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Posts Tagged Mortgage

Purchasing property privately – 3 steps to help you.

Dec 6

Posted by NoAgentSales.com.au in Purchasing property privately | 6 Comments

So you have decided you want to a buy a property without the use of a real estate agent, then there are a few factors you should consider.

1. Before you decide to purchase.

Purchasing property can be a complex undertaking and you should consider including in your purchase conditions a qualified valuation. Furthermore, you may wish to include a building and pest inspections as well as a finance clause if finance is required.

2. Expenditure during the process.

You should be aware that the purchaser of any property in Australia pays stamp duty on the purchase. These rates vary depending upon your state so check out the link below to a comprehensive calculator.

www.13beat.com.au/StampDuty

3. Settlement

The date for settlement generally will be agreed by both parties. The settlement will take place when the balance of the stated contract price is paid to the vendor. The buyer then receives title documentation and then can collect the keys to the property.

When one or more mortgages are involved the situation can be slightly more complex because the financial institutions will also be involved in the settlement transactions.

Do you have any further suggestions?

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Managing Your Mortgage

Aug 2

Posted by NoAgentSales.com.au in Managing Your Mortgage | No Comments

We all know how difficult it can be to manage your Mortgage. Here are a few suggestions to ensure you keep on track.

With the latest changes in mortgage rates and ongoing speculation about further increases in 2009, there are some homeowners eagerly doing their sums.

You need to find out how much money you will need each month and realise the economic and social consequences attached to tightening your budget.

It’s best to get in contact with your bank or lending consultant if you think the rate increase will cause you grief in the future.

Some ideas could be to ask your bank or loan consultant for a mortgage rate review – they sometimes aren’t as set in concrete as you think. Also consider whether it might be better to ease your monthly commitment by shifting your loan to interest-only, as opposed to paying principal and interest.

Also consider tying up all or part of your loan to a fixed rate.

In short, it is important to pro-actively manage your mortgage, and stay in touch with your lender or loan consultant.

If you are yet to take the plunge into home ownership, first speak to your loan consultant and accountant about your financial situation before jumping into the property market.

Then before signing on the bottom line, it is a good idea to spend three or four months setting aside your likely monthly mortgage repayment, which will effectively give you a good idea of how your lifestyle will be affected by home ownership and managing a mortgage.

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