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Home Loans

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  Are you confused about the first home owners grants that are available? Don’t worry, you are certainly not alone. Everyday we speak to customers who are unsure about what their options are and what grants they are eligible for.  Let’s break it down with a simple summary of each. There are three main grants available to customers in NSW: First home buyers assistance scheme (FHBAS) NSW scheme First …

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  NAB, Bankwest and ING have announced that they, too, are ending their cashback offers on home loans, following a similar move from the Commonwealth Bank. CBA will scrap their refinance cash back from the 1st June 2023. NAB and ING will discontinue their cashback after June 30, while CBA-owned Bankwest will remove its offer from the market from May 31. If you are coming off your fixed rate …

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Millions of Aussie households will see their fixed rates end in 2023. If this is you, we strongly encourage you to start preparing your finances now to avoid a “repayment shock” when your fixed rate ends. The record low fixed rates of 2020/2021 are no more. If you are currently on a fixed rate of 2% or under, you could see you interest rate jump up as high as 5% for …

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  If you are currently pre-approved for a home loan, we recommend you check in with your broker to assure the increase in interest rates has not affected the maximum loan amount you can borrow. Until recently, lenders had been honoring pre-approved loan amounts. However, with interest rates going up by the month, it is important for you to know that most lenders are no longer honoring pre-approved loan amounts. As …

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In light of the recent interest rate rises I have had many people ask if they should look at fixing their home loan. At the time of this newsletter, some examples of current 2 and 3 year fixed rates are as shown in the table below. These figures are based off a loan of $500K, principal and interest repayments with an 80% LVR. Owner occupied Investor 2 year fixed …

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First Home Guarantee places available We are pleased to advise that 40,000 places are now available in the First Home Guarantee scheme (formerly known as the First Home Loan Deposit Scheme). The First Home Guarantee is an Australian Government initiative designed to help eligible first home buyers purchase a home sooner. Instead of needing to save a 20% deposit to avoid lenders mortgage insurance, a 5% deposit is all …

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    It is a very difficult time for many of us at the moment, but please remember that there is help available if you need it. Lenders have Covid-19 support packages available for existing customers that you can apply for, so please contact your lender to discuss your circumstances and see how they can help you. Kaboodle Finance is also here to help you through this stressful time. …

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Fixed interest rates are at historical lows so there has never been a better time to make sure you are getting the best deal on your home loan. With two-year fixed rates as low as 2.09% and some lenders also offering refinance rebates of up to $4000 payable on settlement^, it certainly pays to ask the question, could you switch and save? It is very easy to see if you …

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  Lenders are screaming for business so now is the time to make sure you are getting the best deal on your home loan! Some lenders are also offering refinance incentives of between $2000 – $4000 payable after settlement of the loan. If you would like me to review your options then please send me your most recent home loan statement and lets see if you can switch and …

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Making the choice to purchase your first home, as a homeowner or investor is an important decision. Though it may be daunting it can also be an exciting time in your life.   We at Kaboodle Finance, wish to encourage and assist you in making sure you are completely prepared and feel comfortable with every decision going forward. Whether you are purchasing a property on your own or with a partner, …

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The aim of the Banking Royal Commission was to investigate the profit margins and misconduct of banks, however, the final report by Commissioner Haynes has landed with outcomes, that if implemented, would severely damage the home loan market and reduce access to credit for all Australians. How did an investigation into misconduct of banks result in a major windfall for the banks? How will this affect you? The mortgage broking industry now faces major …

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Navigating the world of home loans can be a confusing business, especially for first home buyers. The money lending industry is more complex than ever before, which can make finding the right home loan for your circumstances a difficult task. This article aims to clear up some things about home loans so you have a good understanding of what’s on offer and what’s right for you before you make …

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There are many ways you can get a home loan. You could simply walk into your local bank or visit a lender. You could look online and apply for a home loan without leaving the comfort of your couch. Or you could seek the services of a mortgage broker. But why should you? What do they actually do for you and what are the benefits? A mortgage broker acts as …

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The money lending industry has become increasingly competitive and complex, especially when it comes to home loans. While this means we have more choice and beneficial innovations to take advantage of, it can also make choosing a mortgage a daunting task. The team at Kaboodle will walk you through all the factors you need to consider to make the right choice when shopping around for the best mortgage. The Basics: …

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If you already own a home outright or you’re comfortably paying off your existing first home mortgage, you might be considering purchasing an investment property. Unless you’re in the enviable position of being able to buy a property outright with existing capital, you’ll need an investment loan. We’ve put together this guide to help make the best decision when choosing between the mortgages on offer. First Tip: Look Beyond Interest …

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Are you thinking about purchasing your first home or an additional investment property? Maybe you want to refinance an existing home loan. In any case, you may be considering whether you should fix your home loan. With interest rates hitting record lows, the prospect of fixing their interest rates is appealing to many people paying off mortgages. However, there is a multitude of factors to consider and it is very …

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Buying a home is a major decision requiring research, planning and budgeting. One of the most important considerations before you find the right property is to get an understanding of your buying capacity. This involves figuring out how much you can borrow and ensuring you can balance mortgage repayments while having money aside for other aspects of life. The amount you can borrow to purchase a property varies with each …

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  In the last couple of years there has been many changes to SMSF (self managed super fund) lending. Lenders have decreased lending from 80% of the purchase price to 70% plus they have added liquidity rules and minimum superannuation balance amounts are now a mandatory requirement for most lenders. If you have purchased a property inside SMSF and the property is not yet complete, I encourage you to touch base with …

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In an effort to reduce the number of interest only loans, The Australian Prudential Regulation Authority (APRA), have capped the percentage of interest only loans allowed on a lenders loan book. As a result of the cap, lenders have increased the rates for all interest only loans for both investment and owner occupied securities. Principal and interest loans are now becoming the norm, as the interest rate difference is often the …

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Tim Gurner made waves earlier this month in his interview with 60 Minutes Australia in a segment about Australia’s housing affordability crisis. Mr Gurner copped backlash after suggesting young people spent too much money on travelling, coffees and smashed avocado. The young rich lister who made his fortune off the back of Australia’s capital city property boom told 60 Minutes “when I was buying my first home, I wasn’t buying smashed avocado …

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Just because you already have a mortgage doesn’t mean you have to see it through to the end. It’s never too late to refinance your home if you find a better deal. You could end up saving thousands of dollars in interest over the course of your home loan period, but only if you carefully assess the costs involved in switching to make sure you aren’t incurring unnecessary fees. If …

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Australians have broad attitudes when it comes to debt. Some enjoy living from moment to moment, funding spectacular lives through credit cards. Meanwhile, others utterly fear debt and will strive to avoid all possibility of it. Since Australian households are the most indebted among the world’s rich countries, running at an average of 1.9 times their income, it’s important to have a good understanding of debt. While it’s possible to …

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Applying for a home loan and not sure what documents you need to have ready for your first appointment ? Check out the info-graphic below to help you get prepared.