What Are the True Costs of Consolidating Debt Into Your Home Loan?
Consolidating credit card and personal debt into your home loan can genuinely reduce your monthly repayments - sometimes by hundreds of dollars -...
Only 9 weeks till the Governments First Home Loan Deposit Scheme is open for applications – and predictions are it will fill within 6 weeks.
So it is time to get working!! Join us Wednesday 12.30AEDST
https://www.facebook.com/learnwithjaneslacksmith/videos/2801951253183362/
Go to the Facebook page and type REMIND below this video to watch the replay and be reminded when we are live next time!
You have to get yourself setup for this amazing opportunity – even if they do it again next financial year the market would have moved up and you will be buying higher than you can now.
It is time – get ready follow our Financial Freedom Framework to get you set for success.
Join our First House Buyers Group First House Buyer so you can get expert help as well. https://www.facebook.com/groups/firsthomefirstinvestment/
Have you considered being your own boss?
There are many reasons why people take the leap and become self-employed.
You take full control of your career and get to escape the humdrum of the 9-to-5. It sounds like an amazing opportunity, right?
And if you get it right, you may earn more on your own than you’d earn with a regular job in your industry.
Unfortunately, your self-employment may cause you to struggle when you’re trying to get a loan for your first home.
Recently, clients of mine decided to become business owners, and managed to turn a small profit.
Still, those first six months showed much potential. They chose to stick with it – a decision that paid off in their first full year of business.
They increased their profits by 142% in 12 months. Now financially stable, and with 18 months of experience under their belts, they felt confident about going to a lender.
They wanted to get a home loan so they could start to grow a portfolio.
But their lender rejected them.
They’d been self-employed for less than two years. Worse, the lender would not accept their figures for their most profitable year alone.
Instead, they wanted an average between that year and the first six months of the business.
Investors Choice Mortgages knows the ins and outs of lending policies and which ones will suit you. We can help you set your lending up correctly to not only work for you now but for your long term plans. Getting this wrong could set you back years. Make a time to discuss your options with our dedicated team today, just book a time here for your complimentary call https://calendly.com/icm-discovery-call/fhb
Sometimes you don’t realise what could affect your ability to get a mortgage.
That’s what Laura discovered when she was in the midst of applying for hers.
Everything was going well with Laura’s mortgage application.
She had a solid two-year track record with her current employer, which showed that she was stable. Her lender pre-approved her loan.
But during the application process, another job opportunity came up. It offered Laura the ability to work casually for even more money than she got at her current job.
Naturally, she took the offer.
Since she was taking home a larger paycheque, she assumed that’s a good thing when it comes to serviceability.
But, her lender withdrew the loan offer.
Their reason?
She didn’t have 12 months of working casually under her belt.
Thankfully, Laura managed to get her loan approved with a lender who looked at her entire employment history, (they only considered this as it was the same position in the same industry).
But there’s an important lesson about assumptions here. Even a seemingly positive change like this could go against your current lender’s criteria.
Contact us today to find out what you need to do to get yourself in a position to borrow https://calendly.com/icm-discovery-call/fhb
It’s The First Home Buyers Show, where first home buyers go to watch their wealth grow.
Episode 2 of The First Home Buyers Show – Being a First Home Buyer at 51
So, first and foremost, we had a chat if you don’t remember, with Emma. Now Emma was a first time buyer and Emma has recently bought her first home at the ripe old age of 51, because she had given up with the fact that she would ever be able to buy a property.
Now, due to a certain windfall and bank of mom and dad coming in to assist, they were given the opportunity within the last couple of years to consider buying a property. And they looked everywhere around Sydney. And then they started to get laser focused, which is what you do when you have a Vision.
Get laser focused of what you want to achieve in the next year or three years. Because you need to remember, this house is not forever. They got laser focused, and they looked at what they wanted to achieve.
Next, they moved on to setting a criteria. So once they knew what they wanted to achieve, they then had, with laser focus, a criteria. Now, it took a little while to get that criteria, a lot of frustrations around what they could afford and where they needed to look, but they got rid of the areas they couldn’t afford, they decided on buying a house, and then they decided with three bedrooms.
So being crystal clear on that and on their price point got them to the area of the Central Coast. Once they got to that area, they then looked at, you know, their money management and what they needed to do to be able to afford a property going forward. Then they looked at sourcing the property, so this is all inspections.
Now, inspections are always fun when you start, but it can get really demoralising. A can of ‘V’, always helped me on my property inspections but the reality is that, you know, if you’re constantly looking day in and day out, and you’re finding things that you can’t afford or there’s not much on the market, it can be demoralising. And this is where people begin to settle. And to Emma and Ian’s credit, they stopped, they regrouped and realised that their price point was a bit too high in the suburbs they were looking, and they changed their areas.
This is sometimes what you have to do, and there’s a little bit of a grieving period that comes with it. There is so much mindset that’s actually associated with buying this first property or any property. So once they then had sourced that property, they moved on and they had done their inspections, and they got to the point where they had almost negotiated the deal, they got the price agreed, everything seemed fine.
I stepped in at that stage and insisted on a pest and building inspection, and thank goodness, as they found live active termites!
And these termites were active, it was in two points of the property. So this is where it really involved understanding whether it’s a walk away, or a leveraging situation where they could actually look at the cost of dealing with these termites and have that taken off the price of the property.
They persisted, they looked at what needed to be done, they spoke to the owner and then they negotiated. And the negotiation at that time became really, really painful as well. Now this is where a lot of people would just give up. But the tenacity and the drive of Emma and Ian kept them going, and they finally settled their property and they’re about to enjoy their four-week anniversary of being in the property.
So this The First Home Buyers Show and the interview with Emma, and it just goes to show you, you know, the journey of going from, “Hey, I’d like to buy a house” to actually settling on the property. It’s one that’s fraught with a number of decisions, can be fraught with a lot of frustrations, but if you follow the process, understand what to do every segment of the way, and that’s what we’re here to help you with, then you will absolutely Slam this!! and you will have a potential investment property in the future that renters want to rent and buyers wanna buy when it comes time for you sell.
The First Home Buyers Show – Where First Home Buyers Go To Watch Their Wealth Grow
Join us next week to discuss the art of negotiation
Here’s the link for Episode 3 Negotiations https://www.facebook.com/learnwithjaneslacksmith/videos/2801951253183362
Join me in our Group https://www.facebook.com/groups/firsthomefirstinvestment/
where I discuss this at length. Let me show you how this may not be the right solution for you.
Click here to see all the episodes > First Home Buyer Show Playlist
Getting a home loan is one of the biggest challenges that you’ll face as a first-time buyer.
A huge part of that challenge comes from raising your deposit.
Our #See it, #Set it up, #Source it, #Slam it, and #Stash it framework can help you with that. We’ll help you to get access to the Grants that can help, including the upcoming First Home Loan Deposit Scheme.
In one year, you’ll have your first property. And in year two, you’re ready to move out and use it as an investment property.
But there’s another challenge you have to face – the lender’s criteria.
Jenna and Howard’s Story
A young couple, Jenna and Howard thought they’d done everything right when buying their first investment property.
They’d saved the money for a deposit and gotten pre-approval on their loan through a mortgage broker.
All they needed to do was sit back and wait for settlement.
Then, the bad news came.
When the mortgage broker went back to get full approval for them, the lender declined.
The reason was that the lender didn’t think the apartment they intended to buy was suitable security on the loan.
Jenna and Howard had no idea because their broker hadn’t explained the conditions attached to their pre-approval.
Worse yet, they’d signed an unconditional contract for the property. That meant they’d lose their entire deposit if the mortgage fell through.
The Lesson
Luckily, the couple managed to find another lender that would accept the apartment as security.
But others may not be so lucky.
The lesson here is that you have to check every detail when applying for a loan. With lenders constantly tightening their criteria, you may get caught out if you’re not careful.
Furthermore, don’t sign an unconditional contract unless you’re absolutely certain that you’ll get finance.
The good news is that you’re not alone as a first-time buyer.
Help is at hand from Investors Choice Mortgages. We can help you to find and buy your first property. Plus, we’ll show you how to turn it into an investment opportunity within two years.
When you are ready here is 3 ways we can help you:
Consolidating credit card and personal debt into your home loan can genuinely reduce your monthly repayments - sometimes by hundreds of dollars -...
Government schemes like the First Home Guarantee and the First Home Owner Grant are genuinely game-changing for eligible buyers. But here is the...