment-loan interest rates, some lenders have also marginally increased their owner-occupied interest rates. As more lenders could potentially start to lift rates, we may see more borrowers choosing to fix their rates to avoid further rate hikes and provide themselves with certainty around their regular mortgage repayments.  However, it is important to know the ins and outs of fixed-rate loans before committing to one. What is a Fixed Rate Loan? When purchasing a property or refinancing, borrowers can decide between fixed-interest loans that maintain the same interest rate over a specific period of time, or variable-rate loans that charge interest according to market rate fluctuations. A fixed-rate loan is a type of mortgage...

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How to maximise the sale price of your home!

There is more to selling your home or investment property than putting up a ‘For Sale’ sign on your front lawn. Here are the first things you should check off your list to help you get the largest return from your investment and to ensure the process runs as smoothly as possible. Choose a quality agent Finding the right real estate agent is an important part of achieving a good sale price.  Real Estate Agents can provide a great deal of advice during the sale process.  You will also need someone who knows how to attract the right buyers to your property, to do this they need to know the local market and the type of buyer who would be interested in your property. Knowing your buyer profile is extremely important. You can start by researching Real Estate Agents, particularly...

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It’s no secret! Here’s how a finance broker can help you!

Save time to help you buy your dream home! The choices now available in the mortgage market can seem limitless and completely overwhelming. There are hundreds of different loan products across many different lenders that all have different product features, such as variations of interest rate, fees, off-set accounts, split facilities, loan portability. Finance brokers save you time by doing all the leg work for you and quickly identify a selection of lenders and products that you can choose from. Finance brokers can organise a pre-approval so that you are ready to bid at auction or confidently make an offer on your dream home. If you are purchasing a new car or equipment for your business we can also save you time in finding the right finance for you. We take the stress and guess work out of applying for...

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