What to Expect When Buying a Home

BUYING a property is a complicated process. There’s more to it than scouring websites and newspapers for sale prices, or knowing what your neighbour’s house sold for last week.  A large part of it is getting your finances right – and knowing what the legal processes are.

Below are some tips on what to expect when buying:

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ASIC Orders Banks to Relax Rules That Restricted Older People From Borrowing

IN A positive move for middle-aged and older Australians, the Australian Securities and Investment Commission has ordered banks to relax rules that restricted borrowing capacity.

On April 23 ASIC announced it clarified responsible lending guidelines introduced in January – which inadvertently resulted in banks and non-bank lenders being rejected credit applications from middle aged people without a substantial retirement egg.

ASIC now says lenders must ask more questions to determine whether a middle aged applicant will be able to repay a 25-year owner occupier mortgage loan, if they are due, for example, to retire in the next decade.

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