What makes a good home loan and how do you get it?

Getting the best home loan you can, with our Guest, David Thomas

 

A home loan is often the largest loan many Australians will purchase. But what makes a good home loan and how do you get it?
Financial Planner Luke Smith spoke with David Thomas from Trilogy Funding. Trilogy Funding is the property investor’s mortgage broker. They help first home buyers, first time property investors and experienced property investors secure the right kinds of loans for their circumstances. David Thomas is the Managing Director of Trilogy Funding and he’s supported by an able team of expert mortgage brokers in Canberra.

They begin the discussion though about one of the key starting points with any goal, think about what you’re trying to accomplish.

Key hightlights include:

  • What is your time frame?
  • Should you have a fixed rate or a variable rate loan?
  • Is it just about getting the best loan rate or is it about consistency of payments?
  • What are off-set accounts and redraw facilities?
  • What are the key things you need to have in place before you get a loan?
    • Standard documents
    • Expenses
    • Other loans
    • Your credit file
    • Your age and exit strategy if you’re over 45.
  • The new questions lenders are asking
  • Self employed people – BAS statements, Salary credits, your market segment and your ability to pay
  • Lenders are looking at your character – do you have a good record of behavior?
  • Lenders are looking at the capital your bringing to the purchase and the collateral you can offer to secure the loan
  • They are also looking at the security of your income and also common sense – how speculative is the investment you wish to make with the loan.
  • What about mortgage insurance and how much of a deposit do you need to avoid it?
  • What about credit cards and store cards? How does the bank factor them in loan applications?

Financial planning advice can assist you make informed decisions. So can the advice of a Mortgage Broker.

Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’

Apple Podcasts

 

Would you like some advice around your home loan and financial plan?

 

How to get a home loan
Best Home Loan Podcast

Make an appointment to catch up with Luke over the phone or via video conference. Face to face appointments at the office will return once the Covid-19 has passed.

Envision 2CC offer:  Your first appointment is at our cost – even over the phone or by video chat. Make an appointment to confidentially discuss your super and financial matters. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke is also happy to refer you to Trilogy Funding should you need Mortgage Broking Advice. You can call David Thomas on 1300 657 132, email him at david.thomas@trilogyfunding.com.au or visit the trilogy funding website https://www.trilogyfunding.com.au

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

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