Mortgage and finance

Who owns your house?

by Chris on January 12, 2011

Peter and Fiona have bought a house. They paid a deposit from their own money and took a mortgage loan in a bank to cover the rest (the loan was guaranteed by the house). The question is: who owns the house, Peter and Fiona or the bank? You will find the answer to this question [...]

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6 killer tips to save up for a deposit on a house

by Chris on December 10, 2010

Saving is a habit. I am going to be bold here and say that you are either a saver or a spender. All the savers in the house – my tips probably won’t reveal anything you didn’t know before, but they may refresh your memory. All the spenders in the house – read closely, follow [...]

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Mortgage stress and foreclosures in Victoria

by Chris on November 18, 2010

It seems that the financial balance of many home owners was very fragile. Could the latest interest rate rise be the straw that broke the camel’s back? Ever since RBA announced its decision to raise interest rates I am seeing foreclosures mentioned all over the country – first in Queensland , and now in Victoria [...]

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Is lenders mortgage insurance a necessary evil for homebuyers?

by Chris on November 7, 2010

Today, thanks to our guest poster Kristy Sheppard from Mortgage Choice, I have an article for you that will explain how lenders mortgage insurance works and how it allows you to borrow more than you normally would be able to. Personally, I am against borrowing more than 80% of the house value, but we all [...]

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Dealing with rising interest rates

by Chris on November 4, 2010

The RBA decision to lift interest rates by 25 basis points from 4.50 to 4.75 didn’t come as a surprise – in fact many of us thought it was only a matter of time. But when the Commonwealth Bank decided to lift the home loan rates by 45 basis points, now THAT was a nasty [...]

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Could refinancing make your mortgage easier to live with?

by Chris on October 21, 2010

First, just a short reminder – our free IKEA Family giveaway is ending today at midnight, so hurry up and add your comment on this post to win a free gift delivered to your door. And now, to continue our discussion about mortgages, I have another useful article for you today, that will be an [...]

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Steps To Slash Your Mortgage

by Chris on October 19, 2010

Ever since the beginning of the rumors last month how RBA may begin a rate hike, mortgages are on everyone’s mind. The reason why is quite obvious – the higher the cash rate, the more people with variable mortgage rate will pay every week, every fortnight, every month. This is why I declared this week [...]

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Do you know your credit score?

by Chris on September 14, 2010

As you may have noticed from my last post, one of the things first home buyers should know is their credit score. But as it turns out, not many people know what a credit score is. Even less people know what score is considered good, average or poor. And quite a small group of people [...]

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Want To Buy a Home – What do Banks and Lenders Consider?

by Chris on July 24, 2010

There are a number of factors a lender will consider when you ask for a home loan. Knowing what they are looking for can increase your chances of being approved. To qualify for any home loan you must have a deposit. Some Banks and Lenders will consider borrowers with a 5 per cent deposit, a [...]

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