Glad it was helpful! Thanks for watching Hudz!

Hi Rowee. Thanks for reaching out with your question about the "build now, pay later" model. It's a new trend that's certainly causing a bit of a stir in the property market. This method of home building can seem quite attractive, especially to first-time homebuyers. It essentially means that a builder will construct your home and you don't have to start paying for it until the home is completed. This could potentially help you avoid paying rent while waiting for your new home to be completed, since you can continue living in your current accommodation until the new home is ready. However, it's important to take into account a few things before jumping into this model. For one, the ultimate cost of the house might be higher than you would pay if you went with a traditional mortgage model because the builder may include the cost of financing the construction within the sale price. Furthermore, you should also be aware that once the home is completed, you will need to secure a mortgage to pay the builder. In essence, the "pay later" part of the deal means getting a mortgage at a later stage. As a mortgage broker, we can definitely help navigate this process, but it's important to keep in mind that approval isn't guaranteed and will depend on your financial circumstances at that time. Also, there are some potential risks around the property market fluctuations. If property prices drop while your home is being built, you may find yourself in a situation where you owe more than the property is worth when it's time to secure the mortgage. In conclusion, while "build now, pay later" may be a good option for some, it's crucial to understand all the details and potential risks before committing to it. I would recommend discussing this with a trusted financial adviser or a mortgage broker (like us) to make sure it's the right move for your specific situation. Please let me know if you have any more questions or if there's anything else I can help you with. Kind regards, Nathan

Thank you so much Nathan for answering my question. :)

Yes, you can use your super money to help buy your first home, but only through a special program called the First Home Super Saver Scheme. This program lets you save money inside your super account because it gets taxed less, helping you save faster for a deposit. You can put in up to $15,000 each year, up to a total of $50,000. When it's time to buy your house, you can take this money out to use for your deposit. It's a helpful way to get into your first home sooner. Just make sure you check if you're eligible for the scheme. More info - www.huntergalloway.com.au/first-home-super-saver-scheme/

Glad it was helpful!

Firstly, congratulations on taking the leap from hobby to full-time business-that's a significant milestone! Also, it's fantastic that you're already looking ahead to buying your first home and gathering your financial documents. You're on the right track with gathering notice of assessments, maintaining a clean credit history, organizing your bank statements, and having 2 years of personal tax returns. These are indeed the key items most lenders look for, especially when you're self-employed. In addition to those, you might also consider the following: Business Financials: Some lenders may ask for your business financial statements to get a complete picture of your income. This usually includes profit and loss accounts. GST Registration: If your annual business turnover is above a certain threshold, you'll need to be registered for GST. Lenders may ask for evidence of this. Accountant's Letter: Some lenders accept a letter from a certified accountant that vouches for your income stability. Savings History: It's great that you're saving for a 10% deposit. Some lenders also like to see a consistent savings history apart from the deposit. Proof of Regular Income: As a sole trader, if you have contracts lined up for future work or other proof of steady income, that can be a plus. Debt-to-Income Ratio: Keep your debts low. Lenders will look at your debt-to-income ratio to gauge your ability to manage mortgage payments. First Home Owners Grant: Since you mentioned you're a first home owner, make sure to check if you're eligible for the First Home Owners Grant in QLD, as this can give your deposit a nice boost. Pre-Approval: Though you're looking to buy in the next 2-5 years, when the time comes, getting a mortgage pre-approval will give you a clearer idea of what you can afford. Consult a Mortgage Broker: As someone who's self-employed, your case might have unique nuances. A mortgage broker can help navigate the best options for you. I hope this gives you a more comprehensive view of what you'll need for mortgage approval. Feel free to reach out if you have any more questions or need further clarification. Cheers! Nathan at Hunter Galloway

Thank you very much for the awesome advice and insight, this really helps me out a ton. Have an excellent week Hunter Galloway!@@MortgageBrokerAustralia

Hi d.j.z.j. That's right. Typically when releasing equity, we'd look to lend up to 80% of the property value. It's essential to note that lenders will consider factors beyond equity when assessing loan applications, such as income, credit history, and borrowing capacity. Additionally, lending policies can change, so it's always recommended to consult with a financial advisor or mortgage broker to get the most accurate and up-to-date information regarding loan requirements and borrowing limits for investment properties in Australia.

Certainly! When you have a permanent job position, it provides a level of financial stability and assurance to lenders. In both Queensland (QLD) and Western Australia (WA), many lenders do offer mortgages with a 10% deposit. We also have the home guaratee that allows a 5% deposit with no LMI. Feel free to reach out with us if we can be of any help: www.huntergalloway.com.au/contact/

@@MortgageBrokerAustralia thank you Nathan

Hi unkown. Australia is currently experiencing a surge in home loan repayments due to an increase in interest rates. This has largely affected homeowners with fixed-rate mortgages set to end this year and the next, as they transition to a higher variable home loan rate. The implication of these fixed rates ending is significant, with estimated increases in monthly expenses of up to $1200. If the Reserve Bank of Australia continues to increase the cash rate in the coming months, these expenses could rise even further. While there was a temporary halt in the cash rate increase this month, it is implied that the Reserve Bank might have intentions to increase the cash rate in the near future, which could lead to higher interest rates. While it is clear that the interest rates have risen recently and this has caused a lot of financial strain, there are also strategies for homeowners to manage these increases, such as negotiating current rates with lenders, considering refinancing, seeking assistance if struggling, and adjusting budgets. High interest rates are unlikely to remain elevated for a long period, based on historical trends. Peak interest rate periods have typically lasted from 4 to 16 months, averaging at 10 months. Thus, while the current situation is challenging, it may not persist in the long term. This is, however, an educated prediction and actual interest rate movements can be influenced by a variety of factors, many of them unpredictable. So, in summary, while it seems likely that interest rates could continue to rise in the short term, they are also expected to eventually fall back down, although the exact timeline is uncertain. It's crucial to monitor updates from the Reserve Bank of Australia and financial news for the most accurate and up-to-date information.

Hi Matt, thanks for the feedback. Appreciate you taking the time and will review the way we do things to see what we can do here. Really appreciate it

@@MortgageBrokerAustralia thank you and your team for making some of the best Australian content in the finance space. Thanks for being so receptive to a single viewers opinion.

Thanks Matt, no worries at all and truly appreciate the feedback, as it does help us ensure we are delivering what's important to our viewers. It's getting the right balance, will aim to have the format updated for the next one and thanks again

Hi Matt, see our latest video: kzfaq.info/get/bejne/adGogZSDv9mck3U.html and thanks again for your feedback!