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Budget breakdown: implications for property buyers and sellers.

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The 2017 Budget had a strong focus on housing supply and affordability. This year, housing took a back seat with no new, direct measures for first homebuyers or renters. However, some of the changes will likely have an indirect effect on both the residential and commercial sectors.

Stable interest rates
Homebuyers can take comfort from the fact that the Budget isn’t likely to put immediate pressure on interest rates. President of the Real Estate Institute of Australia Malcolm Gunning says: “This expected interest rate stability comes at a time when housing prices in some of our major cities are showing signs of easing, leading to improved affordability for first homebuyers.

Download REIA Budget Media Release

No change to negative gearing
The government’s decision to leave negative gearing alone brought sighs of relief from the real estate and development industries. Gunning described this as an ideal outcome for the housing market, considering the stringent changes introduced last year to quell investor demand.

“[It was] pleasing to see that the government recognises the important role the current taxation arrangements for negative gearing and capital gains tax play in increasing supply, keeping rents affordable and easing the burden on social housing by leaving these unchanged,” he said.

Download REIA Budget Media Release

More land for home building
The budget did commit to establishing a $1 billion National Housing Finance and Investment Corporation and to release more land suitable for housing.

As well as unlocking some Commonwealth land for development, the government has taken steps to discourage investors from holding on to land that could be used for new homes. From July 2019, investors will no longer be able to claim expenses such as council rates and maintenance costs for vacant land that could be used for housing or other development. The aim is to reduce so-called ‘land banking’, a process that allows investors to hold on to land in the hope that its value will rise while simultaneously enjoying tax benefits granted on the basis that the land would be used for homes or commercial buildings. Under the new rules, the deductions will only apply once a property has been constructed on the land and is available for rent.

Download Budget 2018 – 2019

Easier access to cheaper housing
Housing is cheaper outside the major cities but lack of access can make it an unrealistic option, particularly for those who work in commercial centres. The government’s allocation of billions of dollars in transport infrastructure upgrades could help resolve this problem over the longer term.

Projects designed to attract homebuyers into less expensive areas include upgrades to roads on the Gold Coast, the North South Rail Link in Western Sydney, the Melbourne Airport Rail Link and continuing upgrades to the Bruce Highway in Queensland. Nationally, there are also plans to reduce the congestion that can make a daily commute from the suburbs so frustrating.

Download Budget 2018 – 2019

http://minister.infrastructure.gov.au/mcveigh/releases/2018/may/budget-infra_01-2018.aspx

Helping Australians age at home
In last year’s Budget, the government introduced the Downsizer Contribution so that, from July 1 this year, homeowners over 65 will be able to invest up to $300,000 from the proceeds of the sale of their family home into their superannuation fund. Along with a higher income in retirement, the move could also be seen as encouragement for singles and couples to sell, freeing up more family homes.

There was some speculation that in this year’s Budget the government would use changes to capital gains charges for sellers as further motivation to downsize but, instead, it introduced a measure designed to help retirees stay where they are.

Now every homeowner over the age of 65 has the option of taking out a reverse mortgage worth up to $11,799 a year for the rest of their lives. A reverse mortgage is effectively a loan that allows homeowners to access the equity they have built up in their home without selling their property. The loan is usually repaid when the house is eventually sold and there are limits in place to prevent people from owing more than their property is worth.

https://www.ato.gov.au/Individuals/Super/Super-housing-measures/Downsizing-contributions-into-superannuation/

https://www.australianageingagenda.com.au/2018/05/10/budget-treasurer-expands-governments-reverse-mortgage-scheme-to-full-pensioners/

More information
If you’re thinking about buying, selling or taking out a reverse mortgage in 2018 or 2019, you might want to talk to your mortgage broker about the recent Budget and how it could affect you personally.

Winter Newsletter

Buying property with other people: Mine, yours or ours?

When people buy property together, particularly if it’s with a partner or spouse, they often register the title in both people’s names – especially if they’re going to live in the property.

But other arrangements are possible, several friends might opt to own individual shares in a property, for example, or a couple might choose to have only one of their names on an investment property title. The following information provides you with a good starting point to help you on your way. Also tax legislation and other Australian laws governing property ownership and investment are complex, so seek proper legal and financial advice before entering into any arrangement.

Joint-ownership title
The two main types of joint-ownership titles in Australia are joint tenancy and tenancy in common.

Joint tenants own the whole property together. If one of them dies, ownership passes to the surviving tenant or tenants, you can’t sell or transfer your ‘share’ in a joint tenancy. This is the most common arrangement when a couple owns a family home.

Tenants in common own individual shares in a property, and those shares do not have to be equal. Shares in a common tenancy can be transferred to someone else. When one tenant dies, their shares pass to their heirs if they have a will.

Legal liabilities
Tenancy in common is a useful arrangement when a group of people want to buy property together. Each tenant can own a share proportionate to how much money they’ve contributed, and can sell or otherwise dispose of their share as they wish (unless the tenants have entered into a prior agreement that prohibits this).

Tenants in common can take out individual loans to finance the purchase of their share of a property, with each tenant repaying their own loan. However, tenants in common are “jointly and severally” responsible for all the loans – if one tenant falls behind in their payments, the other tenants are responsible for those payments. You should also be aware that a lender could force the sale of the property to recover money owed by one tenant.

One person’s name on the title
When you’re buying an investment property with a spouse or partner, there could be tax and other advantages to putting the title in only one person’s name.

Capital gains tax is payable when you sell a property that is not your family home, such as an investment property. Tax on capital gains is calculated as part of your annual income in the year the gain is realised. If the property is in the name of the partner who has low or no income, less tax could be payable than if the income from the capital gain was shared with the partner with a higher income.

Future borrowing
If you already have an investment property, a lender will take into account both the income from the property and the loan you’ve taken out to buy it when assessing how much they can lend you.

If you own a share in a property as tenant in common, a lender will count the whole debt on the property as your liability – not just your share of it. This could in turn decrease the amount of money they’re willing to lend you.

Refinancing could save you thousands – and give you greater flexibility

Reducing the interest you pay on your mortgage could help you save thousands of dollars in interest over the period of your loan. As there’s plenty of competition in the home loan sector, it could be worth looking around for a lower rate.

What is refinancing?
Refinancing is the process of replacing an existing loan with a new one. When it comes to home loans, it means your existing home loan is paid off and replaced with a new one. This is different from a second mortgage, where you draw on the equity you have built up in your home.

How can it help me save?
If you were paying 5.37per cent interest on a principal and interest home loan of $600,000 for a 25 year term. Your monthly principal and interest payments per month will total $3,648.00. If you swapped to a mortgage at a lesser rate of 5.24 per cent, however, you’d pay just $3,602 a month. Over 25 years, that saving each month would add up to $13,800 in total savings.

Another savings option when refinancing is to choose a loan with a lower interest rate but continue with the same monthly payments as you were making on the higher rate.

This approach will see you pay less interest and pay your mortgage off faster. Alternatively, refinancing can help save money by consolidating debt from high-interest credit cards or personal loans into a single home loan with a lower rate of interest.2

Features to consider
Most mortgages offer a number of features and benefits. If you’re considering refinancing, it’s a good idea to think about which features are important to you before starting a search for a lower interest rate.

  • Variable rate or fixed rate. A fixed rate gives you more certainty over the longer term. A variable rate fluctuates with the market, so you’ll save when it’s down but there’s always a risk it will rise. (In January 1990, for example, the Australian home loan interest rate reached an all-time high of 17.5 per cent.)
  • Offset account. Cash in hand can be offset against your loan balance until you need to spend it, potentially saving interest.
  • A line of credit. If you have a lot of equity in your home, a lender might be prepared to offer you a relatively inexpensive line of credit secured against the property.
  • Repayment flexibility. Repaying a loan fortnightly rather than monthly can make it easier to fit in your budgeting plans.
  • Early pay out. You may want the option of paying a loan out early with minimal penalty.

Weighing up the costs
There can be costs associated with refinancing and it’s important to factor these in to your decision-making. For example, if you took out your loan before 30 June 2011, the lender might be able to charge you an exit fee for terminating the loan ahead of schedule. If yours is a fixed-rate mortgage, you might have to pay a break fee.

For a new mortgage, you may have to pay an establishment fee and the ongoing administration fees could be higher than you’re currently paying. And if your loan has redraw facilities, there may be a charge each time you take money out of your account.

Do the maths
You can use an online mortgage calculator to work out what repayments will be for different loan amounts at different interest rates. You can also compare fees and charges to ensure they won’t offset any savings in interest over the life of a loan. The Australian Security & Investment Commission’s MoneySmart website has a useful mortgage switching calculator that can help you assess overall costs.

A broker can help
Refinancing can be a serious financial decision with a number of variables to consider. A good broker can help establish the type of loan that may work best for you, how much you can borrow and any extra features you want. They can then gather information from many different lenders and help assess the costs an benefits associated with each loan.

As well as doing the legwork for you, they can guide you through the refinancing process and apply their knowledge and understanding of mortgages to help you achieve the best outcome if you decide to go ahead.

Breaking up is hard to do

On top of the emotional impact, there are practical ramifications as well. We look at how to make the transition a little less stressful.

When there’s a separation or divorce, debts you’ve accrued during the relationship unfortunately don’t go away. The longer a couple is together, the harder it can be to unravel all the financial connections.
Here we outline some of the issues facing both de facto and married couples when dealing with what is usually their most significant debt: the mortgage. Used alongside professional legal and financial advice, it’s possible to make this difficult transition a little less stressful.

Get advice from the experts
The end of a relationship is one of life’s most stressful events. You don’t have to handle it alone – there’s emotional, legal and financial support out there.

Counselling: Visit a counsellor to work through the emotional weight of breaking up – it’s hard to make decisions when you’re angry or sad. You may want to access a Family Dispute Resolution (FDR) mediator to assess whether both parties are emotionally ready to negotiate on money matters, and to help resolve disputes.

Legal advice: Lawyers who specialise in family law can provide legal advice. Initially, they can advise whether you’re eligible for legal aid, and help with timelines and deadlines for your property settlement. Importantly, they should help you to set realistic expectations.

Financial advice: Talk to your lender or broker to understand the current state of your mortgage, and to learn what options are available regarding mortgage repayments. You may be able to defer payments, giving you time to get back on your feet. Your lender or broker can also help you review your finances before you decide whether you can refinance and take on the mortgage yourself. It’s a sad fact, but they’ve probably dealt with this situation before.

Sort out your living arrangements
Some separating couples are able to continue living in the same house, while for others that simply isn’t possible. If one of you needs to move, sort that out first, before turning your attention to the mortgage. Again, financial advisors, lawyers and brokers can help you plan a budget and figure out how your mortgage will be paid until you sell or settle.

Settle your finances
When you divorce or separate, your assets will be divided. To help you understand your financial situation, have all your documentation at hand – bank statements, tax returns, superannuation, and so on. With professional advice, you can figure out your assets and liabilities, what each person is entitled to, and whether one of you can afford to take on the mortgage alone, or if you have to sell.

One option: Sell the property
You might decide to sell your property, divide any assets and move on. The first step is to have your property appraised so you know the market value. From there you can figure out your total equity. For example, if your house is appraised at $800,000 and you owe $200,000 on the mortgage, your equity is $600,000. Things can become complicated if there’s a disagreement about how and when to split your assets and liabilities. Legal expertise or a mediator may be needed.

Another option: Sell to your partner, or buy them out
If one of you wants to remain in the house, it might be possible for that person to refinance the mortgage and take it on alone, depending on their income and other assets. This is sometimes the preferred option if there are children involved.

Again, agreement must be reached on the value of the property and whether it’s a 50-50 split. Professional property valuers, financial advisors and lawyers are all able to provide advice and information.

It’s difficult figuring out who gets what and when, but getting the right legal and financial advice can help you both break up the mortgage and move on with your lives.

Relationships Australia’s A Fair Share provides a good summary of your options and of the Family Dispute Resolution process. You can also get great information on the legal process from the Family Court of Australia.

Budget breakdown: implications for property buyers and sellers

How will 2018’s Budget affect the national property market? For buyersand sellers alike, we take a look at what you need to know.

The 2017 Budget had a strong focus on housing supply and affordability. This year, housing took a back seat with no new, direct measures for first homebuyers or renters. However, some of the changes will likely have an indirect effect on both the residential and commercial sectors.

Stable interest rates
Homebuyers can take comfort from the fact that the Budget isn’t likely to put immediate pressure on interest rates. President of the Real Estate Institute of Australia Malcolm Gunning says: “This expected interest rate stability comes at a time when housing prices in some of our major cities are showing signs of easing, leading to improved affordability for first homebuyers.”

No change to negative gearing
The government’s decision to leave negative gearing alone brought sighs of relief from the real estate and development industries.

Gunning described this as an ideal outcome for the housing market, considering the stringent changes introduced last year to quell investor demand. “[It was] pleasing to see that the government recognises the important role the current taxation arrangements for negative gearing and capital gains tax play in increasing supply, keeping rents affordable and easing the burden on social housing by leaving these unchanged,” he said.

More land for home building
The budget did commit to establishing a $1 billion National Housing Finance and Investment Corporation and to release more land suitable for housing.

As well as unlocking some Commonwealth land for development, the government has taken steps to discourage investors from holding on to land that could be used for new homes. From July 2019, investors will no longer be able to claim expenses such as council rates and maintenance costs for vacant land that could be used for housing or other development. The aim is to reduce so-called ‘land banking’, a process that allows investors to hold on to land in the hope that its value will rise while simultaneously enjoying tax benefits granted on the basis that the land would be used for homes or commercial buildings. Under the new rules, the deductions will only apply once a property has been constructed on the land and is available for rent.

Easier access to cheaper housing
Housing is cheaper outside the major cities but lack of access can make it an unrealistic option, particularly for those who work in commercial centres. The government’s allocation of billions of dollars in transport infrastructure upgrades could help resolve this problem over the longer term.

Projects designed to attract homebuyers into less expensive areas include upgrades to roads on the Gold Coast, the North South Rail Link in Western Sydney, the Melbourne Airport Rail Link and continuing upgrades to the Bruce Highway in Queensland. Nationally, there are also plans to reduce the congestion  that can make a daily commute from the suburbs so frustrating

Simple ideas to boost
your home’s value

Taking care of basic maintenance tasks before you sell your home is a no-brainer, but a quick and not-too-costly renovation can add a lot of appeal for potential buyers, and may boost the final sale price.

Basics first
Fix those little faults that you no longer notice – leaky taps, rusty gutters, broken window catches. They can make a huge difference to a buyer’s perception of value.

Landscape the garden
A well-kept garden can create a low-maintenance feel before buyers even step inside.

Bring the outside in
Opening living areas to the garden can be as simple as adding big bi-fold doors that create an inviting sense of flexibility.

Take the inside out
A barbecue area, deck, pergola or even a plunge pool all invite buyers to imagine their future lifestyle in your home.

Light and bright
Brightening dark areas boosts a home’s appeal; you can install skylights quite economically, and swap solid doors in dark areas for glass-panelled ones. Fresh paint makes a home look ready to live in. Think carefully about colours, and maybe seek some interior design advice – although neutral colours present some people with a blank canvas, to others those spaces just seem bland.

A solid footing
New carpets make a home feel new. Again, think carefully about colour. Look under the carpet – those timber floors will be lovely when sanded and sealed.

Green it
Installing solar panels or a solar hot water system can add value for potential buyers, who will see future energy cost savings.

Bathroom fix
A brand-new bathroom can cost a lot. Instead, think of replacing shower curtains with clear glass screens and installing new taps, a water-saving cistern and even a new toilet seat. Replace small tiles  with big ones, and clean/renew the grout.

Add storage
Buyers are looking for places to store their stuff – cupboards in the garage and in neutral spaces such as hallways, or a butler’s pantry in the kitchen is great too. Some simple and affordable renovation moves can make your home more desirable to buyers, potentially adding to the final sale price.

Protection

Protection
Protection

  • What if I get sick?
  • What if I have an accident?
  • What if I can’t work again ever?
  • What happens if I get diagnosed with a serious illness or am made disabled?
  • What happens if I die?
  • What happens to my business if something happens to me?
  • How can I protect my Home & Contents?

If you think that insurance is a waste of money, think again…. Very carefully…….
At Milestone Mortgages, we know that sometimes life can take an unexpected turn. If the unfortunate happened, what would you do? How would you meet your loan repayments and meet your day to day living commitments? Do you have savings to rely on? Would you family help? Would you need to sell and asset or your home? We’d all like to think our loved ones would be looked after if something happened to us, but we also know it may cause a financial burden.

At Milestone mortgages we have a wonderful range of products to ensure that have peace of mind no matter what happens. We want to ensure that you and your assets are always protected and ensure that if the unfortunate ever happens…. we know you will ok!

We understand that you’ve worked hard to have what you have. This is why Milestone Mortgages offers a variety of insurance plans to give you the security you deserve. We know that an essential part of any sound financial plan is insurance. Needless to say, it is important to protect your valuables, investments, assets and even yourself in case any unexpected incidents occur.

For a small monthly premium, our insurance options take away the risk of unforeseen losses& gives you, your family peace of mind and security for your investments. Choosing the perfect insurance policy one can be challenging, but with our help, we can help you weight up all the options, benefits and cost and make the right choice just for you. Making sure you are fully protected allows you to borrow confidently knowing that you are ready for whatever life throws at you & helping you to hold on to what means most to you.

The complete picture:

At Milestone Mortgages we can recommend a mix of insurances appropriate to your circumstances and the financial needs of your dependants. We will sit down with you and look at your lifestyle and your circumstances. We can help you determine the level of cover you would need by looking at your debt, living expenses, education fees, savings and investment goals. By researching all the insurance companies and all their products we can then recommend the best insurance mix for you.

If you’d like more information on any of these types of insurance – then speak with us. In many cases we can help arrange a policy for you.

Vehicles/Personal Loans

Vehicles/Personal Loans
Vehicles/Personal Loans

Car Finance

After a smart lease or loan for your new car? We can offer you exceptional car loan rates for both personal and / or business use.

We can offer the right car finance at a better rate. We will listen to your specific needs, help you understand your car finance options, show you how leasing and buying compare, compare options from a panel of highly competitive car finance lenders & find you the right loan at a great rate (usually less than the car yard)

And if you haven’t found the perfect vehicle yet, we can arrange loan pre-approval, so you can hit the car yards with a firm figure in mind.

We source loans for all types of vehicles so contact us today, and we’ll steer you in the right direction!

Personal Loans

  • Debt Consolidation
  • Holidays
  • Emergency household repairs

There are times when you will find yourself in immediate need of cash. Credit card bills, and unexpected expenses can catch us by surprise. Consolidate your debts or fund your purchases into one easy to manage payment by undertaking a short term personal loan.

Our personal loans are tailored to your needs, lifestyle and budget. You’re in control, so you’ll always know what your repayments are as we design the loan to meet your needs.

We will look closely at your financial situation and figure out a way to make repayment as easy as you need it to be. And you can use the money for whatever purpose you wish.

Whether you need the funds for debt consolidation, home improvements, travel, education costs or medical expenses we’ll get you a great personal loan deal every time!

We understand that you want the money quick, so we make the process easy for you. And we can do it fast! We have access to lenders who can arrange same day approvals so get in touch with us today so we can start processing your loan immediately and relieve some of those financial stresses.

Self Employed

Self Employed
Self Employed

Given that 17% of the Australian population (around 2M) are self-employed, it seems illogical that it remains a struggle to secure a mortgage with self -employed income. We understand that being self-employed you will have your own unique business circumstances.

In the bank’s eyes, self-employed individuals are less likely to have a regular and stable monthly income compared to those who are employed and as such will look at self-employed income in various ways. Some will look at salary plus dividends whereas others will look at net profit or net profit plus salary, yet others will take 1 to 3 years’ worth of accounts or calculate an average instead.

However, the good news is, the assessment of mortgages for self-employed clients has improved greatly – and this is where it is important to have a good broker to support your application to the lender. At Milestone Mortgages we are fully committed to working with our clients to obtain flexible and suitable lending, whichever the circumstance and are fully invested in tailoring your application for a self-employed mortgage in the most effective and transparent way.

Business/Commercial

Business/Commercial
service

  • Retail/Shops
  • Industrial
  • Business overdrafts/ Equity Lines
  • Leasing/Hire Purchase
  • Franchises
  • Property Developments

With more than 2 million small to medium businesses operating Australia-wide, Australia flourishes in the small business sector. Traditionally, accessing finance options has been difficult however more recently we have seen a move towards a growth sector and lending is becoming more available.

Commercial lending requires a more tailored packaged which directly suits the client and their business, with pricing rarely set in stone. Finding the right lender for your commercial purchase requires a great deal of knowledge and understanding of the commercial lending.

At Milestone Mortgages, we understand that to run a successful daily operation you need an uninterrupted capital supply and flexible lending that allows your business to keep running smoothly and keep it growing. Commercial lending can often be a very viable solution for many small to medium size business owners.

Starting or developing a business will need some form of investment. Whether you need an overdraft or line of credit to improve cash flow to buy an equipment to improve your production, to finance a property development or buy a vehicle for a more efficient transportation, you will need the services of Milestone Mortgages to ensure you end up with the right Business Finance Solutions.

We will liaise closely with you, the business owner, to ensure you understand your business needs goals. Often we ask to see a business plans, personal and business financial statements and obtain information regarding collateral and assets.

Once we’re equipped with a business’s relevant information, we help you prepare a business profile. A business profile provides lenders with relevant information about your business, including information regarding the company’s annual sales, a profit and loss statement, details about recent ownership, the type of business, number of employees etc.

We can help you arrange finance if you are:

  • Purchasing an existing business,
  • Starting up a new business,
  • Expanding your existing business, or
  • Providing working capital for your existing business.
  • Debtor/inventory funding
  • Motor vehicle financing
  • Equipment/tool/plant equipment financing
  • Business property financing

Milestone Mortgages can provide you with creative solutions for your commercial loans and business needs. We understand the importance of structuring a loan so that the repayment of debt matches the cash flow of the business. We consider your existing repayment obligations to be able to provide you with a pocket-friendly repayment scheme.

If you think that a traditional commercial loan is not right for the business you run, we offer you with a range of other alternatives to be able to finance your business needs. Our loans are tailored according to the desires of our clients.

Equipment Finance
Need equipment to help your business grow? Better equipment financing means better business. At Milestone Mortgageswe can also assist with equipment finance for a wide range of assets including vehicles, farm machinery, and construction industrial and office equipment. We can work with our finance partners so that you can choose to finance these instead of having to eat into your cash flow.

Why finance your business assets?

  • Preserve your working capital
  • Fixed rental payments
  • Tax benefits
  • Keep up to date with equipment and technology
  • Short term rental options available

We can help you borrow to buy or lease assets for your business. The 4 main products used for equipment finances are:

  • Hire purchase. You hire the equipment until you make the final payment, at which point you own the asset.
  • Chattel mortgage. You own the asset from the start and the lender takes charge over the asset.
  • Operating lease. The lender owns the asset and leases it to you.
  • Novated lease. The lender owns the asset and your employer pays rental payments.

Who is eligible to apply?

  • Anyone who runs a business with an ABN can apply for funding. The application is is easy and takes just a matter of minutes.

It’s invaluable expertise and sound advice that saves you time, stress and money.

Investors/Developers

Investors/Developers
Investors/Developers

For many Australians buying an investment property has long been considered a path to a secure & financial retirement. Buying an investment property can generate capital growth as well as a passive rental income. With Australian real estate delivering impressive returns over the past few years, investing in property can represent a solid long-term financial plan.

Investing in property may be:

  • Tax effective
  • Enable you to leverage your equity to increase potential gains
  • Allow you diversify to compliment your superannuation

At Milestone Mortgages we specialise in planning for investment success & wealth creation.

We can help you assess your current financial situation, including what you can realistically afford to spend, and provide guidance on what you should be looking for in an investment property

Don’t just assume you need a deposit, many banks let you use the equityin your own home to secure the entire cost of purchasing your investment property.

We will help you determine if you need is cash positive investment that provides high rental returns, of if strong capital growth is your priority. We can give you lots of tips on where to gain information and talk you through the investment strategy that works best for you.

So give us a call today and tap in to our knowledge through our free information session.

Development finance
We have access to a number of lenders that fund developments, and we know that each development scenario is different. In the right set of circumstances, Some lenders will allow interest to be capitalised on the understanding that the loan and interest will be repaid on the sale of the asset. Presales are also a key factor when it comes to development finance.

Investing in commercial property
Residential and commercial properties are attractive investment opportunities but do work a little different so its important for to know how residential and commercial rentals differ so you can decide what’s appropriate for you.
You should consider your short and long-term investment goals, your deposit situation and whether a short or long term lease arrangement suits you best.

You should consider that

  • Commercial tenancy or lease periods are usually longer than residential ones, with agreements often lasting several years. They offers good income security for investors, but may mean less flexibility.
  • Commercial tenants are generally responsible for all maintenance costs, rates and repairs to the property. It is the landlord of a residential property who is typically responsible for property maintenance.
  • Commercial investments generally have higher deposit requirements. Where residential deposits are usually 10-20 per cent, commercial deposits can be up to 30%.

Builders/Renovators

Builders/Renovators
Builders/Renovators

Building, extending and/or renovating your home is exciting and allows you to have exactly what you want in your home and add value to your asset. You can achieve your own tastes and desires and get more build for your buck, as building can often be cheaper than buying an established home.

If you have held a property for a few years, chances are your property has increased in value. This means you can tap in to this equity by refinancing, releasing cash to build, extend or renovate and to add value to your home.

At Milestone Mortgages we know how important is it to have the right finance. Renovating can be simple and straight forward and often does not require any special permissions, however adding an extension will have different requirements and will fall under the financing category of property improvement which will need a more specialised lending approach as there will be the involvement of councils, certifiers and builders. Whilst adding an extension is normally straight forward, a complete new build can be even more complicated and times consuming and requires a more specialised loan process so that drawdown of funds can be arranged effectively to meet the builder’s time demands.

At Milestone Mortgages, we have a range of lenders we can work with the assist you to get your renovation, extension or build under way. We can offer competitive products with great facilities, ie lines of credit, offset facilities and redraw facility which can help to keep your build, extension or renovating on time and on budget.

Refinancers

Refinancers
Refinancers

Your mortgage may have been the best deal for your circumstances at the time but is it still performing as well as it could? It never hurts to have a quick mortgage health check to make sure you are getting the best deals. Quite possibly your property may have gone up in value or you are stuck on an old deal that is just not working for you anymore.

As your situation changes over time, it’s important to regularly review your mortgage arrangements. Perhaps your income has changed, your family has grown or your credit card debt is proving unmanageable. Or perhaps it’s time for that long-awaited renovation. The process of reviewing your home loan can provide significant savings. Isn’t it time you gave us a call?

Some of the situations where you may consider refinancing your home loan include:

  • You may wish to secure a lower rate to reduce your monthly outgoings?
  • You may wish to release equity to consolidate your loans or credit cards to reduce your over all monthly outgoings and regain financial control
  • Maybe you wish to improve your home, go on that luxury holiday or do something for the kids.
  • You may wish to unlock some equity to buy and investment property or other major financial commitment

Weigh up the benefits

As you investigate your refinance options, remember there may be costs involved in paying out your existing mortgage loan, and establishing a new one. When we complete a health check, we ensure that the benefits of refinancing far outweigh the associated costs of paying out your existing loan to establish a new one. You’ll feel confident you’re getting the best deal possible and are on track to achieving your financial goals.

Movers

Movers
Movers

If you’ve purchased a home before, you’re past experience will mean you already know how quickly property values, interest rates and lender policies can change so you’ll already appreciate what we can do for you.

No doubt your financial situation, your life goals or your property plans have changed. We can offer invaluable insight and advice and make sure you will be well-informed and well-prepared for your next purchase.

At Milestone Mortgages, we will give you a clear picture of your borrowing capacity, take you through buying and selling fees so you know exactly where you are and make a big impact on your power to negotiate.

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