We are so close to the half way point of 2015 that we have started to notice a countdown to Christmas! Wait... not yet, there is still so much more to take advantage of in 2015 including the:

Take advantage of this great incentive to build your own home in the Lake Macquarie, Newcastle or Hunter area including the very popular Northlakes Estate and Appletree Grove Estate. 

A $15,000 grant is in place to assist eligible first home owners to build their own home. We have found this to be so helpful for so many of our clients. One client recently told us that it was a "great incentive because it covered their stamp duty." Fantastic!

Now is the time to take advantage of this grant while it stands at $15,000 because from January 1st  2016 it will reduce to $10,000. 

The grant is organised through the Office of State Revenue and your mortgage broker will be able to help you apply for the grant. A video has been put together by the OSR to explain the grants currently available.

Eligible for the First Home Owner Grant and want to make the best start?  

With interest rates on hold again this month, many people are wondering where to next? Will we see them go down further or start to rise?

If you are a home owner wanting to do the best you can with your mortgage in the current economy, here are a few words from Mark Bouris of Yellow Brick Road.

Are you planning on making a switch or adjusting your current payments? Let us know, we would love to hear.

After building up equity in your home, you may be using this to start or continue your investment property portfolio.

If you are starting to outgrow your home or on the opposite end of the scale, it is getting too big, are you considering making a move and turning your home into an investment property? Here are a few things to consider.

• Is it structurally sound? Inside and outside, are there any repairs that need to be done to not only make the house appealing to future tenants but also to make sure it is safe. Consider the bathroom, kitchen, outdoor steps or retaining walls, to name a few.
• Check the local rental ads, are there any properties in your area currently on the market? Take a look at the properties and make a note of the rental price. This will all help with your research and give you an idea of what rent you could ask for.
• Before you call your local property manager make sure you call your mortgage broker first. It is important to discuss your current mortgage and any investment loans you may have to make sure the right structure is in place before you make the switch from home to investment property. 

We offer the most friendly and accessible property management in Newcastle. Contact us and experience the difference today. 

Have you recently turned your home into an investment property? If so we would like to hear your helpful tips.

This is a question I am often asked by First Home Owners and it is one that I am more than happy to answer time and time again.

In making your first purchase in property, whether it be your first home or first investment property, it does not need to be daunting. With a little preparation the journey can be fun and you may even find that you want to stay on the ride.

Let's get started - First Home Buyer

Step One
Get an idea on how much you want to spend on your first home. In order to do this have a look at real estate websites like domain.com.au and realestate.com.au. This will give you a feel for what you might get for your dollar. For example, if you are after a 3 bedroom house with double garage in Charlestown, do your research on the above sites and see what this style of house is generally selling for.

Keep an open mind, you may have to go to an outer suburb if the prices are too high for what you want.

Step Two
Talk to your local broker for hints and tips on how to be in a position to borrow the money for that house.

Step Three
Save, save and save some more. Work on a savings plan. Have a clear, written budget which includes all your spending. Your broker can assist or you can find budget templates online.

Look at what your current surplus income is and set aside as much as you can for your deposit.

In saving for a deposit you are doing two things, one - you are saving the actual deposit that you require and two – as a regular savings pattern you are proving to the bank that you will be able to afford the loan. So it makes sense that the amount you save should be equal to the amount the payment would be. If you are renting you save the difference of the rent to the repayment.

This could be a 6 to 12month plan depending on your financials.

If Mum and dad want to give you some cash to help you with your first home, for the bank to consider this as your savings it would need to be in your account for ate least 3 months.

If you find that your surplus income is not enough to cover a loan repayment you may have to adjust your budget/living style or increase your income. Remember when you start your mortgage there will be a regular set repayment for fortnight or month. The bank want to be sure that you can make regular repayments which is why the savings plan is very important.

Please Note: The bank determines Genuine savings to be money is saved up over a 3 month period or funds held in your account for ate least 3 months. Please note it is possible to borrow 100% of the purchase price using equity in Mum and Dad's property however the bank still need to see that you have the ability to make the repayments.

Step Four

Once you get close to reaching your deposit amount it is time to approach your broker again to start the application process. Before you find a house you want, meet with your broker to make sure you fit the banks guidelines before you get your heart set on the property.

The best strategies are the ones that keep it simple. Following a few easy steps and being prepared can make your first property purchase an enjoyable one. Good luck with the house hunting!

Wade Hooper is a qualified Mortgage Broker and owner of Inspire Property and Finance.

There are a lot of options out there to help you find the best mortgage for your property. After discussing it with family and friends, doing your research online and keeping up to date with announcements from the RBA, when is it time to take the next step and organise your finance. Who should you talk to?
Answer: A Mortgage Broker.

1. A broker knows all of the lenders guidelines. They know what you need to do in advance to suit the guides and will provide you with every opportunity to get the loan approved.
 
2. A broker is more proactive with the guidelines as opposed to the Lender who is reactive. By the time you go to the Lender you will need to have all of the items in order, they wont give you the hints and tips on what to do.
 
3. As brokers they are not linked to any one institution, Brokers have access to most institutions. They don't have targets on any specific product or institution so they can concentrate on giving you the best loan every time, not the loan that will just suit their target.
 
4. Brokers get paid by the banks, it does not cost you anything to see a broker.
 
5. Your Broker has access to a panel of related industry professionals - accountants, solicitors, building inspectors etc. Professionals that your Broker regularly works with, providing a one stop shop for your property purchase.
 
Working with a mortgage broker can provide you with the peace of mind that you are receiving all the information required and expert knowledge to assist you in making one of your biggest financial decisions.