The process of purchasing your first home is certainly a challenging one. It can be broken down in to the following 5 steps.

• Planning
• Arranging
• Selecting
• Buying
• Settling

1. PLANNING

Most banks and lenders will need to see your savings history for the last 6 months to show that you can make the repayments.

Look around at the sort of houses you want and then look around at the sort of houses you can afford. Find out what the monthly repayment amount will be. When you know what that is, lets say $500 per week. (more…)

These are tough times if you need a loan but don’t have sufficient or unencumbered property to offer as a collateral to the Bank or other financial institution.

Cash is King and if you need more liquidity fast but your first mortgage lender will not advance any more or cannot act quickly, you might be in unforeseen trouble.

A Second mortgage might be the best possible option at this difficult time. (more…)