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All Together Finance specialise in helping you find a suitable loan for your circumstances. We’ve been able to help people with very little savings, as well as first home buyers and also credit impaired people. We can help you with refinancing, commercial loans, building loans, business loans, leasing as well as debt consolidation, and the purchase of an investment property.

Our services are provided to you free of charge, in fact it costs you no more to deal with us and you have a choice of many lenders including all the Major Banks.

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  • Basic home loans
  • Investment home loans
  • Equity loans and line of credit facilities
  • Low doc home loans
  • Non resident loans
  • Relocation loans
  • Personal loans
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What to consider before renovating

The decision to renovate is a common sticking point for homeowners, who can spend hours weighing up the cost benefits.

Whether your motivation is to add value to your property or to add a touch of your personality to the home, renovations are expensive and debt often follows.

By working with a mortgage broker you will be able to find solutions that benefit your long-term goal, rather than hindering future plans.

While your MFAA broker can’t assist you with forecasts on future property values, he or she can help you reassess your current financial position, run through your plans and future payments, and decide if you can afford to take on more debt.

Laying the foundations
With a broker in your corner, the next step is to investigate how much you need to borrow. Work out the specifics of your renovation, what the average cost to renovate is in your area and how much you are eligible to borrow. You should aim to spend no more than five per cent of your property’s value on renovation.

If renovations are likely to take over your living quarters you may need to also consider the additional cost of accommodation for the renovation period.. This is another cost to factor into your budget.

Get bang for your buck
Once you decide to renovate, if you are trying to add value to a house to resell, it is important to look at the rooms and areas that will add the most value. These are average renovation prices, however prices will fluctuate based on the city and suburb.

• Kitchen

If you are a fan of the show The Block, you will know kitchens sell houses. According to realestate.com.au, the average renovation cost you should be spending on a kitchen is between $12,000 and $16,000.

● Bathroom

The average bathroom space in Australia is six square metres. Look to spend around $9,000 - $12,000 as the bathroom is a highly trafficked space and needs to appeal to a wide variety of investors.

● Other areas

An extra bedroom or a deck outside both add appeal and improve the standard of living for the homeowners.

Finishing touches
The final hurdle to look at is the council fee. The council can charge you up to $2,000 for an application fee, although prices can vary. After speaking to a broker and finalising the renovation, make sure you account for an extra 10 per cent in your funds, to cover any unexpected costs.

Deciding on the type of loan

If after the assessment and investigation you decide to renovate, there are three types of loans to consider to help refinance and renovate your house: a line of credit loan, a construction loan or increasing your existing home loan.
Contact your broker

To make sure you get a great outcome, speak to your MFAA mortgage broker.
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5 months ago  ·  

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The perfect property at an affordable price - it’s not a myth
So you’ve found your dream home, but it’s in need of a little TLC. While others may see this as a deterrent, this is actually a great opportunity to nab the house of your dreams at a price tag that’s within your means. Here’s how to tactfully negotiate the price without ruining your chances of securing the property.

Never enter a negotiation empty-handed
Whether it’s hiring inspectors for a building and pest report, or obtaining quotes from tradespeople, obtaining facts and figures will give you ammunition when requesting a price reduction.

“Even if it costs you extra, it’s worth getting all the information before making your offer. People often underestimate how much repairs will cost,” says the real estate agent.

Separate your emotions
The most tactful way to negotiate is to eliminate all emotions, advises the real estate agent. “Try to separate yourself from the outcome and present your side logically. The owner is under no obligation to accept what you offer, no matter how well you present your points. So if things don’t go your way, being negative won’t do you any favours.”

Remember this is someone else’s house
Negotiation is a two-way street, so in order to come to an agreement, concessions will have to be made on both sides. “Try to understand what is important to the owner,” advises the real estate agent. “What can you offer to counteract the price reduction you’re after? Perhaps a longer settlement period so they can find a new home? It’s little enticements like this that can often be much more valuable than a couple of extra dollars.”

If you don’t ask, the answer is always going to be no

“I’ve heard a lot of weird and wonderful requests when it comes to purchasing a house, so really you can ask for anything. Whether or not it will be accepted is another thing,” advises the real estate agent.

From wanting certain fixtures included in the sale price, to extra inspection requests, you won’t know what the owners are happy to give if you don’t voice your desires. However, before you go wild with requests, think about what is most important to you, as realistically the owners aren’t likely to budge on everything.

“In theory, you can inspect a property as many times as you like. In practice though, it will depend on your agent’s availability and whether or not the owner is currently living in the property,” says the real estate agent. “You might put off the owner if you are constantly disrupting their day, so as an alternative I’d suggest visiting the street at different times during the week. You don’t have to enter the actual home to get a vibe of what the neighbourhood is like.”

A house that requires a bit of repair work is a great bargaining tool and generally an opportunity to secure a good price. With the advice of industry professionals, such as an MFAA accredited broker, securing your dream home may be closer to a reality than you think.
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5 months ago  ·  

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Why does my broker ask for so much documentation?

No one likes paperwork; however, providing your broker with the right documentation will save you time and money.

What information will your broker ask you to provide?

When you ask to enlist the services of a broker, they will probably ask you for the following documentation:

● Identification, including photo ID such as driver licence
● Income verification documentation such as recent payslips
● Birth certificate, if you are applying for a government funded first home owner grant

Depending on the lender or bank you would like your broker to apply to for your loan, you may also be asked to provide:

● A recent PAYG summary
● A notice of assessment from the Australian Taxation Office
● Tax returns
● Proof of your contribution toward the transaction, such as savings or deposit statements
● Purchase contracts for a home loan, including building contracts, or plans if building

While it may seem that you are climbing the Mount Everest of paperwork, a broker will ask for all of this to ensure they are protecting you and that they get the best possible deal.

“Gathering various forms of documentation allows brokers to do a fact find, which is an important part of the loan process,” explains Mortgage Consultant Justin Lidgerwood from Mortgage and Finance Solutions.

This is the process by which brokers ensure that they match a client with a loan that helps them achieve their property goals, whether that is buying a home to live in, one to renovate and sell, or a long-term investment, and one that matches their financial positions. “Brokers do not want to put prospective loan clients into a situation where they cannot afford to repay their new loan commitments,” says Lidgerwood.

] Will a bank ask for the same documentation?

If you apply for a loan with a bank that you do not currently have an account with, they will require much of the same information as a broker would.

Although borrowers may be able to avoid the paperwork by applying for a loan with their current bank (which will already have a lot of information on file), this means being constrained by the products that bank offers and risking missing out on a great deal.

“The benefit a broker has compared to an individual bank, is the broker has access to most banks and lenders across Australia,” Lidgerwood says. “Lending policies and pricing vary greatly across the lending market and some clients do not realise this, so why waste time going direct to a bank?”

It is also likely to mean missing out on having a broker match a loan to longer-term goals, rather than just a purchase price and interest rate.

Saving you time and money

Lidgerwood says a broker can usually tell a client within 10 minutes whether they have a chance of obtaining loan approval.

“Brokers have access to bank loan affordability and serviceability calculators, which show clients’ potential borrowing capacity,” he explains. “Depending on the size of the funding required, and the loan to valuation ratio, these days the banks are extremely competitive, and we can quite often get a better price deal than advertised.”

If a client is not yet in a position to obtain a loan or has a credit issue on their file, such as a default, having a broker on-side can be invaluable.

“We can guide the client with a view of getting default removed, or waiting until the default drops off the client’s credit file,” Lidgerwood explains. “Most brokers are accredited to gain access to client’s credit files these days, which is an extremely important issue due to the banks’ risk scoring.”

In a nutshell, a broker will shop around to get the best possible deal for you, their client.

MFAA accredited finance brokers are the experts in finding you a loan that matches not just your finances, but your future plans.
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5 months ago  ·  

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