Author Archives: 7 Mortgages

Victorian Stamp Duty Waivers

Victorian Premier Daniel Andrews Announces Stamp Duty Waivers

The Victorian Government offering stamp duty discounts and pay out close to $50 billion on other discounts, grants, and projects in a bid to get hundreds of thousands of citizens back to work and breathe new life into a state economy pummeled and hurt by the coronavirus pandemic.

Stamp duty will be reduced for people buying a property in Victoria for a limited time, the government has declared, among a suite of measures aimed to get people spending, buying, and building.

Victorian Premier Daniel Andrews has reduced stamp duty for future homeowners by 50%, as the state looks to promote the property market in 2021 and beyond post the pandemic.

The news was well obtained by residents in Victoria, but they did not fare as well as their NSW equivalents, after premier Gladys Berejiklian and accountant Dominic Perrottet announced the ditching of stamp duty on November 18.

This includes a stamp duty concession of up to 50 percent* for residential homes valued at up to $1 million. It is for residential property contracts entered into from 25 November to 30 June 2021.

The relief will be intended at newly built or “off-the-plan” homes, which will obtain a 50% waiver.

Existing homes will be eligible for a 25% waiver.

Properties must cost less than $1 million

A waiver of 25 % will be available on existing properties, while 50 percent will be discounted on new properties.

And the tax relief will only be available for contracts entered from 30 November to 30 June 2021.

First home buyers won’t have to pay lender’s mortgage insurance (LMI) — a fee that can cost thousands-of-dollars for applying for a mortgage with a deposit less than 20%, but in exchange, the Victorian government would ensure a proportionate impartiality interest in the property.

Another measure is intended to create more options for renters by lifting the supply of housing. Under the Big Housing Build, a 50 percent land tax discount and an exemption from the Absentee Owner Surcharge are being offered to new developments until 2040.

The VIC government has also expanded the $20,000 First Home Owner Grant for people buying or building a new dream home in Victoria to apply to agreements of sale entered up until 30 June 2021.

 

 

Home loan

5 Key Things to Consider Before Getting A Home Loan

Getting a home loan is a very complicated process. Applying for a home loan is one of the absolute initial steps you have to take when buying a property. It is significant for you to be proficient about your funds and your choices to ensure that the whole process goes without major hiccups along the way.

Since, what has been happening in the globe in the early months, it seems buying a home is a detested prospect. But looking at the statistics and latest support from the government, buying a house is certainly a safe choice-if done appropriately.

Duration

With regards to buying a new house, timing is everything. As financial condition remains moderately volatile, different economic indicators are constantly evolving.

To know the best time to purchase a property, particularly during this high time of indecision, it is necessary to be keen on these statistics as they change. Cash rate is almost certainly the most important statistic that defines whether it is the best period to buy a house.

Valuation

A piece of a persistent home purchasing is to know the estimated value valuation of the property you are peering toward to value based on the area/neighborhood.

While a trustworthy broker should be able to help you think this one out, work out your personal research can go a long way.

Wealth potential

You may expect to buy a house for your family’s residence now, but you should think about the possibility that one day, you’ll be extending that property one day.

It is best to know the connection between need and supply as this will decide the price of the property.

Developments in the area

You might need to do explore the area’s possibility. On-going or future improvements occurring within a particular neighborhood can have a significant effect on the property’s valuation. You can search lodged expansion applications on a specific area/neighborhood using online apps for this.

Mortgage Broker

You must contact a finance or mortgage broker near your area who is having a good portfolio, they guide you through the loan process, ensuring you make an informed decision on your loan. 7Mortgage brokers are equipped with business certifications and experience to guide you through the complete loan process.

 

First Home Loan Deposit Scheme

First Home Loan Deposit Scheme Australia – Guide

The First Home Loan Deposit Scheme (FHLDS) has been intended to benefit for first home buyers. How this scheme work? What are the requirements to meet to qualify? And, if you are eligible, how to apply? What you should know about it?

What is the First Home Loan Deposit Scheme?

First Home Loan Deposit Scheme started on 1st Jan 2020. It permits first home buyers to buy a property with as meager as a 5% deposit only and without the need to take out banks lender mortgage insurance (LMI). Australian government says this could save first home buyers as much as $10,000 to $20,000.

The First Home Loan Deposit Scheme is started by Australian government to help citizens get into their first home ASAP. A further new 10,000 applicant extended on 6 oct 2020 as part of new federal budget as previous quota get filled and was successful making citizens.

For example, if you have $50,000 to put towards a $500,000 home, the government would move in and guarantee the first $60,000 of your loan so that it gives your security up to $100,000, or 20% of the total value of your property, apart from government fees like stamp duty. In this sense, the First Home Loan Deposit Scheme has a related effect to a Family Guarantee but with the government being the role of backer over the loan instead of a family member.

Buyers is in Victoria get additional $10,000 as first home buyers grant and for regional Victoria $25000 and stamp during saving up to 750 K plus builders grant of $25000 which is only for limited time Dec 2020 if builder contract signup.

To apply to the Scheme, there are some following eligibility criteria. You need to be able to provide documents of your eligibility to secure your position.

First Home Loan deposit scheme

Eligibility criteria includes:

  • All claimants must be First Home Buyers and must not have claimed or had an interest in residential property (regardless of whether as a venture or owner occupied).
  • Individual must have earned less than $125,000 or $200,000 for partners or couples in the previous financial year.
  • Couples must be marital or in a de facto relationship. Other individuals buying together, including friends, siblings are not qualified.
  • Age must be 18 years or older. (ID is required)
  • All applicants must be Australian citizens. This scheme is not valid for Permanent residents.
  • All Applicants must have to Genuine 5% of deposit of the total property’s value. if you have more than 20% deposit, it wont be covered under this scheme.

Property Price Caps criteria:

Also First home Loan Deposit Scheme also have price cap criteria for Capital cities and Regional areas.  Check out Vic and NSW capital cities and regional area.

Number Region/State Price Cap (AUD)
1 VIC – capital city $600,000
2 VIC – regional centre (Geelong)

$600,000

3

VIC – other

$375000

4

NSW – other

$450,000

5

NSW – capital city

$700,000

6

NSW – regional centre (Newcastle and Lake Macquarie)

$700,000

7

NSW – regional centre (Illawarra)

$700,000

How to apply for First Home Loan Deposit Scheme?

Ready to kick start and buy your first dream home? Yes, This can help you to buy your First home home quicker than you have realise. Contact Home loan specialist who can help you prepare for application, documents required and lodge application on your behalf and keep you upto on whole process. 7Mortgage broker will help first home buyers to buy their first dream home.

As part of the 2020-21 Federal Financial Budget, Government has committed an extra 10,000 First Home Loan Deposit Scheme (FHLDS) application for the 2020-21 financial year, particularly for eligible first home buyers purchasing new dream homes. By the way, Home need to be purchase within 90 days of approval of FHLDS scheme.

Can’t Pay your Mortgage_ What to do next

Can’t Pay your Mortgage? What to do next?

Many people in Australia have lost their jobs or had their hours reduced due to the covid19 pandemic that continues to unfold. If you are in this position, you may be faced with the question: What can I do if I cannot pay my mortgage?

Can I defer my home loan repayments?

The vast majority of the Lenders are giving home loan customers who have been affected financially a repayment pause of up to six months. As indicated by the most recent figures from the Australian Banking Association, one in fourteen mortgage customers have just conceded their repayments due to COVID-19. More than 443,000 home loans, worth more than $150 billion, have been conceded up until this point.

The Australian Banking Association has likewise declared that your FICO rating won’t be affected if you take a repayment pause.

In case you’re thinking about this choice, be aware that this could cost you in the long run.

If you keep your loan term the same at the end of the delay period, your repayments will also go up to take account of the bigger amount to be paid back.

In any case, if you still have a variety of years left on your loan, your repayments may not increase by a sum for every month.

As a theoretical model, if you have a bundle variable home loan from one of the major banks, Canstar research found that your principal and interest repayments will increment from $1,819 to $1,875 on average after taking a six-month repayment stop. This implies you’ll be paying an extra $56 every month overall. This accepts you have a $400,000 loan with an interest rate of 3.60% and took the repayment delay five years into a 30-year loan term and interest is promoted during the reimbursement stop.

Your bank may likewise give you the alternative to stretch out your loan term to keep your repayments close to their original pre-pause sum. In this scenario, you’ll be compensating your loan for longer and paying more interest on your loan in total.

What are some other options?

Some potential alternatives to a repayment pause include:

Reducing your payments to the minimum monthly amount, or an amount affordable for you.

Retrieving funds if you are ahead on your repayments and have a redraw facility, keeping in mind that fees may apply for redrawing funds.

Accessing your accessible offset balance if you have a balanced account.

Switching your repayments to interest-only for a period of time.

If you live in either the ACT or region, the territory, and state governments individually have mortgage relief schemes that may support you. These schemes give qualified people who are having experience with their home loan repayments access to interest-free loans to cover home loan arrears and certain future payments.

What happens if I can’t pay my mortgage?

While there are a few choices to explore if you are battling financially, ultimately, you can’t make your home loan reimbursements, your moneylender can find a way to get installment. to Money smart, your bank can send you a default notice allowing you 30 days to make the reimbursements you’ve missed, plus your regular repayment on your loan. If could not paid after 30 days, May lender can start legal action to claim the whole amount of your home loan. Your bank may be able to ultimately repossess your home and may sell your home. It may also recoup any exceptional amount by taking further action to claim your assets.

Where can I go for help?

If you are struggling to manage your mortgage repayments or other debt, you can contact a financial mortgage broker in Melbourne for help. You can speak to a financial counsellor for free by calling the National Debt Helpline on 03 9544 2642

Business Loan

How to Apply for Business Loan?

Starting a business is an exciting dream of many individuals. Are you one of those enthusiasts? If so, you should put few things together before entering this highly competitive field. One of such important things to consider is a way to fund your business. Without a solid capital, you can hardly achieve your business goals. The most popular way to find capital for a startup venture is obtaining a business loan from a financial institute.  Knowing the importance of this scenario precisely, we extend our helping hands for entrepreneurs in obtaining their business loans quite easily.

How we help you


We are a team of experts who have years of experience in the business world. Other than just being a facilitator to obtain commercial Business loans, including commercial loans, we utilize our expertise to help clients to succeed in their businesses.

Get Expert Business advice

Before applying for small business loans, you should have a sound business plan with you. In general, financial institutes are highly concerned about the dependability of the business proposal you offer. With our business advice, you will be able to create a sound business plan and clearly display the vision to the lender. Apart from that, the advice of our panel would be an excellent assist for you to fine-tune your strategies.

Finding the best option

Upon your inquiry for a business loan, we assign a specially trained representative to handle your case. Making things easier for you, our representative may pay a visit to you to have an initial discussion about the process. After getting to know your exact requirement with precise information, the representative will analyze the situation and come up with the best possible solution with the best mortgage rates in the industry.

Knowing the competitiveness of the business loan interest rates, we make sure to find the most affordable packages for you with flexible terms and conditions.

Documentation

Being one of the most reliable mortgage brokers in the field, we are capable of creating accurate and clear documents required to obtain the facility. In fact, this is an extremely important part of the process you shouldn’t mess with.

Interest-only loans

Many entrepreneurs are highly interested in interest-only loans considering it as great support for a business to grow freely at the initial stage without worrying about large installments. Utilizing years of experience, our team will guide you towards such opportunities and stabilize your startup.

Continuous support

We simply don’t leave you after facilitating the loan. We continue to offer our support until you operate on your own. When you are looking for expansions and diversification, we will be there to help you with the best solutions at the right time.

This is simply your opportunity to grow and be your own. Enjoy the best mortgage rates with us and move towards success. Just leave us a message over the phone or via email and one of our special representatives will be in touch with you soon to assist you.