Entries by Abl IT

What is a Loan Default?

When someone defaults on their home loan it means that they have not made their payments on time. Generally, banks will send a letter to the customer if a payment is late and they will usually charge a late fee or penalty. If a customer continues to miss making their payments for a period of […]

Refinancing Home Loans

Refinancing Home Loans If your home loan is no longer meeting your financial needs or your bank arrangements have changed, you might consider refinancing to another lender. Refinancing could save you money over the long term. A Mortgage Broker will shop around and find a loan that will meet your financial objectives and goals. This […]

Timeline for House Purchases – Queensland

  Time Line [Day 1]————————————–[14 Days]————————————-[30 Days]   Insurance Building & Pest Settlement Date (Day 2) Finance Due Day one – All parties agree on the purchase price and sign the contract. The contract is then dated and your time line begins. Day two – If you are purchasing a house, you are responsible for […]

Guarantor Loans

Guarantor Loans Many lenders allow a family member to help their kids or other family member to buy their own home by providing additional security. The person providing this assistance is known as a guarantor. This is different to being a co-applicant or co-signer. A co-applicant is included on the loan and will be responsible […]

Fixed interest rates versus Variable interest rates

Fixed interest rates versus Variable interest rates   Variable rates can move according to market conditions. They can vary up or down as the economy dictates. Variable loans are usually more flexible and allow customers to make extra repayments without any kind of penalty. They normally have either an offset facility or a redraw facility. […]

Genuine Savings

Genuine Savings for a Home Loan Deposit     Saving for your first home can be a hard job.  It takes commitment, time and dedication to get that deposit together.   So, what do banks look for?   Generally, financial institutions require borrowers to be able to demonstrate that they can be good savers.  Home […]

First Home Owner Grant (FHOG)

NSW  – Effective from 1 January 2016 till 30 June 2017 Queensland  – Effective from 1 July 2016 till 30 June 2017   The new grant of $10,000 (NSW) and $20,000 (QLD) is available to first home owners who will be buying or building a new home. The FHOG applies to new property bought or […]

What is a Deposit Guarantee?

A Deposit Power Deposit Guarantee acts as a substitute for the cash deposit required by the purchaser between signing a contract of sale and settlement on a property. It acts as a guarantee of the deposit payment. At settlement the purchaser simply pays the full purchase price including the deposit. Deposit Guarantees can sometimes be […]