Refinance Tag

    At Josh Financial Services, home loans for doctors and medical professionals is our specialty. Whether you are buying your first home, refinancing, renovating your property, purchasing an investment property or require finance for medical practice, our team of dedicated Finance and Mortgage Brokers will help you make the right choice and match you with a home loan that best meets your needs. Help and assistance, be it a general or a professional one, is required by every person at some point in their life. Like teachers are there to help their students, parents to help their children, doctors to assist their patients, in the same way, brokers are there to assist their clients. These brokers could belong to any of the industry that helps match buyers with sellers and borrowers with lenders. Because of the busy schedules of doctors and the over shift time they serve, mortgage brokers have come on the forefront from the background to help doctors avail home loans with full research and without any hassle. To understand how mortgage brokers are managing and adding value to the financial well-being of doctors through their expertise and experience, let us have a look at the points that are listed below in this article. Potential to save on Lenders Mortgage Insurance (LMI)   Mortgage brokers, because of their active presence in the markets, have access to lenders and their home loan deals from several different markets. They can also save you money by helping you get a waiver of service fee on short-term loans or Lenders Mortgage Insurance, LMI, waiver. LMI is basically a type of insurance that protects the lender. The cost of LMI can actually be calculated to be into thousands of dollars depending on the size of the loan. Therefore, getting a waiver on such a hefty expense is worth every effort. Typically, this cost is either minimized or sometimes even waived off altogether for doctors as they are viewed as low-risk borrowers by lenders because of their high earnings potential. A possibility to save on loan rates   A mortgage broker has an in-depth understanding of the home loan market as it is their work to deal with various clients on a daily basis. They can assist you in selecting the best loan that suits your needs and can get you the lowest home loan rates that are possible. Sometimes, even the lenders themselves are willing to offer the medical professionals with exclusive professional package loans that combine a range of money-saving inclusions. Provides convenience   One of the important and most useful benefits for doctors is that these mortgage brokers offer convenience. Because of the availability of many products in the markets and less time to search for them, these brokers offer you the choice of shopping for the absolute best deals that they have shortlisted for you. They are able to get multiple quotes for you from different lenders, that are in accordance with your financial conditions and aspirations before you make the final decision of settling down for one of them. Ability to enjoy your leisure time   By giving the responsibility to the mortgage broker for chasing down a suitable home loan opportunity, you as a doctor can enjoy your free time doing some leisure activities after working for long hours on a job that requires a high level of responsibility. These mortgage brokers help you complete the necessary paperwork that is required for loan application and for its settlement.   What is the qualification Criteria   Doctors who demonstrate that they meet the following eligibility criteria: You’ll need to be an Australian Citizen or Permanent Resident. You’ll need to provide current proof of Registration with a practitioners board. Your property purchase must be either owner occupied or for investment purposes. The maximum loan amount is $3 million.   What Next?   Call us on 1300 537 000 to discuss your options with a Specialist Mortgage Broker. Alternatively, click the button below to submit loan enquiry.    ...

      Increasing your borrowing power could make a difference between buying your dream house and losing it due to improper planning. Your dreams of living in a perfect home can be curtailed if you do not have sufficient funds. Lenders and banks do not grant a loan easily. So, how do you increase your buying power and get that dream house of yours? Here are a number of ways ton how to increase your borrowing power.   1. Pay off Debts Lenders look at your debts when assessing your mortgage application. The more debt you have, the less likely you will be able to borrow. Use your savings to pay off any existing debts as it will have a major impact on the success of your loan application. An example would be that you have taken a car loan 2 years and 9 months and ago. Only three months left to pay off the loans. It will be a good idea to pay off the car loan now and as lenders will still use monthly repayments on the car loan when servicing for a home loan. 2. Minimise Available Credit Credit cards can have an unfavourable impact on borrowing power. Let us says that you have more than 2 credit cards with $20,000 and you are not actually using them. These limits will actually lower you’re borrowing power. The Banks look at that as debt and they use 3% of the limit of these credit cards when accounting for debts.  A good idea will be to reduce the credit cards limit and the minimum you reasonably will need. This also applies to other debt like overdrafts, car loan and personal loan. So, if you do not use your credit cards or have more limits on them, you must lower the limit or remove excess cards to improve your borrowing power. 3. Tax Returns are Important If you have your tax returns up to date, banks will be able to evaluate your previous records and analyse your income to be steady which can help to boost your borrowing power. For more information visit the ATO website 4. Opt for a Lender that considers Negative gearing and rental income Not all banks and lenders consider negative gearing for your investment property.  Few banks don’t consider negative gearing at all. On the other hand, some lenders take into count 80% of the rental income that you’re expected to receive and servicing is also done at the loaded rate. 5. Look Around for Low-Interest Rate Interest rates vary from lender to lender, so look for loans with a lower interest rate or contact a mortgage broker to help you find one. Savings on the annual interest rate will leave you with a lot of money which you can use for paying the loan. 6. Choosing the Right Loan Product Many people may not think about it but loan products offered by a bank or a lender can improve your borrowing power. There are different features such as the honeymoon period which offers low interest for the initial period of the loan (usually one year). There are many different kinds of loan and you will be assessed differently for each loan, so it is wise to choose the one that will provide you with the maximum borrowing power. 7. Save a Large Deposit Saving a large deposit will increase your borrowing power. If you only have a 5% deposit, you’ll be required to pay lender’s mortgage insurance. A deposit of 20% will put you in a very good position and lender’s mortgage insurance will also not be required. So, the more you save, the better it is. 8. Choose a lender who favours your type of income There are lots of different types of income. You might earn income from a nine to five job, you might be a contractor, you might be a consultant, you might be a sole trader or small business, you might have a company. Choose a loan that favours your type of income example would be some of the lenders use 100% over time and others reduce it by 20%. Also if you are self-employed then some lender will lend on last years (only one) financials while others require two years. These techniques can help you boost your borrowing power but you may still face problems in other aspects of your home loan application. Josh Financial Services can help you get rid of those problems as our experts can make the process of securing a mortgage application simple and straightforward for you. ...

        Before you venture on a hunt for a property to buy, it is important to first have the right home loan in hand. When deciding to choose a home loan, you must look at requisites of getting the loan and the fees it will cost. In addition, there are a lot of other things you need to consider. Here is an overview, read on. Home Loan Interest Rates   The most important aspect of home loan (or any loan, for that matter) is the interest rate. There are three types of interest rates you can choose from, namely: variable interest rate, fixed interest rate and split interest rate. In the fixed interest rate, the interest rate remains the same throughout the term of the loan. On the other hand, the interest rate in variable home loan varies depending on the market rates. Variable interest rate offers lower payments at the initial stages of the loan, but the payments may increase depending on the changes in the interest rate. In split interest rate, a part of your loan is fixed while the other part is variable. You must choose the interest rate that best suits your needs.   Home Loan Repayments The next important thing to consider is the home loan repayments. You can choose from either principal and interest repayments, or interest-only repayments. In principal and interest repayments, you have to make regular payments of the amount borrowed as well as the interest charged by the lender. In interest only repayments, you are only required to pay the interest for an agreed period of time. It can be a good option if you are on a tight budget. The principal amount will be paid after the agreed term of interest payment is over.   Loan Mortgage Insurance (LMI) If you do not have a deposit of 20% of the total value of the home, then lender mortgage insurance payment is necessary. Loan mortgage insurance protects the lender from financial loss in case you are unable to repay your home loan.   Fees Applicable on a Loan You are required to pay fees on different features of a loan. These fees may include: Valuation fees Accounting fees Annual fees Late payment fee Redraw fees (for Redraw facility)   Interest Rate Lenders will generally offer an advertised rate or comparison rate. The advertised rate is the current rate of interest without any fees. The comparison rate includes the average monthly payments, charges, and fees that might have to be incurred. Some lenders may give the honeymoon rate. In the honeymoon rate, a lower interest rate is paid for a short period at the beginning of the loan. Home Loan Features Home loan features are important to consider as these can ease the repayments and provide you with more options. Some important features to consider are: Extra repayments facility Redraw facility Offset account Repayment holiday Line of credit facility The things discussed above must always be considered when choosing a home loan. If you are still unclear about the right home loan, then it is best to take advice from professionals. We at Josh Financial Services can make the process easy for you. Contact our experts to get the best advice about the right home loans. ...

          [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="grid" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" padding_top="00"][vc_column width="2/3"][vc_separator type="transparent" up="0" down="20"][vc_column_text] Dentist home loans are different because they waive Lenders Mortgage Insurance from the home loans granted to dentists up to 90% of the property value. It’s either this waiver or a discount on the prevailing interest rates on home loans. [/vc_column_text][vc_separator type="transparent" up="0" down="10"][vc_column_text] Who doesn’t want to own a house? A person belonging to any discipline wants to reach that milestone in his or her life when they can be called homeowners. Thus, in order to make this dream come true, there are various loans that are granted to individuals by banks and other financial institutions. These loans are classified into different categories. One such loan that is provided specifically to dentists is called ‘Dentist Home Loan’. You might be wondering what’s so special and unique about this home loan. Dentist home loans are different because they waive Lenders Mortgage Insurance from the home loans granted to dentists up to 90% of the property value. It’s either this waiver or a discount on the prevailing interest rates on home loans. This article will take you through all the necessary details pertaining to dentist home loans. If you’re a practising dentist, looking for a home loan, then you’ll find this article very informative and beneficial.   Why Dentists Need Dentist Home Loans?   Most of the people think that you can qualify for a home loan based on your monthly income. If that was the standard for granting home loans, dentists would be in a very good shape. It’s because the average annual income of new dentists in Australia is more than $100,000. This means they are good borrowers in the eyes of loan providers. But the problem that needs to be taken into account is that most of the dentists graduate from dental schools with a heavy amount of student loan debt. This simply means that these dentists have a high debt-to-income ratio. This also means they won’t have enough savings to bear the down payment on a home loan. In such a financial situation, how can a dentist convince a lending institution to grant them a home loan? As it turns out, dentists are very lucky! They are given a benefit due to which banks and other lending institutions ignore their risky financial situation and grant them a home loan based on the fact that they have a great earning potential. If you have a stable job as a dentist that earns you a handsome monthly income, you’ll be considered eligible for paying down your student loan and as well as your home loan. Such loans are specifically designed for dentists and are known as dentist home loans.   Special Offers for Dentists   Better rate discounts on their professional packages. Borrow up to 90% and pay no Lenders Mortgage Insurance (LMI). Higher total exposure for loans 100% loan for Practice and Equipment 100% loan for Vehicles Cashback offers   Who is eligible?   If you are one of the following dental professions, then you will qualify for above discounts. You will need to be a member of either the Australian Dental Council (ADC) or Australian Dental Association (ADA).  But if you member of other industry association you may be considered as well.   Dentist Dental specialist Anesthesiologist Oral Surgeon Orthodontist Periodontists   Differences Between Dentist Home Loans and Standard Home Loans   There are several differences between dentist home loans and standard home loans. Some of them have been listed below for your convenience.   1- There’s No Need for Lenders Mortgage Insurance (LMI).   In standard home loans, borrowers who pay 20 per cent of their loan amount as down payment are required to buy a lender mortgage insurance policy. But despite the low down payment set for dentist home loans, many lenders waive this requirement.   2- Dentist Home Loans Just Don’t Rely on DTI Ratio   Debt-to-income ratio is used to measure how much of a borrower’s income would be used to pay off the debts. This ratio is heavily relied upon when you apply for a standard home loan, but with dentist home loans, this is not given much importance even though dentists are heavily indebted due to student loans. As a matter of fact, many lenders don’t even factor in dentists’ student loans while calculating their DTI ratios.   3- Dentists Loans Don’t Require Deposit   This depends on lenders actually, but most of them don’t demand a down payment more than 10% on dentist home loans. In fact, in some cases, lenders allow dentists a full 100 per cent waiver of down payment on their loans. This applies mainly if you are buying a practice or equipment for your practice.   Eligibility Criteria for Dentist Home Loans   To apply for a dentist home loan in Australia, certain conditions have to be met. The first condition is that the borrower must be a dentist who is an Australian citizen or has attained permanent residency in Australia. The borrower can also be the holder of a temporary work visa and must be employed in Australia. The second requirement is that the dentist applying for the loan must be a member of either the Australian Dental Council (ADC) or Australian Dental Association (ADA). But if you member of other industry association you may be considered as well. The third requirement demands that the purpose of the loan must be for acquiring a residential or an investment property. The fourth requirement pertains to the total loan amount. The maximum amount that can be taken out under a dentist home loan is $4.5 million with Lender Mortgage Insurance (LMI) waived up to 90% of the property value (90% Loan to Value Ratio). However, if the applicant is a temporary work visa holder, then the maximum amount would be reduced to $2 million. The dentists who apply for dentist home loans should either be Pay As You Go (PAYG) employees or should be self-employed.   We specialise in lending to Dentists and associated professions. Call us on 1300 537 000 or submit your loan enquiry and one of our experienced mortgage Broker will get in touch with you to discuss with you your loan options.   Benefits of Dentist Home Loans   Dentist home loans offer dentists several benefits that they might not be able to get if they apply for standard home loans. These benefits make dentist home loans a good and viable deal. Some of the benefits of dentist home loans are as follows:   1- Waived LMI up to 90%   Lenders Mortgage Insurance (LMI) is an insurance that protects the lender in case you default on paying the loan. Because of the earning potential of their profession, dentists are considered to be low-risk borrowers. This allows them to avoid buying an LMI policy even if they’re borrowing above 80 per cent of the property value. This saves them a hefty expense which can be in thousands if the property is expensive. Dentist home loans can waive LMI up to 90 per cent of the property value. That’s a huge bargain. To qualify following criteria must be met Must be a member of either the Australian Dental Council (ADC) or Australian Dental Association (ADA). But if you member of other industry association you may be considered as well. Maximum LVR is 90% of the purchase price You must be a qualified dentist, Dentist, Dental specialist, Anaesthesiologist, Oral Surgeon, Orthodontist, Periodontist, Endodontist or a Paediatric Dentist Normal Lending and credit criteria apply.   2- Discounted Interest Rates   The discount on interest rates given on dentist home loans depends on a few things, like if you are a member of the Australian Dental Association (ADA) or not, your rental income, your salary, and of course, the amount you’re borrowing. It also depends on the type of your loan, whether it is a variable rate or a fixed rate home loan. If it’s a variable rate home loan, then your discounted interest rate will be less than 4 per cent for the loan amount that ranges from $250,000 to $1,000,000 or above. However, if it’s a fixed rate home loan, then your discounted interest rate will start at 3.59 per cent, depending on the term of your fixed loan. Becoming a dentist demands years of hard work and perseverance. Once you have graduated from a dental school and started your practical life, a dentist home loan seems like a worthy option if you’re considering owning a home as you move forward to the next phase in your professional life. Not everybody is scared of the dentist’s drill: Some banks love dentists! Dentists and other dental specialist are eligible for special discounts on their home loan that aren’t available to the general borrowers.   Can you help me build property portfolio?   Building property portfolio in Australia is easy but you will need to create a team of professionals who can guide you. There are a lot of things you will need to consider and getting it right is the key to building a successful portfolio.   100% Finance for Dental Practice   If you are looking to buy a practice or setting up your own practice we can help you get 100% loan for the facility. Dental Practice loan allows you to borrow: 100% of the commercial property 100% for the cost of equipment 100% of the cost of fit outs 100% cost of the IT equipment 100% cost of Business Goodwill   How do I apply for A Dentist Home Loan   We specialise in lending to Dentists and associated professions. Call us on 1300 537 000 or submit your loan enquiry and one of our experienced mortgage Broker will get in touch with you to discuss with you your loan options.  ...