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.
