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Smartmove Support

All posts by Smartmove Support

Bank of Mum & Dad. Helping children enter the property market

By | Tips

We all know entering the Australian property market is challenging for first home buyers due to high housing prices relative to incomes, stricter lending criteria, limited housing supply in desirable areas, and competition from investors. This makes saving for a deposit and securing a mortgage difficult, leading to affordability issues. In this article we answer some of your questions around how the Bank of Mum & Dad can help their children enter the market for the first time. What government schemes are available for first home buyers? Government schemes for…

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Home Loan Review

By | Tips

What is a home loan review? A home loan review by a mortgage broker involves assessing your current loan structure to find better rates or terms, ensuring it aligns with your financial goals and potentially saving you money. Do I need a review? If you have a home loan and haven’t reviewed it in the last 12 months, you’ll likely benefit. A review can uncover better rates or terms, saving you money. What is the review process? The review process starts with one of our brokers reaching out for an…

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Fixed rate mortgage expiring… Now what?

By | Tips

They say all good things must come to an end… and that includes your home loan fixed interest rate period. If your fixed rate expiry is coming up, you might have started to think about what happens next and what action you need to take. Or you might be sticking your head in the sand and avoiding the topic entirely. Be warned! The worst thing you can do is take no action at all. If your fixed interest period is due to expire, then it’s time for a review of…

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RBA increases interest rates by 0.25%

By | Latest News

On Tuesday the 7th of November 2023, the RBA decided to increase interest rates by 0.25%, which has taken the cash rate to 4.35%. This increase in interest rate has had an effect on all borrower’s, capacity to borrow. As interest rates climb, your ability to borrow is reduced- so what are some of the things you can do to limit the damage to your borrowing capacity: Choose your lender carefully: Most lenders will have you pre-approved for a certain loan amount at a certain purchase price. If interest rates…

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How to speed up your home loan approval

By | Tips

Asking how long it takes to get a loan approved is like asking how long a piece of string is. Every application is unique, so the time between your first contact with your bank or broker and approval can never be predetermined. There are, however, some things you can do to help hurry your application along. Although very rare, same-day loan approvals are possible depending on the lender’s criteria, the complexity of the deal, and turnaround time.  This has been possible when the client’s lending position is fairly straightforward in…

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Rental yields – what you need to know

By | Tips

Rental yield – essentially the rate of rental income returned against the costs of an investment property is a great indicator of a property’s investment potential. But you need to keep things in perspective when you factor it into your decision to purchase property. Calculating rental yield A good first step in examining rental yield’s impact on the investment potential of a property is to recognise that there are two types of rental yields, gross and net, and they are calculated differently. In property, gross rental yield is calculated by…

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4 differences between a credit adviser and a bank lender

By | Tips

1. Choice When you’re buying a house, do you go to one real estate agent, decide you will buy a house from them, and choose from what they have on the market? Do you make the best of what may actually be a poor fit for your circumstances (it’s okay, one of the kids can sleep in that fourth bathroom we don’t need)? No? Of course not – why would you limit your choices in this way? It’s really no different with the loan you use to pay for that…

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Glenn Calder and Darren Little

Breaking News – Smartmove integrates with Viridian

By | Latest News

The Top 25 Brokerage will retain its brand and team as it moves to integrate with the major financial services business Viridian Financial Group. Smartmove Professional Mortgage Advisors (Smartmove) – one of the Top 25 Brokerages in Australia – has announced it will become part of the financial services business Viridian Financial Group Limited (VFGL) after forming a “strategic integration”. Read more from the Adviser

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Explainer: Capital gains tax

By | Tips

 If you buy and sell an investment property, you may be required to pay capital gains tax (CGT) on that sale. It’s important to understanding this tax when buying or selling a home. What is CGT? This is a tax that you are required to pay on any capital gain earned on the sale of an asset such as a property. CGT applies to any asset obtained after 19 August 1985. What is a capital gain? Put simply, a capital gain is made when a profit is made from the…

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Why property investors need savings

By | Uncategorized

Urgent maintenance is an unavoidable aspect of being a landlord, so having a cash buffer set aside will help you deal with any unexpected problems. When renting out an investment property, having access to extra cash is vital for two reasons: to cover the costs of maintaining the property, giving it the best chance of remaining tenanted; and to cover the cost of the mortgage should you lose your employment or rental income A buffer ensures that you are not stretched to your financial limits, but rather comfortable while on…

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