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Things To Know When Loaning For A Property In Australia?

By Alana Redmana

The natural wonders and the man-made marvels in the progressive cities make Australia a very attractive place for real estate investment. It?s not a surprise if more locals or foreigners will be enticed to invest in the said country in the years to come.

The First Home Owners Grant has also dictated the rise of statistics when it comes to first time home buyers within the last 9 years.

In Australia, there are several reputable mortgage lenders who have several home loan products to choose from. The mortgage lenders are pretty much the answer to first time home buyers, home builders, and property investors.

It is true that going to lending firm is an easy answer. But every borrower should put in mind that what matters is his capacity to pay the loan and his knowledge of the loan policies.

One aspect that you should know is about the Lender’s Mortgage Insurance (LMI) or Private mortgage insurance (PMI). This insurance is intended to look after the interest of the lender, not the borrower. The amount of LMI premiums to be paid by the borrower depends on the amount of deposit. The higher the deposit, the lower the monthly premiums will be. Usually, LMI premiums are no longer required if the borrower has deposited at least 20%.

It is also important that you make your repayments on time every month. Pay the whole amount that is due for the month so that you won?t accumulate unwanted extra interests or penalties. If you think that partial monthly payments can still do you good, you?re wrong.

About refinancing, it is not such a bad idea at all. Going through very little paperwork all over again may just be the only drawback, but refinancing may prove to be beneficial, considering that a lot of lending firms are now trying to outdo one another in terms of interest rates and discounts due to stiff competition. If you stumble upon a better deal, go over the stipulations and make a decision.

With regard to home loan offset accounts, this arrangement may not be good to those whose payments are irregular. An offset account is plainly a savings account linked to your loan account. It is true that it enables borrowers to save money. But if a home loan offset account is not handled the way that it is supposed to, the borrower might just be accumulating more payables in the long run.

The thought of being able to acquire your first home can be very exciting. But, instead of just focusing on how to pay the loan, keep yourself aware of the different policies and arrangement when it comes to home loans. Always be an ?informed? buyer.

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categories: real estate in carindale,real estate carindale

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Article Citation
MLA Style Citation:
Redmana, Alana "Things To Know When Loaning For A Property In Australia?." Things To Know When Loaning For A Property In Australia?. 30 Sep. 2009. 15 Feb 2016 <>.

APA Style Citation:
Redmana, A (2009, September 30). Things To Know When Loaning For A Property In Australia?. Retrieved February 15, 2016, from

Chicago Style Citation:
Redmana, Alana "Things To Know When Loaning For A Property In Australia?"

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