Category: Laxmi Home Loans – Australia

Laxmi Home Loans

To want extend you have to listen to your close friend or family members while finalising your property or home loan?

Has your friend recently bought a property and you are taking advice from him/her?  Thinking s/he know all? Common, your friend is having a feeling of getting 8 packs after walking out of Gym for the first day or the same feelings like a superhero after walking out of a theater watching spider man or recently released Salman Khan’s Sultan!

I highly recommend everyone to go and talk to your close once, while seeking or before finalising a property but please do not blindly or 100% trust them by understimulating some experts advice. I am not saying you’re close once will give you wrong advice either but the advise they are giving might not be suitable for you. In short, I have written few points below please go through them why you should not blindly trust them ( we will discuss in details while meeting ).

Please match:

a) Your income and their income

b) Your deposit amount and their deposit amount.

c) Your current job & location AND their.

d) Your number of family members and their

e) Your future plans and their

f)  Your expensive patterns and their

g) Your Liabilities and their

h) Your credit file condition and their.

If above all points are almost same then perhaps you can make a joint decision.

I am writing this from my personal experience. Recently 2 friends bought off the plan unit in Lidcombe. Sad thing is that one friend can easily settle(this is good) BUT  other has decided to put it back on the market for resell because he could not get finance because of 3-4 reasons, at last, they approached me but i also had to say, ” i wish i could do something for you but I am extremely sorry”. 

Note: if you have bought off the plan please start your loan preparation, at least 2 months ahead.

Disclaimer: This is just our thoughts and personal experiences, it might not be happened or suit every individual. Please take this as a general information and seek professional and proper advice.

By: Kishor Acharya
Laxmihomeloans
Laxmi Home Loans

Good to know : What determines your bank & home loan interest rates? #LaxmiHomeLoans

www.laxmihomeloans.com.auIf you have any question with your interest rate please go through following points and let us know if you have any proof that you have been charged more (our existing clients), we will discuss with the bank. Sometimes we just look interest rates by ignoring all other important associated factors which actually determines our interest rates.

There are many factors to consider but following four points are the main key factors which determine interest rates.

1. What is his/her deposit amount and Loan amount?

Ans: Deposit plays very important role in getting a better interest rate as well as Loan amount.
Example:
a) If you and your friend are getting a property with your 15% deposit and your friend with 20% for $600k worth of property value. Your friend will have a lower interest rate, it could be by 0.10% or bit more. Why? because you are in Lender mortgage criteria and it takes more work to finalise loan & few more other factors.

b) If you and your friend are depositing 20% of property value but your property value is $600k and your friend’s property value is $800k. At this time also there is likely chance of your friend getting lower interest rate.

2. What is his/her employment status ( FT/PT/Casual/contract ) 
& Length of work?
Ans: Lets for an example, if you have to give a loan to your friend who does not have a proper job or constantly changes jobs, does not have saving habits, lots of credit card and another loan, sometimes plays poker and drinks as well. Would you lend him/her $5,000 if your friend says he/she wants to invest? 100% NO because there is likely chance of losing money. In the same way, bank assesses files and make a decision.
Length of work in one place really matters!

There are other factors as well, we will discuss in future.

3. When was loan take, type of loan & Date of settlement?

Ans: Let’s take an example: You went to 5 different TV stores and finally decided to buy a TV from Bing Lee, TV seller. You paid $1,000 which is the best price in the market as on today’s date. But after 1 month JB-HI -FI decided to sell the same TV in $750. What would you do or what can you do? Even Bing Lee started to sell in $750, we can not do absolutely anything.

It is exactly the same on Home Loan interest rate. Take the best Home Loan and an interest rate on today’s date. Example: For first home buyers NAB is offering 2 years fixed rate on 3.69% but after 2 months if SUNCORP offers 3.5% interest rate, can you change or go? The answer will be exactly like above. Yes, you can but it will be more expensive.

4. Credit History & liabilities, expense & savings.

Ans: Bank wants to know about your saving and expense payment patterns that is why they ask for 3 months of Credit card and Bank statements. If you are paying a late fee on your $10k credit card then a bank will think if he/she does not even manage $10k credit card properly then how can will they manage $500k loan? so which puts them at risk and they might not negotiate on the interest rate.

Note: In short, It is NOT only important to have lower interest rate. What matters is, how much you can save at the end of the year. For example, if you are paying 4.10% interest rate and your friend is paying 3.99%, for me what matters is if you can save $200 -$1000 a year by paying even higher rate or not. Sometimes higher interest rates come with good features.

Plus: Inflation also plays a vital role too. Faster the inflation could bring rate cuts & Slow inflation could hike the interest rate.

LAXMIHOMELOANSLENDERS

Reserve Bank of Australia ( RBA ) Rate Announcement – November 2017

The cash rate stands still at 1.50% in November.

The Reserve Bank of Australia (RBA), which has kept its benchmark cash rate unchanged at a record-low 1.5 percent for the past year has announced this morning that it will leave the rate on hold for yet another month. Governor Philip Lowe had this to say in his official statement: “Growth in housing debt has been outpacing the slow growth in household income for some time.

To address the medium-term risks associated with high and rising household indebtedness, APRA has introduced a number of supervisory measures. Credit standards have been tightened in a way that has reduced the risk profile of borrowers. Housing market conditions have eased further in Sydney. In most cities, housing prices have shown little change over recent months, although they are still increasing in Melbourne.

In the eastern capital cities, a considerable additional supply of apartments is scheduled to come on stream over the next couple of years. Rent increases remain low in most cities.” “The low level of interest rates is continuing to support the Australian economy. Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.”

What does this mean for you? As the months go on and the cash rate stands still at 1.50%, there have been a number of lenders including four of Australian’s biggest lenders who’ve changed their interest rates at their own discretion. Make sure you keep an eye on any rate movement and consider whether your current loan is still right for you.

#Loankit

#LaxmiHomeLoans

 

Laxmi Home Loans

Please Don’t Buy “Off the Plan” if you are not sure about following things.

Hello everyone, in this blog, I am trying to share my 4-5 years of experience as a mortgage broker that I saw what tough situation buyers have to go through because of not understanding & not taking seriously to “off the plan” projects.

There are many positive sides of “off the plan” projects too that we can’t ignore but we can’t overlook its other side too. I’ll try to make this as short as possible and if you have any questions, please feel free to contact me. Following are some of the important points to consider.

Laxmihomeloans Notice copy copy

Please don’t Buy “Off the Plan” if you are not sure about following things.

  • If you or your partner don’t have a secured job.

Let’s take an example, you bought one “off the plan” property which is going to settle after 1 year. If you lose your job at the time of loan submission, then we can’t get a loan from the bank.

 

  • If you are planning to have a baby.

For Example: If you have a baby, then only one person will be working. Which makes very hard to get a loan from the bank because there will one income source and two dependents…

  • If your credit history is not good.

I have seen people ignoring utility bills and getting into defaults. Please check your report before signing a contract.

  • If you can’t keep buffer of 2% – 5% of purchase price after depositing 10%

For Example: What if bank change policy and stop giving loan more than 90% including LMI for Land and House.

 

Note: Off-the-plans means signing a contract to buy a Land & House or an apartment that is yet to be built (not built). You can see the layout, floor plans, designs, and area but there is no physical property to see or inspect.

Disclaimer: please consider information as a general advice. Seek professional advice before making any financial decision.

 *********************************************************************

के अस्ट्रेलियामा घर किन्ने सोच्दै हुनुहुन्छ? “लक्ष्मी” लाई सम्झनुहोस्

✔️First Home
✔Investment Property
✔Refinance
✔Land & Construction
✔Off the plan.

☎️ 0433 589 626
🔊 www.LaxmiHomeLoans.com.au
🏢 Suite 1, Level 1, 251 Liverpool Rd
Ashfield 2131 NSW

Book FREE appointment => http://laxmihomeloans.com.au/phone/book-an-appointment.html

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What is Lenders Mortgage Insurance? Who is eligible to get LMI exemption ( NO LMI ) with the deposit of 90% LVR?

a. What is Lenders Mortgage Insurance?

=> Lenders Mortgage Insurance (LMI) is one of the ways to help you achieve the dream of homeownership sooner without having the 20% deposit which is typically required by most banks and financial institutions.

With LMI, lenders may allow you to borrow a higher proportion of the purchase price, allowing you to purchase a property with a smaller deposit than would otherwise be required. It may also enable you to borrow at an interest rate that is comparable to a borrower who has a larger deposit.

b. Who is insured?

=>The lender is the insured party, not you, the borrower, or any guarantor. Lenders Mortgage Insurance protects the lender against a loss should the borrower no longer be able to afford their loan repayments and the Guarantor (if any) is unable to meet the liability.
Lenders Mortgage Insurance should not be mistaken for Mortgage Protection Insurance, which covers your mortgage in the event of death, sickness, unemployment, and disability.

c. Why does my loan require Lenders Mortgage Insurance and how can it benefit me?

=> By reducing the lender’s risk at the outset, taking out Lenders Mortgage Insurance allows you to purchase your dream home with as little as 8% of the purchase price. This can open up many possibilities for you as a new homebuyer – better location, larger house, ability to do renovations – simply put, LMI brings you that much closer to achieving your homeownership dreams, years earlier than you ever thought possible.

d. What costs are involved?

=> Unlike traditional insurance products, there is a one-off premium payable for LMI. This premium is charged by the LMI provider to the lender, who typically passes this cost on to the borrower. The premium is payable when the loan funds are advanced and provides cover for the full term of the loan. The cost of Lenders Mortgage Insurance varies depending on the amount of the loan, the level of your equity in the security property, and the level of risk associated with the particular loan product. Some lenders will allow you to add the cost of the LMI premium on to your loan meaning you will not have to pay this amount upfront.

e.Who is eligible to get LMI exemption with the deposit of 90% LVR?

=> The Medical Professional Offer allows eligible Medical Professionals to apply to have Lender’s Mortgage Insurance (LMI) to be waived as part of the Mortgage Advantage Package. It’s available for Eligible loans with LVR below 90% (ie maximum base LVR is 89.99%) subject to credit approval.

::: Eligible Professions:::

  • Anaesthetist.
    Cardio-Thoracic Surgeon
    Cardiologist
    Clinical Pharmacologist
    Cosmetic Surgeon
    Dentist
    Dermatologist
    Ear and Throat Surgeon
    Emergency Surgeon
    Endocrinologist
    Gastro-Intestinal Surgeon
    Gastroenterologist
    General Practitioner (also known as Medical Practitioner)
    General Surgeon
    Gynaecologist
    Haematologist
    Hepatologist
    Immunologist
    Nephrologist
    Neuro Surgeon
    Neurologist
    Obstetrician
    Oncologist
    Ophthalmologist
    Optometrist
    Oral and Maxillofacial Surgeon
    Orthopaedic Surgeon
    Orthopaedic Registrars
    Otolaryngologist
    Paediatric Surgeon (Neonatal/Perinatal)
    Pathologist
    Plastic Surgeon
    Psychiatrist
    Radiologist (Note: this does not include Radiographers)
    Reconstructive Surgeon
    Respiratory/Thoracic Surgeon
    Rheumatologist
    Surgeons
    Urologist
    Vascular Surgeon
    Veterinarian

NOTE: The Medical Professional Offer excludes the following professions: Physiotherapists, Pharmacists, Psychologists, and Nurses.

Procedure
In addition to the standard application procedures, you will need to complete the following steps to verify the customer’s profession and that they are registered.
1. For non-veterinary professions,
Go to the Australian Health Practitioner Regulation Agency (AHPRA) website.
Input the relevant fields in ‘Details of practitioner’ and ‘Principal place of practice’ sections and click ‘search’.
Ensure the Profession is one of the ‘Eligible Professions’ listed above, the Registration Status is ‘Registered’ and the Registration Type is ‘General’ or ‘Specialist’.
Click ‘Print Page’ on the website to confirm the practitioner’s details and attach it to the application; OR input the AHPRA Registration number and Profession in the Comments screen.

Source: CBA

Note: Sometimes some lenders bring an offer with 85% LVR with no LMI and so on. we will keep update on that too.

If you have any question, please call me: Kishor 0433 589 626

LAXMI Home Loans – Australia

Laxmi Home Loans

Small Budget Big Makeover – Video

 

 

If you have small house/unit and less budget. This video could help you to get some idea to renovate your house/unit. Note: Video is in Hindi

#LaxmiHomeLoans

 

के तपाई अस्ट्रेलियामा घर किन्ने सोच्दै हुनुहुन्छ ? ” LAXMI Home Loans – Australia ” लाई सम्झनुहोस् l

☎️ 0433 589 626

🔊 www.LaxmiHomeLoans.com.au

🏢 Suite 1, Level 1, 251 Liverpool Rd Ashfield 2131 NSW

हामी तपाइलाई घर खोज्न देखी – बैंकको लोन मिलाउन सम्म सघाउछौ #LaxmiHomeLoans

Video 5: How to search property in Australia? By Laxmi Home Loans in Nepali

 

How to search property in Australia? Here is step by step guide.

हजुरहरुले घर त किन्ने सोच्दै हुनुहुन्छ तर कसरी सुरु गर्ने अनि कसरी खोज्ने त ? आउनुहोस हामीले जानेका कुराहरु हजुरलाई भन्छौ ; हामी, हाम्रा client आदरणीय हरुलाई “माछा हैन – माछा मर्ने बल्छी दिन चाहान्छौ “, आउनुहोस हामीहरु मिलेर घर खोजौ ***************************************************************

To discuss various aspect of the home loan process, please inbox us or Book FREE appointment http://laxmihomeloans.com.au/phone/bo…

के तपाई अस्ट्रेलियामा घर किन्ने सोच्दै हुनुहुन्छ ? ” LAXMI Home Loans – Australia ” लाई सम्झनुहोस् l

☎️ 0433 589 626

🔊 www.LaxmiHomeLoans.com.au

🏢 Suite 1, Level 1, 251 Liverpool Rd Ashfield 2131 NSW

हामी तपाइलाई घर खोज्न देखी – बैंकको लोन मिलाउन सम्म सघाउछौ #LaxmiHomeLoans

 

LAXMIHOMELOANSLENDERS

What is my borrowing capacity ?

This should be the first and very important question that we have to ask ourselves, how much can I borrow? After the calculation is come in the fund and going out fund, we can get a clear picture and know how much you can borrow to purchase a property. While determining how much you can borrow banks and lenders mainly look at:

  • Credit card limits, Car loans, personal loans
  • Income and types of income e.g. full-time, part-time casual, contract,
  • The size of the loan compared to the property value ( LVR )
  • Number of dependents and their age
  • General living expenses, and
  • Existing asset position (Client contribution towards the loan)

 To increase borrowing power

  • Pay off ( or decrease ) and close any credit card & other current liabilities if possible
  • Start saving by decreasing miscellaneous expenses
  • Try to find the bank which does not calculate existing mortgage with same assessment interest in proposed loan.

 

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