Buying a property
"With or Without"
a cash deposit
I can show you how
As mortgage brokers, we’re here to make a difference. Whether you are a first home buyer, refinancing or a property investor, we endeavour to provide you with a personal service and expert advice.
We aim to help each client have a smooth and seamless transaction when buying their first home or investment property.
Our goal is to help put you in a positive financial position, build strong growth on investment and generate a good return on investment.
We travel and service all over Sydney, regional NSW and can assist remotely for those who are interstate.
- First Home Buyers
- Investment Property - Refinances
- Debt Consolidations
- Managing investment properties
It is important to always have a pre-approval in place prior to shopping for a property you may potentially buy.
By obtaining a pre-approval it gives you the confidence knowing how much you can afford and what the banks have already approved your application for.
This reduces any risk and unwanted suprises that anyone is unaware of when attempting to purchase a property.
First Home Buyers
For any First Home Buyer, there are 2 schemes you may be eligible for.
1. FHOG (First Home Owners Grant).
To qualify for $10,000 grant, The purchase of the new home must not be more than $600,000, Less than $750,000 for House & Land Package.
A new home is considered as the property is being sold the first time or the property has never been lived in before.
Click "here" for more details.
2. FHBAS (First Home Buyer Assistance Scheme)
If eligible, you may qualify for duty transfer exemption or concession.
This applies to buying an existing home or new home under $650,000.
Concession may be eligible when buying a home between $650,000 to $800,000.
Click "here" for more details.
Buying Investment Property
Buying an investment, whether it is your first property purchase or not, duty transfer (known as stamp duty) will apply and differs in cost for each state.
When buying an investment, ideally you should purchase a property with the strong return on investment whether that would be rental return or growth on resell value.
There are several purposes why people buy investment properties and they could be any of the following:
- Buying to hold onto and await for resell growth
- Buying to develop, resell or to generate strong rental return
- Buying to renovate + potential dual rental to increase rental income
- Buying to hold onto, rent it out until they are ready to move in themselves
In my personal opinion (Ken Luu)
it's always best to purchase properties in areas where there is infrastructure, amenities and employment. Where there is employment, there are more people which creates more opportunity for your property to be rented out.
If you have a house with land, a good return on investment would be to either build a granny flat or even renovations to the house to potentially dual rental it. (Subject to council approval of course).
It is often hard to predict when it is a good time to buy an investment property, In my opinion if you are able to purchase an investment property, then perhaps give it a go! as
it's sometimes difficult to predict the property market changes and also bank policy changes.
What i mean by bank policy changes is that, Some banks may give you a pre-approval today, but this doesn't mean they will give it to you again in the future.
Some of these changes could be: (May/may not be applicable to some banks today)
- Investors may now require more deposit
- Lenders Mortgage Insurance no longer available for Investment purchases
- Guarantor loans no longer accepted for investment purchases
- Banks servicing assessment has increased
Bank policies are always "Indicative subject to change", same as interest rates.
Refinance nowadays happen quite often, to the point where consumers only stick with their current bank for less than 5 years.
Below are some of the purpose why people refinance to another bank:
- Other banks offer lower (Saving you money in your pocket)
- Poor service or experience with their current bank
- Consumers tried debt consolidating or increasing their loan and their bank said "no"
- Other banks offer rebates and perks (Cash rebates, rewards points, waiving fees, etc)
Below are some of the purpose why people refinance with their current bank:
(Which they can also do with another bank)
- Refinance for the purpose to purchase another property
- Refinance to debt consolidate credit cards, personal or car loans, etc
- Refinance to split loans due to ending partners/partnership
- Refinance to convert their current home loan to "Interest Only"
- Refinance to "Cash Out" for renovation purposes, holidays or even buy a new car
Overall for any refinance to occur - it is the banks job to ask what the purpose for the refinance.