Mortgage Broker – Established Residential Investment & Home Loan Specialist

Darlington Home Loan - Refinancing you to a Lower Interest Rate

Darlington Home Loan

 

Hello, my name is Nathan and welcome to my Darlington Home Loan web page. I specialise in assisting my clients to refinance to a Lower Interest Rate, which may save you thousands in Bank Interest and potentially years off your Home Loan term.

From the 2011 Census there were 1,359 Occupied Dwellings in Darlington, which you can view any updates to that information on REIWA’s web site:

If you are looking for a Lower Interest Rate you can easily get in touch by clicking through to my Contact Us page that has my direct mobile phone number and email address.

Google Maps

Darlington is located only 15.4 kms from my home office located in Parkerville, which falls into my 20 km catchment area. All lenders recognise that Darlington is a metropolitan suburb, meaning it is within 50 kms of Perth City and because of this classification your property complies with the majority of lender’s property criteria.

Darlington Home Loan – Property Criteria

You may not realise that lenders not only approve a Home Loan on your affordability, or as they all your ‘Serviceability’ but they will also make sure you property comes up to scratch, meeting their property criteria before approving your Darlington Home Loan.

The most common criteria for the majority of lenders are:

  • Category A location, which Darlington meets being within 50 kms of Perth City
  • Less than 10 Hectares (24 Acres)
  • Land usage is either Rural Residential or Residential
  • No more than 2 livable dwellings on the one Title
  • Established livable building that is in a good condition
  • Minimum of 3 similar properties sold in your suburb in the last 6 months
  • Property is NOT being used for Commercial purposes (e.g. Generating an Income that is being used for Serviceability)

If you property meets the above criteria then you will be able to apply for a Darlington Home Loan subject to your Serviceability

Darlington Home Loan – Serviceability

A lender’s definition of Home Loan Serviceability is:

  • Can you afford the debt you are applying for, even if the Home Loan Interest Rate was 3% greater than your actual interest rate, and as if the Home Loan repayments were Principal & Interest over 30 years less any Interest Only period
    • So if your Home Loan repayments were 5 years interest only. Can you afford the loan repayments as if you had a 25 year Principal & Interest styled loan?
  • Can you afford the new loan and your existing financial debts that include things like:
    • Credit Cards
      • Calculated on the Limit – not how much you owe
    • Car Loans
    • Personal Loans
    • HECS/HELP Debt
    • Interest Free period loans
    • Overdraft facilities
      • Calculated on the Limit – not how much you owe
    • Lease Contract
    • Rent Try Buy Contact
    • Other Financial Debts

Credit Cards and Overdraft Limits are debts that do not have an expiry date, hence they are calculated on their limits instead of how much you owe. The reason for that, after you receive your Darlington Home Loan, there is nothing stopping you from spending your limits on these other debt facilities.

All of the above debts are what I call UGLY Debts, which means the products associated with these debts are depreciating and not generating an income, your HECS/HELP debt has an exception. If a debt does not have the ability to enhance your life in retirement then you need to get rid of this debt ASAP!

Lastly, getting back to your Serviceability in the Lender’s eyes is your Living Expenses. Everyone spends their income on the same basic necessities like, Council Rate, Water Rates, Electricity, Water, Car, Food, Clothes, Insurance etc. But everyone is different when it comes to the amount of money spent on your Lifestyle, or lifestyle products like subscriptions, memberships, holidays, Christmas, birthdays etc. Therefore everyone total Living Expenses are going to be different, so just the fact that you earn more than someone else doesn’t mean you can borrow more…

Darlington Home Loan – Reasons to Refinance

The obvious reason to refinance is to get a Lower Interest Rate but the real question is, ‘why is this important to you?’

Any Mortgage Broker can get you a Home Loan or refinance your existing Home Loan but a good Mortgage Broker will take the time to understand what is important in your life today and into your future. Everyone has different goals and to put everyone into the same box is like going down to your local Bank to discuss your finances, where you are instantly pigeonholed and soon to recognised by a Customer ID instead of your name and the human being that you are.

There are obvious categories for the paperwork when refinancing your Darlington Home Loan, being:

  • Debt Consolidation
  • Buy a new car or renovate the property
  • Access equity to use as a deposit to buy an investment property
    • every client I have seen come from a Bank has been cross-collateralsied, which is the most dangerous thing you can do when buying an Investment Property. Please seek the use of a good Mortgage Broker to make sure your Investment are structured correctly, in your favour – not the Banks!

As a Mortgage Broker I have seen clients with a really cheap Interest Rate but the product has been too rigid for their needs and/or the service provided by the Bank has been sub-standard. It is important to get the right balance between interest rates, product features and services because they will all be come important during the life of your Home Loan, not just for today but into your future. Getting the right support and Home Loan guidance is vital in your ability to get ahead on your Home Loan repayments.

Darlington Home Loan – Summary

Obtaining a Home Loan is a little more complex than just going to your local Bank Manager or clicking onto an Online Lender. Every clients needs, circumstances and goals are different and if you want a Home Loan that is tailored to your specific situation then feel free to get in touch.

You can visit my Contact Us page that has my direct mobile phone number and email address if you want to see if you qualify for my Darlington Home Loan product. And it takes less than 5 minutes to see if I can assist, and if I can save thousands in Bank Profits.

I look forward to hearing from you soon.

Best wishes for now.

 

Nathan Daniell
Simplify Your Mortgage Pty Ltd
Australian Credit License Number: 387974

P.S. Thank you for your time in visiting my Darlington Home Loan webpage, I hope you have found the information useful in your Home Loan research.