Buying your own home remains the great Australian dream – and purchasing a second property may help you take your wealth further. Whether you’re building your property investment portfolio, buying a holiday house or supporting a family member, there are plenty of things to think about before you take that next step.

Consider your cashflow

Property tends to be a long-term investment, so do your sums to make sure you can afford the ongoing repayments on two mortgages. Also think about any major life changes on the horizon. For example, you may be planning to expand your family, or you might need to support a parent in the coming years.

Get to know the market and location

Research what’s happening in the current market and whether it’s the right time for you to buy. Get to know the area you’re considering by speaking to local residents and real estate agents. It’s also wise to look into the short and long-term planning for the area. For example, nearby construction may affect your ability to find a tenant.

Investigate before you invest

If you’re buying a property as an investment, carefully consider its location. Buying in a high-demand area is likely to see you enjoy a constant flow of income from the rent.

You’ll need to provide your lender with a rental estimate letter, which you can get from the agent managing the property. Keep in mind that generally lenders only take 50–80% of the rental income into account when calculating whether you can afford the loan.

Choose the right mortgage

The amount you can borrow and the type of loan you choose will depend on various factors, including the equity in your current home, your income and expenses, and your property valuation. It helps to get quality advice on the right mortgage for you, along with other considerations such as negative gearing, and how to structure your loan to maximise tax effectiveness.

Whatever your reason for considering a second property, being well-informed will ensure a smoother purchasing process and a financially secure future.

If you need advice for a personal loanhome loan, business or commercial loan, self-managed super fund loan, or an investment home loan, speak to a broker at Lending Specialists. We have a wealth of experience under our belt and a robust network to connect you to the right industry professional for the loan you need.

A Commercial Property Loan Melbourne is a loan secured by commercial property such as an office, a building, an apartment complex, shopping center, warehouse, or other similar commercial property. A Commercial Property Loan may be required by someone who wants to buy commercial property or improve and expand their existing commercial property.

A Commercial Property Loan Melbourne can be applied in the form of a Fixed Rate Loan or a Variable Rate Loan. Additionally, most commercial property loans generally run for a minimum of 1 year and a maximum of 15 years.

Questions to ask yourself when applying for a Commercial Property Loan Melbourne:

1.) How much money do I really need?

2.) Can I meet the Loan Repayment Terms?

As mentioned earlier, most commercial property loans generally run for a minimum of 1 year and a maximum of 15 years and your loan maturity (which refers to the final payment date of a loan), will be based on your ability to repay the commercial property loan.

If you have any questions or would like to discuss further about applying for a Commercial Property Loan Melbourne, please do not hesitate to contact Lending Specialist on (03)8805-1800 or email barry@lendingspecialists.com.au

A loan is borrowing a certain sum of money to use for a purchase or other personal or business purpose, with the promise by the borrower to repay the amount (with a specified interest charge) by way of payment in accordance with a prearranged schedule. Loan contracts are the formal documents that spell out the terms and agreements between the borrower and the home loan experts Melbourne .

Loans can be classified as Long term loans and Short term loans. Long term loans generally have a maturity longer than five years and whilst Short term loans normally have a maturity shorter than 2 years. The interest rate charged on the borrowed funds reflects the level of risk that the Home Loan Experts Melbourne assumes by providing the money. For example, the lender might give a higher rate of interest to a start-up company compared to an established company that has shown a good profit for several years.

Loans can also be distinguished through their characteristics.

Here’s a few of Home Loan Experts Melbourne ‘s Characteristics of Loans

Time to maturity

Repayment Schedule

Interest

Security

If you plan to apply for a home loan, Lending Specialists, the Home Loan Experts Melbourne will lead the way to a successful loan application process.

If you need advice for a personal loanhome loan, or an investment home loan, speak to a broker at Lending Specialists. We have a wealth of experience under our belt and a robust network to connect you to the right industry professional for the loan you need.

Small Business Loans Melbourne is a great loan if you are starting a business, purchasing a business or investing to expand your business area, location, or operations.

Small Business Loans Melbourne can be secured by residential property, commercial property, or even rural property. However, if you would like to successfully apply and acquire a small business loan, there are a few considerations and requirements.

Considerations and Requirements for Small Business Loans Melbourne :

1.) Know the type of business loan you need.

2.) Have a good business plan.

3.) Have a good personal resume.

4.) Have a good credit score.

If you need advice for a business or commercial loan, speak to a broker at Lending Specialists. We have a wealth of experience under our belt and a robust network to connect you to the right industry professional for the small business loan you need.

As a new home owner, you may be asked by friends and family interested in buying their first home what to consider before diving in.

Here are five tips you can pass on to the First Home Buyers .

  1. Is it the right time?

Moving house can be stressful and time-consuming, so consider whether it’s suitable right now. Will your children need to move school? Are there work obligations that could make a move challenging? If you’re planning major life changes like having a baby, you’ll need to factor these in.

  1. Am I ready?

When considering your financial situation, do you have debts (like a personal loan) that you’ll need to manage? Perhaps you can consolidate these into your home loan, or pay off the credit card first. You’ll need to ensure your deposit is big enough to both purchase your new home and cover the costs of buying.

  1. How much money do I need?

While the purchase price of your home will be your biggest cost, there are other expenses to pay. Some other costs include stamp duty, home owner’s insurance, legal fees and removalists.

  1. Can I afford the repayments?

Determine what you can afford by taking your income and deducting regular expenses. Add home-ownership expenses, like rates, and allow for some unexpected costs. Once you understand how much you can afford, work out how much you can borrow using an affordability calculator.

  1. Are there any grants that I can access?

The government’s First Home Owner Grant (FHOG) scheme may provide a grant of up to $7,000 (up to $15,000 in Queensland) to first-home owners who meet certain criteria. Depending on which state or territory you’re in, and if you’re building your home, there may also be subsidies or tax exemptions available.

If you need advice for a personal loanhome loan, business or commercial loan, self-managed super fund loan, or an investment home loan, speak to a broker at Lending Specialists. We have a wealth of experience under our belt and a robust network to connect you to the right industry professional for the loan you need.

 

The rise of new apartment developments in our cities provides greater opportunities for potential home owners to buy off the plan. There are benefits to this, but also a number of things to be mindful of. We look at some of the things to consider when buying off the plan.

The Benefits

A major benefit of purchasing off the plan is that you’ll own a brand new property. There are also financial benefits. For example, you’ll have the security of knowing how much you’ll pay for the property in the future, even if its value increases. Construction usually takes a year or two, so there’s time to save before you settle.

If you need to borrow money for the deposit, speak to us about how to best structure the purchase. Most home loan lenders won’t approve a loan for a long settlement period, but we can provide advice about what assurances you can get regarding the amount you may be able to borrow when it comes time to settle.

Depending on which state or territory you’re in, you may have access to stamp duty and tax concessions, or government grants. If you’re purchasing the property as an investment you may also be eligible for tax benefits. You should consult with your accountant for personal financial advice specific to your circumstances.

Things to Look Out for

Off-the-plan contracts try to cover future issues. Check that certain scenarios, such as construction delays or if you want to withdraw, are clearly addressed. Once the building is complete it might not meet your expectations. Speak to a legal advisor before signing the contract to avoid any surprises.

Find out whether the developer has taken out home warranty insurance. Depending on the relevant state or territory laws, builders may be required to include a certificate of insurance in the contract. Even if this isn’t the case, you can ask the developer for proof of insurance before you settle. Your broker or home loan lender may help with this as part of the lending process.

The property might be everything you dreamed of, but there’s always a risk the market may have changed by the time you settle. While you can’t avoid this, you should do some homework before you buy. For example, look at properties being built in the area to work out if there’s likely to be an oversupply. Some lenders may look at the value of your property, rather than what was paid for it when considering how much they will lend you. It’s worth speaking to your broker about how your property may be valued and what your home loan options are.

By exercising a little due diligence you can minimise the risks and reap the benefits of buying off the plan.

If you need advice for a personal loanhome loan, business or commercial loan, self-managed super fund loan, or an investment home loan, speak to a broker at Lending Specialists. We have a wealth of experience under our belt and a robust network to connect you to the right industry professional for the loan you need.

Being a business owner is not easy. When the time comes to planning the start of your business, purchase new equipment or expand your business, you might need to apply for a business loan through the Best Business Loans Melbourne.

Lending Specialists is a leading Victorian Mortgage Broker that has access to some of the most competitive business interest rates in the market. If you are looking for the Best Business Loans Melbourne , then Lending Specialists is the right broker for your needs. As one of the leading mortgage brokers in Victoria, we are going to provide you with the Easy Steps you need to know when applying for a Business Loan.

Here’s the Best Business Loans Melbourne Steps for Business Loan Application

Plan Ahead

Set your Goal

How Much Your Company Needs

Know your Credit Score

Find the Right Lender

Prepare the Requirements

For loan rates and advice, consider the Best Business Loans Melbourne .

If you have any questions or would like to discuss further, please do not hesitate to contact Lending Specialist Melbourne on (03)8805-1800 or email barry@lendingspecialists.com.au