"Did You Know?" Social Posts

Use these posts to promote the fact sheets across your social platforms. 

Post 1

💡 Having a guarantor can assist homebuyers who haven’t saved a sufficient deposit to enter the property market without the need for LMI (Lenders Mortgage Insurance). 

How does it work? The lender takes out a mortgage over the guarantor’s property as security for the borrower’s loan. The borrower is then responsible for making the loan repayments. 

Keen to know more? Reach out to us today for a copy of our Guarantor Loan fact sheet. 

Post 2

💡 There are many costs in addition to the purchase price of your next home.  

1. State and federal government costs: These costs can include stamp (transfer) duty, which is a state/territory government tax applicable to new property purchases. 

2. Loan application costs: You may have to pay a loan establishment fee or LMI (lenders mortgage insurance) if your deposit is lower than 20%. 

3. Purchase costs: There will be fees associated with carrying out legal work during the purchase process, and maybe fees for pest/building inspections. 

4. Construction/renovation costs: If the property has not been built or needs work, there may be construction or renovation costs you need to cover. 

 
Looking to know more? Reach out to us for a copy of our Property Purchase Costs fact sheet. 

Post 3

💡 If a lender believes that your living expenses outweigh your ability to make your mortgage repayments, your loan application may be affected.

To lend money responsibly, lenders need to understand your income, financial commitments and living expenses, and ensure that after covering these costs there is enough money left over to make your loan repayments - even if interest rates rise.  

Keen to know more? Reach out to us today for a copy of our Living Expenses fact sheet. 

Post 4

💡 There are a few different types of home loans - it‘s important to understand your options:  

1. Variable rate loan: Interest rate generally moves up or down with movements in the official cash rate, if and when passed on by the particular lender.
2. Fixed interest rate loan: Locked in at a specific interest rate for a fixed period.  
3. Split loan: Allows you to have a loan that is part fixed and part variable.  
4. Line of credit loan: A line of credit lets you borrow money up to a limit, pay it back, and borrow up to the limit again. It is a type of loan that is generally operated as a loan combined with an everyday transaction account.  

We can talk you through your options and provide you with a copy of our Home Loan Options fact sheet.

Post 5

💡 While there are benefits to buying 'off the plan’, there are also risks you should be aware of before committing to this type of purchase.

1. Borrowing risk: Since formal ’off the plan’ loans can only be approved when the property is ready for occupancy, there is a risk that the lender‘s policy could change during construction.  

2. Valuation risk: Determining the market valuation for a property's future value is difficult. As a result, if the settlement valuation is below the purchase price, you may need to pay a bigger deposit.

3. Personal circumstances risk: Changes to personal circumstances may affect your ability to borrow or hold the property.

Talk to us today or request a copy of our Off the Plan Acknowledgement fact sheet to find out more. 

Post 6

💡 Progressive payment drawdowns on a construction loan have benefits, but fees may apply. These can include: 

Inspection fee: Many lenders require an inspection before approving a progress payment to ensure construction is progressing at an acceptable rate and to an acceptable standard. 

Drawdown fee: Some lenders charge a drawdown fee to cover the costs of making the money available to the borrower. 

Alternatively, lenders may charge a one-off construction fee to cover both fees. 

Want to learn more? Reach out to us today to chat or for a copy of our Construction Loans fact sheet.