Navigating the world of mortgages can feel like learning a new language. There are so many terms and processes involved! To help simplify things, let's break down the ABCDs (and beyond!) of mortgage broking, giving you a clearer picture of what to expect.
Your budget should be based off your take home income, from your base pay–if you receive overtime or allowances try not to include this.
Being a homeowner, you'll now have new bills to pay that you’ve never had before. So, in your homeowner budget be sure to consider; internet, gas, electricity, council rates, body corporate fees, building insurance, transport costs (tolls, petrol, car service, rego) and the big one in these hard times…. FOOD!!
The federal government's Home Guarantee Scheme (HGS) is helping first home buyers on modest incomes enter the market with small deposits, according to research commissioned by the National Housing Finance and Investment Corporation.
Some of the key findings highlighted from the research:
The average annual income of individual HGS participants was $108,000 compared with $117,000 for the broader first home buyer market
The average deposit paid by first home buyers since 2020 increased by 3.4% (from $35,200 to $36,400) for HGS participants but 46.7% ($108,400 to $159,000) for the broader first home buyer market
The average loan amount since 2020 increased by 4.7% compared with 13.4% for the broader first home buyer market
The research also found that the average HGS property has enjoyed an equity gain of $82,000.
Under the HGS, first home buyers can enter the market with just a 5% deposit – but conditions apply.
Are you interested? Get in touch with one of our mortgage experts and we can confirm whether you’re eligible, and if you are, help you apply for a loan.
It’s a promising time for first home buyers, get in touch if your need guidance!
Thursday, Mortgage Professional Australia revealed the Elite Women’s list, the standout female leaders in the Australian mortgage industry for 2023. TM Finance Group is super proud to announce that company Director, Belinda Gibson has earned this title for yet another year, along with the previously announced ‘Elite Broker’ title announced earlier this week.
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