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Finance

WiZDOM Group – Who we are    

The WiZDOM group are  skilled professionals who work together to provide a comprehensive range of services for investors.

We take a holistic approach and work with our clients to create wealth by providing strategic and detailed asset protection, structuring, taxation, lending, financial and personal insurance advice.

Our professional teams can provide you with independent service according to your needs, or work together as a  “One Stop Shop” to provide you with a comprehensive range of professional services

The Finance Team have a sound knowledge of the finance industry and are avid property investors themselves. We understand your need for an informed, friendly financier you can talk with who is on the same wave length as you. We offer a full range of mortgage lending solutions and can tailor your loan to maximise you borrowing capacity, ensure flexibility through the loan structure and use the right lender for the property you are purchasing. We love property and always work to ensure we can help our clients achieve their property goals. Local Hunter Valley people who know the area, are well versed with all kinds of lending and purchases of everything from units to big rural properties, call us today for a free chat to see how we can get you to where you want to be.

www.wizdom.com.au

Home loans

Get your head around home loans

Buying your own home is one of the most important financial decisions you’ll ever make. Here are some important things to consider before applying for a home loan.

Start planning

Before you start looking for a property to buy, you need to get your finances in order. Remember to consider extra costs like stamp duty, legal fees, lenders’ mortgage insurance, land and water rates, home and contents insurance and repairs when working out if you can afford a home loan. Our Finance Strategists are here to help you take the confusion out of the process.  Speaking in terms you can understand and with sound knowledge of the way the industry works they will make sure you are only signing up to what you can afford and maker the process as simple as possible.

Save as much as you can

Finding smart ways to manage your money will help you save for a home. The bigger your deposit, the less you have to borrow, and the more you will save in interest. Also, the bigger your deposit is, the lower your loan to value ratio (LVR) will be.

This is the amount of the loan divided by the purchase price (or appraised value) of the property. If your LVR is over 80%, you will be charged lenders’ mortgage insurance, and some lenders will even apply a higher interest rate to your loan. Saving a bigger deposit will help you avoid these extra costs.

If you are buying your first home, you may be eligible for the Australian Government’s First Home Owner Grant.

Choose your home loan

Once you’ve sorted out your budget, it’s time to look for a loan:

  • Take your time choosing a home loan to get the best one for your needs.
  • Using a broker makes great sense, instead of walking into a bank and them trying to fit one of their few products to your situation, you have a broker working with 30 plus lenders and way more choice of products. Meaning, you get what you need not what the bank wants to sell you.
  • Always check over everything yourself before you sign anything.

If you home loan provider is not an Authorised Deposit-taking Institution (ADI) such as a bank, building society or credit union, from 1 July 2013 the amount a credit provider is able to charge in fees and charges is capped (that is, limited to a maximum amount) at 48% annually (including all fees and charges).

Read the fine print

Don’t get caught out by unexpected costs. Read the credit contract carefully and check the interest rates and fees. Your Wisdom Strategist will go over all of this with you.

Check your credit provider is licensed

All credit providers and credit assistance providers (such as brokers) must be licensed with ASIC or be an authorised representative of someone who is licensed.

Search ASIC’s Professional Registers to check your credit provider or credit assistance provider is licensed or you can phone ASIC’s Infoline on 1300 300 630.

For more information see consumer credit regulation.

Stay on top

Keep your repayments up to date and seek help if you start falling behind:

  • Consider switching home loans if your current loan is not meeting your needs – Refinancing is easy with Wisdom. If you are having trouble with debt, contact your credit provider straight away
  • Find out how to complain if something goes wrong and you can’t resolve the problem after speaking to your credit provider or credit assistance provider

A home loan is a major financial decision, so don’t rush into anything. Shop around when choosing a home loan and always review the contract closely before you sign up.

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