Beyond Tomorrow Finance

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Posts Tagged ‘fees’

Basic Lending Terms Explained

Posted by Tamara McDowell on February 15, 2010

The following is a list of terms and words (and their meanings) that you may come across when purchasing a home and dealing with lenders. This list is not comprehensive, therefore if you come across any other terms that you do not understand please contact your  Mortgage Consultant.

It is particularly important that before signing you fully understand the terms of any contract, whether it is a purchase contract or loan contract. Once signed and executed it becomes legally binding on you. Read the rest of this entry »

Posted in First Home Owners, Investors, Loans, Mortgage Broker Service | Tagged: , , , , , , | Leave a Comment »

Up to $2,000 towards your fees!

Posted by Tamara McDowell on February 6, 2010

Home Buyers Assistance Account

The Home Buyers Assistance Account is established under the Real Estate and Business Agents Act 1978 to provide first home buyers with financial support.

 The scheme provides a grant of up to $2,000 for the incidental expenses of first home buyers when they purchase an established or partially built home through a licensed real estate agent for a purchase price of $400,000 or less.   
  
The scheme is funded from interest paid on real estate agents’ trust accounts. The grant can be used for — mortgage registration fees, solicitor and/or settlement agent fees, valuation fees, inspection fees, loan establishment fees, mortgage insurance premiums and lending institution fees associated with lodging the application.
 

Application criteria:

  • applicants must be buying their first home, which is established or partially built (not vacant land, a plan or a ‘house and land’ package);
  • the applicant, spouse or partner of the applicant must not own or have owned any property in the State of Western Australia before (if one of the people the applicant is buying a home with, owns or has owned a home in Western Australia before, then the applicant can apply for a partial grant based on the percentage of their ownership of the home);
  • the applicant must live in the home for at least the first 12 months;
  • the applicant must purchase the home through a licensed real estate agent;
  • the application must be lodged with the Registrar of the Real Estate and Business Agents Supervisory Board no more than 90 days after the date that the offer and acceptance contract to buy the home is accepted (in exceptional circumstances, a short extension of time for lodgement may be granted by the Registrar if reasonable grounds exist);
  • the home loan must be financed through an authorised lending institution (such as a bank, building society or credit union); and
  • the purchase price of the home is $400,000 or less. 

Your mortgage broker can supply the application form…this application cannot be processed until settlement and will need to be applied for by you. Complete form 1 and forward to your Lender along with

  • a complete copy of the signed contract to buy the property (Offer & Acceptance) 
  • a copy of the final settlement statement prepared/provided by your settlement agent. 

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