A disability pension is a valid income source for the purpose of making a loan application with many banks. As with any loan application the amount of income from a disability pension, or from any other source, factors into the amount you can …
Stamp duty is a tax charged by State and Territory governments on the purchase of property. The amount of duty charged will depend on the State government’s formula and the sale price. There are usually concessions for first-home …
The First Home Loan Deposit Scheme, which started on 1 January 2020, will be targeted towards first home buyers earning up to $125,000 annually or $200,000 for couples. The value of homes that can be purchased under the Scheme …
The First Home Owners Grant is a national scheme funded by the States and Territories and administered under their own legislation. The grants differ from State to State, and can take the form of a discounted or reduced property transfer fee …
Your home is likely to be your biggest ever purchase, so it’s well worth protecting with insurance. There are a number of factors that will affect the size of your home insurance premium, including location, the home’s age and building material, the rebuilding value and …
Often lumped in together, these inspections provide very different information and are worth every cent. Don’t think you need one or the other. You need both, and each should be carried out by a suitably qualified and licensed expert. Often a building inspector is also qualified …
The Mortgage Registration Fee is a charge by the State or Territory land titles office to register the lender’s mortgage on the property’s title record, and is paid by the borrower in full at the time a loan is transacted. Should you default on your …
Lenders will require you to take out this rather costly insurance cover if they are lending you more than 80 per cent of the value of the property (or you have a Loan to Value Ratio (LVR) of more than 80%) …
Your loan itself may come with additional costs, including application fees, set-up fees and a property valuation. Depending on the type of loan, there may also be monthly account fees.
You will need a solicitor or conveyancer to handle the legal transfer of the property title and make the necessary searches. Legal fees can vary widely. You are entitled to a quote up front, and should always ask for one. The more complex the transaction …
This is a tough question to address without an understanding of your circumstances, For a first home a deposit of anywhere between 5% and 20% will be required, with the lower rate predicated upon Government assistance or grants. …
Equity is the value of an asset (e.g house, car) minus any debts attached to that asset. For a property, the equity would be the current market value of the property minus the balance of any loans attached to that property. …
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