Well, first-timers, we’ve got you covered. In this article, we’ve put together a 101 guide of things to be mindful of during your home inspections – all the big issues which may be costly to fix down the track. When you do find a property that ticks your boxes, you’ll want to be ready to move fast, so remember to talk to us about getting pre-approval on your home loan before you start inspecting. But first, here’s our checklist to help you avoid buying a lemon!

It’s all about your budget

If you’re a first time buyer and looking for a home, you’ll probably be inspecting properties that need money spent on them for a variety of different reasons. This checklist is designed to help you inspect properties effectively so you can rule out the lemons and save money on multiple building and pest inspections. But remember, it won’t rule out the need for a professional inspection on the place you decide to buy!

Structural issues: These are generally the most expensive and difficult problems to repair. During the inspection, keep your eyes peeled for signs of subsidence, uneven floors, cracks in the walls or brickwork, or doors that don’t close properly.

Plumbing issues: You don’t want to be knock, knock, knocking on heaven’s door when you take a shower, so don’t be shy about turning on the taps to check for hammer issues. Make sure the water pressure is good and the drains are operating well.

Dampness: Stains, water marks and damaged or peeling paint may indicate the property has issues with dampness. Sometimes, vendors try to paint over problems, so channel your inner canine and use your sense of smell during the inspection.

Mould: This may be an indication of a bigger, more expensive problem, such as a leaky roof, plumbing issues, inadequate ventilation, or rising damp. All of these can be expensive to fix, so check bathrooms, ceilings, window frames and walls meticulously.

Termites: When you’re inspecting properties, look for the tell-tale signs – sagging or buckling floors, hollow-sounding beams and “mud leads”. A bad termite problem may produce a sweet, sugary smell. No matter where you live in Australia, always get a pest inspection, because termites are everywhere and they can be costly to evict!

Wiring: If the property is sporting a 1970s chandelier, or antiquated switches and sockets, the electrical wiring may be outdated and it could end up costing you to rewire. Check the electrical box as this will tell you when the system was last updated. If it does not have a residual current circuit breaker, then it has probably not been brought up to modern standards.

Appliances: It’s always a good idea to take a good look at the fixed appliances such as the oven, stove, air-conditioner, dishwasher and heating system. If they look like they are on their last legs, you’ll need to factor in the cost of getting them replaced.

Renovations: Homes at the less pricey end of the market often have outdated kitchens and bathrooms. Many first home buyers think they can live with the situation until they save up to do a renovation, however you need to be realistic – these can be expensive to replace so get a quote so you can factor it into your budget! If renovations have already been done, check the quality.

Asbestos: Properties built before 1990 may contain asbestos. During the inspection, find out when the property was built and ask about the construction materials. If the property is of ‘fibro construction’ it probably has asbestos – which is not dangerous if it is in good condition, but get your building inspector to check carefully before you move ahead with a purchase.

Roof: Stand back in the street and cast your eye over the roof. What is it made of – tin or tiles? Is it rusty? Are there any missing or damaged tiles? Does the pointing between the tiles look crumbly? These can all indicate the roof needs work, so if it looks at all suspicious, be sure to get it checked out properly as a new roof can be costly.

We hope you’ll find our inspection guide handy! But remember, even if you’ve developed an eagle eye and a nose for trouble, protect yourself by getting professional building and pest inspections before you buy anything! If you need a referral to a reliable inspector, just let us know. Before you set out on your buying journey, it’s a good idea to talk to us so you can determine your budget and get pre-approval on your home loan. Then once you find the right place and it’s been given the all-clear, we can help you move quickly. We’d love to help with your first home buying journey, so please get in touch!

We’re living in a world of rapid change, where interest rates go up and down fast, new lenders emerge and more competitive lending products become available on a regular basis. Under these circumstances, keeping the same home loan for 30 years could cost you more money than you need to spend!

In this article, we provide a step-by-step guide to refinancing your home, breaking it down into simple layman’s terms. But before we get into that, let us clear up a few common questions about refinancing.

WHY should you consider refinancing?

Generally speaking, there are four main reasons to consider refinancing.

1. Your loan may be outdated and you could potentially get a lower interest rate.
2. Different home loan features could work better for you.
3. Your financial situation may have changed.
4. You want to access some of the equity you’ve built up in your home.

WHEN should you consider refinancing?

There’s no time like the present! We’re currently experiencing a low interest rate period, so there are many competitive home loan products available. Generally speaking, it’s a good idea to review your home loan every two to four years.

WHO should you use to refinance?

You should always talk to a mortgage broker because our opinion is not biased towards any particular lender or product. And we won’t suggest that you refinance if it isn’t the right move for you.

HOW do you refinance?

We’ve explained the when, who and what of refinancing, but what’s the actual process involved? Here’s a simple step-by-step guide.

Step 1: Speak to us

Before we begin exploring your loan options, it’s important for us to have a sound understanding of where you’re at financially and what you’d like to achieve. Whatever your goals, we’re here to assist!

Step 2: Choose your mortgage and apply

We’ll help you find the right mortgage to fit your personal financial circumstances and goals. Then we’ll help you submit your application.

Step 3: Your new lender will perform a valuation

Your new home loan provider will require a valuation on your property as part of the application process. Keep in mind that their valuation might be more conservative than the market value you estimate.

Step 4: Get approved

Within a few days of submitting your application, it’s likely our inbox will light up with that delightful email confirming you’ve been approved for your new home loan. Yay!

Step 5: Your old mortgage will be closed

Your new lender will contact your previous provider to co-ordinate your refinancing arrangement. The lender will submit a ‘discharge of mortgage’ form to the Land Titles Office in your state or territory to close your old mortgage account. Upon settlement, your new lender will pay out your existing lender with funds from your new home loan and take ownership of your property title. If you’re refinancing to consolidate other debts, they will be closed too.

Step 6: You start afresh!

Once you have your new home loan in place, you can begin making repayments, satisfied that you have the most suitable mortgage for your needs. If you need any help managing your new home loan, we are always here to lend a hand.

We hope you’ll find this guide to refinancing handy, and we would love to help you decide whether refinancing is the right step for you financially. Whether you are looking to refinance for a better interest rate, to access equity, consolidate debt or for a property investment to build wealth for your future, we can help you to achieve your goals. Please get in touch today!

If you do suspect your home loan is in bad shape, don’t worry, we’re here to help. We’ll perform a home loan check-up for you and find you a healthy alternative if necessary. Here’s why refinancing every 2 to 4 years may be just what the doctor ordered.

Circumstances change

Over time, your financial situation may change and a mortgage that was a healthy choice several years ago, may be ailing today. It might lack the features and flexibility you need, or you may be paying for features you’re not using. Perhaps you’d like to access the equity in your property to renovate or invest, or could benefit from refinancing to consolidate multiple debts into your home loan to save on interest. You may have changed jobs and have more or less disposable income. Refinancing at least every 2 to 4 years gives you the peace of mind of knowing your finances are on track and your home loan marries with your current financial circumstances and goals. Allow us to remedy this situation by prescribing a tailored home loan that works for you in the long-run!

New opportunities

The finance and mortgage industry is constantly evolving, with new deals, packages and home loan features continually becoming available. By shopping around every 2 to 4 years, you may find a more competitive interest rate that cuts your repayments and potentially saves you thousands – money that would otherwise have been lost in an inefficient loan. As your mortgage and finance broker, we’ll take a holistic approach to your home loan needs, and advise you about features such as offset accounts or redraw facilities that could help keep your finances in tip-top shape.

To grow your wealth

It pays to keep a healthy attitude toward your finances. Reviewing your mortgage regularly keeps you focused about where you’re at financially and where you’d like to be. It may open your eyes to new strategies to proactively build your wealth and expand your investment portfolio. Refinancing can also allow you to access the equity in your home to invest, renovate, go on holiday or use as you see fit.

If you suspect it might be time for your current home loan to meet its maker, please get in touch! We’ll give your home loan a thorough check-up – minus the stethoscope – and find you a healthier alternative if necessary. While we are specialists at what we do, there are no hefty consultation fees involved – your home loan health check is a free service. Call us, your helpful “mortgage medics”!

They offer people the ability to live close to work and exciting entertainment hubs, where many a social drink can be had within walking distance of home. After all, who wants to live out in the burbs when you can be in the heart of the action? Sure, you might not have your own patch of dirt to toil over, but unless you’re over the age of 60, gardening is overrated.

Indeed, apartments offer attractive rental yields and an entry point into the market in locations that might otherwise be unaffordable for investors. Last May, CoreLogic anticipated there would be 231,129 new units set for completion across the combined capital cities by April 2018. And with such a large supply of apartments, price drops seem likely, so you may very well be able afford your own version of Carrie and Big’s “heaven on 5th”. Here are some tips for choosing the right investment apartment, and when you do, we would love to help you find the right loan!

Location, location, location!

Location is king when choosing an investment apartment – nobody wants to live in a box in the boonies! Proximity to amenities such as public transport, healthcare, recreational facilities, childcare and schools will impact on the rental appeal of your investment and the rent you can get away with charging tenants. Apartments and units with great tenant appeal also tend to experience more reliable capital growth, so choosing the right apartment can help you profit both ways.

Do your homework

Knowledge is power! We recommend you thoroughly research an area before buying. Consider supply and demand for apartment living in the area and find out what are other apartments are renting and selling for. That way, you’ll have a sound understanding of what a given property is worth and the potential rental yield.

Consider your future tenants

Think about who your future tenants might be and what they are looking for in a home. Will they be like Carrie, and require a massive built-in wardrobe to house their Imelda Marcos-style shoe collection? Perhaps features like a parking spot in the CBD may be in particularly high demand. If you can anticipate your tenants’ needs, your apartment is more likely to be highly sought after.

Consider the ongoing fees

As Samantha would say, sky-high strata fees are “painful and unnecessary”. Before buying, calculate your net rental yield to estimate your likely return, factoring in the strata fees, interest repayments, insurance, taxes, rates and water charges. Lastly, before you sign on the dotted line, don’t forget to organise a strata inspection report, which will raise any red flags about the accounts and records of the property.

When you do find an investment apartment that ticks all your boxes, we can help you find you a home loan that fits like a glove. As your mortgage broker, we’ll help you get a competitive rate from one of Australia’s leading lenders and structure your investment property loan so that you get the most out of it – now and in the future. Happy apartment hunting!