The First Home Owner's Grant

The task of buying the perfect home for you and your family can be a daunting prospect, with the necessary financial considerations a seemingly endless list of outgoings. So where do you start?

The First Home Owner's Grant

In July 2000, the Federal Government established the First Home Owner's Grant, designed to assist first time buyers with the cost of purchasing a home.

To be eligible for the First Home Owner's Grant, the following criteria must be fulfilled:

• The purchaser must be an Australian citizen or permanent resident buying or building their first home in Australia.
• The property must be a recognised house, home unit, flat or other self-contained fixed dwelling, specifically designed for residential purposes.
• The Grant must not have been claimed previously.
• The home must be occupied by the applicant within twelve months of purchase settlement or building completion.
• Application for the Grant must be made within twelve months of settlement or building completion.
• If the home costs less than $7,000 dollars then the amount paid under the Grant will equal the purchase price.

The tax-free, one-off payment of $7,000 is not means tested, so any first home buyer who meets all the criteria is eligible. Applications made in joint names will only be entitled to one payment for the single property.

The different State and Territory Governments around Australia also have additional eligibility criteria, such as minimum age limits and periods of occupancy. All are different so check with your local authority for their specific details.

How much can I borrow?

Every lender is different but as a general rule of thumb, most lenders will offer owner-occupiers up to 95% of the total purchase price. Some loans are designed to cover the full purchase price, however these loans often come with limitations, higher fees or additional conditions attached, so always remember to read the fine print.

The total amount loaned will depend on a number of variables, such as family income and expenditure.

Saving for your home

A deposit is just one cost associated with buying a house. Others include:

• Loan application fees.
• Stamp duty.
• Legal costs.
• Insurance – including mortgage cover, home buildings and contents.
• Inspection fees – including building inspection, pest and termite inspections.
• Utility connections – water, electricity, gas, telephone.
• Council rates.

By setting realistic goals, cutting back on unnecessary costs and keeping to a budget, saving for your first home doesn't have to be an impossible task.

Mortgage Business

Where To Find Pre-Foreclosure Mortgage Leads For Your Mortgage Business

Properties in foreclosure can be a boondoggle for you whether you are an investor looking to pick-up a bargain property, or a loan officer ready to swoop-in and save someone’s property from the Repo Man. For mortgage people, foreclosures can generate business 3 ways.

One of my goals is to offer you valuable information that will immediately impact the bottom-line of your mortgage business. What I find lacking in many of the "professional" trade publications out there, is real-life ACTIONABLE information you can take-away today and begin generating actual business from tomorrow.

Many of you have emailed me asking about new sources of business. And, besides beating down realtors door’s (which every other monkey loan officer is doing), there are huge segments of the market you may have overlooked. With interest rates rising fast, personal bankruptcies and foreclosures are increasing steadily. And this is a market segment you CAN NOT IGNORE.

Properties in foreclosure can be a boondoggle for you whether you are an investor looking to pick-up a bargain property, or a loan officer ready to swoop-in and save someone’s property from the Repo Man.

For mortgage people, foreclosures can generate business 3 ways:

1. You can try and fund the property, pay off the note and save it from the bank. (Be aware that not all lenders, especially A-paper will do a property in foreclosure).

2. You can secure the new loan from the new buyer of the property and provide financing as a purchase loan.

3. You can get the person who was foreclosed upon, a new loan for a new property. Many B-paper sub-prime lenders will finance a person even just 1-day out of bankruptcy.

These are 3 immediate things a pre-foreclosure property can give you. Here are some methods you can use to locate these type of deals.

1. Referrals from title companies, real estate attorneys, other lenders etc. There are many 3rd parties involved in the foreclosure process and nothing happens in a vacuum. Chances are, you will hear about it if you have your ear to the ground.

2. Check the newspaper under the properties section. Also, be sure to read the smaller dailies and weeklies that are out there.

3. Subscribe to a clipping service that find the leads for you. Many press clipping companies will also clip other information if you ask. Check in the phone book under media, press or public relations.

4.Subscribe to an internet site such as Foreclosureleads.com, Foreclosures.com, Foreclosurelistings.com Prices vary by service and state. You will want to investigate their source for the data to be sure you are getting the most accurate and up-to-date information.

5. Go directly down to the courthouse yourself and ask. Property undergoing foreclosure is public information and you have a right to get access to it. This is the most direct and cost effective route, though it may be very intensive.

In conclusion, don’t give-up because all the refinance loans have disappeared. Change your strategy and try something different. Top producers succeed because they can adapt to market conditions and are willing to go where others won’t. Take steps today, and I can guarantee you will have more fresh loans tomorrow.

Rob Lawrence is ranked one of top national trainers in the mortgage industry. He is the currently the CEO of Battlecall.com, coaching, tools and resources to turn mortgage professionals into mortgage warriors.

Battlecall.com
Mortgage training for loan officers who want to become mortgage warriors.

By Robert Lawrence
Published: 7/17/2008

Online Home Mortgage Refinance Companies

Online Home Mortgage Refinance Companies.

You've probably heard the advertisements on the radio or seen them on the television or in the newspaper:

$170,000 Loan Under $560/month.
Rates at Historic Lows.

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Save Now!

Whether known as "Online Home Mortgage Refinance Companies" or "Online Home Loan Refinance Companies" or "Online Mortgage Refinance Companies", they are all part of a relatively new type of online refinancing network. And they are Hot.

Recent popularity.

Millions of people are finding themselves paying too much for their home mortgage. This may be because they financed their home back when interest rates were much higher than they are now. If you have an interest rate over 6% then you are paying too much. Online Home Mortgage Refinance Companies make it quick and easy to get the lowest possible interest rate on your home. This typically saves a family hundreds of dollars a month.