Getting a Home Loan in Australia It’s not just fashion that comes back! There is a current Government Review into Bankers Lending Policies, making this six-year-old video extremely relevant. This video demonstrates how the world turns – we are back to where we were before banks started making credit easier to obtain! Video Transcript: How […]
Hоw tо Get an Mоrtgаgе Withоut Dосumеntеd Inсоmе Gеtting a hоmе mоrtgаgе gеnеrаllу invоlvеѕ thе аррliсаnt рutting together mоuntаinѕ оf documents аnd рlасеѕ undеr the microscope every single fасеt оf their finаnсiаl position. Aррliсаntѕ in ѕtеаdу еmрlоуmеnt usually fаrе bеѕt with traditional lеndеrѕ. Sеlf employed persons, people оn a реnѕiоn, рrоfеѕѕiоnаl invеѕtоrѕ and other people […]
Why having a Loan set up with Experienced Brokers is a lot different to having one set up by a Bank This video explains the differences between loans put in place by banks or inexperienced brokers and the risks you are exposing yourself to by doing so. Risks can be mitigated by having a better […]
How Easy it is to Access a Home Loan in Australia Having a nice cozy home in Australia is everyone’s dream. Whether you want a home for your family or for yourself, which place can be better other than Australia with beautiful beaches and amazing summers. There are different types of mortgages available in Australia […]
Owner Builder Loans: How it Works, Benefits, Things to Consider Owner builder loans are hard to get. This is because owner builders are generally thought of as high-risk borrowers by banks and loan companies. In any event, an owner builder loan can help you get much-needed funds for your project. Below are a few primers […]
[featured-video-plus] Owner Builder Lending Easier with Intellichoice This video will provide insight into how to prepare for Owner Building with the aim of making the build and loan management process significantly easier. Knowing up-front what is required supports the project to be fluid and consistent through to completion. A common mistake made by Owner Builders […]
What is the Situation with Owner Builders in Queensland? In all states and territories within Australia except Queensland, you can get “Builders Warranty Insurance”. This is insurance that “is acquired by the builder and issued to the homeowner to protect them against loss due to non-completion, defects and breach of statutory warranties by the builder. […]
Not everyone is as passionate about Owner Builder Loans as Jo King of Intellichoice Not everyone is as passionate about Owner Builder Loans as Joanne King of Intellichoice, a Brisbane based company that specializes in obtaining finance for Owner Builders. According to Jo, the client projects that give her the most satisfaction are the ones […]
Top Tips for Successfully Owner Building a Project At Intellichoice, we’ve been helping Owner Builders turn their dream houses into a reality for more than ten years. We’ve seen lots of people embark on the Owner Builder adventure and we’ve learned (sometimes the hard way) the most common mistakes that can trip people up and […]
Why Do Banks Value Owner Builder Projects Differently? One of the key pieces of information Banks and Financial Institutions use to assess loans is the End Market Value which, as the name suggests is the value of the property once the renovation or build is completed. When valuing a standard construction home loan contract – […]
What Do I Need to Know About Insurance for Owner Builders One of the most important things to consider about becoming an Owner Builder, even before you establish how and from who you are going to get Owner Builder finance, are the legal implications that come along with that decision. The legislation for owner builders […]
Is it Hard to Get Finance as an Owner Builder? It can be challenging and frustrating but can being an owner builder can also be ultimately rewarding. One of the best tools you can arm yourself with before you start is information and knowledge. Before you decide to be an owner builder, you need to […]
Don’t Become an Owner Builder Without the Right Finance Building your own home or renovation is potentially one of the biggest projects most people undertake and becoming an owner builder can be an even bigger challenge and the decision should not be taken lightly. One of the main reasons that people become owner builders is […]
Why Your Project Needs to be Financed with a Construction Home Loan The great Australian dream of owning your own home is an extremely strong part of our culture. Many people plan and save for their homes for years only to find that they can’t find the house that is exactly what they are searching […]
Why do you need to know about owner builder construction loans? For many people, particularly those that are new to the area of construction, owner builder construction loans can, at first glance at appearing daunting and a bit scary. Once you understand both the industry and process however, you can quickly understand that they are […]
When you make the decision to become an owner builder, one of the first questions you need to ask yourself is how much will it cost? Pretty quickly after then, unless you are lucky enough to have a significant amount of cash, you’ll be thinking about how to go about getting an owner builder construction […]
Building Construction Buildings Among the best ways to commit to a strategy would be to write it down and stay with it. As soon as you’ve decided you want to go down the proprietor path, you’ll want to have a handle on how you’re going to fund it. At this point, most folks begin to […]
If you’re an Australian citizen living and working overseas, it’s still possible to get a home loan to buy property in Australia. Living and working overseas for a year or more is a rite of passage for several Australians, and although your career or personal life has taken you overseas for a time, there’s a good chance that you still call Australia home. But what happens if you’re an Australian citizen living and working abroad, and you would like to take out a home loan to buy property in Australia? Do lenders offer home loans to Aussie expats and will you be able to get a competitive rate? The good news is that a wide variety of banks and non-bank lenders offer Australian expat home loans. However, there are certain terms and conditions attached to these mortgages that you simply be aware of before you apply for a loan. You can apply for an Australian home loan to buy property or to refinance an existing loan. This type of lending is often referred to as expat lending, and whereas some banks won’t provide mortgages to Australians living abroad, there are plenty of lenders that can offer the financing you need Home loans available to Australian expatriates: A line of credit: A line of credit loan provides you with access to the equity in your home or investment properties up to a pre-approved limit. You access the funds as you would like to. The rate of interest on a line of credit loan is typically a variable rate and repayments are interest-only. Standard variable rate home loans: Standard variable rate loans are Australia’s most famous type of home loan. The interest rate changes throughout the loan term. These loans, for the most part, offer excellent flexibility, low fees and often offer features such as an offset facility, redraw facility, no limits on additional repayments and in most cases, no early payout penalties. Split loan: Joining the security of a fixed rate home loan and the advantages of a variable loan, the split loan option allows you the flexibility to pick how much money you assign to each loan type. Basic split loan ratios are 50:50, 70:30 or 60:40 over a two-way fixed and variable rate. The key consideration generally comes down to the amount of risk you want to take on the cash rate going up or down. Construction loans: If you are building your own home or investment property, a construction loan might be appropriate for you. This loan requires a fixed price building contract from a registered builder. These loans are normally interest-only for the period of building and then become principal and interest once the building is completed or, subject to negotiation, this interest only term can proceed A construction loan enables you to draw money as is required while building.
Becoming an Owner-Builder If you’re thinking of turning into an owner-builder, you may be wondering about saving money and having additional control over the finished product. Both are great reasons to explore this selection – however, the success of either can rely on your skill and ability. The other crucial issue to think about is whether or not you have got the time to devote to a building project. Bear in mind a customary build usually takes longer and Still, saving money and imposing your standards sounds pretty good. But as an owner-builder, you become responsible for everything associated with the project. Basically, you also assume all the responsibilities. Unless you’re feeling very confident in your experience and expertise, this could be a big risk. Another key factor in becoming an owner-builder is that several lenders will only finance the construction of homes built by licensed builders. So if you’re planning to do a lot of the work yourself, make sure to ask your lender ask about their requirements ahead of time. To sum up: If you’re set on building, considering your timeline and budget can help you to decide which method or technique can suit you best. While becoming an owner-builder could mean some financial savings, this is a skilled role and you should only consider taking this on if you have experience in project management. A hot topic for owner-builders is owner builder financing. “How do I go about figuring how much home I can afford to build?” Well, if you plan on financing your project, there is a simple process. You may simply fill in our contact form and one of our Home Loan Experts or Consultants will get back to you and you can explain your goal. Ask them to evaluate your financial position and give you a specific amount …General rule – If you don’t have a background in the construction industry is it not recommend that you build your own home, as there are a lot of extra expenses and process that you will not be aware of.
Purchasing Your Own Home is an Important Life Milestone for Many People Buying a home with poor credit file is not impossible. There’s a possibility that some lenders will be able to recognize that poor credit doesn’t necessarily mean you will default on a mortgage due to uncontrollable life events, such as suddenly losing your […]
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