The APRA serviceability buffer is an extra margin lenders add to your interest rate when they test whether you can afford a loan. If your rate is 6%, a lender using a 3% buffer checks your repayments at 9%. The buffer protects you if rates rise, but it also reduces
You can spot many problems yourself at an open home by checking for cracks, damp, pests, roof damage, poor drainage and dodgy wiring. Use this checklist to decide whether a property is worth pursuing, then book a licensed building and pest inspection before you commit, especially if you are buying
Moving goes smoothly when you start early: book removalists four to six weeks out, declutter before you pack, label every box by room and connect utilities before settlement day. Our ten tips below cover the jobs people most often forget, including change of address and connecting electricity, gas and internet
When you’re looking for a new home loan, the question is not, ‘How much can I borrow?’ Instead you should be asking, ‘How much can I afford to repay?’ This key factor is one of the ways lenders work out the size of your loan and it’s called ‘serviceability.’ Everyone
Your credit file shows lenders how you’ve handled credit, including on-time and missed repayments under comprehensive credit reporting. A stronger score can widen your choice of lenders and rates. You can check your file with the credit reporting bodies and fix errors before you apply. Comprehensive Credit Reporting, or ‘Positive
A budget shows exactly where your money goes so you can redirect it to a deposit or extra loan repayments. The simplest approach has four steps: list your income and spending, cut what doesn’t matter, give every dollar a job and review it monthly. Lenders also check your living expenses,
