Before you apply for a home loan with your partner, there are a few discussions that you need to have that go a little beyond what you may know already. You’ve found someone you want to spend your life with (or a significant chunk of it, at least) – the hard part is over, right? Wrong. You know each other well enough to know whether or not you each blow the budget every month, but you probably don’t know each other’s complete credit history. So, before you buy a property together, there are plenty of discussions you need to have. Here are three of them. Have they defaulted on any payments? He or she might be relatively debt free now, but has this always been the case? One bad mark on a credi
Sure, you shouldn’t judge a book by its cover, but a scrappy yard can be an instant turn-off to potential home buyers, even if the house is a dream on the inside. We’ve pulled together some savvy landscaping tips to make sure your home is picture perfect for when you’re ready to sell. The first thing to keep in mind when revamping your garden is that it has to appear well presented and easy to maintain. People want to enjoy the outdoor space, not feel like it’s a burden. Freshen Up If your garden is in reasonable shape but just needs a little spruce up, start with the basics. Mow the lawn and trim the edges, or even lay new lawn if necessary. Get rid of any dead plants, and throw out those s
Whether you’re after lower repayments or want to tap into the equity sitting in your home, refinancing can offer a world of benefits. Here are some things to be aware of so that you don’t find yourself hooked into a bad deal. Don’t be fooled by the interest rate Finding a lower interest rate doesn’t necessarily mean you’ve scored yourself a better deal. In fact, a product with more features may cost you a bit more in fees or interest, but could save you more in the long run. Including features such as an offset account will prove valuable as it will allow you to make larger repayments or put any extra cash against the loan. Products without this feature may charge a fee for early repayments.
Knowing what a property is worth is central to avoiding paying too much for it. Set a benchmark Comparing nearby properties that have sold recently is the best way to assess an acceptable price for the property you are looking at and provides a valuable bargaining tool when you are negotiating with a seller or agent. Make sure the properties are comparable, with a similar land size and number of bedrooms, for example, so you aren’t measuring apples against oranges. Your credit advisor can give you a list of sales in the area and then you can drive around and look online to do a quick comparison. If you can find one or two similar properties then you can be sure of what the property is worth.
Looking to enter the property market and worried about how you’re going to secure your first home loan? It’s time to start making your money work for you so you can land that loan. Qualifying for a home loan isn’t always an easy path. Aggressive interest rates, competition in the market and less than rigorous saving habits can often push people out of the property game completely – but it shouldn’t. Saving enough money for a sufficient deposit is possible with the right guidance and plenty of diligence. Budget, budget, budget! It goes without saying that creating an airtight budget – and sticking to it – is key when you’re looking to save money for a home loan. If you’ve done your homework o
