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Can you afford to begin investing in Australian property?

Can you afford to begin investing in Australian property?

For many Australians who have the means, investing in property is a great move for one’s financial future. Buying real estate represents a way to add to your portfolio with something that’s a stable source of value. Because the population is increasing, demand for housing is sure to stay strong nationwide, and whatever property you own is likely to keep getting more valuable over time.

That doesn’t mean buying real estate is a good idea for everyone, necessarily. If you start buying properties before you can afford them, you may get yourself into serious financial trouble. Take a close look at where you stand before jumping on an opportunity that might be ill-timed.

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LMI – Explaining the three magic letters

LMI – Explaining the three magic letters

What is LMI?

LMI stands for lenders mortgage insurance. That’s right – it’s not just home buyers who have be insured. LMI protects a mortgage lender in the unfortunate, but feasible, case where a borrower can’t meet their repayments and defaults on their home loan.

While it’s true a lender will hold the purchased property as security in case this should ever happen, it may not always be enough to cover the loss – if the value declines, for instance.

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Finding the right time to refinance your home loan

Finding the right time to refinance your home loan

If you’ve got a long-term schedule for loan repayments to buy your home, refinancing that loan can be a great way to save a lot of money for yourself and your family over the long haul. Fed up with the interest rates you’re paying and eager to find lower ones? The solution is easy – refinance and get them.

The tricky part, though, is figuring out the timing. If you’ve got a 30-year mortgage, you’ll be presented with the possibility of refinancing dozens of times. When will you choose exactly the right moment to make your refinance choice official? We can help you figure that out.

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Government Incentives

Government Incentives

Government incentives can motivate people to buy new property

Buying a new home is never easy. Take one look at the initial deposit and the mortgage repayments required to own a place in this day and age, and it’s easy to get overwhelmed. If you’re making a modest salary and don’t have substantial savings to fall back on, it might seem impossible to buy in today’s market.

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Building from scratch

Building from scratch

Are you ready for the challenge of building a home from scratch?

For those who are having some doubts about buying a house, one suitable alternative might be to build one from scratch instead. Constructing a new house isn’t easy, but there are benefits to it. It’s often cheaper than buying a ready-made domicile, and it’s also a controllable process. At every step of the way, you can make sure your home is perfectly to your liking.

Having said that, there are numerous challenges involved. Especially if you’re not a natural planner, you may become overwhelmed by all the work that goes into designing a home and budgeting for the building process. Are you fully prepared for it all?

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First Home Buyers

First Home Buyers

Now’s a good time for first home buyers in Australia

In many cases, when you’re a first-time home buyer looking to get into the market in Australia, you’re going to encounter a whole host of competitive roadblocks. It’s not just you and other first-timers trying to get into the market – there will also be domestic property investors and international buyers in the mix, trying to snatch up property. Unfortunately, all of this competition has a way of driving up prices.

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Saving up to buy a home is a serious long-term process

Saving up to buy a home is a serious long-term process

If you want to become a homeowner in Australia today, it is not going to be cheap. According to research from RP Data, the average price of a home is $852,000 in Sydney, and $641,200 in Melbourne.

You’d have to be extraordinarily wealthy to pay even a fraction of that money upfront with the cash you have on hand. More than likely, you’ll have to spend years saving.

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