Do You Need a New Property Valuation When Refinancing?
A new property valuation is commonly required when refinancing because the new lender needs to assess the property’s current value and calculate the loan-to-value ratio. The lender may use an…
Does HECS or HELP Debt Affect How Much You Can Borrow for a Home?
Yes, a HECS-HELP or other HELP debt can affect how much you may be able to borrow for a home because compulsory repayments can reduce the income available for servicing…
Deposit Bond vs Bank Guarantee: What’s the Difference?
A deposit bond and a bank guarantee can both provide a form of financial guarantee, but they work differently. A deposit bond may be used instead of paying a cash…
Can You Refinance If You Have Less Than 20% Equity?
You may be able to refinance a home loan with less than 20% equity, but the available options can be more limited. A lender will generally consider your loan-to-value ratio,…
What Happens If Your Construction Project Goes Over Budget
If a construction project goes over budget, the additional costs are not automatically covered by the existing construction loan. Borrowers may need to use their own funds, revise the project…
Can You Use a Reverse Mortgage to Pay Off an Existing Home Loan
An eligible older homeowner may be able to use funds from a reverse mortgage to repay an existing home loan, subject to lender requirements and having sufficient home equity. The…
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