Can a guarantor help me avoid Lenders’ Mortgage Insurance?
Yes, a guarantor can assist in avoiding Lenders’ Mortgage Insurance. By providing their property as security, a guarantor supports the borrower, allowing them to secure a loan without the need…
What is Lenders’ Mortgage Insurance?
Lenders’ Mortgage Insurance (LMI) is a protection for lenders when borrowers have a deposit less than 20%. It safeguards the lender in the event of borrower default. While it adds…
What is the difference between buying by private treaty and buying at auction?
Buying by private treaty involves negotiating directly with the seller, often facilitated by real estate agents. In contrast, buying at auction involves competitive bidding among potential buyers. Each method has…
What is a cooling off period?
A cooling off period is a buyer’s safeguard post-contract signing. This brief timeframe allows the buyer to withdraw from the contract with minimal financial penalties. The duration and terms of…
Do I need a Conveyancer?
While not mandatory, engaging a conveyancer is highly recommended. Conveyancers specialise in the legal aspects of property transfer, ensuring a smooth transaction. Their expertise includes title searches, contract reviews, and…
What happens between approval and settlement?
The period between approval and settlement involves finalising legalities, coordinating settlement details, and preparing for the transfer of property ownership. This phase ensures that all necessary tasks, including property inspections…
What happens when I buy a property?
The property buying process involves several stages. After signing a contract, inspections, loan approval, and legal checks are conducted. Post-approval, the property undergoes valuation, and final details are coordinated. Settlement…
What is a pre-approval?
A pre-approval is a preliminary assessment by a lender confirming the borrower’s borrowing capacity. It involves a thorough review of financial information and credit history. Obtaining pre-approval strengthens the buyer’s…
What is positive gearing?
Positive gearing is a property investment scenario where the rental income generated exceeds the costs associated with property ownership. This results in a surplus, contributing to the investor’s income. Positive…
What is negative gearing?
Negative gearing occurs when the costs associated with owning a property, such as loan interest and maintenance, exceed the rental income generated. The resultant loss can be deducted from the…
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