You don't need to be a customer of LJ Hooker to use LJ Hooker Financial Services - and the service is FREE!
LJ Hooker is Australia's best known and most trusted real estate brand and LJ Hooker Financial Services is part of the LJ Hooker group, offering hundreds of property loans through our panel of major lenders. We can help anyone seeking a loan to purchase residential or commercial property, or looking to re-finance an existing property loan.
If you are looking to sell your property it's very comforting to know that LJ Hooker Financial Services can help your purchaser with finance to buy your property and help you with bridging finance or finance for your new property.
If you are looking to buy property it's good to know that your home loan is pre-approved through LJ Hooker Financial Services - particularly if you are a first home buyer - so that you can confidently bid for and negotiate on the property you want.
Because your life is so busy, your personal LJ Hooker Financial Services Loan Consultant will come to you - at a time that suits you - and work with you to find the home loan with the rate and features that best suits your needs!
To arrange an obligation free meeting please call 1800 681 928 (toll free) or click here to Contact Us.
Our national network of highly professional MFAA (Mortgage & Finance Association of Australia) certified Loan Consultants are committed to sorting through the most up-to-date options to find the loan that's right for your needs!
Your LJ Hooker Financial Services Loan Consultant is fully familiar with the following types of loans, rates and features, and will take you through the options that best suit your current and future needs so you end up with the loan that's right for you!
Our Loan Types:
Variable Interest Loan
Your interest rate will vary, up or down, as interest rates move with the economy. In many cases this type of loan allows full offset of salary and surplus funds against your home loan to reduce the balance owing.
Fixed Rate Loan
Provides security and peace of mind against rate movements in times of interest rate volatility. Your monthly repayment remains the same for the fixed rate period you select.
Line of Credit Loan
Similar to a secured overdraft, a Line of Credit loan allows your equity to work for you by providing a revolving line of credit with repayment flexibility to suit your personal needs.
Low Document Loan
Designed specifically for self-employed people. Up to 80% of the value of a property can be borrowed by providing limited financial information.
Split Facility Loan
Provides interest rate flexibility by allowing part of the borrowed money to be allocated to a fixed rate and part to a variable rate.
Commercial Property Loans
What's right for residential may not be best for commercial - finding the right type of loan for commercial property can make a big difference on the long term investment return.
Bridging Loans
Bridging loans are short term loans that allow a property buyer to purchase one property while another is being sold and are normally repaid when funds from the sale of the old property become available.
Loans for First Home Buyers
First home buyers can take advantage of the first home buyers grant that effectively increases their equity in the property they purchase. Click here for First Time Buyers information.
Deposit Bonds
For people who want to buy now but have equity tied up in current investments, deposit bonds can be a cost-effective alternative to a cash deposit by providing the vendor with the required purchase deposit, normally 10% of the sale price. Click here link to Deposit Power.
Your LJ Hooker Financial Services Loan Consultant seeks out the loan that's right for you from the following carefully selected panel of major lenders who are known for their on-going market competitiveness and their commitment to providing a high standard of service.
We know how busy your life is, that's why your personal LJ Hooker Loan Consultant will come to you - at a time that suits you - and work with you to find the home loan that best suits your needs. If you wish to call our Customer Service Team please phone 1800 681 928 (Mon-Fri 9am-5pm EST) or send us an email and we'll contact you.
For the latest figures on median house prices in your suburb, visit www.reiq.com.au
Alternatively, for a valuation, contact one of our agents to make an appointment.
Contact Us
What will your repayments be? Providing a loan amount, annual interest rate and repayment period, this calculator provides the approximate repayment amount per month required.
How much can you borrow? Providing a regular repayment amount, annual interest rate and repayment period, this calculator provides the approximate loan amount you are able to borrow.
Use our simple calculator to find out the approximate amount you should be able to borrow from L.J. Hooker Financial Services given your income and expenses. Remember this is an estimate only and other factors may need to be taken into consideration.
How long will it take to repay my loan? Providing a loan amount, regular repayment amount and an annual interest rate, this calculator provides the approximate years and months it will take to repay the loan.
Yesterday's clearance rate was 63% for 464 auctions. This is up 1% on last Saturday, which had fallen 4% from the previous weekend.
"The fact that the remaining banks have increased their rates this week certainly hasn't provided any help to the market, but (activity) hasn't dropped as much as it could have," said Enzo Raimondo, chief executive of the Real Estate Institute of Victoria.
One of the highest prices paid yesterday was for 98 Rowell Avenue, Camberwell, which sold for $1,291,000, or 17% more than the reserve. The four-bedroom family house attracted four bidders, with strong enough competition for it to open at $1.05 million and sail easily past the reserve at $1.1 million.
"It went to a couple who had seen the property for the first time (that day)," said Hocking Stuart director Glen Coutinho.
Hocking Stuart reported a clearance rate of 63% for the 54 auctions held across its network yesterday, with five returning results of more than $1 million.
A vendor bid of $300,000 opened the auction of 12/37 Wheatland Road, Malvern, with competition between five bidders strong enough for the one-bedroom unit to sell for $368,000. Richard Wakelin, director of Wakelin Property Advisory, said the property had been declared on the market by RT Edgar for $38,000 less.
"These units have seen pretty strong capital growth, selling originally for around $140,000 in 1998," Mr Wakelin said.
In the central business district, after-auction negotiations led to the sale of a two-bedroom apartment in the art deco building at 404/390 Little Collins Street for $457,000. The auction opened with a vendor bid of $430,000, and two bidders took it to $452,000 before the property passed in through Hocking Stuart.
A developer and two prospective owner-occupiers squared off over a vacant block at 1 Halley Street in Blackburn, with the competition at the Ray White auction proving just enough for the 1342-square-metre allotment to make $2400 more than its reserve. The property, which has been sitting empty for more than 80 years, went to one of the owner-occupiers for $837,400.
The news was not as good for the land release at Sunland Group's Chancellor estate in Bundoora yesterday, where fewer than half the 13 available allotments sold.
The result was below the sales rates for previous release days this year, although two buyers paid $405,000 for 727-square-metre and 792-square-metre blocks.
More than 460 auctions are scheduled for next weekend, nearly a third less than there were for the same time last year and more than 5% below the stock level for 2006.
The REIV will release its median house and apartment price figures for the June quarter next Saturday. They are tipped to show an overall fall across the metropolitan area and in many suburbs.
But most analysts are expecting the drops will not match those in the March quarter, which had price declines of 8.4% for houses and 3.9% for apartments.
Robert Papaleo, director of strategic research for Charter Keck Cramer, said: "The big hit (for the market) would have been taken in March, so the correction in prices won't be that high in this quarter . . . and growth for the 12 months to June should remain positive."
A/C (or A.C.)
Air conditioning/air conditioned
Acre
An older unit of measurement for the size of land. One acre equals approximately 4,840 square metres. Abbreviation is ac. Acreage usually refers to a large property, typically rural or rural residential.
Act of God
A natural event, beyond human control or influence, ie an earthquake, cyclone or flood. Force Majeure clauses generally incorporate reference to this provision.
Agent
A person who acts on behalf of another, in real estate, usually this means the vendor’s agent, however buyer’s agents are also becoming more common.
Auction
A public sale where the property is sold to the highest bidder on the proviso that the reserve price for the property has been met or exceeded.
Average
Mean, median and mode are all types of averages.
Mean is calculated by adding up a total amount, and dividing by the number of items.
- the mean average of 1, 2, 2, 4, 5, 6, 7 = 15 ÷ 7 = 3.86
Median is the middle number in a series.
– this is the most common type of average in the property industry for example median sale prices.
- the median average of 1, 2, 2, 4, 5, 6, 7 = 4
Mode is the most commonly occurring number.
-the modal average of 1, 2, 2, 4, 5, 6, 7 = 2
Balloon Payment
A large payment made to pay off the outstanding balance of a loan.
Bank Rate
The bank rate is the interest rate that banks offer and is above the cash rate to allow for a profit margin. Definition courtesy of API Magazine.
BIR
Built-in robe/s
Body Corporate Fees
The financial contribution (usually paid monthly) of owners of property in a strata titled building or complex (usually units), to cover the cost of overseeing the maintenance and upkeep of common property. See also body corporate definition. See also body corporate definition.
Body Corporate
An administrative body made up of all the owners within a group of units or apartments of a strata building. The owners elect a committee which handles administration and upkeep of the site.
Definition courtesy of API Magazine.
Bond
Upon signing a Tenancy Agreement a bond needs to be paid by the Tenant to the Rental Bond Board (usually equivalent to 4 weeks rent). Please check with the Managing Agent to confirm the amount.
Bridging Finance
A short-term loan used to bridge the gap between buying a new property and selling an existing one. Definition courtesy of API Magazine.
BSA
Building Services Authority. This is the statutory authority that regulates the building and construction industry. Visit www.bsa.qld.gov.au.
Buyer's Market
A circumstance in the real estate market, where the number of available homes exceeds the number of buyers searching for a home. This condition favours buyers as vendors need to be flexible, particularly in their pricing, to compete with the large number of other homes for sale.
BV
Brick veneer
Capital Gain
The amount by which your property has increased relative to what you paid for it. Simplistically, if you bought a property for $200,000 and it’s now worth $350,000, you’ve made a capital gain of $150,000. Definition courtesy of API Magazine.
Capital Gains Tax
If you sell an investment property at a profit above what you originally paid for it, you will be liable to pay tax on the profit. Abbreviation is CGT.
Capital
In respect of property, capital means any cash or assets invested in securities, property or other fixed assets.
Cash Flow Positive
You have a cash-flow positive investment if the incomings are more than your outgoings after tax-deductible items have been claimed. You receive more rent than your mortgage repayments, plus you are still ahead after taking into account items such as interest on the loan, maintenance, insurance, land tax, rates, etc.
Definition courtesy of API Magazine.
Cash Rate
The rate at which the Reserve Bank of Australia sets interest rates. The bank rate is the interest rate that banks offer and is above the cash rate to allow for a profit margin.
Definition courtesy of API Magazine.
Caveat
Latin for ‘beware’.
In relation to property, a caveat is formal notice registered on the title of a property, by a person other than the registered proprietor. Any person with a legal interest in a property can lodge a caveat with the Titles Office to ensure the property is not sold without their knowledge. As such, a property encumbered by a caveat may be difficult to sell.
Cnr
Corner
Commission
The standard REIQ agent commission is 5% of the first $18,000 + 2.5% of the balance.
OR
Purchase price + $18,000 divided by 40.
Company Title<
Owners of these units are shareholders in a private company. The approval of the majority of shareholders is necessary if you wish to lease or sell your property.
Conditional Contract
A Contract of sale may be signed subject to certain conditions of sale. A conditional contract is still a legally binding contract, however the conditions need to be satisfied for the contract to become an unconditional contract.
Conditions of Sale
A Conditional Contract is usually subject to certain purchaser’s conditions, for example it may be conditional upon a satisfactory valuation, or gaining finance, or the successful completion of pest and/or building inspections.
If a purchaser is not satisfied that conditions have been met (ie termites are present in the property) they may:
• cancel the contract
• make a subsequent offer at a lower price, taking into account the cost of repairs
• request that the vendor makes certain repairs prior to settlement.
Conveyancing
Conveyancing is the legal transfer of a property's title from the vendor to the purchaser.
Cooling Off Period
After the exchange of the contract of sale the cooling off period is the time during which the contract may be cancelled by the buyer. In Queensland this is typically 5 business days. They will have to pay the vendor 0.25% of the purchase price on the contract. The buyer may elect to waive the cooling off period, however they cannot then choose to terminate the contract.
Cross-collateralisation
See cross-securitisation.
Cross-securitisation
When the financial institution uses your property (whether owner-occupied or investment) as security for other property you purchase. Definition courtesy of API Magazine.
Debt Service Ratio
The ability to pay back a loan. Abbreviation is DSR.
Depreciation
A decrease in the value of an asset, usually due to age/wear and tear.
Detached
A freestanding home which does not join the neighbouring properties.
DLUG
Double lock-up garage
D/W
Dishwasher
Dwelling
A house, unit or other habitable building generally used for permanent residential occupation.