The Australian mortgage market used to be difficult with lengthy processes; financial firms were very rigorous when analyzing the loans. But in the 80s non-bank lenders entered into the mortgage market to become the most important competition of the banking financial institutions of the time.
Over time, mortgage brokers became part of the Australian mortgages process. They are experts in financial loans and they have the knowledge of the loan process and criteria used by institutions, in this way the loans through them are short, effective and they are quickly approved. This system becomes the large mortgages in assumable mortgage.
The loans through these experts are increasing. About 30% of mortgages are held annually in this way, which guarantees the best rates. The loans require a minimum of 3 percent; on the other hand, first time mortgage buyers require 5 percent.
For the Mortgage brokers it is fundamental and essential to be a member of Mortgage Finance Association y de Australia (MIAA) or the association of Brokers Association Australia (FBBA).
The main objective of this new form of mortgage, is to pay the loan off in the shortest time possible with the least interest, Australian mortgages give you the possibility to make 2 payments a month so make sure to pay off the debt as soon as you can, and on the other hand it is also allowed to make payments when possible by the lender and there is always the possibility to make use of mortgage refinancing at a lower rate.
Before thinking about a mortgage, we must think of the following basic guidelines to be made:
- How much money I have
- Estimate the maximum amount or percentage of housing debt to be based on current income and expenses.
- Compare the rates of payment of the principal financial institutions or those offered by mortgage brokers.
- Get the necessary documentation for such purposes.
- Consider within our expenses, the taxes that have to be paid for the new property.
This information is part of the advice it gives us a mortgage broker who will guarantee their work to save labor, time and money with a mortgage that best suits our economy.
Despite the recent economic crisis, the international real estate is constantly growing up and the job opportunities too, careers as civil engineering, architecture, or short courses as online real estate school are some options to join in this field.