Go Where The Growth Is-Brisbane Australia

If you want to see the fastest growing area in Australia, just go to Brisbane. There are only two other cities in Australia that are larger than this capital of Queensland. There are many different aspects of this city that attract both visitors and new residents. There is a certain way of living here that is made even more enjoyable by the way that the city itself.

There are great contradictions between the old and new here that is very attractive. The busy city has tall shiny skyscrapers right near to old and beautiful sandstone buildings that are rich in historical significance. There is the attraction of the river that runs through the city and all of the trees that flourish here too. There is an incredible number of parks as well as bustling offices.

Tourists particularly enjoy the lovely weather in Brisbane. It makes enjoying the city and the surrounding area so much nicer. Once in Brisbane you are right close to the Gold Coast and Tropical North Queensland. They are popular areas that are close enough to enjoy and investigate when visiting Brisbane.

There are quite a few distinctly different cultures that have been rotted in Brisbane for quite some time. This mix of people makes it an even more interesting place to visit. There are incredible and varied foods to be sampled here as well as diverse artistic traditions to explore. It is a natural part of the Aussie culture to be relaxed and welcoming of visitors. Because of that it is an even nicer place to visit. Tourists can enjoy shopping through the city and hanging out in one of the many luscious parks all day long.

There is never a bad time of year to visit Brisbane and this is another factor that makes it one of the best holiday destinations. The most popular months for tourists visiting Brisbane are the months of June, July, and August. Although, this is winter time in Brisbane it is a pleasant and wonderful time in the Queensland. Easter and Christmas time are also relatively hectic in Brisbane. For those who are looking to see the city during it's down time it is best to choose the months of May or October. During these months the tourist flow is down and the weather is still nice which allows for a slightly slower paced holiday. No matter when you visit you won't be disappointed.



Elite Wealth Creators have been involved in the property and finance industry for over 20 years.  Our Investment Property Strategists deliver investment grade properties to the investment market and mediate between the developer and the investor. We also assist first home buyers in purchasing their first home in QLD through our house and land packages – this includes receiving $20,000 cash back towards their mortgage by buying one of our full turn-key packages.
Our service will take you through the complete process of buying positive cash flow property, including:
• educating you on positive cash flow and the ability to pay your mortgage off years in advance
• saving you thousands of dollars in interest
• supporting you in the decision on which property to buy
• assisting in the organizing of your finances, if required
• preparing you for settlement of contracts
• liaising with other professional advisers on your behalf if required.
Our Strategists specialise in delivering quality positive cash flow property and also helping investors pay off their mortgage years in advance

http://www.elitewealthcreators.com/
sales@elitewealthcreators.com
1800 GO ELITE

Student Visa Home Loan

Currently in 2011 there are approximately 450,000 international students in Australia working their way through their respective studies. Most of these are on a student visa and some are are interested in purchasing a property in Australia as a place to live while they are here studying instead of paying rent or board. Buying a property in Australia may also be part of the longer term goal of Australian permanent residency and ultimately obtaining Australian Citizenship.  

This article outlines some general information on when international students in Australia on student visas can obtain a home loan and the requirements of the same.

1) Can I Get a Home Loan in Australia on a Student Visa?

Most banks, credit unions and building societies will not lend mortgage finance to International students studying in Australia as they are deemed too risky. The concern of the banks is essentially that you will leave the country without paying the mortgage. This leaves the bank with the task to sell the property to get their money back, and no lender likes doing this.

There are however a few lenders in Australia that will lend home loan finance to non residents on student visas providing strict criteria is met as below.

2) How Much Deposit Will I Need for a Student Visa Home Loan?

Non-Resident students can borrow up to 80% of the purchase price thereby requiring a 20% deposit plus costs. For example, if you were purchasing a $400,000 property you would require a 20% deposit being $80,000 plus stamp duty and legals. Stamp duty and legals is generally around 3-5% of the purchase price however it varies significantly depending on the State you are living in. In some States first home buyers do not pay stamp duty at all up to a certain level and students on student visas can often take advantage of these stamp duty discounts.

3) What Types of Student Visas will the Australian Home Loan Lenders Accept?

Most types of student visas are acceptable including;

Vocational Education and Training Sector Visa Subclass 572

Higher Education Sector Visa Subclass 573 Visa

Masters and Doctorate Sector Visa Subclass 574 

Skilled Overseas Student Visa Subclasses 880, 881 and 882

4) What are the Requirements to Get Home Loan Approval?

To be approved for a home loan on a student visa the following are what the banks will require to consider your application;

1) 1 year in current employment (exceptions can be made but generally 1 year is required),

2) Clean credit history free from defaults etc (never normally an issue for temporary residents given its very difficult to obtain credit without permanent resident (‘PR’),

3) Income sufficient to afford the repayments (borrowing capacity is evident),

4) 20% deposit plus costs as advised above – gifted funds from mum and dad for example is fine even if the funds are being gifted from an overseas bank account providing we can see it in an Australian bank account prior to approval.

 5) Is FIRB Required?

As a general rule, student visa holders will require Foreign Investment Review Board (‘FIRB’) approval when purchasing property in Australia. There are a few exceptions such as if you are purchasing with an Australian citizen or permanent resident but generally for most students an FIRB application will be required.

FIRB approval is a formality and nothing to be too concerned about providing you are purchasing the property to live in or are purchasing a brand new property. 

Elite Wealth Creators have been involved in the property and finance industry for over 20 years.  Our Investment Property Strategists deliver investment grade properties to the investment market and mediate between the developer and the investor. We also assist first home buyers in purchasing their first home in QLD through our house and land packages – this includes receiving $20,000 cash back towards their mortgage by buying one of our full turn-key packages.
Our service will take you through the complete process of buying positive cash flow property, including:
• educating you on positive cash flow and the ability to pay your mortgage off years in advance
• saving you thousands of dollars in interest
• supporting you in the decision on which property to buy
• assisting in the organizing of your finances, if required
• preparing you for settlement of contracts
• liaising with other professional advisers on your behalf if required.
Our Strategists specialise in delivering quality positive cash flow property and also helping investors pay off their mortgage years in advance

http://www.elitewealthcreators.com/
sales@elitewealthcreators.com
1800 GO ELITE

Finding the right tenant for your investment property

It’s said that the tenant you choose for your investment property is just as important as the property you purchase.

Why? Well, a good tenant will theoretically provide an ongoing income stream for the potential long-term, look after your property and live in the property for the foreseeable future. So, if you don’t have a good tenant, you could be risking your current and future income stream.
As a landlord, you really want a tenant that will last. The longer they stay in your property, the longer you go without losing money and time replacing them. This means that you’ll need to treat your tenant well and deal promptly with issues that arise. And, you’ll need to carefully consider whether to increase the rent, only doing so when the market justifies it.
The search to find the ‘right’ tenant for most people is an exercise in placing listings and screening potential tenants and could almost be considered ‘rental dating’.

How do you attract a good tenant to your investment property?

Attracting tenants that will treat your property as if it were their own is the goal. To capture these tenants, make sure that you property is clean, well presented and desirable. Ensure your property looks as good as if you were selling it.
Then, if you’re tackling this on your own, you’ll need to:

• Create a web listing for your property. Be creative, but realistic when describing the features of the property.
• Use quality photographs to capture the features of inside and outside the property.
• Advertise your property with a reputable web site.

Once prospective tenants express an interest in your property, take the time to perform background checks and screening. A tenant application should have three references from an employer, a property manager and a personal referee. It’s also wise to ask a former employer about a tenant’s reliability at work, their financial status and employment history.


Warning signs that you should steer clear of a particular prospective tenant:

• A prospective tenant that finds faults and minor defects during an inspection, despite your property being in good condition, will result in you arranging repairs and spending unnecessary money to ensure that they are happy throughout their tenancy.
• Rent should always be paid in full and on time. If a prospective client is late with rent or still owing money to their previous landlord, they are likely to do the same to you and be a financial liability.
• If a prospective tenant doesn’t provide the supporting documents that you request, then it’s safer to simply select another tenant.

If you think that you’ll need some assistance in finding the right tenant for your investment property, you could also consider leasing your investment property to an organisation like Defence Housing Australia (DHA), which leases out investment properties to defence personnel. Such an organisation pays your rent monthly in advance into your bank account, even if your property isn’t occupied and generally offers long term leases, of up to six years. It is also arranges an annual rent review and non-structural repairs and maintenance work to your property during the tenancy, at a cost.
Alternatively, you could enlist the help of a good property manager. They can be invaluable when screening tenants and deciding upon the appropriate level of rent to charge. Be sure to ask them how many rental properties they have on their books, their total all-inclusive fees, the number of properties they have in arrears and their strategies for when tenants refuse to pay rent.
By either employing the services of a property manager or an organisation like DHA, your responsibilities are significantly reduced when compared to conventional residential property investments.


One last important thing to consider when securing the right tenant for your property is to consider purchasing landlord insurance. This type of insurance may give you peace of mind that your property is safeguarded against rent default, associated legal costs and the potential loss of rent if the property is uninhabitable due to damage. So, your rental income may be protected, even if something unexpected happens.

Elite Wealth Creators have been involved in the property and finance industry for over 20 years.  Our Investment Property Strategists deliver investment grade properties to the investment market and mediate between the developer and the investor. We also assist first home buyers in purchasing their first home in QLD through our house and land packages – this includes receiving $20,000 cash back towards their mortgage by buying one of our full turn-key packages.
Our service will take you through the complete process of buying positive cash flow property, including:
• educating you on positive cash flow and the ability to pay your mortgage off years in advance
• saving you thousands of dollars in interest
• supporting you in the decision on which property to buy
• assisting in the organizing of your finances, if required
• preparing you for settlement of contracts
• liaising with other professional advisers on your behalf if required.
Our Strategists specialise in delivering quality positive cash flow property and also helping investors pay off their mortgage years in advance

http://www.elitewealthcreators.com/
sales@elitewealthcreators.com
1800 GO ELITE

Aussie Home Loans’ John Symond says first home buyers are stuffed as lenders demand bigger deposits

Lenders are raising the bar for first time buyers, requiring even bigger upfront deposits.
Trapped in a cycle of rising house prices, rising rents and falling returns on savings, the founder of Aussie Home Loans, John Symonds has declared would-be first time buyers are “stuffed”.

“Certainly the great Aussie dream is becoming a distant memory, which is unfortunate because it goes right to the fabric of our society.”
“I see surveys showing affordability is the best in decades, but I scratch my head about that because the dollar amounts are so huge. And interest rates will eventually come up a bit.”
Before the global financial crisis, borrowers could access loans with no deposit and up to as much as 105 per cent of the property value.
But the days of 100 per cent loans are over, according to brokers, and lenders are becoming ever more strict about how much they will lend.

Buyers are stuffed ... Chairman of Aussie Home Loans John Symond. Source: Supplied

“We’ve found that some lenders have tightened their lending criteria on the size of deposits needed to apply for a home loan,” a spokeswoman for finder.com.au, Michelle Hutchison, said.
The number of homeloans with a maximum loan to value (LVR) ratio of 90 per cent — ie. requiring a 10 per cent or bigger deposit — had increased from 11 per cent to 16 per cent over the past year, Ms Hutchison said.
During that time, ANZ, Mortgage House and Bendigo Bank reduced their maximum LVR allowed on some loans from 95 per cent to 90 per cent.
Westpac and CUA also reduced the maximum LVR on some of their loans from 97 per cent to 95 per cent.
“This is bad news for first home buyers with a small deposit, as it means they will need a bigger deposit or reduce their loan size budget if they want to get on the property ladder,” Ms Hutchison said.
Mortgage brokers agree lenders are becoming more strict, despite competition hotting up among banks for new loans.
“Yes, we have seen a move away from higher LVR lending by some lenders,” the general manager of sales and operations at Australia’s largest network of brokers, AFG, Mark Hewitt, said.

Seeing changes in lending ... AFG Sales and Operations Manager Mark Hewitt. Source: Supplied

Offering advice for buyers ... Finder.com.au money expert Michelle Hutchison. Source: Supplied

First time buyers made up just 9.8 per cent of new loans written by brokers in the AFG network, down from 13.6 per cent last May.
“There are other factors that contribute to this — such as the withdrawal of government grants and the increasing proportion of investors — but lender policy is playing a part,” Mr Hewitt said.
A spokeswoman for rival broker network Mortgage Choice, Jessica Darnbrough, said first time buyers were also at a disadvantage as discounts on new loans were being targeted at borrowers at the high end.
“First home buyers with smaller loans are still able to access good discounts, depending on their credit history. Though, as a general rule of thumb, the bigger the deposit, the lower the borrower’s LVR and the bigger their mortgage, the better the discount they may receive.”

First home buyers are at a disadvantage ... Mortgage Choice spokeswoman Jessica Darnbrough. Source: Supplied

Homebuyers borrowing at least $1 million with a 20 per cent deposit and good credit history could expect to score a discount of up to 1.2 percentage points off the advertised standard variable rate.
But those borrowing less, say $250,000, may only be able to get a 0.7 percentage point discount, even with a deposit of 20 per cent or more.
Mr Symond said higher deposit requirements hurt first time buyers the most.
“It’s harder because they can’t go out and borrow half a million dollars on a shoestring. Unless they can get family help, they’re stuffed.”

Elite Wealth Creators have been involved in the property and finance industry for over 20 years.  Our Investment Property Strategists deliver investment grade properties to the investment market and mediate between the developer and the investor. We also assist first home buyers in purchasing their first home in QLD through our house and land packages – this includes receiving $20,000 cash back towards their mortgage by buying one of our full turn-key packages.
Our service will take you through the complete process of buying positive cash flow property, including:
• educating you on positive cash flow and the ability to pay your mortgage off years in advance
• saving you thousands of dollars in interest
• supporting you in the decision on which property to buy
• assisting in the organizing of your finances, if required
• preparing you for settlement of contracts
• liaising with other professional advisers on your behalf if required.
Our Strategists specialise in delivering quality positive cash flow property and also helping investors pay off their mortgage years in advance

http://www.elitewealthcreators.com/
sales@elitewealthcreators.com
1800 GO ELITE

No Deposit Home Loans

No deposit home loans are not exactly that; but they do allow you to borrow around 95% of the purchase price of your dream home.
A no deposit home can be the fast track to home ownership if you can find a lender who still offers this type of loan.
In the glory days of pre-GFC, when anyone and everyone could virtually borrow as much money as they liked, no deposit home loans were readily available. But with the credit crunch came a tightening of lenders’ purse strings that have only been slightly loosened since.

How No Deposit home loans work

This type of loan is often sought after by first home buyers with minimal or no savings and investment property buyers who want maximum negative gearing benefits.
Your lender will allow you to borrow up to 95% or even 97% of the purchase price of your dream home, but to cover the lender’s risk, you will have to pay lenders mortgage insurance (LMI), which can be costly. For example: On a property worth $316,000 LMI will be around $8,349. And you need to be very clear on the fact LMI does not cover you in the event of default – it covers your financial institution.
You may also have to repay your home loan at a higher interest rate than if you saved a larger deposit for a standard or standard variable loan. And you will have to prove that you have a reliable income, and strong employment history.
Many lenders will offer a no deposit loan if your parents will act as a guarantor. This will also save you thousands of dollars on LMI as your parents simply provide your lender with a limited guarantee supported by a registered mortgage over their property.
Your parents are not liable for the full debt, only an agreed, guaranteed amount and they are also not responsible for your scheduled monthly payments.
Use iSelect home loan comparison website to find out if a no deposit loan is right for you.

Advantages:

The big winner here is of course that you can get into your own home sooner without wasting more money in rent, or living with your parents or flatmates.
No deposit home loans still come with the same features as other loan options such as redraw facilities and the ability to make additional repayments.

No Deposit Home Loan Disadvantages:

The lending standards are very stringent and this is not an easy type of loan to get. Your financial history will be thoroughly scrutinised so you need to make sure you’re in a position to meet all the requirements.
If you are self-employed or not on a high income, you may find it hard to get approval, and you may also be restricted as to which postcodes you can buy in but this will vary from lender to lender.

Elite Wealth Creators have been involved in the property and finance industry for over 20 years.  Our Investment Property Strategists deliver investment grade properties to the investment market and mediate between the developer and the investor. We also assist first home buyers in purchasing their first home in QLD through our house and land packages – this includes receiving $20,000 cash back towards their mortgage by buying one of our full turn-key packages.
Our service will take you through the complete process of buying positive cash flow property, including:
• educating you on positive cash flow and the ability to pay your mortgage off years in advance
• saving you thousands of dollars in interest
• supporting you in the decision on which property to buy
• assisting in the organizing of your finances, if required
• preparing you for settlement of contracts
• liaising with other professional advisers on your behalf if required.
Our Strategists specialise in delivering quality positive cash flow property and also helping investors pay off their mortgage years in advance

http://www.elitewealthcreators.com/
sales@elitewealthcreators.com
1800 GO ELITE

What are construction home loans?

What is a Construction Home Loan?
Home renovations in Australia have taken off over the past decade. With house prices continuing to increase the idea of wither building a new home or renovating an existing home to suit your needs can be very appealing. The monetary requirements of a major renovation or constructing a new home can be quite different from purchasing property. To meet the needs of this area of the home loan and mortgage market many lenders have introduced what is known as a construction loan or sometimes a home loan with a constructuon facility. This can be very helpful to budding home renovators and home builders.

How Does a Construction Home Loan Work?
Construction loans are designed so that you are only required to pay a set minimum amount when each stage of building or renovation is completed. In many circumstances a construction loan will assist you to buy land, build a residential dwelling on purchased land or finalise purchasing the land and conduct any construction or renovation work necessary.

These loans are only temporary and work when a variable loan is drawn down to pay the builder in stages. Example:

• Slab down and complete
• Frame up complete
• External brick work complete
• Lock up stage
• Practical competition

By allocating small amounts of money over the construction period to the contractor this ensures the builder isn't being paid for work that has not yet been finished. These measures are designed to protect the borrower from any financial loss during the construction period. Loan repayments for a construction loan are interest only payable on the amount of the loan drawn down. Once the construction is complete the loan will revert to a permanent mortgage (principal and interest).

Elite Wealth Creators have been involved in the property and finance industry for over 20 years.  Our Investment Property Strategists deliver investment grade properties to the investment market and mediate between the developer and the investor. We also assist first home buyers in purchasing their first home in QLD through our house and land packages – this includes receiving $20,000 cash back towards their mortgage by buying one of our full turn-key packages.
Our service will take you through the complete process of buying positive cash flow property, including:
• educating you on positive cash flow and the ability to pay your mortgage off years in advance
• saving you thousands of dollars in interest
• supporting you in the decision on which property to buy
• assisting in the organizing of your finances, if required
• preparing you for settlement of contracts
• liaising with other professional advisers on your behalf if required.
Our Strategists specialise in delivering quality positive cash flow property and also helping investors pay off their mortgage years in advance

http://www.elitewealthcreators.com/
sales@elitewealthcreators.com
1800 GO ELITE

How much deposit does a homebuyer need?

In the modern mortgage market, is it still possible for buyers to get 95% LVR loans ­(or even higher), or are those days long behind us?

 

It almost sounds like an urban legend today, but it was only a few short years ago that Australian investors and home buyers could access 100% loans with ease – and in some cases, loans as high as 105% were relatively available.

 

 

Today, the home loan market is much more conservative. In the wake of the GFC banks and lenders have not only tightened up their lending criteria, but they’ve also restricted the loan to value ration that they’re willing to extend to borrowers. Calculate your LVR with Your Mortgage Calcualtor.

 

So is it possible to get a high LVR loan these days if you don’t have much of a deposit? The simple answer is, it depends.

 

The Big Four banks are generally willing to finance home purchases of up to 95%, provided you have a very strong employment history and savings history and evidence of genuine savings. The loan amount will also strongly influence the lender’s decision.

 

Non-bank lenders such as RAMS are now offering up to 97% of the property value, inclusive of 2% lenders mortgage insurance (LMI) capitalisation. This means the borrower can get a 95% loan and then add the cost of the LMI to the loan.

 

For instance, on a home purchase of $400,000, you could access a 95% loan of $380,000, meaning you’ll need to provide a cash deposit of $20,000. However, you can add the cost of LMI of to the loan amount (up to $8,000), which brings the total loan up to $388,000 or 97%. 

 

Bankwest has also come to the party by putting aside half a billion dollars for their new 3% deposit home loan products, to be used exclusively by first homebuyers in WA. Prospective first time buyers will be able to borrow up to 97% of the value of the property, provided they satisfy the bank’s special offer lending criteria.

 

“Our research showed it took about four to four-and-a-half years to save for a deposit under a traditional 80% LVR,” Bankwest managing director Jon Sutton says. “Under this product, at 97%, that brings that down to about six months, so it does help West Australians get into their house a lot quicker.”

 

Sutton says the bank’s strict lending criteria include a minimum annual income threshold of $80,000 for the borrower (or at least one person in a borrowing couple) with a loan amount capped at $500,000. The product itself is two years interest only and 40 basis point off the standard variable mortgage rate.

 

Ultimately, it doesn’t matter whether you’re looking to buy in WA or Western Sydney for investment purposes or for your own home: if you’re in the market for a low-deposit loan, there are certain things you can do to boost your chances of approval. Homeloanexperts.com.au offers the following advice:

 

Clear credit history

This means that your credit file has no blemishes whatsoever and that you have paid all of your bills such as rent, credit cards, personal loans and other debts on time every time for the last six months.

 

Stable employment

In most cases you must have been in your current job for 6 to 12 months.

 

Strong income

Lenders are more conservative when assessing your ability to repay a 95% loan, so your serviceability ratio must be outstanding.

 

Good asset position

Lenders want to see that you have a good asset position relative to your age and income.

 

Genuine savings

You will generally need to prove that you have saved 5% of the purchase price.

 

Minimal debts

Applicants with many credit cards and personal loans may struggle to be approved. As a rough guide, people who have more than 7% of the purchase price in unsecured debts such as personal loans and credit cards are often not approved.


Elite Wealth Creators have been involved in the property and finance industry for over 20 years.  Our Investment Property Strategists deliver investment grade properties to the investment market and mediate between the developer and the investor. We also assist first home buyers in purchasing their first home in QLD through our house and land packages – this includes receiving $20,000 cash back towards their mortgage by buying one of our full turn-key packages.
Our service will take you through the complete process of buying positive cash flow property, including:
• educating you on positive cash flow and the ability to pay your mortgage off years in advance
• saving you thousands of dollars in interest
• supporting you in the decision on which property to buy
• assisting in the organizing of your finances, if required
• preparing you for settlement of contracts
• liaising with other professional advisers on your behalf if required.
Our Strategists specialise in delivering quality positive cash flow property and also helping investors pay off their mortgage years in advance

http://www.elitewealthcreators.com/
sales@elitewealthcreators.com
1800 GO ELITE