The upsides and downsides of home loan debt consolidation

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All your debts in one basket – Why home loan debt consolidation could be the right move. A lot of small debts can balloon into one big headache. A simple way to get things under control could be to refinance your home loan to consolidate debt. So – is it right for you? What it is Simply put, debt consolidation is combining all your debts – credit cards, car loans etc. – into one single debt with a single monthly payment. When they are individual loans each of them have…

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The top 7 things a new homebuyer needs to know

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Bigger deposit, better position  While some lenders can offer low-deposit loans for less than 5 percent of the purchase price, saving around 20 percent can offer you big benefits:  Access to a wider pool of lenders and products You need to borrow less money overall It’s a clear sign to potential lenders that you’re good at managing money. If you’ve saved less than 20 per cent there are lenders who can help, but deposits of that size may require Lenders Mortgage Insurance (LMI). This adds more fees and another layer…

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Self-employed and want a home loan? An alt doc loan might be right for you

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If you’re self-employed or you own your own business, you’ll know all about the challenges of admin – keeping your accounts, finances and income flow all on track. It’s not easy. The last thing you need is a ‘no’ on your home loan application because of the paperwork. But here’s some good news. There are alternatives. Here are four steps that anyone who’s self-employed can take to help get a home loan sorted. 1. Sort out the paperwork you do have When mortgage lenders are looking at a home loan…

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Is bad credit a total barrier to a home loan?

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Your finances can get a bit out of control sometimes, for all sorts of reasons. Illness, divorce, redundancy – sometimes, just getting overwhelmed with things to do and accidentally missing a bill payment. The end result can be that you get put in the bad credit basket. Even if you sort it out and pay the overdue bills or fix up a default on a loan repayment, you can still have a black mark against your name afterwards. So while you may see yourself in the clear after clearing debt, others…

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Discharged from bankruptcy and wanting a home loan? You have options

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Recovering from bankruptcy can be a long and difficult process. And even when you’ve been discharged or completed a debt agreement, some lenders will automatically decline your application for a home loan because of the history. However, there is good news. Some lenders look at things a little bit differently to others. Well-established non-bank lenders like Pepper Money believe a past bankruptcy shouldn’t mean that you’re not able to achieve your future goal of owning your own home. So they designed home loan products specifically to help. If you’ve been…

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7 hot tips if your resolution is to get a mortgage in the New Year

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Sometimes, just getting through Christmas can be enough of a slog without worrying about the New Year. But if buying a home is top of your priorities, here are 7 things to think about that could definitely improve your chances of a mortgage.  1. Don’t lose sight of your debt New Year is a great time to pay down existing debts and avoid taking on any new ones. New Year sales might be tempting but stop – think again. Getting your own home is now your number one priority.   Make sure you pay all…

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6 Home deposit saving tips if you’re self-employed

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When you’re self-employed you know only too well, your income can vary each month and that makes saving up for a home pretty tough going. If you really want to show potential lenders you’re a good candidate for a home loan, having a history of steady, regular savings is a really great place to start. Here are six ways you can amp up your ability to put that money aside. 1.Doing well? Save more When things are going well and you’re earning more money, don’t be tempted to splash out…

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5 top tips for sorting out a home loan application with credit issues

By | Tips

Lots of things can affect someone’s credit history, getting sick, redundancy, divorce, forgetting to redirect bills if you move, or just an accidental slip on timing can mean late or even missed payments. If you have credit issues from these sorts of situations there are things you can do to help your chances of buying a home. Here are five tips to help you get back on top. 1. Get your credit report under control The first thing you should do if you do have credit problems is get a…

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