Off the Plan property is a property that has not yet been fully constructed. Some developers offer the chance for buyers / property investors to purchase a property before work has started.

If you make a written offer on a property, you should consider having a finance clause. You should confirm with your conveyancer on how to word this clause

When moving home, you have to take into account the sale and purchase settlement dates, as they will have a significant impact on your home loan and cashflow requirements:

How much can I borrow?
There are three main considerations that must be taken into account when you are looking to borrow money for a home purchase, and they are:

When you are borrowing more than 80% of the purchase price of a property, you may have to provide proof of 3-5% genuine savings, and it is worked out like this…

If you have an investment loan, you may be able to choose to pay one year’s interest in advance. The interest rate is fixed for a 12 month period, and you pay the full year’s interest in a lump sum upfront.

LMI is a one-off, upfront insurance premium that is generally payable when you borrow more than 80% of the property value. It does not protect you as a borrower. It protects the lender in the event that you default on the loan, and they have a shortfall in funds after selling the property.

Should you pay your loan repayments fortnightly rather than monthly?

Interest on home loans is calculated daily on the outstanding balance and charged to the loan account monthly.

Is this property one that you would consider further? Ask me for my Property question checklist

Credit Report providers hold credit-related information which is primarily used by banks and other lenders to assist them in assessing applications for credit.
If you have every applied for or used credit in Australia, you will have a credit file.
See my Tips on Adverse Credit History for more information