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Tips About Home Loans In Australia

Tips For First-Time Home Buyers About Home Loans In Australia 

Buying your first home may be something you’ve dreamed about for many years. You’ve finally decided that it’s time to take the plunge and get your own residence. However, the buying process can be extremely overwhelming when you’ve never gone through it before. By understanding how the buying process works and the necessary components involved in it, you can be better prepared when you start to go through the buying process yourself.

The first factor you need to consider when you start thinking about buying a home for the first time is the down payment. This is going to be the amount of money you’re going to have to give the bank in order for you to be eligible for home loans in Australia. Most lenders require a minimum of 20 percent of the value of the property you plan on purchasing as the down payment amount. Realize that the higher your initial down payment, the lower the interest rate and the less likely a lender for home loans in Australia  will require you to have lender’s mortgage insurance or LMI.

First-time homebuyers have a major advantage over previous homeowners when it comes to the First Home Owner Grants. These can help to reduce the amount of your down payment. In addition, first-time homebuyers are eligible in some States and Territories for stamp duty concessions. By checking what areas are eligible, you can better decide where you may want to purchase a home. There are many resources for these grants online and we highly advise that you check them out further as they can save you a ton of money on Home Loan in Australia. 

There are going to be up-front costs to purchasing a home. You can’t simply roll everything into the home loan. You’ve learned already that a 20 percent minimum deposit is going to be required by any lender of home loans in Australia. You will also need to plan for the up-front costs of Stamp Duty, legal fees, moving costs, and application fees. The actual purchase of a new home is going to require more than just the down payment amount you have saved. Speaking with a real estate professional can help you to figure out what these excess fees are so that you can be prepared to pay them before-hand instead of being caught off guard trying to come up with money at the last minute.Home loans in Australia can be an overwhelming task for newbies. There seems like there is so much involved and you just don’t know where to start. There is surely a lot involved in obtaining home loans in Australia, but if you take the time to do your research and talk to licensed professionals they can guide you along the way, including using a Home Loans calculator

Home Loans

Home Loans

Applying for home loans is a seemingly challenging process, and you may have many concerns as you begin the process. For example, you may worry about setting up a loan payment that is not affordable for you or getting an interest rate that is much higher than it otherwise could have been. These are only a few of the many challenges that you may be concerned about as you prepare to apply for your next home loan at Home Loans at The good news is that you can overcome many of your concerns about home loans by following a few helpful tips.

Review Your Budget
Before you begin shopping for home loans that may be right for you, you must understand what you are looking for in a mortgage. Spend time updating your budget as an initial step. Remember that many aspects of your budget may change when you buy a new home. For example, your housing payment will most likely change. In addition, your utilities expense, repairs and maintenance expenses, commuting costs, insurance expense and more may all need to be adjusted based on the home that you intend to buy. You cannot understand what mortgage payment amount is affordable for you if you do not actively update and review your budget.

Understand the Options
The next step to take when preparing to apply for home loans is to research options available in the market. Be aware that many terms for home loans are driven by your credit scores. For example, if you have a lower credit score, you may be required to make a larger down payment, and you may only qualify for a higher interest rate. You can use the Internet to research market loan options available for individuals with your credit rating, or you can speak with a loan representative about possible loan terms that you may qualify for. Because loan options vary, it may be advisable to use multiple sources for your research your many options.

Use a Mortgage Calculator
Researching the market conditions for home loans may help you to determine what terms you could qualify for, but this will not tell you what loan amount you could reasonably afford. Your loan amount will affect the sales price that you can shop for and your down payment requirement. In order to quickly and easily crunch the numbers, it is beneficial to use a mortgage calculator online. Remember that there are multiple mortgage calculators that may tell you different things. Therefore, it may be wise to use different calculators to learn as much as possible about your loan options upfront.

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There are many working parts to home loans that can affect everything from your net worth and available liquid assets to your budget for years to come. You understandably want to make a wise financial decision, but you cannot do so without accurate information and calculations. As you prepare to apply for your next mortgage loan, keep these tips in mind so that you can set up a great loan.

Mortgage Rates

The importance of your mortgage rate

Buying a home is something many Australians aspire to do at some point. Because homes cost so much money, however, it would take even the most frugal person years to save up the money to buy a home in cash. That’s why the vast majority of people borrow money in the form of a mortgage to buy a home. One of the most important factors when looking for a mortgage is the mortgage rate.

Because mortgages are such long-term loans, with terms of up to 30 years, the mortgage rate you get is very important. Even a quarter of a point can make a huge difference in the amount of finance costs you have to pay over the life of the loan. The difference between 3.75 percent and 4 percent for a Mortgage Rate by, for example, could be thousands of dollars over the life of the loan.

Mortgage rates are set largely by the Reserve Bank with its cash rate, but that doesn’t mean rates can’t fluctuate. One thing that greatly affects your mortgage rate is your credit score. People with higher credit scores tend to get lower mortgage rates than those with higher credit scores. You also might get a mortgage rate discount from your lender for a variety of other reasons that could include being a long-time loyal customer or as part of an introductory loan deal.

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Outside of the interest rate on your mortgage, there are other mortgage-related costs that you have to consider. People who put down less than 20 percent of the purchase price may have to pay lenders mortgage insurance, which is a type of insurance that protects the lender against the borrower defaulting. You usually have to pay the premium for this up front, although some lenders and some loan programs may allow you to roll it into your monthly loan payments. You also will have closing costs, which include things such as documentation fees and stamp duties. Your closing costs can run anywhere from several thousand dollars to more than $10,000 and are somewhat dependent on the price of your home.When you are looking for a home and trying to get a good mortgage rate, here are some things to keep in mind. Make sure you have a good credit score, as that will affect your rate. You also might look for special programs for which you qualify that could get you a lower rate.

Ranges Energy

Worried about rising energy costs?

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  • Make long term energy savings

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  • Pay at least 25 cents per kilowatt hour for power
  • Use most of your power during the day

Step 1: We will install a 15KW or larger solar farm on your roof

Step 2: You pay us for the solar power that you use

Step 3: You sell any surplus power into the grid

This deal is a win, win. You save, you get clean energy and positive publicity for being a business pioneer in renewable energy.


Who are we? We are Ranges Energy Co-operative Limited a Victorian community owned solar farm co-operative set up to promote the innovative use of renewable energy. Ranges Energy is a Victorian Co-operative specializing in the installation of solar power with no upfront cost to our clients. We can help you fix a portion of your power costs, now and into the future based on a solar array that is designed to meet your needs.

Refinancing Home Loans

Refinance Home Loan

When you applied for a home loan to purchase your property you may have done your best to set up amazing loan terms. At the time, you may have thought that you got a great deal on you mortgage and that it would meet your needs for the next couple of decades. However, market conditions change over time, and your needs can also change. If you are no longer satisfied with your current mortgage terms, you can refinance home loan to make an adjustment.

What Is a Refinance?
Before you refinance home loan, it is important to understand what this is and how it works. Your current home mortgage has set terms, and the monthly payment is linked to the interest rate. If you decide that you want to adjust your monthly payment, your interest rate or your loan term, you cannot simply contact your lender to make the request. Instead, you will need to apply for a new loan. When you choose Refinance Home Loans, your new loan will pay off the existing loan. Therefore, refinance home loans the replaces the current loan.

What a Refinance Could Do for You?
You may be wondering what you can accomplish if you decide to refinance home loan. Because a refinancing home loan replaces all current loan terms, you can adjust the interest rate and the length of the loan term. More than that, you may have paid down the loan balance on the home, and property value may have appreciated. Therefore, you could choose to apply for a lower loan amount, and this likely would yield lower monthly payments. You could also choose to apply for a higher loan amount, and this may give you cash back at closing.

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Should You Refinance Your Home Loan?
Before you decide if you should refinance home loan, you need to determine what your goals are. Do you want to reduce your monthly loan payment, adjust your loan term or get cash out of your home’s equity? Depending on your situation, you may be able to enjoy multiple benefits through the refinancing process. Because each situation is unique, you should explore current loan terms and use a mortgage calculator to determine what your options are if you refinance home loan. It may also be helpful to speak with a lending representative. This can provide you with more concrete information about your options.Applying for a refinance home loan is not a move to take lightly. Your home loan payment may be a considerable aspect of your regular budget. Making an adjustment to this payment could yield tremendous benefits in some cases, or it could result in a tighter budget for the next several decades. With many factors to consider before you refinance home loan, you need to analyze all options and align the options with your specific goals. If you are interested in refinancing your loan, now is a great time to learn more about market conditions and to understand how they could impact your financial situation.