Category: Buying a Home
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If I pay off the house early, will the bank give me the house as a gift?
The dream of owning your own home is a big one in Australia. And let’s face it, the idea of paying off your mortgage early and skipping years of repayments is incredibly appealing. But some misconceptions can linger around the process. One such question that pops up occasionally is: if I pay off my house…
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Ghouls, Ghosties, and Gone With the Loan: Why Spectral Approval Isn’t on the Inspection Checklist
Owning a house in Australia, especially a charming older one, can come with a touch of history – and maybe even a resident ghost. While it might be tempting to ensure any spectral housemates are happy with the new ownership, including them in the official inspection process isn’t quite how it works. Here’s why: The…
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Why Your House’s Name Doesn’t Affect Your Mortgage Rate (Australia)
In the midst of the Australian property hunt, some creative ideas might float around. Perhaps you’re considering a quirky house name or one that pays homage to your lender. But wait, could that whimsical title score you a sweeter deal on your home loan? The short answer? No. While a catchy name adds personality, it…
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Crypto Crazy? Using Crypto for your Mortgage Down Payment in Australia
The Australian property market is booming, and so is the interest in cryptocurrency. But can these two worlds collide? Can you use your Bitcoin bonanza to snag your dream home? Let’s explore the current state of crypto payments for mortgages in Australia. The Short Answer: Not Quite Yet As of today, major Australian lenders don’t…
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Painting the Town Red (or Blue, or Green): Will it Affect Your Mortgage Payments?
In Australia’s vibrant housing market, many aspiring homeowners wonder how their decisions might impact their finances. One question that occasionally pops up: If I paint my house a different colour, will my mortgage payments go down? The answer is a resounding no. The colour of your house, while important for curb appeal and potentially resale…
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Lottery Win! Can You Use It to Buy Your Dream Aussie Home?
Imagine the thrill of winning the lottery! Suddenly, that dream home you could only browse online becomes a real possibility. But what if you already started the pre-approval process for a different property? Can your newfound wealth change the game? The good news for Aussie lottery winners is that, yes, you can absolutely use your…
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The Strangest Questions Lenders Get About Mortgages (and the Real Answers)
The world of home buying can be a whirlwind of paperwork, legalities, and unfamiliar terms. It’s no surprise that some home loan inquiries can leave lenders scratching their heads. While some questions might seem far-fetched, they often stem from a genuine desire to understand the process better. Here’s a peek into some of the most…
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Key calculations involved in buying a home
Down Payment Calculation: Example: Mortgage Loan Amount Calculation: Using the same example from above: Monthly Mortgage Payment Calculation: Additional Costs: Affordability Calculation: Remember: These are estimations. It’s wise to consult with a mortgage professional or lender to get personalized calculations based on your specific situation and financial goals. They can also help you explore different…
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Key Considerations When Choosing a Home Loan Lender
Buying a home is a massive financial undertaking, and securing the right home loan is crucial for a smooth and successful experience. With a multitude of lenders offering seemingly endless options, navigating the home loan market can feel overwhelming. But fret not, first-time homebuyer (or seasoned buyer looking for a refresh)! Here’s a breakdown of…
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Renting vs. Buying: Deciding What’s Right for You
The age-old question: to rent or to buy? It’s a decision that can significantly impact your finances and lifestyle. There’s no one-size-fits-all answer, but by considering several key factors, you can choose the path that best suits your current situation and future goals. Financial Considerations Lifestyle Factors Future Goals The Bottom Line There’s no right…