So you need a deposit to buy your new home, but what are the extra costs you need to consider?
Application & establishment fees, stamp duty + more.
When taking out a mortgage, many people forget to consider the associated fees and expenses. Here are some of the extra costs that you’ll need to consider when you take out a home loan, however we have ways to allow for these costs by providing estimates, and even minimising these costs in some instances too!
Home loan application fees
Most lenders charge a home loan application fee. This can range from loan to loan, and covers:
Mortgage fees and costs
Property Fees and costs
To learn more about the hidden costs of buying a home, talk to us!
Feel free to reach out and book a meeting!
With the rapid increase in the number of mortgage lenders offering home loans to consumers, the process is even more complicated than in years past.
Fortunately, Get Smart Financial is here to help.
We have regular contact with a wide variety of lenders, some of whom you may not even know about. Working with us can save you time!
Purchasing a property can be a life-changing experience but the home loan application process can be really daunting if you’re new to the process.
We can prepare your application on your behalf and mitigate the risks in your request. See below banks for the current turnaround times.
Note: Recently updated SLAs are highlighted in Red
If you have any questions, book in a time with me below.
NO CHANGE TO INTEREST RATES
It’s been quite a year, hasn’t it? After last month’s decision, the Reserve Bank of Australia has chosen to take stock of what has been a turbulent year and has included three cuts to the official interest rate, which now sits at an all-time low of 0.10%.
The RBA – and mortgage holders – will be buoyed by a predicted 7% rise in house prices next year (according to a Commonwealth Bank Report). November has seen record-low interest rates, a resurgent labour market, which has added 650,000 jobs in five months, and $394 billion in state and federal government stimulus. All of this is expected to move Australia out of a technical recession when official September quarter figures are announced tomorrow (Wednesday 2 December).
According to data from research firm Digital Finance Analytics (DFA), this positive forecast is set to create a wave of homeowners looking to change their living arrangements in 2021. DFA’s data suggests that over 1.1 million Australians intend to sell their property in the next six months.
Overall, 2021 is shaping up to be a transformative year for the Australian economy – and the housing market. So, what does this mean for you?
If you’re considering a move, 2021 will be ideal. Of course, you’ll need to consider whether you’re upsizing or downsizing. Either way, the cost of borrowing will more than likely be to your benefit.
If you’re happy where you are, you should still consider reviewing your mortgage. There’s a good chance you can either find a better deal or renegotiate your current loan.
Whatever your plans are, we are here to help. Please feel free to contact us to discuss how we can help you in 2021.
Rachael Bland – Founder & CEO