Q&A about home loans with Obu Ramaraj, The Mortgage Angel

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Most Australians share the goal of owning a house. However, not everybody should buy a house until they have a basic knowledge about home loans. You need to keep in mind that your house will be one of your most valuable assets and you have to equip yourself with all the knowledge you need so that you can make a purchase you won’t regret. Also, a home loan is one of the biggest debts that can stay with you for a long time.

Have a Checklist

This basically entails that you need to write everything down – your goals, all the research, the contacts and anything else you need to document. Moreover, all the things you need to do in a step by step manner. If you are new to this idea, then it’s best that you ask help from a mortgage broker who has your best interest at heart.

The Home Loan Jargon

Terms like “offset account”, “lenders”, “lenders mortgage insurance”, “credit scoring” and other terms can be a bit overwhelming. And if you really don’t understand, you should ask a professional. When you meet a lender or a mortgage broker, many a times they do not spend the time to educate you on the basics.

Mortgage Plans

It is not just enough to go ahead and get a loan without a plan. Most people assume a loan is for 30 years and work on paying it in 30 years. However, you should have a goal and a plan to pay it off sooner. Are you going to fix your loan or should it be variable? Think through and get some help if you need to plan to pay it off in 5 or 10 or 15 years time.

Different Types of Loans

There are thousands of loans available that you can choose from, many of which are not available through a branch that you can walk into. Thus, it’s highly important that you identify the right loan that is suitable for you.

Are you looking to buy your first property?

Do you have lots of questions, but no one to answer?

Or, you just want to buy, but don’t know what questions to ask?

Are you feeling overwhelmed about the home loan process?

If you answered YES to any or all of the questions above, then I cordially invite you to our FREE Question and Answer Session with Obu, the Director of Smart Money Solutions regarding any burning questions you have about Home Loans.

When: Fortnightly starting 29th January at 7:00 PM

Click Here to register for the webinar.

Dangers of using small builders

Home Buyer Central

 

Bad builders

I was just talking to someone today and it was about how sometimes you get pushed into doing things that you don’t want to do. Somehow the topic went on to off-the-plan purchases and then this person was telling me a story about her very first purchase some 6 years ago.

She had signed up to purchase an off-the-plan purchase apartment – one among the five built. Apparently, the builder used her loan to complete the rest of the four! She didn’t know about it then.

When she moved into her (imagine how exciting moving into a first property you’ve purchased), the nightmare started. She moved in and the electricity was not working – so didn’t the gas. The knobs were all there – but when she turned them on – nothing happened!

Two days later, her friends and she realised something – the toilets and sinks were not sealed. When she called the builder to ask about it, the answer she got was that she had not requested them to seal it all! This after the builder had got an occupancy permit!

After three months of arguing, she was over it. Being single, her father then had to intervene and take the matter to VCAT to get it all fixed. To cut a long story short, the attitude of the builder towards her was simply not acceptable.

This has put her off against buying any more properties at all.

Do you have a similar nightmare story to share having used a small builder?