Home' API Magazine : March 2014 Contents 71
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loan that you decide you need or want will help to determine a
shortlist of appropriate lenders.
¿ DO YOU NEED HELP TO SHOP AROUND?
As a first homebuyer, you may need additional help when it
comes to shopping around. Mortgage brokers are a very popular
choice for those looking to refinance a home loan or apply for
their first one.
A mortgage broker can work with a client to determine their
borrowing requirements and match a selection of products to
their needs. They can step first homebuyers through the types of
loans available, the lending criteria, the paperwork that will need
to be collated and the likely application process.
Mortgage brokers will only offer products from a selection
or ‘panel’ of lenders, so you should question your prospective
broker on the breadth of their offering. You can find out more
information on the Mortgage and Finance Association of
Australia (MFAA) website: www.mfaa.com.au .
Taking your first step on the property ladder is exciting – and
a very steep learning curve awaits you from there. In the midst
of the exhilaration though, please take the time to research your
borrowing options thoroughly. In terms of price, the difference
between the highest and lowest standard variable home loan
interest rate on CANSTAR’s database currently is close to two
per cent. The cheapest one-year fixed home loan rates are
lower again. On a $300,000 loan over 25 years, a two per cent
difference could equate to more than $330 of additional monthly
repayments and more than $100,000 of additional interest costs
over the life of the loan.
In terms of features, products also differ widely. A week or two
of thoughtful research could repay you many times over during
the course of your borrowing life. API
Research manager with CANSTAR,
Become A Property Millionaire In
Your Spare Time
With interest rates at near all-time lows
investors are flooding to the property
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time. The final chapter then takes you step-by-step through
successfully buying your first property.
$32.95 Item: KEL-2
API's Guide to Profitable
Create your own equity gains with API’s
Guide to Profitable Renovations
For many investors, quick capital growth is
the holy grail of their property investment
strategy. And what better way to rapidly
boost your property’s value than a carefully-
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API’s massive 160+ page guide to profitable
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In a number of case studies throughout the guide, ordinary
Australians share their real-world experiences, tips, traps and
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Whether you like to hold the paintbrush and jackhammer or you
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$32.95 Item: EBK–6
Why wait for
Listed prices include GST. Orders usually ship within 24 hours. Credit card orders FREECALL 1800 888 788
Are you planning a small
æThe amount of deposit required to be successful in a loan
application can vary from lender to lender.Æ
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