Makin'Cents Video Series
 | MFAA, in conjunction with WIN TV/ Channel 9, bring you a series of 2 minute educational videos, to help you in your mortgage journey. Grab a cup of your favourite beverage, choose the series that is right for you, watch and learn! |
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Interview with Phil Naylor, CEO of MFAA
Who is the MFAA and why is it important to ensure you are dealing with an MFAA Member.
What everyone needs to know
- Why use a Mortgage Broker?
- What to ask a Mortgage Broker
- Interest Rates and the Reserve Bank
- What is an LVR?
- How to pay off your mortgage sooner
- What is debt consolidation?
- What is amortization?
- What other lenders are there besides banks?
- What is a low doc home loan?
- What is a non conforming home loan?
- What is a credit report?
- Loan Calculators - how they can help
- It's more than just the interest rate
- Fixed or Variable Rates?
First Time Buyer
- Need help getting a deposit?
- First Home Owner Grant
- Honeymoon or Introductory rate loans
- Taking out a mortgage - what to avoid
- Credit Card Limits - how they can affect your borrowing capacity
- First home or first investment property - which one first?
Investor/Next time buyer
- Home Loan Health Check
- Negative Gearing
- When do you refinance your mortgage?
- What is a second mortgage?
- What to do if you can't meet mortgage repayments
- Important final steps to purchasing your next home
- SMSF mortgage finance?
- Home Improvement Loans
Retirees
All the videos
No doubt you have regular health checks, but do you have a regular home loan health check?
Mortgage repayments usually represent your single largest monthly expense so, it makes good sense to have a check-up done – it could save you lots of money.
Watch the video here
To fix your home loan rate or not……that is the question.
When interest rates go up, the automatic response is often to rush out and switch from a variable rate to a fixed rate mortgage. Before making this decision, consider all your options.
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If you’re a retiree, are asset rich but cash poor, then a reverse mortgage might be ideal for you. A reverse mortgage, or equity release loan, is a relatively new mortgage product which lets you unlock the equity in your home.
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If you’re thinking about taking out an investment loan to buy an investment property or shares, there’s a lot to consider.
In contrast to a home loan, costs associated with an investment loan, such as interest, depreciation and rates are tax deductible. Of course, any rental revenue will generally increase your taxable income.
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A good, accredited Mortgage Broker can easily help guide you through the mortgage maze, to find the home loan that best suits you. Be sure to ask the right questions though, before you begin.
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Why would or should you use a Mortgage Broker to obtain a home loan? The simple answer is that they can save you time and money. The home loan Market has become increasingly complex and sometimes the choices seem limitless and overwhelming.
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For some, the Australian dream of owning your own home can now become a reality, thanks to the First Home Owner Grant. Check your eligibility, start saving your deposit and find out what criteria you need to meet to make that dream a reality.
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Taking out a mortgage - what to avoid
If you think you’ve found a home loan that sounds almost too good to be true, it probably is. There are traps you can avoid when taking out a mortgage so make sure you check everything, stress test finances and borrow only what you can afford.
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Credit Card Limits and how they can affect your borrowing capacity
A great way to increase your borrowing capacity is to reduce your credit card limit. Lenders look at a number of factors when considering your home loan application, including your credit card history and job security – but something else they take into account is your credit card limit.
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Finding the deposit is often a stumbling block when it comes to buying a property. When lenders talk about mortgage deposits they refer to Loan to Value Ratio or LVR. Assess your LVR, calculate your lender’s mortgage insurance and seek professional advice.
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How to pay off your mortgage sooner
You can pay off your mortgage earlier by making bigger mortgage repayments, more frequently. Get rid of car loans and credit card debt and make sure you’re paying off the right mortgage for you.
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When do you refinance your mortgage?
In the past, most people who took out a mortgage continued with it until they had paid it off. These days the average duration of a home loan is Australia is 4 to 5 years. If you refinance your mortgage, don’t get rate fixated, get flexibility and structure repayments correctly.
Watch the video here
What to do if you can't meet mortgage repayments
If you can’t make your mortgage repayments, talk to the right people at the right time. You need to seek advice at the first sign of difficulty so pickup the phone, ask for assistance and get wise counsel.
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Find out the difference between debt consolidation and debt elimination. If you’re swamped with credit card debt and personal loans it can help to talk to a professional about debt consolidation. You can transfer your credit card debt and personal loans to your mortgage.
Watch the video here
This refers to the process of decreasing the loan amount over a period of time by a principal and interest payment. This is a traditional mortgage in that your repayments cover both interest and principal. This is called amortizing your loan.
Watch the video to learn more
What other lenders are there besides banks?
There are non-bank lenders and mortgage managers. A mortgage broker doesn’t lend you money. Their role is to facilitate a loan. A mortgage manager or non-bank lender will lend money. Shop around, get the best lender by using a professional mortgage broker to help you.
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A low doc home loan is a mortgage created for the self-employed. Even if you can’t satisfy traditional lending criteria, you may still be capable of servicing a loan. Low doc home loans do not require the same level of documentation as normal loans and are available through brokers, banks and non-bank lenders.
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A credit report is a record of your credit history, going back 5 years and detailing loan enquiries, any defaults on a credit card or loan, any bankruptcy and even an unpaid bill. Lenders will look at your credit reference and a negative one could affect your ability to borrow money.
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Loan Calculators - how they can help
Using the online calculator is a very convenient way to help you assess your repayments and options. Get a feel for how much you can borrow, how long your loan will take to pay off and budgeting help and use these tools as a first step in planning your financial future.
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It's more than just the interest rate
The right mortgage for you is not necessarily the one with the lowest interest rate. No two loans are the same and, given that taking out a mortgage will most likely be the largest financial commitment you ever make, you need to ensure you choose the best one for your budget.
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Important final steps to purchasing your next home
If you’re planning to sell your existing home or buy a new one, it’s important to understand all the financial impacts.
Sometimes doing some simple DIY improvements can make all the difference to your asking price.
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First home or first investment property - which one first?
Have you always wanted the keys to your first home but feel like you’ll never be able to afford it? Well instead of thinking “First Home” think “First Investment”. You could keep renting a place to live in and buy an investment property that will allow you to get your foot in the door of the real estate market.
Watch the video to learn more
What is a non conforming home loan?
We know we have to constantly conform in life, for instance putting the right shape through the right hole is the only way this game will work.
So what’s a Non Conforming Home Loan?
It’s a Mortgage created for people with bad credit. If you find it difficult to get a Mortgage through the traditional Lenders…don't give up hope.
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If you need help to buy a home, what should you do?
I suggest you be nice to your parents!!
If you can't save a deposit to get a Mortgage or Home Loan, maybe your parents, a relative or friend can help with a gift, loan, or Home Loan guarantee.
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If you’re paying off a mortgage on your home but need money for other purposes such as a deposit for an investment property, purchasing a new car, renovations or going on a holiday, you might consider taking out a second mortgage.
This second mortgage is secured by the equity you have built into your current home or investment property. This is especially true if your property is valued beyond your first loan amount.
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If you have a Self Managed Superannuation Fund (SMSF) you may be able to borrow to invest in property.
The unique tax advantages available to Self Managed Superannuation Funds provide an opportunity to increase returns and grow your retirement income.
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Home improvements have increased in popularity as we realise that improving our existing home could be a far more economical option to selling the old one and buying another one.
After all, if you decide to sell your home, you have agent’s fees eating into your profits and buying a new one means more stamp duty, moving costs and the hassle of settling into a new home and area.
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Interest Rates and the Reserve Bank
The main responsibility of the Reserve Bank of Australia is to formulate and implement Monetary Policy, as laid out in the Reserve Bank Act. The RBA has a duty to ensure
- the stability of the currency of Australia
- the maintenance of full employment in Australia
- The economic prosperity and welfare of Australians.
The main objective is to achieve low and stable inflation over the medium term. To accomplish this, the RBA regularly reviews Australia’s interest rates.
Watch the video to learn more
Honeymoon or Introductory rate loans
How can you have a honeymoon with your home loan rates?
Many borrowers find the idea of a low introductory interest rate attractive, as these honeymoon-rate home loans offer a substantially lower interest rate for a set introductory period of around six to twelve months. After this initial term is completed, the interest rate generally reverts to the standard variable rate offered by that lender.
Watch the video to learn more
