Mireille Lahoud - All Loans Financial Solutions

Late night laugh 😂

Do you have Loan Protection or Mortgage Insurance? Know what you're protected for...

Some great tips there, worth reading if you want to save a deposit💰 to buy a 🏡 or even to build wealth through investing 💸

“The presence of the mortgage broking channel is one of the few drivers of competitive tension in the Australian lending market. A consumer dealing directly with a lender has limited negotiating power or knowledge of the interest rates and lending criteria offered by competitors”
Such a simple straight to the point statement by AFG. Why deal directly with one bank when you can have a choice of so many and most of the time we don’t charge you for our service?

Forget the cool city pad, millennials want a three bedroom house near family and green spaces....... According to ING’s new Millennial Homeownership Report published on 16/05/2018 : - Three (or more) bedroom suburban home, the preferred choice for millennial first home buyers. Only 7% want a one bedroom apartment - More than a third (38%) of millennials are saving to buy a home within the next three years - 61% admit they aren’t sure how much they need to save for a home depo...sit. This includes 40% of those that are currently saving for a home deposit - 57% of millennials are cutting back on luxuries like going for dinner in order to save for a home deposit
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Merry Christmas everyone 🎅🏽🎅🏽🎅🏽

Good to see...Personally met and assisted much more first home buyers this year than ever! loved sharing the experience with them while guiding them along the way to achieving their dream of owning their first home...

What "genuine savings" means for first home buyers?
If you apply for a home loan, particularly if the loan is for more than 80 per cent of a property’s value, you’ll more than likely have to prove to lenders that you have a satisfactory amount of savings. This is to demonstrate your ability to funnel a portion of your income into repayments. Although it can differ, in most cases lenders generally look for consistent additions to savings over a period of at least three months ...and preferably a year or more. This means that the following are not considered genuine savings: ● a cash gift ● an inheritance ● casino/other gambling winnings ● proceeds of the sale of a non-investment asset ● government grants and other finance offered as incentives
Can I still get a loan without genuine savings? well, there are other options with some lenders and here comes the importance of going to an experienced credit advisor/finance broker: - Guarantor Loans - Strong rental record for over a year - Other significant assets such as shares, managed funds,...etc
We are trained to have knowledge of a broad spread of products from multiple lenders (currently we're accredited with 23 lenders), so we'll be able to match you with the right lender and loan depending on your full situation.
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How Aspiring First Home buyers are saving for deposit?
The record-low interest rate environment and soaring house prices in recent years continues to push aspiring buyers further away from the reality of owning their own home. First-home buyers are being forced to make sacrifices about the type of property they buy and its location so they can afford to get their foot on the property ladder. A big relief came with the recent state announcement saving first home buyers to pay... stamp duty on existing and new homes up to $650,000 and provide stamp duty discounts for homes up to $800,000.
While first-time buyers say saving a portion of their wage is the most common approach to getting a deposit together, pooling their funds with a spouse or partner is also popular or getting an inheritance from parents or family.
To start with, you need to set up a good, strict budget and sticking to it is the key to success. The budget needs to be realistic and you have to put a plan to achieve it.
Repaying a mortgage to the bank is a huge commitment and the only way to see if you can make that commitment is to start with how much you can save on the side each month. It's like training yourself to make those repayments every month. If you're renting, then how much extra on top of rent you can put aside.
While saving for 20% deposit is desirable to start with, if you don't have sufficient deposit there are alternative ways that you can consider.
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Is a family guarantee right for you?
Entering the property market is no easy feat for a first homebuyer, but even parents or family members who aren’t prepared to hand over cash for a deposit may help by being a guarantor on a loan. Before taking the plunge however, it’s crucial to be aware of the implications involved. Here are three questions to ask yourself to see if a family guarantee is right for you:
1- Is the guarantor financially fit to provide the guarantee? i.e enou...gh equity, financially capable to pay off the loan if the borrower can't ...
2- Do the benefits outweigh the risks? not paying the mortgage insurance versus placing a mortgage over the guarantor's property...
3- Are there other ways they can help without being guarantor as such? contributing to the deposit...
If you're still not sure if this is the right solution for you, stay tuned for our next posts on how to budget to save for a deposit and what "genuine savings" mean.
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Who are the different parties involved in purchasing property?
Purchasing a property is a thrilling yet nerve-wracking experience, which is why it can be handy to surround yourself with a network of support and expertise. Here are the different parties who may be involved in your home-buying process and how you can use this valuable knowledge base to answer your questions.
Real estate agent... Hired by the vendor, or seller, their role is to market and communicate about the property, advise on preparing it for sale and negotiate with potential buyers.
Insurance companies Insurance, including mortgage protection and property insurance, will help you avoid being hit with a major financial burden should anything not go according to plan.
Conveyancer The legal aspect of a property purchase is taken care by a licensed and qualified conveyancer. Their role is to prepare the documents to ensure that transfer of ownership of the property has met the legal requirements in your state or territory.
Valuer A lender will often engage an impartial valuer to ensure that the buyer and the lender will know what loan amount may be warranted. The value is based on the property and location, as well as the current market.
Pest and building inspectors Without the services of pest and building inspectors, a homebuyer’s worst nightmare – finding out the property they have bought requires costly renovations or pest treatment – may come true. Your conveyancer will be able to order these reports for you.
Finance broker/Lender Brokers act as a liaison between you and the lender,whether it’s a major bank, a second-tier or non-major, or a specialist lender for more difficult funding proposals. They will find out about your finances and your property goals, and search for and negotiate a loan product that matches your needs. Not only will they do the legwork and ensure your loan is processed as smoothly as possible, but they are there to guide you throughout the entire process.
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What comes first: the property or the loan?
It’s easy to get carried away with the fun part of buying a property – looking at houses – but delaying the less compelling task of arranging finance will weaken your negotiating position on BOTH the property and the loan. Gaining pre-approval with a lender will give you confidence about how much you can afford to borrow. It shows you mean business, and gives them peace of mind that your financing will not fall through. Sellers and ...agents are most interested in completing their sale fuss-free and with steadfast funding, and showing that you are capable of both will help put you at the top of a potentially competitive list of applicants. In the instance that you find and secure purchase of a home without having your loan pre-approved by a lender, there are a few pitfalls that you risk running into. One of these risks is forfeiting your initial 10 per cent non-refundable deposit you need to put down to secure the property. Saving home loan applications to the last minute also leaves less time to find the most suitable loan and have it approved ahead of settlement. This will only add pressure to the process and gathering correct paperwork in time.
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Over the next few weeks I will be sharing with you my expertise about buying your first home and some strategies to help you achieve your dream.
Some of the content I will share with you will require further consultation. As you receive it feel free to pick up the phone and call me on 0414 739 677.

They agreed to disagree on all but Melbourne houses...good read though

Did you know that you get the interest rate on offer when your loan is settled rather than the interest rate at the time when you applied? The solution is to rate lock - if you're applying for a fixed rate home loan...A rate lock protects the borrower from rate fluctuations for the duration of the lock period - usually 90 days.

The RBA met industry expectations today, announcing its decision to hold the official interest rate at the record low of 1.5 per cent for July. The cash rate last moved in August 2016, shifting down to the current rate.