Author: Darin Hindmarsh

How important it is to only work with a seasoned builder in your project?

Owner Builder Loans 2021 So What has changed in 2021? Well, one thing that hasn’t is lenders caution around who is applying and do they possess the skills and knowledge needed to be successful. TALK TO ONE OF OUR AGENTS NOW! Nobody wants a half-built home with dreams and finances in tatters. With the recent pandemic followed by a boom in house prices and burgeoning construction lenders are keen to assist for the right clients. With this in mind, we can give some key insights into how to prepare for an owner builder project and the necessary owner builder home loan. Managing your expectations Start with the end in mind by checking what your project will be worth realistically before starting. Are the valuations for the completed property in line with the current market? The whole “ Should we or Shouldn’t we” is based on what the market thinks: not so much on what you may be thinking. Also, as the owner builder loan will be advanced on the value via either costs and or end market value of the property then proper understanding of this is key. Working only with experienced professionals Always consider having an experienced person who can assist you in project managing a build. You wouldn’t show up to a job that requires specialist skills after reading a book on the subject. Building a house or renovating is very complex with many moving parts-up to 200 plus different “sets of hands” and thousands of differing materials is not something to give your best shot at. Find someone you can trust-and take their advice. Understand expenses Understand the true costs of building or renovating your project. Site preparation costs, professional and Government fees, education/licenses/permits, differences between plans and detailed drawings, proper take offs or estimates of materials and labour,town planning, engineering, certification, Insurances, landscaping and definitely finances insurances, the list can be extensive-map them all out. Budgeting Critical as it used to be a case of getting a quote and adding a zero to be close to a figure that the eventual cost might be!-This won’t do for an already jaundiced looking banker or credit manager deciding to give you a loan. Trying to just get the “best price” on everything is not always wise as critical elements can be affected in the building or achieving a certificate of occupancy at the end of the build. Getting budgets and cost estimates correct, to end up with a valuable home takes legwork and proper inquiry-don’t be lax here. APPLY NOW Timelines and time management This does not mean bullying and harrassing contractors and suppliers to move faster, which generally ends up with the opposite happening. Understanding the sequence of what goes where and when requires specialist understanding from your supervisor. Example would be needing to order windows seven weeks before they need installing from some companies, so contractors aren’t standing around waiting for you to get your act together. Be aware of when skills and materials are needed. To not do so can mean a six month build turns into eighteen months very quickly. This is an area many past owner builders have fallen down on-thinking they can save money by scrimping and trying to “go it alone” only to find out a builder could have completed in a quarter of the time and possibly cheaper. Be aware first timers you can save money most definitely as an owner builder but again take proper advice. Enjoy the process Building or renovating is not something you will do often in your life unless it becomes an obsession, so try and breath enjoy the highs and lows of the experience and share with others on the forums and groups we can connect you with. The satisfaction level on completion will be all the sweeter! Use us, we sort of know what we are doing when it comes to loans and finances for your project! We’ll help your dream home get approved and underway Owner Building is a rewarding way to build. It’s highly satisfying to see your plans come to life, while also generating significant equity in the process. But despite the benefits, getting owner builder finance can be difficult, especially when there are so few lenders in Australia that offer this type of loan. Don’t waste weeks or months with other lenders or brokers – our experienced team knows exactly what’s required to get your loan approved (we’ve been arranging them for 18 years). Book An Appointment Now With Our Owner Builder Loan Specialist We’ll position your project for success Your dream home might make a lot of sense to you, but even the most flexible of lenders might not see it the same way. For them to approve your loan, they need to clearly understand the merits of your project in order to reduce their lending risk. Which is where the experience of our specialist broking team can help. From council approvals to cost estimates – we know exactly what the best owner builder lenders are looking for (and where to find the cheapest and most flexible construction loans). Education To increase your success in your construction projects as an owner builder, some states require that you go through a training. At Intellichoice, we’ve partnered with Absolute Education (ABED)– the country’s leading education for owner builders and builders alike to provide our clients with the best training possible. Absolute Education (ABED) is a recognised and Registered Training Organisation (RTO) and its training programs for owner-builders and builders is recognised in various territories, including Queensland, New South Wales, Tasmania, Australian Capital Territories, and Western Australia. After your training, you will become licenced owner-builder and holding correct white cards allows you to undertake owner-builder projects. This is on top of the added benefit of getting insider guidance on securing finance to your project. Get a Quick Quote from ABED Likewise, the Absolute Education (ABED) offers their owner-builder education online to ensure convenience of its learners and student correspondence to those who are not comfortable with the Internet. The entire course is given in multiple modules and you can finish them at your own pace at your own time. You will be given login information to access your learning materials anywhere in the world. For more information about their difference courses, you can contact them here: Insurance For your peace of mind, Intellichoice Finance has forged a partnership with Allrisk Insurance–the country’s leading insurance company for owner-builder construction projects. With a decade of impeccable reputation, Allrisk Insurance has arranged insurance policies to thousands of its clients providing a safety net to their projects. The company offers competitive and affordable rates, easy-to-follow quotation request process, and in-house expert advice. Obtain a Quick Quote From This Form Below https://allrisk.com.au/owner-builder-insurance-quote/referrer/intellichoice-CALC Are you ready to start your project now? Don’t start yet without having insurance. Apply for Allrisk insurance Now! Contact Allrisk Insurance today through their contact information: Save 12 months and thousands of dollars with our new Owner Builder App At Intellichoice, we’re leaders in finance, especially when it comes to Owner Builder Construction Loans. With our new construction management app (coming soon), you can save: It’s a revolution and it’s available to all owner builders who work with us. Find out more today by getting in touch. Apply Online For Even Speedier Decision!

Getting a home loan at this high time of uncertainties may sound counterintuitive, but it is actually quite the opposite. While most industries suffered a huge blow following the Covid-19 pandemic, a very few industries remained relatively resilient. Data revealed that while the recent pandemic has left many industries shaken-even pushing some businesses to close down-housing industry remained sturdy, at least this time. In fact, a recent study from the University of Melbourne showed that the housing market was “slow to react” to the negative impact of the pandemic. Lower Price Predicted The report projected that across Australia, home prices slashed at 4.4% this second quarter of 2020. This leaves most homebuyers, specifically, at an advantageous point should they decide to purchase a property amid this global chaos.The report added that the national price drop average is likely to peg at 2.3% this third quarter of 2020. Although some areas have more pronounced price drops such that of Melbourne and Perth at 5.5% and 2.3% in the second and third quarters, respectively. READ MORE: Mortgage Broker Requirements: Is Your Loan Specialist Legit? | Intellichoice Finance What’s in it for you? Homebuyers in particular are seen to benefit from this seemingly “favorable” market condition, as far as buying a house is concerned. The report, however, noted that their model is based only on available data and there must be some nuances that weren’t taken into account. It is worth noting that the report does not explicitly and outrightly recommend immediately purchasing a home at this time. Those who are looking at buying a property during high times of uncertainties should proceed with precaution. Seeking a broker’s help During this time of high uncertainty, jumping right away and buying that dream house hastily is risky. It is best to talk with your mortgage broker and discuss whether the projected price drop is indeed reflected in the field. You need to discuss with your broker what are the possible scenarios should you decide to purchase a house this pandemic. How about other fees? Does the government provide some types of economic relief to new or existing mortgages in a form of lowered interest rates or waiving some fees? READ MORE: Steps to Buying First Home: How a Mortgage Broker Helps Proceed with caution While figures seem a little encouraging for home buyers, you should still be very cautious in your decisions. When to actually buy during the pandemic? Firstly, you’re better off assisted by a broker, especially this highly volatile period. Secondly, you have to be very attentive on Government projections and advisories–these can help you decide more rationally. ### Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He’s been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards – Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today.!

With many Australian homeowners struggling with their home loan repayments as a direct effect of the Covid-19 pandemic, the Government has beefed up its efforts to provide support to those in dire needs. The Covid-19 pandemic has undoubtedly shaken global economies in a magnitude that has never been seen before. Its impact has dwarfed that of the 2008 global financial crisis (GFC) in 2008. For months, many Australian homeowners have struggled financially to keep up with their home loan repayments. As a response, Australian banks are ready to disburse A$100 billion to those who have lost their jobs and missed home loan repayments during this high time of uncertainty. READ MORE: Home Loan Guide: Who’s Winning in Times of Lower Rates? More loans, lower interest rates A large chunk of the stimulus package vouched by the RBA, which amounts to A$90 billion, will be allocated for cheap loans to Australian banks. This amount will then be used to fund loans targeting small businesses and to lower interest rates to 0.25%.The fiscal stimulus package from RBA ultimately eased up the regulatory requirements for commercial banks and in effect, will stimulate economic relief. Is it the best time to take out home loans? With the fiscal stimulus package made available, banks are competing for their cuts in the competition. This ultimately makes the interest rates even more advantageous for home buyers. While it may seem that it’s not the best time to take out a home loan, considering how uncertain the economy is, it is still worth considering. If you’re unsure whether to get that home loan or not, make sure to talk to your trusted broker and discuss your circumstances to get informed advice. READ MORE: Commercial Loans and Home Loans: How Do They Differ? Anticipate unexpected expenses With the current economic volatility and job uncertainties, make sure that you have ample amount of savings to finance unexpected expenses. If you are currently employed, anticipate the possibility of losing a regular source of income.It is worth noting to have contingency plans should you or your family face hospitalisation, prolonged quarantine, among other things. Talk to your lenders Since many banks have released measures that aim to lessen the burden of their clients, it’s best to check whether they have waived penalties or lowered the interest rates for your outstanding mortgage.Ask if you need to lodge an application to avail of those programs. Discuss your circumstance with your bank or lender and see if they can offer some relief on your current mortgage. ### Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He’s been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards – Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today.!

While loan offerings from banks become more accessible now that interest rates have reached an all-time low, experts believe getting that first home loan may not be the wisest thing to do–at least for the time being. Amid this time of high uncertainty brought about by the Covid-19 pandemic, the Australian government has issued a fiscal stimulus package to increase loan borrowings of those who are in financial distress. In a bid to easen up regulatory requirements for local banks, the RBA has released a fiscal stimulus package amounting to A$90 billion. With this cheap loan that Australian banks can avail of, the government believes it will stimulate spending and ultimately help improve the economy as a whole. In effect, interest rates were seen to relax at a rate of 0.25 per cent in the coming quarters. READ MORE: Aussie Home Loans: Available Options for 2019 Homeowners vs homebuyers: who’s winning?As lower rates greet a lot of people looking at entering the property market, it’s worth noting who’s actually winning in this low rates craze. Some believe that it’s the best time to get a home loan, while some say current homeowners are the true winnersSpeaking with 9news.com.au, Michael Youren, an IBIS senior analyst, said this measure (stimulus package) can potentially disenfranchise first home buyers from getting the best deals. The stringent requirements, which is a potential effect of lower rates, can set off potential homebuyers from getting the best deal. This could potentially mean developers or property owners may require a deposit that is higher than the usual. Lower rates, higher price As more and more people are getting their loans approved, the property market will be flooded with buyers looking at a property. This means that the housing market might become oversaturated and prices are likely to skyrocket. He said that has a potential specific impact on first home buyers who, along with many other home buyers, are looking for the best deals. As more and more home buyers participate in the property market, the bidding price will likely deprive a lot of first home buyers. READ MORE: Advantages of a Home Loan Pre Approval Best time for homeowners All things considered, between homeowners and homebuyers, the lower rate phenomenon seems to favor those who own a property at the moment. This is very true if these current homeowners are considering selling their property anytime soon.Regardless if you’re planning to purchase a property or you currently own one, it’s always to seek professional advice from your trusted broker. You can discuss with them your circumstance and you can better weigh which option best works for you. ### Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He’s been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards – Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today.!

Often people applying for owner builder loans are only concerned about the needed preparations, such as sourcing a property/land and the potential build cost before placing their loan applications. But what happens after that if something is left unchecked, which sometimes can cause more problems if not inconveniences in securing finance? Just a quick background, owner builder loans are specialised loans for owner-builders or licensed builders who want to build their own dwelling or investment property. As such, this loan product requires different sets of requirements and most lenders are cautious in approving applications. Now that you have successfully lodged your application, what should you expect? Knowing these post-application steps is necessary in ensuring a seamless and stress-free borrowing and building. Waiting for your loan approval Once your offer has been accepted by the property owner or developer, you need to sign some paperwork and the property is nearly yours. But just because you’ve had the bank’s preapproval doesn’t mean you just sit back and relax. There are still things that need to be done. ALSO READ: Bad Credit Home Loans: Relevant Updates in 2021 The bank will still have to send a valuer to check whether everything’s right and they also want to make sure that you’re not ripping them off. They achieve this by analysing the costs you have provided via quotes, checking the supervisors credentials and checking to see if your timelines to complete are realistic. This is one of the unique things about owner-builder loans–lenders are particularly strict in approving applications. Once the inspections and valuation are done, some more paperwork is needed to be signed. Pre-settlement Once your loan application has been approved, there are still more documents that you need to sign and submit.You will also be required to pay for the last deposit–the amount varies from case to case. Factors such as the loaned amount, your deposit, and cash rate, may be taken into account in computing for your last deposit. Once everything has been settled and documents needed have been complied with, you may finally get your start date. This will mean you can settle on the land or subject property and begin organizing professionals/consultants and contractors and paying deposits to begin work. Managing the Build During this build time you will need alternative accommodation-many stay with relatives to save money where possible. Also, it pays to not be too far from the build site so regular inspections and managing the build is possible. Some renovations can be quick e.g. several months while other complete house builds can take anywhere up to 18 months. So project management and budgeting skills can prove very useful Moving in to your new home Once needed documents have been filled out and checks are done and the local council has issued a certificate of occupancy or similar then you are legally allowed to live in the home. Considering country-wide restrictions due to Covid-19 pandemic, some states and territories may impose a moving-in moratorium so make sure you establish contact with your local council to avoid any inconveniences. Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane, where he specialises in owner builder loans. He’s been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards – Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today. Like and follow them on their Twitter and Facebook accounts. ???

Owner-builder loans are loan products specifically designed to borrowers planning to build their own house. Unlike any other types of loans, these loans have specific requirements that every potential borrower needs to prepare. Building your own house or doing major renovations can be both stressful and overwhelming. Without any idea of this process, hiccups along the way can easily set off people from pursuing the project or worse, abandoning the construction in the middle of the project. These types of loans are popular among individuals or families who are wanting to build, renovate, or fix a portion of their homes. Eligibility Anyone who is looking to build their homes or doing renovations on a property can apply for any of these loans. Residents and non-residents of Australia may apply for owner-builder loans, but documentary requirements may vary for both cases. One must need to be at a legal age and has a stable source of income enough to afford the mortgage repayments and the downpayment. General eligibility requirements vary from state to state. For example, in some states in Australia, owner-builder borrowers are required to live in the built dwelling and are barred from applying for other owner-builder loans within a five-year period. READ MORE: How Do Home Construction Loans Work? Paperwork Just like any other loan, applications for owner-builder loans can be very stringent. Some of the basic requirements needed for these types of loans include the approved drawings or plan duly certified by local council or certifier/surveyor and then the bank’s valuer or a property surveyor. Borrowers are also required to submit documents showing evidence of income, assets, as well as liabilities. Depending on the type of loan you are applying for, some lenders may require additional requirements such as tax declaration or certificate of ownership of the collateral, if the case may be. For some obvious reasons, low-doc loans require relatively fewer documentary requirements,but are generally unavailable to Owner-builders. READ MORE: A Beginner’s Guide To Owner Builder Loans What to do next Once you’ve made sure that you’re eligible for these loans and you’ve already secured all the required documentary requirements for your loan application, the next thing that you need to take into account is how to proceed. Reports indicate that lenders give preferential treatment to borrowers who are assisted by licenced builders or have a suitably experienced project manager . If you’re unsure of what to do and how to go about the processes, you can always consult mortgage broker professionals to work with you. These brokers will walk you through the process, help you gather all the needed documents for your application, and assist you in the entire loan application process. Intellichoice is a Brisbane-based mortgage broking company specializing in personal loans, home loans, and owner-builder loans. They’ve been at the forefront of mortgage brokerage service in the country for nearly 20 years. ### Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He’s been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards – Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today.!

Knowing how to use the most frequently used home loan calculators will not only make one’s mortgage application an easy one, but it can also increase the likelihood of approval. Since there are several types of calculators that you can use online, knowing which ones to use and how to actually use them is a key to success. For many, most of these calculators may look the same and seem to serve the same purpose, they are actually different. In this article, we have identified the most commonly used home loan calculators and provide a brief introduction on what purpose they serve and why you should learn how to use them. Intellichoice Budget Planner Calculator This calculator can give you a glimpse of your yearly cash flow and help keep track your expenses. It is a helpful tool to help you track your income and expenses on a regular basis. Read More: 5 Key Things To Consider Before Getting A Home Loan If you want to avoid getting into another debt that you can’t afford, this can help you manage your finances by identifying how your income is spent. Intellichoice Property Buying Cost Calculator Since buying a property is a costly preposition, one should be prepared emotionally and financially for this endeavor. This calculator provides an estimate of all the costs associated when buying a property–on top of the property cost itself. To help you estimate all the costs associated with buying a property, this calculator can be very helpful. Home Loan Repayment Calculator After getting an estimate of the cost of buying a house as well as the other costs associated with purchasing your own dream house, the next thing that you should determine is whether or not you’re financially capable of making repayments. Read More: First Time Home Buyers: Is It Wise To Get That Home Loan Now? Should your loan application get approved, one way or another, you need to make sure that you can afford the repayments or how much repayments you are most comfortable with. This calculator will help you determine if you are financially capable of repaying a home loan. This can also help you adjust on certain aspects in your finances to be able to afford a home loan repayment scheme assigned to you by your lender. By using this calculator, you can better manage your home loan repayments in a timely manner in accordance with your budget. Savings Calculators If the results from previous calculators show that you are not yet financially ready to get a home loan, you might want to consider saving up until you can afford getting a new mortgage. With this calculator, you will get an estimate on how much to save and how long will it take for you to achieve that target. Each of these calculators work for a specific need and each home buyer may see each calculator more useful than the others. To make your home loan application seamless, you need to get yourself acquainted with the most commonly used calculators and learn how and when should you use them. Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He’s been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards – Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today.!

If you are building your own dream house or an apartment complex but need some funds, then owner builder loans are the best loan products for you. Getting your application for these loan products approved can be challenging to many people. Among all loan products in the market, lenders pay extra attention to this loan application for being too risky. With this loan product, borrowers can be the contractor or they can hire professionals instead. Although the latter is commonly preferred by most lenders. READ MORE: Save thousands as an Owner Builder Be specific It is a common practice by the lenders to scrutinize the details of each application to minimise the possibility of borrowers defaulting on their owner builder loans. To do this, lenders usually inspect the project’s plan, timeline, costing, and the amount that the borrower is willing to shoulder or the loan to value ratio (LVR). For a higher possibility of getting approved, borrowers are advised to have a plan that is as detailed as possible. That is why credit-the part of the bank that assesses home loans-usually prefer having a licensed contractor to prepare the plans commissioned rather than the borrowers themselves. Make sure it’s doable Most lenders are also very particular with the timeline of the project to ensure that the project is done, not only in the proper way, but also in a timely manner. Lenders are also very keen on how projects are managed. Another important aspect that every borrower must look into is the LVR as this value varies from lenders to lenders. This aspect is an important consideration because it will determine how much you need to shoulder or contribute to the project and therefore the amount of funds the bank will make accessible to you via the loan.Prepare the required documentation Upon application for any of these loan products, you need to prepare some documents, which will be needed as an attachment to your application. These documents include proof of your income, liabilities, and assets, equity held, among others. Details about the project will also be required such as the drawings and the project’s plan. Costing information is another vital detail that will be asked from you if you choose this loan product. If you have already started the project, you will have to provide details on the amount already spent on the project plus the amount needed to keep the project underway until it is completed. Intellichoice has over 18 years experience with these loan types and as such can point you towards aspects of your owner builder project that need attention to successfully acquiring your owner builder home loan. READ MORE: Mortgage Broker Requirements: Is Your Loan Specialist Legit? | Intellichoice Finance ### Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He’s been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards – Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today.!

Homeowners with existing home loans who were badly hit by the recent massive floodings in some parts of the country are encouraged to seek help sooner than later. In the recent weeks, large parts of New South Wales and Queensland have been ravaged by deluge with intensity last seen for decades. These floods badly affected and displaced thousands of families. Finance think tank SP Global fears that the floodings can potentially cause an uptick of mortgage arrears in the coming months. In its recent statement, the agency noted that highly urbanized areas are more likely to suffer from financial disruptions as effects of natural calamity. The scale of damage In fact, the New South Wales government has already declared a state of emergency to provide immediate actions on the effects of the massive floodings in the State. Likewise, in Queensland, standing flood warnings have been issued as of this writing. With the onslaught of the massive floods, experts fear that this can impact repayments of many homeowners in the affected areas. Particularly, it was estimated that many homeowners are potentially figure themselves on the edge of mortgage default. In fact, the SP Global reports also showed that the massive floods have exposed roughly 7 per cent of the Australian residential mortgage-backed securities (RMBS) portfolios. It further noted that some homeowners may experience financial hardship and difficulty making repayments while waiting for State assistance in a form of various schemes or subsidies. Avoiding mortgage default According to Australia’s MoneySmart, there are options available for homeowners who are facing difficulty in paying their mortgage. The agency, however, warned homeowners to make appropriate cautions when exploring these options. For its part, MoneySmart noted that a disaster of this magnitude is likely to cause financial turbulence to many homeowners to the point of endangering their home ownership. But in situations like this, there are steps that affected homeowners can take to avoid being in that hardship. Seek immediate help To avoid further worsening of the problem, MoneySmart noted that homeowners experiencing repayment difficulty may contact their lender as soon as possible. Delaying communicating one’s concern may further worsen the situation and solutions as well as options may be limited in these cases. Lenders, whether bank or non-banks, have hardship units that are trained to handle concerns with repayments in times of calamities. These people are trained to provide services to mitigate the effects of man-made or natural calamities on their clients’ repayments. Once you have communicated your concerns to the appropriate units of your lender or the government, they will list down all the options that you can take that are unique to your personal circumstance. From these options, you can choose which sounds reasonable and viable for your current situation. But remember, make sure you are taking care of your personal and or your family’s safety above anything else. Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He’s been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards – Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today!

Finding yourself in a bad financial situation should not hinder people from applying for any types of loans. For example, guaranteed approval loans for bad credit applications are still available for individuals who have an unattractive credit history. Over the past years, millions of households in Australia alone have found themselves in bad financial situations due to skyrocketing interest rates. The move of leading lenders in the country to increase interest rates has shaken the repayment ability of many Australian borrowers. This has pushed them to the brink of loan default. If you are one of these borrowers who are discouraged in pursuing that loan application, there’s still actually a hope. Lenders still give preferential treatment to potential borrowers with seamless credit history. However, some financial institutions are still willing to approve loans from borrowers with problematic credit scores. READ MORE: Truths About Bad Credit Home Loans If you are not so confident with your credit score, you might want to explore guaranteed approval loans for bad credit applications this time. It is true that your chances of getting approved to high-stake loans, there are specific types of loans that just may be perfect for your case. Credit score during Covid-19 pandemic Lenders are also aware of the fact that a good number of people who are on default on their loans are just victims of their personal circumstances. They’ve been in that unfavourable financial situation not by choice, but purely out of bad luck. In the current pandemic that affected the entire world, many households in the country struggled to keep their loan repayments. Many fear that this will hurt their credit score and decrease their chances of loan approval. According to the Australian Banking Association (ABA), missing repayments due to the pandemic should not affect the borrower’s credit score. Otherwise, the agency noted that there are ways to protect one’s credit score during this pandemic. If you’ve missed several repayments during this troubling time, you can always talk to experts to help address your credit score problems. Getting through the process One of the most challenging parts in getting guaranteed approval loans for bad credit applications is usually the beginning. Not knowing what to do, what things to prepare, and where to go can be very overwhelming. Whether it’s for personal loan or home loan, being prepared pays a lot. READ MORE: Advantages of a Home Loan Pre Approval To save yourself from this unnecessary stress, you can seek the services of professional brokers and financial advisors to help you with the process. There are companies with extensive networks with lenders and financial institutions in Australia that can be very beneficial in your loan application. Another benefit of hiring professionals to assist you with your loan application is having your credit score assessed professionally. Different rating companies use different systems and indexes in reporting credit scores. Sometimes, people are clueless about their credit score or have inaccurate credit reports. Experts at Intellichoice are experienced in handling different types of loan applications. The company has handled thousands of successful loan transactions for nearly two decades. It specializes in personal loan and home loan applications in Australia. They provide bespoke and expert support to anyone looking for the best deal at a reasonable rate. They can also assist potential borrowers who have problematic credit scores with their extensive credit reporting and preparation experience. ### Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He’s been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards – Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today.!

Building your own dream house is a mixed feeling of excitement and stress. Unless you have plenty of cash at your disposal, looking for the best home construction loans is another thing that you need to look into. With all the different loan products out there in the market, finding the right one to meet your needs can be a daunting task. Without proper strategy, this entire process of loan applications can easily overwhelm some people. What are construction loans for? Home construction loans are examples of loans individuals who are looking for loans to finance their project. Unlike personal loans, these types of loans are given in different arrangements and in different stages of the home construction projects. Generally the loan comes in two parts and five stages.Part one is purchasing the land and securing a builder and house design. Part two are the staged payments made by the bank to the builder described below. READ MORE: Early Access To Super To Keep Up With Home Loan Repayments Anyone could apply for this loan to build the base of the house (slab down or base), for fittings and fixing fixtures, or to finance the completion of your home construction. The loan amount is usually based on the projected cost of the construction phase and the payouts in a progressive drawdown. Do your homework Before anything else, applying for any loan products demands a lot of time from the borrowers. From searching for the specific loan product and understanding the individual pros and cons of each lender to compiling all the documents can eat up precious time from the borrowers. But this early phase is a crucial one and can determine the future success of this loan application, and in fact the whole project.. Another important preliminary thing that borrowers need to prepare is the deposit or the amount the borrower is ready to shell out for the loan. According to MoneySmart, borrowers should at least prepare 20% of the entire loan amount for deposit to avoid paying the lender’s mortgage insurance. Have more options Looking at one potential lender, though sounds efficient and time-saving, can have a drawback to anyone who’s looking for the most competitive rates. Borrowers should at least be considering two potential lenders to have enough choices to choose from in the end.There are plenty of lenders in Australia that offer all sorts of loan products. But having plenty of options can sometimes overwhelm people too on what to choose over the other. Probably two of the most helpful measures of a good home loan or any other loan are the interest rates and loan terms. READ MORE: A Quick Guide To Getting Construction Loans Beware with loan sharks Loan sharks are all over the Internet offering home loans or owner builder loans at very attractive rates that are too good to be true. These unscrupulous operators are mostly taking advantage of the poor situations of borrowers, especially those with bad credit ratings. It is not uncommon for borrowers with bad credit scores to fall victim to loan sharks or individuals doing predatory loan practices. These borrowers erroneously think that because of their unfavorable credit score, it is impossible for them to get loan approval at a reasonable rate. It is worth noting that you should only work with lenders that don’t take advantage of your situation. You can do this by dealing only with an experienced and licenced broker that practices ethically and puts the welfare of their clients before theirs. Intellichoice is a broking company offering services to borrowers looking for loan products. They specialised in home loans, personal loans, and owner builder loans. They’ve worked with thousands of borrowers all over Australia over the past 18 years. ### Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He’s been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards – Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today.!

READ MORE: What are First Home Owners Grant? READ MORE: RBA Retains Lowest Cash Rate In Recent Update ### Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He’s been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards – Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today.!

Getting a home loan at this high time of uncertainties may sound counterintuitive, but it is actually quite the opposite. While most industries suffered a huge blow following the Covid-19 pandemic, a very few industries remained relatively resilient. Data revealed that while the recent pandemic has left many industries shaken-even pushing some businesses to close down-housing industry remained sturdy, at least this time. In fact, a recent study from the University of Melbourne showed that the housing market was “slow to react” to the negative impact of the pandemic. Lower Price Predicted The report projected that across Australia, home prices slashed at 4.4% this second quarter of 2020. This leaves most homebuyers, specifically, at an advantageous point should they decide to purchase a property amid this global chaos.The report added that the national price drop average is likely to peg at 2.3% this third quarter of 2020. Although some areas have more pronounced price drops such that of Melbourne and Perth at 5.5% and 2.3% in the second and third quarters, respectively. READ MORE: Mortgage Broker Requirements: Is Your Loan Specialist Legit? | Intellichoice Finance What’s in it for you? Homebuyers in particular are seen to benefit from this seemingly “favorable” market condition, as far as buying a house is concerned. The report, however, noted that their model is based only on available data and there must be some nuances that weren’t taken into account. It is worth noting that the report does not explicitly and outrightly recommend immediately purchasing a home at this time. Those who are looking at buying a property during high times of uncertainties should proceed with precaution. Seeking a broker’s help During this time of high uncertainty, jumping right away and buying that dream house hastily is risky. It is best to talk with your mortgage broker and discuss whether the projected price drop is indeed reflected in the field. You need to discuss with your broker what are the possible scenarios should you decide to purchase a house this pandemic. How about other fees? Does the government provide some types of economic relief to new or existing mortgages in a form of lowered interest rates or waiving some fees? READ MORE: Steps to Buying First Home: How a Mortgage Broker Helps Proceed with caution While figures seem a little encouraging for home buyers, you should still be very cautious in your decisions. When to actually buy during the pandemic? Firstly, you’re better off assisted by a broker, especially this highly volatile period. Secondly, you have to be very attentive on Government projections and advisories–these can help you decide more rationally. ### Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He’s been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards – Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today.!

Australia’s reserve bank has held the cash rate for the past quarter at 0.1% and March has been left the same as the previous 4 months. According to the statement released Tuesday, March 2, RBA Governor Philip Lowe noted that the bank remains committed to implement various parameters in ensuring the continuity of fiscal recovery. The RBA also noted that the overall economic recovery remained optimistic and appeared heading toward the right direction. In fact, the actual recovery rate seemed better than projected. READ MORE: Australia Auction Market Shows Promising Record-breaking Response Apart from the government-led fiscal stimulus package, the optimistic employment rate and a staggering decline of the unemployment rate of 6.4 per cent helped push for a faster economic recovery. According to the RBA release, economic activities abroad, especially on the bond market contributed to the booming economic climate in the country. “While the path ahead is likely to remain bumpy and uneven, there are better prospects for a sustained recovery than there were a few months ago. Global trade has picked up and commodity prices have increased over recent months,” the statement reads. Ultimately, the bullish economy is expected to take its current course unless an extraordinary event will happen on top of the pandemic. My own view is that a number of factors are making the reserve bank particularly nervous. one is that money traders have been buying dollars and increasingly putting pressure on the Reserve Bank’s ability to hold back growth or prevent recession. Many trillions of dollars have passed hands recently and there is concern that this trend may continue. I guess we could all be in for a bumpy ride until some of these s are resolved. ### Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He’s been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards – Pepper Money Broker of the Year – Specialist Lending.

Despite some rapid increases in listings of properties in Australia the clearance rate has actually jumped to near 85% which is substantial given the concerns around the effect of pandemic would have on residential real estate. According to an analysis from Core Logic, a total of 1287 houses were auctioned off last week which is much higher than the 884 listed for the previous week. Last week’s clearance rate is significantly larger than the same period for 2020 at 60.7%. Many market observers suggest that this will continue to rise over the coming months and weeks ahead. And there have been surges in certain areas and locations around Australia. READ MORE: RBA Retains Lowest Cash Rate In Recent Update Please see table below for showing clearance rate and auction properties this month via coredata. Of the six major capital cities, Melbourne recorded the most number of auctioned off properties at 474 of 592 properties with a clearance 80.8%. Sydney came next with 400 auctioned off properties of the 449 properties. Although Canberra recorded the highest clearance rate at 92.7%, the number of auctioned properties was only pegged at 59. Perth and recorded 75% clearance rate, while Brisbane recorded 74.6% of the 17 and 84 properties, respectively. Tasmania auctioned one property. Now regarding why it might look this way we believe that due to the pandemic, people discovered that when you are living in apartments and buildings you do so for the social and community aspect. Access to things like gyms, restaurants, bars clubs, and other areas of engagement and work have meant that really an apartment unit is just somewhere to rest your head at night or watch endless movies/series on Netflix. Due to the pandemic forcing people to stay within their units, people became more aware that this would somewhat feel like living inside a cell and that Uber eats does not make up for having some open space such as a gym set, a pool or a backyard. We mentioned this because the push to move from the suburbs has seen a big increase in outlying areas of both Sydney and Melbourne and to a smaller degree in Brisbane. Prices from some of our clients recent sales show increase over the last four months from $750,000 to just over 1 million dollars for the same property because it’s 40 minutes from the city centre of Sydney. It appears people are migrating away from dense areas and it may be not just for lifestyle but perhaps they feel the degree safer by being enclosed in large spaces. Due to the fact that everyone has had to work remotely during Covid-19 pandemic wherever they were in a lockdown it can be said that work is performed just as well. This therefore, has a significant impact on lifestyle choices. Unless vaccines prove to be 100% effective and no further lockdowns occur, all up is good news. If you’re a property owner looking to sell and perhaps move a little further out yourself perhaps not so for owners of units/apartments in major cities but we will wait to see if this is true. ### Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He’s been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards – Pepper Money Broker of the Year – Specialist Lending.