Making it easier to purchase your next property
With the right planning and strategy, purchasing your next property may be closer and easier than you think, whether it’s for investment or for your next home.
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At Legacy Mortgage, our customers are our top priority. We strive to provide the best possible service and support to help make purchasing your next property as smooth and stress-free as possible.
Your lending advisors
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FOUNDER / ADVISOR
David’s journey in the banking sector spans over 9 years, including 5 years of frontline retail experience at ANZ Bank, as well as operational roles at Westpac and St.George Bank, each for a period of 2 years. Additionally, David has spent 2 years working for an independent Mortgage Broking firm, further augmenting his expertise in the realm of property finance.
As a homeowner, property investor, and business owner himself, David possesses a unique perspective that stems from firsthand experience in diverse roles within the banking industry. This multifaceted background enables him to understand and navigate various scenarios, allowing him to provide tailored solutions that cater to your specific needs.
By leveraging the extensive network and resources he has accumulated throughout his career, David is dedicated to simplifying and streamlining the process for you. With his exceptional industry knowledge and personalized approach, you can trust that David will guide you effectively and efficiently towards achieving your property and financial goals.
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PARTNER / ADVISOR
Drawing from her extensive background with 7 years of frontline retail banking, coupled with being a homeowner herself, Belinda intimately understands the challenges and opportunities that arise in real estate. Her firsthand experience in managing and growing her own property portfolio equips her with unique insights, enabling her to provide tailored advice that aligns with your specific needs.
Furthermore, as the proud owner of two thriving businesses, “Huong Xua” and “Espresso Warriors,” Belinda possesses a profound understanding of entrepreneurship and the dynamics of running successful ventures. This entrepreneurial spirit fuels her passion for empowering individuals and businesses to achieve financial prosperity.
Belinda’s role extends beyond her professional achievements. As a dedicated parent of two young children, she comprehends the importance of financial stability and security for families. She approaches each client relationship with empathy and a genuine desire to help you create a brighter future for yourself and your loved ones.
What we do
Developing refinancing strategies to restructure your loans, can be an effective way to free up funds for purchasing property, renovations and help you better manage life costs and finances.
There are several reasons why you might want to consider loan restructuring. These include:
You want to purchase your next home or a new investment property in the most cost-effective way.
You want to fund a home renovation, a new car, or a family vacation.
Your lender’s rate is no longer the most competitive so you want to lower your interest rate or repayments.
Your financial situation has dramatically changed so you want to change the length of your loan, move to a fixed or variable rate or move to interest only or principal and interest repayments.
You want to consolidate your credit card or personal loan debts into your mortgage.
You want features, fees, or services that another lender offers.
Saving up for a deposit can be extremely difficult
Whether it’s your first or second time buying a home, saving up for a deposit can be extremely difficult. People frequently believe that in order to purchase another property, they must first save another 20% of the purchase price plus stamp duty costs, which can take a very long time.
But those who already own a home may be able to access the equity they’ve built up over time and in addition to revaluing the property, this could then be contributed towards the deposit and stamp duty for the next purchase.
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The first step is to chat to us to discuss your situation and options
We will assist you in weighing the pros and cons of restructuring your loan, determining whether you are eligible to refinance, and developing a smart strategic plan to achieve your goal.
We will negotiate the best deal for you once you have decided that restructuring is the way forward.
We will organise the loan documentation and liaise with the lender to ensure a smooth transition.
Knowing whether to restructure your loans is a big decision, so working with Legacy Mortgage can provide you with the confidence and peace of mind you need to take the next financial step.
Why refinance strategies?
Many of us like the idea of becoming property investors, but we take the leap because we think it’s only for the wealthy.
With the right money, planning, and strategy, a rental property may be closer than you think and easier to get than you think.
Why refinance strategies?
The desire of venturing into property investment appeals to many, yet often we hesitate to do so because we think it is only for the wealthy.
However, with tailored planning and a strategic approach, securing a rental property could be much more attainable and straightforward than you might imagine. Take comfort in the fact that your goal of becoming a property investor may be within closer reach than you initially thought.
Process
- Initial Conversation to discuss your situation, needs and objectives.
- Supporting Documents will be requested to get full understanding of your situation.
- Preliminary Assessment is done to verify the details on the documents provided and determine the strength of your application.
- Submitting Your Final Application for consideration by the chosen lender.
- Approval depends on the loan's purpose, where it may take the form of conditional approval, pre-approval, or unconditional approval.
- Loan Offer is prepared once the loan has been formally approved. The lender will then send you loan offer documents for you to sign and accept.
- Settlement takes place once the lender certifies that your documents are in order, at which point they can advance your loan.
Kevin and Anna
*To protect the privacy of our clients, names have been changed.
Kevin and Anna own their apartment, where they reside. They also own another apartment as an investment, on which both have mortgages. Their goal is to purchase a house as an investment property, with plans to move into once they decide to have kids.
Generally, a minimum of 20% deposit of purchase price is required to avoid paying for Lenders Mortgage Insurance (LMI). Kevin and Anna have $150,000 in savings and were told from a previous branch lending specialist that they would need to pay LMI. This would cost approximately $23,000 as they had around $100,000 remaining for 10% deposit once stamp duty is paid.
Kevin and Anna
*To protect the privacy of our clients, names have been changed.
Kevin and Anna own their apartment, where they reside. They also own another apartment as an investment, on which both have mortgages. Their goal is to purchase a house as an investment property, with plans to move into once they decide to have kids.
Generally, a minimum of 20% deposit of purchase price is required to avoid paying for Lenders Mortgage Insurance (LMI). Kevin and Anna have $150,000 in savings and were told from a previous branch lending specialist that they would need to pay LMI. This would cost approximately $23,000 as they had around $100,000 remaining for 10% deposit once stamp duty is paid.
Refinance Strategy
The refinancing strategy involved
- Valuations on Kevin and Anna’s two apartments
- Reviewing their current loan structures, to see how much equity can be released and to increase their deposit
- Negotiating interest rates to ensure their new rates are competitive
- Ensuring that they understand the terms of their new loan repayments
- Securing the pre-approval required for their $1,000,000 home purchase
- Outcome
Our strategy allowed for Kevin and Anna to secure their pre-approval for a $1,000,000 home purchase, with the following outcomes
- Accessed $150,000 to add to their savings total of $300,000, which means they have enough for a 20% deposit and stamp duty costs.
- Saved $23,000 in Lenders Mortgage Insurance
- Reduced interest rate by 1% on the loans for the two apartments saving $8,000 a year in interest repayments
- Ensuring that they understand the terms of their new loan repayments
- As a bonus, a $4,000 and $3,000 cashback offer were received from the lenders from re-financing their two apartments
Don't let financing hold you back from purchasing your dream property. We're here to help make the process as easy and stress-free as possible.
Legacy Mortgage is dedicated to making property purchases easier with the right planning and strategy. Contact us today, and let us help you find the perfect financing solution for your individual needs.
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Opening hours
- Monday - Friday: 9am - 5pm
Phone
Address
Opening hours
- Monday - Friday: 9am - 5pm