There is no experience quite like buying your first home. You go through a whole range of emotions such as nervousness, uncertainty and of course excitement, often all at once. In order to have the best experience and outcome, it is so vitally important that you get all the facts right from the very beginning.
That’s where we come in.
Servicing New Farm, Teneriffe and the Fortitude Valley area, we strive to make the process as simple and easy as possible for you by helping you through all of the steps while keeping in line with your needs and budget. This includes, but is not limited to, the following:-
Help you to establish your borrowing capacity
Identify all the costs associated with buying your first home
Determine the maximum LVR (loan to value ratio) that you can be approved up to
Help you understand how much deposit you will require
Clarify exactly which Government grants and benefits you qualify for
Assist you with applying for any applicable grants
Explain the home buying process from start to settlement
With us handling the nitty gritty of this process, you will find the purchasing of your first home to be a much easier and more enjoyable experience.
So what are you waiting for? Get in touch with us today to discuss how we can assist you in your journey!
When you’ve been through it all before, you probably have a pretty good idea of what a headache organising your home loan can be.
A common scenario we come across is when a client wants to keep their existing home and buy a new one. The idea being they will rent out the existing property and this will become an investment property.
Here are the common themes to this scenario that deserve careful consideration before making a decision:-
If you borrow money using the equity in your current property to purchase a new home, then you will need to borrow the full purchase price plus all associated costs (unless you have other cash to contribute). i.e. you will be borrowing 105% of the purchase price as a guide (allowing 5% for costs). The loan remaining on the existing property becomes tax deductible once that property becomes an investment property as is rented out.
The new mortgage, which is not tax deductible for example, would be $630k assuming a $600k purchase. You are left paying the higher debt from your post tax income, whilst the smaller debt left on the investment property becomes deductible (assuming you have reduced your mortgage
Ideally you would want to have this situation the other way round, with the higher debt on the investment property. It comes down to cashflow. When you sell, you have the cash to put towards the new home, taking a smaller non-deductible loan and thereby reducing your loan repayments. You will then have the option of putting the remaining equity into another investment, which then all the costs i.e. 105% of the new purchase would be classified as deductible or ‘good debt’.
Good debt simply means you are making more money that you are paying and using leverage to increase your wealth.
Servicing across New Farm, Teneriffe and the Fortitude Valley area, we at JRMBF are always only a short walk away for any advice and information you may need.
Get in touch with us today to organise an appointment.
There are many reasons to review your home loans and see how you can save thousands over a longer term. The mortgage market is very competitive at the moment – do you know what your interest rate is? When was the last time you took the time to review your current home loan? Did you know that most people are too busy with their personal lives to spend time reviewing their loan? This is a great time to look at many innovative options and competitive interest rates being offered in New Farm, Teneriffe & the Fortitude Valley area.
Maybe your personal situation has changed and you need to consolidate your high interest personal debt that is weighing you down, to a lower interest repayment.
We at JRMBF have multiple lenders competing for your business, with our guarantee being to get you the best rate for your personal situation.
If you are in New Farm, Teneriffe or the Fortitude Valley area and are looking for the best rates then come get in touch today to organise an appointment.