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What to know when refinancing your home loan

you considering refinancing but unsure on who to speak to or what is involved when it comes to refinancing your home loan? Here at Funding force we always want to give our clients the best advice and share our knowledge with you.

Refinancing your home loans reaps many benefits and there are several reasons that you are considering refinancing. We will discuss the most common reasons we find that people want to refinance and what to consider when refinancing.

What does it mean to refinance?

Refinancing is quite a similar process to when you first applied for the original home loan. A refinance loan is a loan that pays out your existing home loan to create your new home loan with your new lender. It is a quicker process and less complex compared to when you initially first got your home loan.

Why Refinance?

Having a clear understanding of the purpose of you wanting to refinance your home will make the process much easier but these are the most common reasons we find as to why people want to refinance.

Using the equity in your home to complete home renovations Wanting a better deal on your home loan e.g. better interest rate, lower fees, flexible repayments, more loan features Consolidate debt

What to consider?

As always when looking at doing something financially there are always things that you should consider when doing so. Although there are so many benefits involved in refinancing, we have listed the most common factors you should consider when doing so.

Early exit fees on current loan (if applicable) LMI (Lenders Mortgage Insurance) you may be asked to pay that again if you’re planning on borrowing more than 80% of the current market value Compare the costs of staying with your current loan and what it would be to change.

To find out more about how refinancing can benefit you and to get the best deal contact us on 03-8372 2018 Under the new laws, your tenant will not be able to stop paying the rent. But they will be entitled to.

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What you need to know about Buy Now, Pay Later

What is Buy Now Pay Later?

As the years have progressed so has technology and the way we buy. The buy now pay later option is essentially a layby that you’re able to take on the day without having to wait for the product. The buy now pay later option has become an incredibly popular option around Australia as it’s an interest free option available from many large retailers which makes shopping more attractive.

What companies use the buy now pay later?

There are many companies who now offer the buy now pay later option as over the years this option has been more appealing to the customer rather than pay large amounts upfront. Some of these options don’t require a credit check either but that doesn’t mean that it won’t affect you when wanting to obtain finance.

Afterpay Openpay Zip Pay Laybuy Latitude Pay

What should you consider?

These options are appealing to many Australians when using one of the buy now pay later options but there are also a few things that you should consider first. As mentioned earlier some of the companies we mentioned don’t do a credit check but they all are essentially a line of credit which can still effect you and here are the reasons why:

Fees – Whilst some companies are interest free, there are some that also charge you monthly fees / admin fees / late fees Overspend – It may sound obviously but it’s easy to do. You may think I just have $20 here and $30 dollars there but they can quickly add up over time and you have overspent. Loan Application – Some companies don’t require a credit check but when wanting to obtain finance lenders now take into concideration if the applicant uses the buy now pay later. Late Repayments – A mistake some people make when using the buy now pay later that they don’t think it can affect there credit score. Unfortunately using this as a way of spending definitely can because if you over spend and can no longer afford repayments it can be listed on your credit file.

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Staging your home ready to sell

You have made the decision to sell your home but are wondering if there are any tips and tricks that could help make your home ready to be put on the market. What we have done for you is created a list of things that can help improve the sale of your home.

Furniture

Placement of furniture in a home that is on the market is everything. You want to create that the room feels more spacious than small and cramped. That doesn’t mean that you should go out and buy new furniture but rearranging your furniture around to make that area seem larger really does the trick.

Making every room functional

You may find that not all rooms in the house are used or have much of a purpose but if you create that purpose it can help the potential buyer create that vision. A spare bedroom that is used to hang your washing to dry in the winter can be transformed into a study or could be set up as a guest bedroom.

Cleaning

Walking into a home that is clean and organised will speak volumes to potential buyers. Remembering that this is the first time a potential buyer is walking through your home and are basing their opinion on the first impression.

Minimalize

Sounds easy but it can be quite challenging when you have a lot around your home. Basically what you want to do is go back to basics and providing a blank canvas in a sense to potential buyers so they can see the value of the home and not be distracted by what is in it.

Outdoors

The exterior of the property is another important factor when selling your home. It can be as simple as pulling out those weeds, mowing the lawn, or even adding some new greenery. You want the exterior of the home to be as beautiful and appealing as the inside of your home.

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Update: Private Inspections allowed

We are excited to announce that as of the 28th of September 2020, the Victoria Government have lift the restrictions on private inspections. This means if you are looking to buy or lease a property, you can arrange an inspection with the relevant agent.

This news is welcomed by all in the industry after an extended period of stage four restrictions which halted all face-to-face inspections. There is however, conditions and safety measures in place to ensure that private inspections are being conducted safety.

Private property and display home inspections allowed with 1 agent and 1 prospective purchaser or tenant The prospective purchaser or tenant may be accompanied by 1 other person from an existing household or an intimate partner, and the prospective purchaser or tenant’s children under 18 years old. All private inspections will be ‘contactless’ with protocols for inspections, including pre-arranged at a set time and limited to 15 minutes. A person is not permitted to travel to regional Victoria for a private property inspection, and a person may not travel to metropolitan Melbourne for a private property inspection.

At Reliance Real Estate, the safety of our clients is important to us, we will be following the following safety measures at all private inspections:

All attendees must be wearing an approved face mask / covering Hand Sanitiser will be available for use prior to entering the property. Attendee is advised to not touch and doors, fixtures or fittings. Your agent will disinfect all surfaces at the end of the inspections If an attendee is showing symptoms, they will be asked to reschedule the appointment.