LIFT LENDING – MORTGAGE BROKERS
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About us
Lift Lending provides access to the latest and most comprehensive list of products and services to best meet your financial needs. We specialise and are passionate about helping clients achieve their financial goals whether it be for first home buyers, financing or investment. This means taking the time to understand your short and long term goals with your life aspirations to negotiate the right finance options for your needs from the hundreds that are available. We will support you throughout the process and will work with you long after your loan has settled to make sure you are still getting the best value and most suitable loan for your ever changing lifestyle and goals. We have access to platforms and expertise from various groups including Mortgage Australia Group, AFG and our extensive list of industry specialists. If you want to become mortgage free faster and easier and to discuss or review your loan requirements call on the details below. Start saving today!
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How we can help you?
Via our access to a diverse and comprehensive list of products and services
Working out your needs and requirements should not be rocket science How many times has the thought of trying to get a better structure to your financial requirements seem too overburdening? People often tend to leave this or put it in the ‘too hard basket’. Whether you are new to the market, trying to simplify or find a better product or rate, we can provide the assistance that better meets the needs of your portfolio. We can provide access to assistance in determining your serviceability and portfolio needs through our extensive brokerage platform we use. By entering in your specific needs into the tools, we can help narrow down the products and rates that best suit your needs. The platforms we use help minimise the amount of rework when applying for different products through different institutions, saving you time.
Do you have a low deposit?
Have you got only a low deposit or are new to the market? – We can help.
Need to work out your overall loan size and see what is available?
How much can you borrow against your assets and find the best product for your needs. – We can help.
Not sure if you can service a new loan?
Not sure if your income can allow you to service the loan for your needs, whether it is a new house or your portfolio of loans? – We can help.
Meet your needs
We strive to find the products and services that best meet your needs – always.
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Our Team
Sandra
Specialist Mortgage Broker / Partner
Peter
Partner
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Testimonials
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Latest News
News from our social media feed
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Sandra & Peter Erdel - Lift Lending Peakhurst
www.liftlending.com.au Provides mortgage and lending product support to meet personal and investme
If you are a first home buyer - know what you are entitled to:![]()
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First home buyers have a range of different entitlements and concessions they may be eligible for. They differ from state to state, and often are dependent on the value of the home you are buying.![]()
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There are also various ways that first home buyers can be helped by family members to get into their first home - not just by lending money towards a deposit - which can possibly save thousands in fees when done the right way.![]()
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For more details about the ever changing government incentives, read my guide - "Know your entitlements". www.mortgageaustralia.com.au/email/files/knowyourentitlements.pdf
A reverse mortgage definitely is not for everyone, and you certainly need to be aware of the risks.![]()
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But in the right circumstances, it can be a good way to boost your income in retirement.![]()
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A reverse mortgage is for people over 60 and allows you to borrow money using the equity in your home as security. The loan can be taken as a lump sum, a regular income stream, a line of credit or a combination of these options.![]()
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While no income is required to qualify, credit providers are required by law to lend you money responsibly so not everyone will be able to obtain this type of loan.![]()
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Interest is charged like any other loan, except you don't have to make repayments while you live in your home - the interest compounds over time and is added to your loan balance. You remain the owner of your house and can stay in it for as long as you want.![]()
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You must repay the loan in full (including interest and fees) when you sell your home or die or, in most cases, if you move into aged care.![]()
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Some of the risks:![]()
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- Interest rates are generally higher than average home loans![]()
- The debt can rise quickly as the interest compounds over the term of the loan - this is the effect of compound interest and is something you need to be aware of before making any decisions![]()
- The loan may affect your pension eligibility![]()
- You may not have enough money left for aged care or other future needs![]()
- If you are the sole owner of the property and someone lives with you, that person may not be able to stay when you die (in some circumstances)![]()
- If you fix your interest rate then the costs to break your agreement can be very high![]()
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On 18 September 2012, the Government introduced statutory 'negative equity protection' on all new reverse mortgage contracts. This means you cannot end up owing the lender more than your home is worth (the market value or equity).![]()
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To find out more, have a look at the this Government webpage which explains things in more detail:![]()
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www.moneysmart.gov.au/superannuation-and-retirement/income-sources-in-retirement/home-equity-rele... www.moneysmart.gov.au/superannuation-and-retirement/income-sources-in-retirement/home-equity-rele...
Avoid these 7 common home buying blunders. ![]()
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Your home is likely to be the biggest purchase you make, so it's something you want to get right. ![]()
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Mistakes can be stressful and costly. ![]()
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Here are the biggest ones buyers make and some tips to help you avoid them.![]()
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1) Letting your heart rule your head.![]()
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It's often easy to be dispassionate about an investment property but when it comes to your own home, emotions can run high.![]()
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Buyers often make the mistake of falling for features in a home or loving a certain location, only to find, once they move in, they have compromised on what they really need.![]()
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Arm yourself with a list of non-negotiables - the features you simply must have now or soon down the track, such as extra bedrooms for a growing family, office space for a home business or proximity to public transport. If a property doesn't tick all of your must-haves, keep hunting.![]()
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You should also decide whether or not you want to renovate or have a lot of time for maintenance. Heritage properties can win over hearts but often require deep pockets and lots of upkeep. Similarly, a fixer-upper in your price range and preferred location may end up being a money pit you can't really afford.![]()
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Look beyond fancy fit-outs and styling - the furnishings will go with the vendors.![]()
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Stick to the buying basics - location, price, layout and condition - to decide if the property is right for you.![]()
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2) Believing the selling agent is working for you.![]()
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Real estate agents are paid by the vendor with commission from the sale. The higher the sale price, the more they put in their pocket.![]()
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Don't fall for sales spiels that tempt you to spend more than you can afford or settle for a property that doesn't meet your needs.![]()
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Some buyers are levelling the playing field by hiring their own agents to find a property and negotiate the sale. Fees for buying agents vary, but generally they charge for their time, plus take a commission from the sale. If you have no time to house hunt, it may be worth the extra cost.![]()
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3) No homework.![]()
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There is no such thing as too much research when it comes to property. You should set aside several weeks to get around to as many properties as possible, narrowing your search to three target suburbs when you are ready to buy.![]()
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Check out recent sales of comparable properties in the area and build on this research as you go, keeping in mind property prices can move fast in a boom. ![]()
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You should also find out if there are any amenities and infrastructure planned for the area, such as new roads, public transport, hospitals or schools, which can boost real estate prices.![]()
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Another key question is how long the property has been on the market.![]()
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If looking for an investment, research rents and what the area has to offer tenants, such as a lively restaurant or cafe scene and reliable public transport.![]()
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4) Starting the hunt without loan approval.![]()
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Knowing how much you can afford will take a lot of stress out of your search. ![]()
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A pre-approved loan sets a boundary so you can focus on properties in your price range and gives you peace of mind that you will be able to move fast when you find the right one. ![]()
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Your broker is the person to speak with to make sure you have this all in place.![]()
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5) Buying beyond your means.![]()
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It can be tempting to stretch your budget for what seems like the right property, especially if interest rates are as low as they are now. ![]()
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But rates are cyclical and what goes down, eventually goes up. If you are extending to afford a property while interest rates are low, you are going to struggle to make your mortgage payments when they start to climb. ![]()
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It's wise to calculate your repayments should rates rise by two to three per cent and build that reserve into your budget. That way, you have some comfort when the cycle eventually turns.![]()
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6) Not getting the property inspected.![]()
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According to NSW building advisory service Archicentre, only one in 10 buyers gets a professional building and pest report on a property before they buy it. ![]()
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Most inspections cost a few hundred dollars, a small price to pay for peace of mind on a purchase as significant as a home.![]()
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A licensed inspector can check for pests, such as termites, and building flaws or issues, such as wood rot or rising damp, all of which have the potential to cause costly dramas if unchecked.![]()
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Always ensure the sale contract is subject to getting the all-clear on the building inspection. If something surfaces, you can either back out of the purchase or negotiate a lower price to compensate for the required repairs.![]()
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7) Not getting the sale contract checked.![]()
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The contract you sign when you hand over a deposit is legally binding, so have it scrutinised by a lawyer or conveyancer. ![]()
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They will check it for any sale or zoning conditions that could disadvantage you, such as restrictions, or covenants that may be imposed. ![]()
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A lawyer or conveyancer can also check property documentation, such as sewer diagrams, to make sure there are no issues with any renovation or extension plans.![]()
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Your legal expert can also help adjust the contract terms for your benefit, such as negotiating a longer settlement period if required.
Competition among lenders for home loans remains steep but borrowers may still be missing out on great deals and important information that could save them thousands of dollars.![]()
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1. YOU CAN SET UP A LINE OF CREDIT TO HELP FUND YOUR INVESTMENT PROPERTY![]()
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If you are negative gearing an investment property, you will have a shortfall between your costs and rental earnings. You can fund this gap with a line of credit (LOC) product using equity in your home or another property.![]()
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Say you have a gap of about $500 each month for your investment property, including interest and other costs, such as repairs and rates. You could set up a LOC for $20,000 to fund these expenses for a period of time, which may give you a little more financial breathing room. How long the LOC holds up will depend on interest rate fluctuations and your rental costs.![]()
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Like interest on your primary investment loan, the interest on this LOC is tax deductible, providing its sole use is to cover your investment expenses.![]()
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One caveat: this strategy works providing there is capital growth in your investment property over the same period, otherwise you are eating into your capital gain.![]()
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You also need to have some fiscal discipline and not dip into the LOC for non-investment related expenses, such as holidays.![]()
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While lenders will be able to set this structure up quite easily, they are not likely to offer it up front as part of your investment loan. Talk to your broker and financial advisor about whether this strategy is a smart option for you.![]()
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2. PEOPLE WITH POOR CREDIT RATINGS CAN STILL GET HOME LOANS![]()
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While it's true a poor financial record will probably make it harder for you to land a loan, the doors may not be closed. Lending criteria has tightened in the wake of the global financial crisis but there are still plenty of loans up for grabs for those with a blemished track record or little financial backing.![]()
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Be prepared, however, to pay a higher interest rate than the standard offering. A Mortgage Broker will be able to help you find loans with less stringent criteria, often labelled non-conforming loans, and will help negotiate with the lender on your behalf. ![]()
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You should also do a budget to ensure you are able to make any repayments, lest you end up adding to your woes.![]()
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3. THERE ARE WAYS TO AVOID LENDER'S MORTGAGE INSURANCE IF YOU DON'T HAVE A 20 PER CENT DEPOSIT![]()
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Lender's Mortgage Insurance (LMI) is a one-off payment by the borrower when a loan exceeds 80 per cent of the property's value. It covers the lender's risk if the borrower defaults, but does not cover any loss by the borrower.![]()
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LMI can be a painful hit to the hip pocket, often running to several thousands of dollars, especially after a home buyer has scraped together the minimum deposit.![]()
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One alternative to paying LMI if you have less than a 20 per cent deposit is to secure a guarantor to cover the extra stretch.![]()
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A guarantor is usually a family member who is willing to put forward their property as security. One of the common myths that can scare family off is that the guarantor is then responsible for the entire loan. Not true. They only need to guarantee any amount beyond the 80 per cent loan-to-value ratio (LVR). Although it's a good idea for a guarantor to seek both financial and legal advice before committing.![]()
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The advantage of securing additional funding through a guarantor is that it simply gets tacked onto your loan so you can repay it over time, rather than forking out up front for LMI.![]()
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The key before you make any big decisions about home finance is to have all the facts at your fingertips. Your broker will be able to compare the products and options that are out there and size up which arrangement will work for you and your circumstances.![]()
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4. YOU HAVE FREEDOM OF CHOICE![]()
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Most lenders will pitch one or two loan products to customers. But that's a tiny fraction of the number of loans available in Australia. If you want to get a grasp of the wide variety of products out there, consider a mortgage broker.![]()
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A mortgage broker works for you, not the lender, and can help you tap this vast vein and find the loan that is best suited to your needs.![]()
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Talk to your broker about your financial circumstances and goals so they have as much information as possible to determine the best product solution for you.
If you are applying for your first home loan - here is the pain free alternative:![]()
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The first time you apply for a loan, you could feel a bit like a deer in the headlights. ![]()
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With so many questions to answer, you might start to wonder if your mortgage broker is hatching a secret plot to kidnap you and steal your identity. ![]()
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Understanding what lenders are looking for can help to make the process easier for you, and improve your chances of being approved for a loan.![]()
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There are five 'C's when it comes to lending...![]()
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Credit History![]()
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Your credit record can have a big impact on whether you're approved for a loan. ![]()
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Your lender will want to know about money that you have borrowed in the past, and how quickly you paid it back. Credit cards, phone bills, car loans and many other sources of credit are examined when determining your credit rating.![]()
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Capital![]()
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Your lender will want to know that you have assets and funds accumulated. Particularly, they will want to know how much you will be contributing to the purchase.![]()
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Collateral![]()
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You will need to offer property as security against your loan. Usually this just means that you offer the house as security, so that if you don't repay the loan, your lender can sell the property to get their money back.![]()
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Capacity![]()
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Your lender will assess your ability or capacity to meet repayments. This is done by examining your income and financial commitments such as living expenses, other loan repayments and dependants to determine if you are capable of servicing the loan.![]()
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Character![]()
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The lender will also take into consideration other details about you, such as your working history and length of employment, how long you have lived in your current residence, and any other available information that might help to determine your suitability for a loan.
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Contact
If you would like further information please use the form below
Disclosure
Credit services provided by Credit Representatives of: Mortgage Australia Group Pty Ltd, Australian Credit Licence 377294
Find Us
We are located in Sydney, servicing any clients around Australia