A mortgage is the security that a home loan provider requires to offer low rate home loan products.
Australian property values generally increase in value with time enabling a home owner to borrow more money at low home loan rates for the nicer things in life. Similarly gearing up to buy residential investment properties.
When you borrow money from a bank, mortgage lender or mortgage provider, you enter into a legal agreement that requires you to make agreed and regular timely mortgage repayments till your home loan is paid off.
Buying your first home doesn’t need to be daunting. At Mortgage Street we can guide you through the process with ease, helping you move in sooner. We offer several mortgages to suit your needs.
If you have built up equity in your current home and are considering becoming a second home buyer, you have plenty of loan options to make a smooth transition. With Mortgage Street experience and flexible loan products on your side, becoming a second home buyer is easier than you think.
With a growing population comes development and consolidation, making investing in real estate a potentially lucrative venture. The right investment can generate income and provide significant profit when the property value increases. Your strategy should be backed by a financial product that suits your goals and needs, whether you are looking to purchase your first investment property or adding to an established portfolio. In every case, Mortgage Street has a product for you.
The mortgage that helped you purchase your first home may not be the best option, five, ten or twenty years down the track. As your lifestyle and financial circumstances change, it will be necessary to review your home loan to ensure you’re getting the best deal.
Refinancing involves switching your home loan for a more suitable product that will suit your changing needs or to take advantage of a better rate and lower fees. While it may seem easier to keep your home loan where it is, complacent borrowers could miss out on thousands of dollars and prolong the life of their loan.
Comparing the entire range of mortgage products on the market is daunting, but with the help of our Home Loan Specialists you can ensure refinancing gives you a product that suits your exact needs and a better rate.
As one of Australia’s most awarded non-bank lenders, Mortgage Street has a range of loan and mortgage finance options whatever your property goals. We proudly focus on providing all our customers with loan, product and service outcomes that are tailored to their exact needs. When you decide to buy a block of land and build a home, Mortgage Street has a range of options available to you. One of the most popular kinds of home loans available to those who build a house is a construction home loan. A construction home loan is similar to a regular loan. Interest rates don’t work any differently, with both fixed rate loan and variable rate options, and the fees and charges are also likely to work the same way. But there is one significant feature that makes construction home loans attractive if you’re planning to build a house. A construction home loan allows you to stagger the payments to your builder, once agreed development stages have been met. This is important because you will only be charged interest on the amount you have paid out, a feature that can save you money. Once your home has been built, the loan will revert back to a standard variable home loan. A construction home loan is available to owner-builders – those who build a home on their own block of land – or a registered builder.
Is it time for an upgrade or improvement of your residence? You may be considering the construction of your dream home or a fix-up investment for turning a tidy profit. A Mortgage Street Renovation Loan is the ideal way to jump-start your plans and move on to the next phase of renovation and development.
Moving house is something most Australians will do a number of times in their lives. When they take out a home loan for 30 years, it’s not often they will live in that home for the same amount of time. That is why a relocation home loan can be a great idea. Relocation loans are a smart move for people going places who need regular repayment schedules, zero refinancing costs and the ability to adjust to changing times. Whether you are relocating your house, moving home loans or just moving home, Mortgage Street understands customers expect convenience and savings. We can provide plans that are individually tailored and ready for approval, taking some stress away from moving house.
There are a few different relocating mortgages to choose from, and Mortgage Street can help you find a suitable option for you and your family. Maybe you have found your perfect home for sale and want to buy it before someone else does. Or maybe you’re interested in the relocation feature of your home loan and want to take your current home loan with you when you move. You may also need extra money while you are waiting to relocate. Your current home and your new one may require some work prior to sale, or before you move in. Mortgage Street Lending Specialists can give you advice on how to move a loan, what relocating mortgages are suitable and how moving home loans may be beneficial. Speak to us about extending time frames to make moving house easier, and maybe even including a little extra cash for those moving house emergencies.
When you are self-employed, it can be difficult to provide the full financial statements or evidence of income you usually need when applying for a loan. At Mortgage Street we offer a solution to help you find a suitable mortgage. Low Doc home loans allow you to apply for a mortgage by giving you the option of self-certifying your income, without needing to provide proof of employment. While the paperwork may be less, you will still need to have a good credit history, and interest rates may be higher to compensate the bank or lender for the increased risk. At Mortgage Street we offer a large range of Low Doc loans.
Working out which loan is suitable for you can be tricky. With so many mortgages to choose from, being able to put all loans together in one spot can be a great advantage.
Yes, this home loan is available to all borrowers.
No, it can be done easily online through internet banking.
Yes, it’s discrssionary.
You have the option to fix for 1 to 5 years initially, and then reapply for another fixed loan period later.
No fees for life of loan
Your decision will usually depend on which option is more cost effective. You may wish to renovate because you love your neighbourhood and your chosen school. Yet, you don’t want to put so much money into a renovation for fear of over capitalisation. Moving to a new location brings its own set of issues. Best to consult with a professional property consultant.
This might be the first question you should ask yourself. You may live in a heritage listed property, requiring council approval before you can make any improvements. An architect or builder can help you determine if you can make the changes, you’ve been dreaming about.
This is best left to the professionals. Depending upon the extent of the changes you’d like to make to your home, you should consult with an architect, a reputable builder and your mortgage broker. Most importantly, determine what your budget will be before doing anything else. They can help you estimate the renovation cost per square meter for homes in your area.
Our Construction loan allows you to make interest-only mortgage payments for your land purchase & during construction. You will also make interest only payments during your construction. Here is how the rest of the process will look with our loan:
Equity is the difference between the market value of your home and the balance of your loan. For example, if your home is valued at $600,000 and your loan balance is $300,000, then you have $300,000 in equity. This equity can be freed up by refinancing your home loan to do a number of things, including investing in more real estate, helping someone you love become a homeowner, or renovating your property. You can only unlock equity by refinancing to another home loan.
A nice cup of coffee and two biscuits normally settles the bill. Actually, we do not charge a fee for our service.
Your mortgage broker will appreciate a nice cup of coffee and two biscuits normally works.
Low doc loans can sometimes attract higher interest rates, given the potentially higher risks to banks and lenders. While interest rates can be higher at the beginning, banks and lenders may reduce the rate once you have shown over a certain period that you are able to successfully and consistently make repayments
Low Doc stands for Low Documentation, and these loans can benefit those who don’t have access to the typical level of information banks and lenders require. If you are a business owner, freelancer or contractor, you may not be able to provide the proof of income or employment history requested. Your income may be irregular, but it may still be high and stable enough to make the required repayments. Find out more about Low Doc home loans here.
If you are self-employed, you will need to provide the following information when you apply online:
You may also be required to provide:
Of course. We offer a broad range of home loans that cater to many different needs, including those who are self-employed.
Investment loans usually have different terms from home loans. The interest rates may be somewhat higher and the loan terms, a bit shorter. There are many variables that youÕll need to consider, including whether combining many investment or commercial loans into one may be a cost-effective option.
Positive gearing means that the income generated from the investment property is higher than the expenses. Negative gearing is the reverse: where the cost of ownership is higher than the income generated. However, in this situation, you will look for appreciation in the property’s value over time.
Advantages:
Positive Gearing
Negative Gearing
Disadvantages:
Positive Gearing
Negative Gearing
As always, doing research is important: by keeping an eye on current market loans, the economic environment and your family’s needs, you can determine whether your current loan is doing right by you. You could always request a free home loan health check to see if we can offer you a better loan.
Finding the loan amount you want when you are refinancing can come down to the equity you have in your existing home. If you are looking to refinance to find a lower rate or better features, then the process is relatively simple. If you are looking to borrow more money, there are a few other things to think about, most importantly, the equity in your property.
We require every applicant to pay their application fee, but some of our loans include a refund of this fee upon settlement.
Pre-approval is the confirmation from Mortgage Street that, now that the property you wish to purchase has been valued and we have all required information from you, provided final checks are completed successfully, you can proceed with our financial backing. Conditional approval means a lender has assessed your financial situation and the estimated loan amount they propose for you could be formally approved once you find a property.
Lender’s Mortgage Insurance, as the name states, protects the Lender not you as the borrower. Lender’s Mortgage Insurance (LMI) is a once off fee that normally applies to loans where the customer is borrowing more than 80% of the purchase price. LMI is scaled depending on the percentage you need to borrow (between 80 – 100%) and the amount of the loan (ie, $650,000). LMI can start from $800 and range up to nearly 4% of the loan amount. You have two options to pay this fee.
Your entitlements will vary depending on:
Under the First Home Owner Grant (FHOG), a once-off payment of up to $7000 is payable to first home owners that satisfy all the eligibility criteria. Note: some states/territories have introduced a cap where first home buyers purchasing a property above this will not qualify to receive the grant. In NSW, this is currently $835,000. The government has established a website with all the relevant grants and schemes http://www.firsthome.gov.au/
Once you have paid at least 20% of your loan, you are able to refinance your home loan and remove your relative from your loan.
There are a few restrictions on who can be your guarantor. To help you in buying your first home, your guarantor must be:
A close relative with enough equity in their home can pledge a percentage of the value of your new home to act as your deposit. While this means you don’t need to save for the initial lump sum or pay LMI if the guarantee is above 20%, it does mean your relative’s home is put up as collateral should you default on your loan.
Mortgage Street has construction loans allow you to borrow up to 95% of the value of the property plus additional funds to cover the total cost of Lender’s Mortgage Insurance, if required.
A bridging loan is a shorter-term loan. It is typically needed when you are selling one property and purchasing another one. It is also used when you are waiting for the arrangement of longer term financing.
Ideally, you will be able to sell your current property close to the time when you purchase a second home. Bridging loans are intended to be short term solutions to get you through that period in between buying and selling. Typically, bridging loans are six-month loans. For new construction, loans may extend to twelve months.
No! Once you’ve applied, you will discuss your options with your Lending Specialist, who will review your requirements and explore every avenue open to you. If you want to familiarise yourself with the types of loans we offer, click here.
We send your loan contract, mortgage document, repayment form, certificate of witness form, borrower certificate and warranty. To learn more about the documentation required for settlement, click here.
Pre-approval is the confirmation from Mortgage Street that, now that you have had a valuation on the property you wish to purchase, and we have all required information from you, provided final checks are successful, you can proceed with making an offer with our financial backing.
Conditional approval is a confirmation from Mortgage Street that, on the basis that all required information provided is factually correct, you will be given approval subject to various conditions like successful credit checks. With conditional approval, you’ll be ready to put an offer on a property as soon as you find the perfect match.
As soon as you have correctly signed all legal documents and send them back, we can begin your settlement process. During the settlement process, your legal representatives will ensure all clauses in your contracts are being met and get all required documents ready to close the sale. On your agreed settlement date, your legal representative and the legal representative of the seller will take care of all matters relating to settlement, such as registering the title of the property and paying stamp duty. After this is taken care of, you are now able to move into your new home, start your new build process, cash out equity from your loan, or benefit from a lower rate home loan – whatever your reason for your home loan, it’s now complete and ready to enjoy.
Just log on to Internet Banking and select your Account and in the menu bar on the left click on ‘View Statements’. While you’re here, you can also view past statements, save a copy to your desktop or take a print out when you need one.
All electronic communication will be sent to the email address we have on your personal file. Please ensure this is current so that you never miss out on any email notifications and keep us updated of any change in email address.
You will receive an email notification when your next statement is available to view through Internet Banking.
Your online statement is the same as what is printed and posted to you, and are equally important. Access your statements all in one place and print out the ones you need at any time and submit them as supporting documents with confidence.
A mortgage offset account can reduce interest on your loan. Your mortgage is linked to an account into which your salary and other cash can be deposited. You can then withdraw the funds to pay your bills. For example, if you have a loan of $300,000 and have $10,000 in your offset account, the amount of interest you pay will be calculated on only $290,000 ($300,000 – $10,000). Use these savings for another deposit instead of paying off your current mortgage. Extra Repayments/Redraw Facility You can make extra repayments and create a ‘kitty’ for times when you have unexpected expenses such as plumbing or electrical repairs or for when you’re not receiving a rental income. Some loans with this feature allow you to skip a mortgage repayment as long as you have enough funds in credit to cover that mortgage repayment.
Lender’s Mortgage Insurance, as the name states, protects the Lender not you as the borrower. Lender’s Mortgage Insurance (LMI) is a once off fee that normally applies to loans where the customer is borrowing more than 80% of the purchase price. LMI is scaled depending on the percentage you need to borrow (between 80 – 100%) and the amount of the loan (ie, $650,000). LMI can start from $800 and range up to nearly 4% of the loan amount. You have two options to pay this fee.
A bridging loan is a shorter-term loan. It is typically needed when you are selling one property and purchasing another one. It is also used when you are waiting for the arrangement of longer term financing.
Mortgage Street will review your situation and talk with you about why you’ve missed making payments. Generally, having one or two missed payments won’t prevent you from getting refinancing. It will likely keep you from qualifying for the most favourable rates and terms though.
Home loan are the funds borrowed from a financial institution on interest for purchasing a new property/plot/construction/upgrading a property. It is a long term loan with tenor up to 20 years depending on the age of the applicant. The loan is repaid with EMI every month. The property is taken as a security by the financing company for the loan being provided and original property documents are held with the financer.
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Yes, but this doesn’t mean you have to switch lender. You can refinance to another home loan that allows equity release, and ensure you get a great deal in the current market!
Our switching mortgage calculator can indicate what you may be able to save by refinancing. For accuracy, you should be aware of any ongoing fees and charges over the life of your loan – take a look at your loan’s comparison rate compared to your interest rate to get an idea of how much you pay. There can be application and legal fees associated with taking out a new loan.
Call us on 133 144 for a detailed and tailor made property investment strategy.
Hero Housing Loan is 30 years for salaried professionals and 20 years for self-employed professionals