Redlend Weekly 01
Edition 01
This Week in 30 Seconds..
Property of the Week: Mitcham townhouse under $740k
Suburb Spotlight: Mitcham
Why online borrowing calculators can be misleading
Emergency Services Cashback
Book a free strategy session
Now, onto this week's property update...
Property of the Week
This week's property that caught my eye is 2/18 Beaufort Street, Mitcham.
It's one I think would suit first home buyers, young families or anyone looking to upsize into a great eastern suburbs location.
2/18 Beaufort Street, Mitcham, Vic. On the market with Fletchers in Blackburn. Click the image for the realestate.com.au listing.
Here is what a general purchase of this property could look like
Lets show a generalised example with approximate figures and assume a purchase price at $739,000 and we are eligible for the Australian Government 5% Deposit Scheme.
Approximate Government Charges - Stamp Duty & Fees: $38,483
Approximate Conveyancing/Building & Pest/Other Fees - $3000
Approximate Funds Required - $78,434
At 6.5% over 30 years, paying Principal & Interest, that is approximately $4437 monthly repayments
Please keep in mind that these figures are estimates only and are based on the assumptions above. The intention is to give you a indication and not specifically related to your Individual borrowing capacity. Eligibility and lender policies vary.
Suburb Spotlight
Mitcham, Victoria
Mitcham is one of Melbourne's established eastern suburbs, offering leafy streets, plenty of parks and excellent transport links into the CBD.
23 Parks
Strong owner occupier market
Popular with families
Professional workforce
Population continues to grow steadily and over 70% of homes are owner occupied, making it an attractive suburb for buyers wanting long-term stability.
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Data supplied by Cotality
Mortgage Tip of the Week
Online borrowing calculators are a great starting point, but they're often based on generic assumptions. They usually don't consider things like overtime, allowances, HECS debt, childcare costs, existing loans or the different ways lenders assess your income.
I've seen buyers think they can borrow $100,000 less than they're actually eligible for, while others have relied on a calculator only to discover they don't qualify for the amount they expected.
Before you start attending open homes, it's worth getting your borrowing capacity assessed properly. It gives you a realistic budget, helps identify any issues early and puts you in a stronger position when it's time to make an offer.
Feel free to get in touch for an obligation free assessment.
Emergency Services Cashback Offers
Some lenders offer exclusive benefits for eligible emergency services workers.
Depending on your role and the lender, you may be able to access:
Up to 90% LVR with no Lenders Mortgage Insurance (LMI) for eligible borrowers.
100% of overtime may be accepted by selected lenders, helping to increase your borrowing capacity.
Lenders offering cashback to emergency services
Not every lender offers these benefits, and eligibility varies depending on your employer, occupation and individual circumstances.
If you're a Police Officer, Firefighter, Paramedic, Nurse or another eligible emergency services worker, it's worth checking whether these policies could save you thousands or improve your borrowing power before you apply.
Lets Talk Property
Whether you're buying your first home, refinancing, investing or just looking for some guidance, I'm always happy to have a conversation.
No pressure. No obligation. Just honest advice to help you make informed property decisions.
If you found this newsletter helpful, I'd really appreciate you sharing it with anyone you think might find it valuable too. Referrals are a big part of how my business grows, and your support means a lot.
Adam Blumfield (Credit Representative Number 578714) and Redlend Home Loans Pty Ltd ABN 43 697 682 616 (Credit Representative Number 578713 ) are credit representatives of Purple Circle Financial Services Pty Ltd ABN 21 611 305 170 Australian Credit Licence Number 486112.
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