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Documents You Need When Buying a Home

Making the decision to buy an apartment or townhouse in NSW is a big step. However, it is easy to get excited and forget about your rights. This, in turn, depends on the contract for sale plus a number of equally important documents. So here is a list of the most common documents that you will need when buying your dream home.   1. Contract for Sale First and foremost, you will need the contract for sale. This document will identify the property in full detail. It will also state the terms on which the property is being sold. In other words, you will find the price, when to pay the deposit, and the time and date of settlement. Bear in mind that residential properties in NSW cannot be bought without submitting a signed contract...

How much deposit is required for a home loan?

Recent media reports suggest that one of the greatest difficulties experienced by first home buyers in trying to break into property ownership is saving up a sufficient daving a home deposit has never been easy. Given the high property prices and high costs of living it can be even more challenging today. Low deposit home loans are available through many lenders. These are home loans that borrowers can gain access to with only 5% deposit. If your first purchase is priced at $350,000 – the minimum deposit with a low deposit mortgage would have to be at least $17,500. When I hear home buyers complaining of how difficult this is to achieve, I think back to 30 years ago when I bought my first property for just over $60,000. I needed to come up with...

Home loans that stay with you for life? Bring it on!

The media are doing their best to capitalize on our fear of debt. Over the weekend, I was reading about how more and more lenders are prepared to offer home loans to Aussies in their 60s , 70s and even beyond.  The article talked about the risks associated with going into retirement with a hefty mortgage. However not enough is said about the risks of not investing. Sure you can go into retirement with no debts and no assets, but is that a future any of us would like to have? Home Loans vs Investment loans The finance regulation in place in Australia actually makes it illegal to lend money on an owner occupied mortgage that is expected to last beyond your retirement age. For most of us that means that borrowers in their advanced...

Is rent-to-own the answer to bad credit?

Rent-to-own is widely promoted on the internet and in other media as a good alternative to home ownership for bad credit individuals who are unable to qualify for a bad credit home loan with mortgage providers. There are a number of success stories when it comes to rent-to own, however the decision to proceed with such an arrangement must be made once you fully understand the risks involved. What are the fees and charges of entering the arrangement? Take the time to understand what will be the applicable fees and charges for entering the arrangement. If there are thousands and thousands on dollars in fees this may not be the right deal for you. Get a solicitor to check contracts Other than the verbal promises made by the current vendor, you should receive a contract...