Lenders mortgage insurance (LMI) may be an added expense, but it offers buyers the opportunity to dive into the property market earlier, without saving up an entire 20 percent of the property’s purchase price as a deposit. What is it? LMI protects the bank or lender, should a home loan go into default, guaranteeing that the lender will get its money back if the property needs to be sold and there is a shortfall in repaying the loan. While a 20% deposit generally provides a good buffer against any drops…

Regardless of whether you are a first home buyer or a seasoned property investor – Obtaining a pre-approval should always be part of your first steps when embarking on a property purchase journey. What is a “Pre-Approval” A pre-approval: (Also known as a “conditional approval,” “indicative approval,” or “approval in principle”) Refers to an initial assessment from a lender whereby they agree, in principle only, to lend a certain amount of money to an applicant prior to the actual purchase of a property. There are technically TWO kinds of pre-approvals:…