EasyPlan Financial Services will help clients find the best basic home loan for their needs amongst the many different types of home loans available on the market.
The best home loan deal for your individual needs requires a home loan comparison between the various lenders and a checklist for the type of loan and features that are relevant for you and your circumstances. Life changes can occur, requiring you to make decisions that may impact on your repayments such as a desire to improve your home or any number of other circumstances. The best mortgage available yesterday may not necessarily be the best home loan for your needs today or tomorrow.
At EasyPlan Financial Services, we take care of all the research and data sourcing using our existing relationships with leading banks and lending institutions. Our professionals will assess the impact of interest rates, establishment charges, ongoing fees, and other hidden charges to find the home loan that offers the best value for money. With fewer costs, clients appreciate that they are able to afford their loan repayments and reduce their mortgage at the fastest rate possible.
EasyPlan has relationships with all major banks, lenders, and insurers.
As one of the best mortgage lenders around, our EasyPlan team will take the time to understand what your individual circumstances are.
EasyPlan has assisted Australian investors and home owners for the past 23 years. Our EasyPlan team will recommend the best home loan or investment property financing solutions from leading mortgage lenders, including:
- Commonwealth Bank Australia
- St. George Bank
- Macquarie Group
At EasyPlan, our aim is to ensure that our client’s finances are structured to provide maximum financial benefit at every point.
To ensure your home loan is with the best mortgage lenders available, contact our EasyPlan team today!
You need to be prepared to buy an investment property. That might mean having a dedicated savings account for an extended period of time, reducing any credit card debt and maintaining a steady employment history. The last thing that you want to happen after finding your dream home is to discover that you aren’t able to afford it.
At EasyPlan we can assist you in preparing your finances and find the best investment property loan to suit you. We can identify key areas to make your loan application successful, including:
- Your savings
- A lending organisation such as a bank or credit union
- Your equity in an existing property, such as your home or existing investment properties
Your borrowing capacity
Your borrowing capacity and your ability to borrow will differ significantly from lender to lender. Regardless of how much the lenders will lend you, you also need to know what costs you will be up for when applying for a loan.
Determining costs of purchase
This involves detailing the various elements associated with buying a property. This will give you an accurate handle on the funds you will require to cover the purchase such as:
- Stamp duty land transfer associated with the purchase
- Stamp duty associated with the mortgage (if applicable)
- Legal fees and disbursements including mortgage transfer fee, land transfer and registration fee
- Application and any ongoing fees
- Incidentals which includes strata searches, pest and building reports and renovations
Ongoing property costs
Ongoing day-to-day costs associated with a property will also need to be considered. These come all at once, so you need to prepared for the following:
LOAN REPAYMENTS: To work out if you can really afford a loan, factor interest rates at 1.5%-2% higher than the current average interest rate.
INSURANCE: You may need to factor in building and landlord premiums if you take out insurance as an absolute minimum. If you are buying the property as an investment, we recommend you consider landlord’s insurance. When it comes to property investment, insurance premiums are fundamental (and tax deductible) and should cost you less than $500 per year.
RATES: Council rates are a government charge and depending on the state and type of property, you may need to pay water rates.
PROPERTY MANAGEMENT FEES: These fees are charged by the letting agent to manage the rental term of a property. These fees will range from 5% to 8% (plus GST).
LETTING FEES: These fees are payable each time the property is let and you can expect to pay anywhere from one to two weeks rent, plus marketing costs. Some property managers also charge additional nominal fees, so find out what’s involved before you sign any agreement.
REPAIRS AND MAINTENANCE: The amount needs to be reviewed and can vary depending on the age of the property and whether there are any foreseeable large expenses which may have been identified in the building inspection report or strata report.
STRATA, MAINTENANCE, MANAGEMENT FEES: Buying a unit, apartment or townhouse means you will most likely have to contribute a quarterly strata levy fee to cover these costs. The costs for properties with additional facilities such as a lift are usually higher.
DEPRECIATION: This is a non-operating expense and depending on when your property was constructed or renovated, will determine whether or not you can claim depreciation. Visit our depreciation page for more information about what you can claim.
Making the application
We will assist you in making your application to ensure you secure the best investment property loan for your needs. Contact us on 02 4207 3110 or make an enquiry.
Buying a home can be beyond reach for many potential home buyers.
This is where EasyPlan Financial Services are invaluable. Our team can help you secure a bridging loan to assist you with your first or next property purchase.
How A Bridging Home Loan Works
A bridging loan literally ‘bridges’ your financial needs between the time you need to settle on a home purchase and the time your funds are available from the sale of your property. The sale of property can be an investment property or an existing home.
Bridging Loan Requirements
You will need to demonstrate that funds are forthcoming from one of the sources mentioned above.
You will also need to have savings for the difference in sales proceeds and the buying costs of the new property, or be qualified to secure additional loan funds to bridge the gap between sale and purchase.
A bridging loan can be a complex transaction involving multiple parties and multiple sets of documents. The timing is critical for the bridge loan to be available. This is where a trusted firm such as EasyPlan Financial Services will be able to provide you with the peace of mind necessary in what would otherwise be a potentially stressful transaction.
Buying a home can take years – first you need to save for a deposit, spend the time to find the right home, organise a removalist, the list goes on!
It can be a stressful and arduous process however EasyPlan is here to help you make the process seamless and as easy as possible by helping you find the right home loan for your needs.
Borrowing to buy any home is usually the largest financial transaction most people will ever make, so here are some handy points to keep you on track.
Applying for a loan
- First you will need to demonstrate that you have saved a reasonable deposit. This ranges from 5% – 20% of the property purchase price
- You need to assess your borrowing capacity
- You need to determine the costs of purchase
Determine your borrowing capacity
Each lending institution will have its own criteria for establishing how much they will lend you, however EasyPlan can assist you in determining your borrowing capacity.
- Stamp duty land transfer
- Stamp duty associated with loan
- Legal fees and disbursements such as conveyancing/solicitor fees
- Mortgage transfer, land transfer and registration fees
- Lending institution application fees (where applicable)
- Incidentals which includes strata searches, pest and building reports
Factor in other costs:
- Mortgage repayments – we recommend that you factor in a buffer against any rise in interest rates of 1.5%-2%
- Building and contents insurance
- Rates – council and water rates are a government charge depending on the state and type of property
- Strata fees are payable if you are buying a home or unit and these will be revealed by the vendor’s agent for each property
Our home loan checklist is the perfect place to start to assess your application needs.