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The mortgage definitions you need to know

This is the second part of our conversation with John Ng, an experienced mortgage broker, and the owner of Money Jar Concept, a brokerage based in Melbourne’s Inner West. After five years of running his own business, John has a wealth of knowledge that he loves sharing with first-home buyers in his community.

In this episode, John breaks down some of the unique terms you may hear from banks or mortgage brokers, to give you the confidence you need to understand the mortgage application process. He’ll explain equity, genuine savings, lenders mortgage insurance, and more. Stick around to the end where John shares a pre-approval tip that might help save your credit score.

This is the second part of our conversation with John Ng, an experienced mortgage broker, and the owner of Money Jar Concept, a brokerage based in Melbourne’s Inner West. After five years of running his own business, John has a wealth of knowledge that he loves sharing with first-home buyers in his community.

In this episode, John breaks down some of the unique terms you may hear from banks or mortgage brokers, to give you the confidence you need to understand the mortgage application process. He’ll explain equity, genuine savings, lenders mortgage insurance, and more. Stick around to the end where John shares a pre-approval tip that might help save your credit score.

Episode Outline

00:00Disclaimer 00:16Introduction 00:46Recap of Episode 9 (Part 1 Interview with John Ng) 01:20What is Genuine Savings? 01:49What is not Genuine Savings? 02:59Interest-only Home Loans 03:42Principal and Interest Home Loans 04:32Introductory Rate 05:41Lenders Mortgage Insurance (LMI) 06:53Liabilities 07:53Loan-to-Value Ratio (LVR) 08:58Offset Account 10:28Redraw Facility 12:18Security 12:40Settlement Date 13:53Loan Term 14:42Valuation 18:20John Ng’s tips for first home buyers

Show notes

This is the second part of our conversation with John Ng, an experienced mortgage broker, and the owner of Money Jar Concept, a brokerage based in Melbourne’s Inner West. After five years of running his own business, John has a wealth of knowledge that he loves sharing with first-home buyers in his community. 

In this episode, John breaks down some of the unique terms you may hear from banks or mortgage brokers, to give you the confidence you need to understand the mortgage application process. He’ll explain equity, genuine savings, lenders mortgage insurance, and more. Stick around to the end where John shares a pre-approval tip that might help save your credit score.

Get in touch with John Ng

Owner and Finance Broker at Money Jar Concept
Website: www.moneyjarconcept.com.au
Email: johnng@moneyjarconcept.com.au
Mobile: 0481 579 828

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