FHBC scheme is only helping the wealthy. If someone afford over a mil property then they don't need any assistance. Labor's first home buyer scheme is a fair scheme which would support struggling first Home buyers by exemption and discounting of stamp duties. This policy will drive down the prices to fit into the exemption brackets as well. Current Sydney Price hikes is also driven by FHBC.
Hi pawanchaudhary. That's a good point and the FHBC in NSW ends on the 30th of June 2023. The home guarantee scheme (previously called the first home buyer scheme) allows people to borrow up to 95% of the purchase price of a property without having to pay lenders mortgage insurance (LMI). This means that people with smaller deposits can afford to buy more expensive properties. However, this also means that the scheme is driving up house prices, as people are able to bid more for properties. The home guarantee scheme is a fairer scheme, as it provides assistance to all first home buyers, with an income cap and property cap. NSW has also change the stamp duty to exempt first home buyers from paying stamp duty on properties up to $850,000 in value from the 1st of July.
for Apartments do you need to do a building and pest report too? Because afaik by law they have to state all the building defects and potential issues in the strata report what additional benefit do you get with a B&I other than maybe peace of mind?
Yes, it's a good idea to conduct a building and pest inspection for apartments as well, as it provides a detailed individual assessment of the unit, beyond the general information found in a strata report. This ensures you have a comprehensive understanding of the property's condition.
Your videos are very helpful. Thanks so much for sharing such good content. Wondering if you could answer this question. Among couples if it's just one of them who's willing to purchase and pay up the loan amount for the property. How will the Bank view their document ? Should that specific person apply for the loan individually? Is there chance of the loan getting disapproved?
Thanks Sanidhya, great question. Definitely can apply for the loan individually. The bank will complete the assessment based on the overall position and would be best to chat with a broker who can crunch the numbers prior to applying to make sure it all stacks up. Feel free to touch base with us www.huntergalloway.com.au/contact/ and would be happy to chat further.
Question please, is there a rort happening in Brisbane at the moment between shyster realestate agents and their equally dodgy "buyers agent" cohorts? Ive been trying to buy a property for months now and I cant even find a single property that isn't already under contract. buyers agent pfft what a joke do realestate agent actually do anything for their insane fees?
Thanks for watching Shane, certainly is a challenging market at the moment and super frustrating to see property after property getting snapped up so quickly.
@@MortgageBrokerAustralia so that would imply a yes then, buyers agents are a scam. And they do work together with unscrupulous agents to fatten their Gucci wallets. Playing a rigged game
Thanks Shane, I believe buyers agents can certainly add value to the process. For example, if they are able to get you an off market deal that doesn't have multiple buyers bidding for the same property. The fee you pay them, could be saved by not having the price increased through a bidding war. Having said that, it's always wise to do your diligence on any member of your team that will be helping you through the process (solicitor, mortgage broker, building and pest, buyers agent) and make sure they are fit for you.
Thanks Winston, In most cases, mortgage brokers are paid an upfront commission and a trail or ongoing commission for the business they bring to the bank. These commissions are paid out only once your home loan settles. The commissions themselves are based on a percentage of the loan amount utilised. Although the details around when and how brokers receive commission varies from lender to lender, generally speaking: Upfront commission: 0.65% to 0.7% Trail commission: 0.165% to 0.275%
Join FB Group (Free Access) 👉 facebook.com/groups/209395390748110/
You guys are helping a lot of us with very informative videos ❤️ thank you❤️
Our pleasure!
Thanks guys, this stuff really helps us.
Our pleasure!
FHBC scheme is only helping the wealthy. If someone afford over a mil property then they don't need any assistance. Labor's first home buyer scheme is a fair scheme which would support struggling first Home buyers by exemption and discounting of stamp duties. This policy will drive down the prices to fit into the exemption brackets as well. Current Sydney Price hikes is also driven by FHBC.
Hi pawanchaudhary. That's a good point and the FHBC in NSW ends on the 30th of June 2023.
The home guarantee scheme (previously called the first home buyer scheme) allows people to borrow up to 95% of the purchase price of a property without having to pay lenders mortgage insurance (LMI). This means that people with smaller deposits can afford to buy more expensive properties. However, this also means that the scheme is driving up house prices, as people are able to bid more for properties.
The home guarantee scheme is a fairer scheme, as it provides assistance to all first home buyers, with an income cap and property cap.
NSW has also change the stamp duty to exempt first home buyers from paying stamp duty on properties up to $850,000 in value from the 1st of July.
Thanks a lot for all the great content 👌👌👌
You're most welcome Rafa!
Another very informative video , thanks guys !
Our pleasure!
Super helpful info fellas. Really helping me out heaps
Our pleasure!
Great video ☺️
Thank you!! 😊
for Apartments do you need to do a building and pest report too? Because afaik by law they have to state all the building defects and potential issues in the strata report what additional benefit do you get with a B&I other than maybe peace of mind?
Yes, it's a good idea to conduct a building and pest inspection for apartments as well, as it provides a detailed individual assessment of the unit, beyond the general information found in a strata report. This ensures you have a comprehensive understanding of the property's condition.
Please make videos for Sydney home buyers please
Thanks Anu, will do.
Brr...so many costs to navigate your way through....
I know right, hopefully this helped!
Your videos are very helpful. Thanks so much for sharing such good content.
Wondering if you could answer this question.
Among couples if it's just one of them who's willing to purchase and pay up the loan amount for the property. How will the Bank view their document ?
Should that specific person apply for the loan individually? Is there chance of the loan getting disapproved?
Thanks Sanidhya, great question. Definitely can apply for the loan individually. The bank will complete the assessment based on the overall position and would be best to chat with a broker who can crunch the numbers prior to applying to make sure it all stacks up. Feel free to touch base with us www.huntergalloway.com.au/contact/ and would be happy to chat further.
@@MortgageBrokerAustralia thank you
Can you guys also add if it's an investment property whether these fees and charges are tax deductible?
Thanks Liz, great question and this would be one best answered by your accountant.
Question please, is there a rort happening in Brisbane at the moment between shyster realestate agents and their equally dodgy "buyers agent" cohorts?
Ive been trying to buy a property for months now and I cant even find a single property that isn't already under contract. buyers agent pfft what a joke do realestate agent actually do anything for their insane fees?
Thanks for watching Shane, certainly is a challenging market at the moment and super frustrating to see property after property getting snapped up so quickly.
@@MortgageBrokerAustralia so that would imply a yes then, buyers agents are a scam. And they do work together with unscrupulous agents to fatten their Gucci wallets. Playing a rigged game
Thanks Shane, I believe buyers agents can certainly add value to the process. For example, if they are able to get you an off market deal that doesn't have multiple buyers bidding for the same property. The fee you pay them, could be saved by not having the price increased through a bidding war. Having said that, it's always wise to do your diligence on any member of your team that will be helping you through the process (solicitor, mortgage broker, building and pest, buyers agent) and make sure they are fit for you.
Generally speaking, what cut of the pie does the mortgage broker receive?
Thanks Winston,
In most cases, mortgage brokers are paid an upfront commission and a trail or ongoing commission for the business they bring to the bank.
These commissions are paid out only once your home loan settles.
The commissions themselves are based on a percentage of the loan amount utilised.
Although the details around when and how brokers receive commission varies from lender to lender, generally speaking:
Upfront commission: 0.65% to 0.7%
Trail commission: 0.165% to 0.275%
.
Thanks for watching Pazzello!