Rent to own is a popular subject in Australia, and we have had many inquiries from people who wan to use rent, commonwealth bank australia, to own to help buy their own house.
We have listed our top questions about using Rent To Own in Australia:
What does "rent to buy" mean?
Solution: It means you move in and rent the property and when you're ready you can buy it if you want to. You will make payments as per normal and when you decide to purchase we will give you back some of what you have paid as a credit towards your purchase.
How long does it take before I move in?
Solution: How long does it take to move into a house you are renting? As soon as the paperwork is sorted out you are good to go.
I'm not sure how this works. Do I own the home?
Solution: You are a tenant buyer, which means you are occupying the home now and have the right to buy it down the track.
Do I need a solicitor?
Solution: We recommend that if you are uncomfortable with paperwork, let's face it we all have that issue, then yes definitely get your solicitor to look over the paperwork.
When can the house become ours?
Solution: As soon as you are ready to refinance out. Simply use your good payment history with us to take to a lender and, commonwealth bank australia, you can get them to finance you out. Then the home is totally in your name and you move on as normal.
What does a lease option mean?
1. Lease (rent) a property by signing a residential tenancy agreement
2. Pay for the right(option) to buy the property by an agreed date at a fixed price.The amount you pay (separately from the lease payments) is called the Option Fee.
3. You do not have to buy the property if you change your mind,however the option fee is non refundable.
4. On the option fee is paid,the seller must sell the property to only you at the agreed price in the agreed time frame if you wish to purchase and provided that the tenancy agreement has been met.
The specific details of the tenancy agreement are covered in the residential tenancy agreement which is the rental contract between you and the owner of the property.
What are the advantages of buying a property with a lease option? Only the seller's approval is required at this time and no bank or finance approval is required until you decide you want to arrange your own finance towards purchasing the property.
The purchase price is fixed at the time the legal documents have been signed and cannot be changed regardless of any change in the value of the property.
Unlike traditional financing from a bank there is a short exchange. If you are really unsure about purchasing the property or perhaps you are unsure if this is the property form then this gives you a chance to try, commonwealth bank australia, before you buy, commonwealth bank australia, and you can always change your mind about buying as you are not under any obligation to purchase.
Under the rent to own program if you choose not the go ahead with your purchase then all you forfeit is your up front deposit rather than losing thousands of dollars in Stamp, commonwealth bank australia, Duty and loan repayments had you purchased it in the first instance.
Rent to owns are a great way to establishing an excellent credit history if you are currently unable to get a bank loan or any other finance or perhaps you have trouble with providing proof of regular income. The rent to own program can assist you in obtaining or fixing your credit history assisting you with other financial goals you may have in the future.
What are the steps I need to take towards moving in and owning my own property? Your will need to complete an application to take out a lease option on the property. An application fee of($650.00) is payable w hen the application is lodged. Consult a solicitor for an explanation of the Deed of option to ensure that is and represents the agreement reached with the seller for the option to purchase the property.
Tuesday, February 2, 2010
If you ask anyone the reason behind the rise of the Australian economy
If you ask anyone the reason behind the rise of the Australian economy, Gold mining wouldn't be a surprising answer. It is one of the most important industries contributing to the betterment, and development of the country. The gold rush in the nineteenth century was a turning point for Australia in every aspect. The Aussies made a huge name for, commonwealth bank australia, themselves around the globe through this chain of events involving the gold rush.
It was because of the sweat, and blood of thousands of workers who gave their lives for mining this hidden treasure. Apart from the economy, the psychology of the Australians was also elevated to a level of higher self-confidence.
The discovery of this worthy asset dates back to the year 1851, when Edward Hargraves discovered a grain of gold in a waterhole near Bathurst. Thanks to his expertise in gold, commonwealth bank australia, prospection, he was sure that there are many similarities in the physical features of Australia, and California, which is also gifted with numerous gold mines.
Indeed, he was correct. As a result, he was declared the Commissioner of land, and was rewarded with a life pension. This marked the beginning of a new era of success waiting for Australia.
Mining in Australia began with the arrival of Aborigines some 40,000 years ago when they were hunting for stones suitable for tools and weapons, and various other uses including decorations and household items.
When talking about a more recent history, it was the Europeans who arrived a few centuries ago in order to provide their useful input which was not only for the betterment of their personal lives but also flourished Australian economy.
Mining was done through tools like pans and picks. Modern techniques include large scale dredging, hard rock mining and hydraulic sluicing.
Successful diggers adopted businesses, or farms in the area. This impact was quite transparent to everyone due to the opening of various stores, hotels, and workshops on the famous Main Street Ballarat, along with the construction of new banks, and introduction of lending societies.
Various cultures have been brought to Australia due this gold rush, who all made contributions in the development of the country.
This enriched the cultural aspects of Australia, and also welcomed tourism in the country.
Gold mining also faced a lot of criticism from the Australian government at times due to a feeling of insecurity towards the pastoral industry, as everyone was fleeing towards the gold as it rewarded in the shape, commonwealth bank australia, of more money.
The discovery was nothing less than a complete transformation for Australia. In 1852 alone, 370,000 immigrants made Australia their new homeland, and became a reason for the boost in Australian economy.
In just two years, Australian population had grown from 77,000 to 540,000. Due to this insurgence, first railways, and telegraphs started operating in the area. These immigrants were not a burden for the country, as,, commonwealth bank australia, commonwealth bank australia, they contributed in every field though their skills in the development of Australia.
It was because of the sweat, and blood of thousands of workers who gave their lives for mining this hidden treasure. Apart from the economy, the psychology of the Australians was also elevated to a level of higher self-confidence.
The discovery of this worthy asset dates back to the year 1851, when Edward Hargraves discovered a grain of gold in a waterhole near Bathurst. Thanks to his expertise in gold, commonwealth bank australia, prospection, he was sure that there are many similarities in the physical features of Australia, and California, which is also gifted with numerous gold mines.
Indeed, he was correct. As a result, he was declared the Commissioner of land, and was rewarded with a life pension. This marked the beginning of a new era of success waiting for Australia.
Mining in Australia began with the arrival of Aborigines some 40,000 years ago when they were hunting for stones suitable for tools and weapons, and various other uses including decorations and household items.
When talking about a more recent history, it was the Europeans who arrived a few centuries ago in order to provide their useful input which was not only for the betterment of their personal lives but also flourished Australian economy.
Mining was done through tools like pans and picks. Modern techniques include large scale dredging, hard rock mining and hydraulic sluicing.
Successful diggers adopted businesses, or farms in the area. This impact was quite transparent to everyone due to the opening of various stores, hotels, and workshops on the famous Main Street Ballarat, along with the construction of new banks, and introduction of lending societies.
Various cultures have been brought to Australia due this gold rush, who all made contributions in the development of the country.
This enriched the cultural aspects of Australia, and also welcomed tourism in the country.
Gold mining also faced a lot of criticism from the Australian government at times due to a feeling of insecurity towards the pastoral industry, as everyone was fleeing towards the gold as it rewarded in the shape, commonwealth bank australia, of more money.
The discovery was nothing less than a complete transformation for Australia. In 1852 alone, 370,000 immigrants made Australia their new homeland, and became a reason for the boost in Australian economy.
In just two years, Australian population had grown from 77,000 to 540,000. Due to this insurgence, first railways, and telegraphs started operating in the area. These immigrants were not a burden for the country, as,, commonwealth bank australia, commonwealth bank australia, they contributed in every field though their skills in the development of Australia.
The other benefit of a mortgage calculator is its ability to determine
The other benefit of a mortgage calculator is its ability to determine how much faster you can repay your loan if you are in a position to either:
(i) make a regular additional payment - for example you might increase the minimum repayment required under your mortgage by $100 per month. The mortgage calculator will show you how this can significantly reduce the term of your loan.
(ii) make a one-off lump sum payment - for example you may receive a bonus from your employer, an inheritance or gift of money and decide to apply this to reduce your outstanding loan balance.
What impact, commonwealth bank australia, will this have on the loan term? A mortgage calculator will give you the answer.
A mortgage calculator offers further advantages in that if it can provide you with calculations for different loan terms. In Australia, if you want to ascertain, commonwealth bank australia, how much you would need to pay, to pay off your loan in say 15 years as opposed to the standard 25 or 30 year loan term, then you can easily change the term of the loan in the mortgage calculator and within seconds the mortgage calculator will provide you with the revised monthly instalment.
Recently, borrowers in Australia have been concerned about the effect that a rise in interest rates might have on their ability to make their loan repayments. Again the mortgage calculator allows you to enter a number of interest rates and calculates the amount by which your monthly instalment will, commonwealth bank australia, increase. For example if you settle your loan when interest rates are at 7.75% p.a. what will be the impact of a Reserve Bank increase of 0.25%? By entering the rate as 8% in the mortgage calculator you will quickly ascertain how much more you will be required to pay each month.
A good mortgage calculator will also enable you to enter the frequency of your loan repayment and again show you how this will reduce your loan term. For example while most loan repayments in Australia are on a monthly basis you can choose to repay your loan on a weekly of fortnightly basis. A mortgage calculator will calculate the amount of the, commonwealth bank australia, weekly or fortnightly payment for, commonwealth bank australia, you.
By exploring the various fields within a mortgage calculator you can quickly determine how much you can borrow in Australia, the impact that additional repayments or rate changes will have on your loan and the effect of changing the frequency of your loan repayments.
A good mortgage calculator can provide you with a significant amount of information by which you can not only determine how much you can borrow in Australia but also how you can budget to repay your home loan faster.
(i) make a regular additional payment - for example you might increase the minimum repayment required under your mortgage by $100 per month. The mortgage calculator will show you how this can significantly reduce the term of your loan.
(ii) make a one-off lump sum payment - for example you may receive a bonus from your employer, an inheritance or gift of money and decide to apply this to reduce your outstanding loan balance.
What impact, commonwealth bank australia, will this have on the loan term? A mortgage calculator will give you the answer.
A mortgage calculator offers further advantages in that if it can provide you with calculations for different loan terms. In Australia, if you want to ascertain, commonwealth bank australia, how much you would need to pay, to pay off your loan in say 15 years as opposed to the standard 25 or 30 year loan term, then you can easily change the term of the loan in the mortgage calculator and within seconds the mortgage calculator will provide you with the revised monthly instalment.
Recently, borrowers in Australia have been concerned about the effect that a rise in interest rates might have on their ability to make their loan repayments. Again the mortgage calculator allows you to enter a number of interest rates and calculates the amount by which your monthly instalment will, commonwealth bank australia, increase. For example if you settle your loan when interest rates are at 7.75% p.a. what will be the impact of a Reserve Bank increase of 0.25%? By entering the rate as 8% in the mortgage calculator you will quickly ascertain how much more you will be required to pay each month.
A good mortgage calculator will also enable you to enter the frequency of your loan repayment and again show you how this will reduce your loan term. For example while most loan repayments in Australia are on a monthly basis you can choose to repay your loan on a weekly of fortnightly basis. A mortgage calculator will calculate the amount of the, commonwealth bank australia, weekly or fortnightly payment for, commonwealth bank australia, you.
By exploring the various fields within a mortgage calculator you can quickly determine how much you can borrow in Australia, the impact that additional repayments or rate changes will have on your loan and the effect of changing the frequency of your loan repayments.
A good mortgage calculator can provide you with a significant amount of information by which you can not only determine how much you can borrow in Australia but also how you can budget to repay your home loan faster.
Getting personal loans in Australia is an easy task
Getting personal loans in Australia is an easy task. Many other countries are much stricter on lending. Australians are very welcoming and want to feel at home. Try to take advantage of this and make sure you are in a good mood. This combined with the knowledge about the personal loans in Australia must approve your loan application easy! You can use the loan for various applications such as Home Renovations, Holiday, Debt Consolidation, Wedding, Furniture, tuition, purchase of electrical equipment Purchase.
Most of the loan providers in Australia accept all sources of income, full time, part-time, casual and self-employed. Before getting secured loan in Australia you need a number of documents during the application. In most cases all you need is the last 2 wage slips. If you apply for a debt consolidation you require, commonwealth bank australia, the last 3 months of credit to consolidate, make sure the documents you provide no undue restrictions or final costs.
, commonwealth bank australia, The fastest and most comfortable way to the loan application is online, it takes about 10 minutes and you will immediately prior approval. To apply for the loan you need to know the following things;
- The first thing you need to know about your personal loans, commonwealth bank australia, in Australia is that, for personal loans in each country are very expensive. These loans can expect upwards of 12% or more in some cases. But, for personal loans in Australia is easy.
Therefore you have more choice when selecting a plan.
- You should know that Australians more liberal in giving loans. Over time, Australia is a country that has survived economic problems, while the rest of the world is suffering. If this is the case in your own country, for personal loans in Australia is a good idea.
- Australia is very concerned about debt consolidation. Public opinion is that nobody should,, commonwealth bank australia, commonwealth bank australia, be in debt and if they are, they should get out as soon as possible.
This is just one reason why your personal loans in Australia is so easy. If you are a native, you should use this fact and make your case that you try to change your life and get off the debt.
- Due to the fact that obtaining personal loans in Australia easily, you should find the best deal. Although interest is high, there are other banks to compete and starving for your business. On the other hand you must take care that the banks that you visited and known in the industry for some time. If you visit or on a visa, you should know that immigrants to a country sometimes exploited.
Most of the loan providers in Australia accept all sources of income, full time, part-time, casual and self-employed. Before getting secured loan in Australia you need a number of documents during the application. In most cases all you need is the last 2 wage slips. If you apply for a debt consolidation you require, commonwealth bank australia, the last 3 months of credit to consolidate, make sure the documents you provide no undue restrictions or final costs.
, commonwealth bank australia, The fastest and most comfortable way to the loan application is online, it takes about 10 minutes and you will immediately prior approval. To apply for the loan you need to know the following things;
- The first thing you need to know about your personal loans, commonwealth bank australia, in Australia is that, for personal loans in each country are very expensive. These loans can expect upwards of 12% or more in some cases. But, for personal loans in Australia is easy.
Therefore you have more choice when selecting a plan.
- You should know that Australians more liberal in giving loans. Over time, Australia is a country that has survived economic problems, while the rest of the world is suffering. If this is the case in your own country, for personal loans in Australia is a good idea.
- Australia is very concerned about debt consolidation. Public opinion is that nobody should,, commonwealth bank australia, commonwealth bank australia, be in debt and if they are, they should get out as soon as possible.
This is just one reason why your personal loans in Australia is so easy. If you are a native, you should use this fact and make your case that you try to change your life and get off the debt.
- Due to the fact that obtaining personal loans in Australia easily, you should find the best deal. Although interest is high, there are other banks to compete and starving for your business. On the other hand you must take care that the banks that you visited and known in the industry for some time. If you visit or on a visa, you should know that immigrants to a country sometimes exploited.
With the emergence of a housing affordability crisis in Australia
With the emergence of a housing affordability crisis in Australia the new 'shared equity mortgage' scheme for first home buyers and families is being touted as the new life line for prospective home owners.
A recent first home buyer survey in Australia conducted by Genworth Financial on 2000 adults discovered that 70% of participants surveyed would like to purchase a home within the next 3 years however only 43% of this group expect to be able to do so. A further 29% of non property owners in this group admitted that they believed it was unlikely they could save a deposit and cited rising rental costs as the main reason.
Almost 66%, commonwealth bank australia, of the first home buyers surveyed rent privately and one in four still live with their parents, the average age of the first home buyer was 27.
The survey findings concur with what many Australians already know that home ownership has become out of, commonwealth bank australia, reach for the average Australian family and a helping hand is definitely needed to overcome this stigma.
One of the most recent housing affordability strategies is the 'Shared Equity Mortgage'.
Shared equity loans enable borrowers to purchase a bigger and better home than they would normally be able to afford. These types of loans are generally available for first home buyers and existing home owners who need relief from their mortgage repayments. The home owner takes out a 20% Equity Finance Mortgage (up to 40% is available) which effectively lowers their monthly loan repayments and frees up their cash flow.
When paying, commonwealth bank australia, off the loan the borrower must pay the lender the original 20% plus 20% of the home's appreciation as a substitute for no interest being charged on this portion of the loan over the loan term.
If there has been no property growth or the property has declined in value then the lender will not receive any return on the loan or they may receive less than was initially lent to the borrower. Thus the lender shares in both the capital gains and the capital losses on the property. Because the shared equity loan is a mortgage product the lender never actually owns any part, commonwealth bank australia, of the borrowers property.
The upside of the shared equity loan product is that first home buyers, individuals and families that faced little prospect of owning their own home do now have a life line available, commonwealth bank australia, to them and this loan product may just be the one to realize the aussie dream of owning their own home.
The downside is that you will need to share any equity gains in the property over the term of the loan or on the sale of the property with the lender. Ultimately the decision lays with the first home owner, if faced with a life time of renting the shared equity mortgage offers a viable option to home ownership.
ฉ Rob Donald, Altrust Finance Group 30th August 2007
A recent first home buyer survey in Australia conducted by Genworth Financial on 2000 adults discovered that 70% of participants surveyed would like to purchase a home within the next 3 years however only 43% of this group expect to be able to do so. A further 29% of non property owners in this group admitted that they believed it was unlikely they could save a deposit and cited rising rental costs as the main reason.
Almost 66%, commonwealth bank australia, of the first home buyers surveyed rent privately and one in four still live with their parents, the average age of the first home buyer was 27.
The survey findings concur with what many Australians already know that home ownership has become out of, commonwealth bank australia, reach for the average Australian family and a helping hand is definitely needed to overcome this stigma.
One of the most recent housing affordability strategies is the 'Shared Equity Mortgage'.
Shared equity loans enable borrowers to purchase a bigger and better home than they would normally be able to afford. These types of loans are generally available for first home buyers and existing home owners who need relief from their mortgage repayments. The home owner takes out a 20% Equity Finance Mortgage (up to 40% is available) which effectively lowers their monthly loan repayments and frees up their cash flow.
When paying, commonwealth bank australia, off the loan the borrower must pay the lender the original 20% plus 20% of the home's appreciation as a substitute for no interest being charged on this portion of the loan over the loan term.
If there has been no property growth or the property has declined in value then the lender will not receive any return on the loan or they may receive less than was initially lent to the borrower. Thus the lender shares in both the capital gains and the capital losses on the property. Because the shared equity loan is a mortgage product the lender never actually owns any part, commonwealth bank australia, of the borrowers property.
The upside of the shared equity loan product is that first home buyers, individuals and families that faced little prospect of owning their own home do now have a life line available, commonwealth bank australia, to them and this loan product may just be the one to realize the aussie dream of owning their own home.
The downside is that you will need to share any equity gains in the property over the term of the loan or on the sale of the property with the lender. Ultimately the decision lays with the first home owner, if faced with a life time of renting the shared equity mortgage offers a viable option to home ownership.
ฉ Rob Donald, Altrust Finance Group 30th August 2007
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