As a purchaser you cannot buy a property if you haven't done your financial homework. I mean walk into a real estate agent, pay the initial deposit (normally called a holding deposit) and find out no one or no banks, mortgage lenders and other financial institutions will provide you and/or your partner with a home loan. By doing this you have wasted your own time and also the Agents.
So after working out deposits saved (if any), and deducting all costs associated with the purchase of the property from the potential purchase price of the property. Then you do know how much you may need to borrow!
I have searched for list of banks, credit unions building so on the internet and have found an details on APRA (Australian Prudential Regulatory Authority Click Here for the List.
Also located Mortgage & Finance Association of Australia (MFAA) Click Here for details of MFAA
If there is a need search for for financial you can also explore them as well. One thing you need to keep in mind it they have to reputable and researched by yourself , so you are confident they will provide you with that home loan instead of going broke.
Obviously another rare financial lender could be members of your families, at least for a short term. A lot of families will be in a position to not to assist as they may not have the finances to assist. This is when this could make families be closer together or could also set them apart well apart if something goes wrong. The families that do decide to assist - must know what the situation happens if any or all borrowers are unable to assist with mortgage repayments.
Contingency plans must in place to ensure mortgage repayments are maintained , if not contract your lending creditor before any sale of your property also (known as foreclosure of property).
Some ideas of contingency plans could be selling your car, unused household items, stock market shares, using up any extra savings, renegotiating with other creditors reduce repayments under Financial Hardship', which could result being short term.
Also you need to ask your lender the obligation the creditor has if there is a default of payment on the loan due to reduced financial income and possible affects to the borrower if it happens and what can they do if 'Financial Hardship' occurs.
It is like this, most Australians do not ask many questions of borrowing a home and may not understand their full obligation, where as purchasing a car you will wan to ensure the car is in good working condition, warranty details (if any). Same with all the above mentioned banks and financial organisations you want to know how their loan insurance works, financial hard policy and also what happens if you pay extra payments.
Now it is up to you!
Also located Mortgage & Finance Association of Australia (MFAA) Click Here for details of MFAA
If there is a need search for for financial you can also explore them as well. One thing you need to keep in mind it they have to reputable and researched by yourself , so you are confident they will provide you with that home loan instead of going broke.
Obviously another rare financial lender could be members of your families, at least for a short term. A lot of families will be in a position to not to assist as they may not have the finances to assist. This is when this could make families be closer together or could also set them apart well apart if something goes wrong. The families that do decide to assist - must know what the situation happens if any or all borrowers are unable to assist with mortgage repayments.
Contingency plans must in place to ensure mortgage repayments are maintained , if not contract your lending creditor before any sale of your property also (known as foreclosure of property).
Some ideas of contingency plans could be selling your car, unused household items, stock market shares, using up any extra savings, renegotiating with other creditors reduce repayments under Financial Hardship', which could result being short term.
Also you need to ask your lender the obligation the creditor has if there is a default of payment on the loan due to reduced financial income and possible affects to the borrower if it happens and what can they do if 'Financial Hardship' occurs.
It is like this, most Australians do not ask many questions of borrowing a home and may not understand their full obligation, where as purchasing a car you will wan to ensure the car is in good working condition, warranty details (if any). Same with all the above mentioned banks and financial organisations you want to know how their loan insurance works, financial hard policy and also what happens if you pay extra payments.
Now it is up to you!
No comments:
Post a Comment