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What is LVR and LMI?
Loan to value ratio (LVR) is a measure used by lenders to assess your loan’s risk as a percentage. 80% is generally considered safe and anything higher is subject to LMI. Lenders Mortgage Insurance is a fee payable by the borrower when borrowing more than 80% of the fair market value of the property.
What is the difference between fixed and variable rates?
Variable rate is a floating rate offered by banks which is subject to market conditions which could change anytime without notice. It in return gives great flexibility. I.e. to pay extra into the loan uncapped, pay off a loan in full, link an offset account, etc. A fixed rate is offered for a specific term, not subject to change once in effect. It gives certainty but has caps if you wish to pay extra into the loan without paying any penalties.
What is a lock rate or rate lock
Rate Lock is an option provided by banks to help customers secure their fixed home loan interest rate for a period outlined by the respective bank during their home lending application by paying a Rate Lock fee. Rate Lock provides customers the added certainty of knowing what the fixed interest rate will be at loan drawdown. If the rate falls below what’s locked currently, the lower
interest rate is applicable.
What’s the difference between a commercial property and a residential investment property?
The most obvious difference between residential property and commercial property is the way in which it’s used. Residential real estate is leased to tenants who use the property as their home. Commercial real estate is leased to a business, which then uses it to conduct its business.
What are the fees applicable when buying a property?
If you are buying a residential property, you may be subject to costs such as stamp duty, other government/transfer fees, legal and conveyancing fees, bank/inspection fees, insurance, and supply charges, etc. These fees could indicatively range from 5.5-8% of the purchase price.
When buying a commercial property, you may be due for cots such as stamp duty, GST, valuation costs, legal/conveyancing fees, government and bank charges, etc.