Loan Advice

Refinancing your home loan

Tips to pay off your home loan faster

Fixed or variable interest?

Hidden home loan costs

Buying your first home

First home owners grant

Our advisers can arrange to review your current home loan to ensure you still have the right product for your needs. Don’t assume that just because your loan was once competitive, it still is. Interest rates change and different types of loans are always entering the market. Our advisers will:

• assess your current interest rate

• assess your repayment level

• assess your financial situation to determine whether a better deal can be sourced saving your money, and helping you pay off your loan faster

1) Pay off as much as you can, as often as you can.

2) Avoid loans that penalise you for making extra repayment

3) Avoid ‘honeymoon’ loans that revert to a higher rate after the ‘honeymoon’ period is over.

4) Avoid loans with high exit costs.

5) Deal with reputable organisations

This really depends on your current financial situation. Your Count adviser can help you select the right type of loan, building in the cost of every-day living to determine how much you can afford to repay each month.

There are advantages and disadvantages of choosing fixed and variable interest loans, and they are assessed on a per client basis.

Our advisers can help you select either:

• fixed interest loan

• variable interest loan

• loan comprising of part-fixed / part-variable interest

Remember however, that if you elect to split your loan into part fixed / part variable, make sure you don't incur two monthly loan maintenance fees instead of one.

There are many costs associated with taking out a home loan, which don’t relate to the price of the property.

These hidden costs include:

• Lenders’ fees, including loan application and establishment fees

• Government charges including stamp duty on property purchase and mortgage, and title fees

• Legal expenses

• Inspection costs

Buying your first home is one of (if not) the biggest financial commitments you will ever make. Stay well informed of what is involved so you don’t make any rash decisions.

Good financial planning and loan advice from your Count adviser can save you thousands of dollars off your loan and help you own your home sooner!

Can you afford to buy a house?

A credit provider must ensure you can afford to repay a loan without suffering undue financial hardship before lending you any money.

The total amount that you can borrow is determined by three factors:

1) The value of the property you intend to purchase; and

2) The funds you use towards the purchase; and

3) Your borrowing capacity or “serviceability”. Serviceability is your ability to meet loan repayments, and will depend on your income and existing financial commitments. You will need to provide evidence of a continuous stable income.

You must have a budget!

Budgeting your income carefully and understanding your spending habits will help you make regular loan repayments and own your home that much sooner!

The First Home Owners' $7,000 grant was introduced by the Federal Government on 1 July 2000, as a means to compensate first home buyers or builders for the costs associated with GST.

While the First Home Owners' grant is available nationally, it is administered by the State Governments, so specific details may vary from State to State.

The grant is a one-off $7,000 payment, paid to you when you become entitled to possession of your home under a contract or purchase (usually on settlement). If you are building a first home, the grant is paid when the residence is ready for occupation.

If you are eligible for a First Home Owners' grant, the money is unlikely to make a significant difference to your home loan application - the funds are not usually treated as personal savings when the lender evaluates your savings history.