In this insightful episode, Michael sits down with Jason from Kaleido Loans to tackle some of the most frequently asked questions about mortgages, home loans, and refinancing in Australia. Whether you’re a first-time homebuyer or looking to refinance your existing mortgage, this conversation is packed with valuable tips and expert advice that can help you make informed decisions and potentially save a significant amount of money on your home-buying journey.
Understanding Your Borrowing Power
One of the key topics discussed is borrowing power—a crucial factor in determining how much you can borrow to purchase a property. Jason explains how a borrowing power calculator works, what factors influence your borrowing capacity, and what you can do to increase it, even if you’re currently facing limitations. If you’ve ever wondered how to buy a property with low borrowing power, this segment is a must-watch.
Choosing the Right Lender: Big Banks vs. Alternatives
Another critical discussion revolves around why many Australians choose large banks like CBA (Commonwealth Bank of Australia) despite the often better mortgage rates offered by alternative lenders. Jason delves into the reasons behind this trend, the benefits of considering smaller lenders, and how to find the best mortgage rates in Australia that suit your financial situation.
Fixed Mortgage Rates: Why Aren’t They Common in Australia?
Jason also sheds light on why it’s uncommon to have a fixed mortgage rate for the full term of a home loan in Australia. This topic is particularly relevant for those considering long-term financial stability and looking for ways to mitigate the risks associated with interest rate fluctuations.
First Home Buyer Tips: What You Need to Know
For first-time homebuyers, Jason offers practical advice on what to do before buying an apartment. From understanding the role of a mortgage broker to preparing your finances and documentation, this segment is filled with actionable tips that can help you navigate the buying process with confidence.
Saving for a Home: How Much and How Long?
One of the frequently asked questions Jason addresses is how long it would take to save for a house on a $90k per year income, and what percentage of your income should be saved to optimize your home loan repayment. His advice can help you create a realistic savings plan tailored to your financial goals.
Other Key Questions Covered:
- Estimating borrowing power based on current earnings
- Convincing parents to sign as guarantors for a first home
- Tips for finding a reliable mortgage broker
- The impact of purchasing a property as an investment on borrowing power
- The benefits of putting extra repayment amounts into an offset account vs. directly onto the mortgage
- What to prepare before booking an appointment with a mortgage broker
Watch the Full Episode for Comprehensive Mortgage Advice If you’re navigating the complex world of mortgages and home loans, this episode is a must-watch. Jason from Kaleido Loans provides clear, concise answers to all your burning questions, helping you make informed decisions that can save you time and money.
