How To Find Good Mortgage Broker

 There is more to a home loan than just interest rates. Lenders can be tricky, and sometimes loans become difficult to understand and compare. That is where a mortgage broker comes in and helps you guide in your decisions and offer its financial services to find you just the right lender. A good mortgage broker in Sydney is also key to your refinancing needs when you require them. 

However, to find the best broker for your home could prove to be a herculean task if you do not know where to look. Here are some tips that can help you find the best mortgage brokers in Sydney for your mortgage needs:

1. Research 

While looking for mortgage brokers in Sydney, always feel free to go through different options. Engage with different brokers and let them know what you are expecting from them. 

2. Experience

Ask the various mortgage brokers in Sydney that you connect with about their methods of working and the area in which they specialize. This will give you an idea if they are the right choice for you. 

3. Referrals 

Ask for referrals from friends and family. They might help you get in touch with mortgage brokers who could be a right fit for you. Go through their websites and do a thorough background check to verify if they are legit and if they will be good for you. 

If you’re looking for the best mortgage brokers in Sydney, connect with us and book a free appointment.

Ways First Home Buyers Can Save On Stamp Duty

 For most home buyers, stamp duty is usually the single largest upfront cost involved in buying a home outside of saving up the deposit. Recently, considerable changes have been made to encourage people to buy their own property, one is which is a First Home Buyer Assistance Scheme.

The NSW government has announced new cuts to stamp duty for first home buyers who purchase new and off-the-plan properties. It offers full or partial exemption on transfer duty for contracts entered into on or after 1 July 2017. 

The FHBAS applies to purchases of existing homes, new homes, and vacant land on which you plan to build a home.

• Full exemptions may be granted for homes valued at less than $650,000.

• Concessional rates may be granted for homes valued between $650,000 and $800,000. The rate depends on the value of the home.

• No transfer duty applies to vacant land valued at less than $350,000

• Concessional rates may be granted for land valued between $350,000 and $450,000.

It is time for you to analyze your savings and cost using a stamp duty calculator in NSW and get rolling to buy your very first home with the help of the First Home Buyer Assistance Scheme. 

Use our stamp duty calculator in NSW and get started today. 

 

What To Do If Your Home Loan Application Is Rejected?

 If you’re a first home buyer in Sydney, you may have created a plan and applied for a home loan. But, if your loan application is declined, you might not know where to turn or what to do next. You can connect with your mortgage broker in Sydney to get a better understanding of your loan application. Here are some things that you should look at after being rejected:

1. Reason For Rejection

Lenders normally are happy to give you a reason why it was rejected and in some cases are required to. Some common reasons for loan rejection are bad credit scores, not enough verifiable income, low cash flow, and debt, among many others. 

2. Review Your Options

Once you have reviewed any disclosures that your lender provided after your loan application was declined, save yourself time and frustration before you apply again and look at various aspects of your financial profile the way lenders do to check for and resolve red flags in your credit. Your mortgage broker in Sydney will help you assess your debts and income, credit reports and will also fix your errors. 

 

3. Credit history

Sometimes a lender may reject your loan application because your credit history shows evidence of bad behaviour. If you’ve been rejected for a loan due to bad financial behaviour, the first thing you need to do is get your finances in check. The more reliable you are financially, the better you will appear to future lenders.

If you’re a first home buyer looking for a mortgage broker in Sydney, connect with us today.