Financial Solutions in Parramatta, New South Wales | Financial service

Financial Solutions

Locality: Parramatta, New South Wales

Phone: +61 2 9633 1670

Address: 42/1 Macquarie Street 2150 Parramatta, NSW, Australia

Website: http://www.fsol.com.au

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• Loan service
• Mortgage brokers

24.01.2022 What Is A Mortgage Offset Account? An offset account is a transaction account that can be linked to your home or investment loan. The credit balance of your transaction account is offset daily against your outstanding loan balance, reducing the interest payable on that loan. Offset accounts enable you to make the most of your income and other funds to reduce the interest payable on your home loan, thereby reducing your loan term.... How an offset account can work for you: A customer with a $150,000 home loan over 30 years would pay approximately $167,190 in interest. If the customer had an offset account linked to the home loan for the entire loan term with a constant balance of $10,000 in it, they would pay the loan off in 26 years and 4 months and pay just approximately $127,553 in interest. This represents a saving of three years and eight months and approximately $38,636.95 in interest. Please note: These figures are based on a Standard Variable Rate of 7.36% p.a. We not only assist our clients with finding the right loan for their situation, but our post settlement service is second to none. Post settlement we help our clients and show them how to correctly set up their banks accounts and how to link them the right way with their loan accounts. Click the message button above and ask us which lender is offering the right loan for your situation! (We have access to all the major banks and many other leading lenders)

21.01.2022 Tips to pay off your mortgage sooner Your home loan is probably the biggest financial investment you will make, and you want it to give you a sense of security rather than stress. While paying off your home loan might seem a formidable task, there are ways you can reduce your mortgage, and thereby reducing the interest you pay overall. Make your home loan your priority...Continue reading

19.01.2022 Questions to ask your broker 1. What are your qualifications? Before discussing your own finances, check that the mortgage broker is fully qualified to give you professional guidance. As a minimum requirement, an Australian mortgage broker should have a Certificate IV in Finance and Mortgage Broking, and they should operate under their own Australian Credit Licence (ACL) or as a credit representative under another entity’s ACL. ...Continue reading

19.01.2022 Understanding the buying and loan process Purchasing a new home or an investment property can be a daunting prospect, and you might find it difficult to identify the first logical step. Here we look at the process of securing a loan so you can buy the property that suits your needs and your budget. Ask yourself what you want to achieve...Continue reading

18.01.2022 Do something Today that makes you Happy

17.01.2022 Tip: Watch your credit card limit! Even if your balance is zero, the higher your limit the lower your borrowing capacity.

16.01.2022 What is a repayment holiday? Exactly that... a period of time where you don't make any repayments on your home loan. Usually it's a time when your financial situation changes... for example maternity leave, and therefore there is a period of reduced income.... Of course there can be other reasons too.. such as redundancies, illness etc... In any of those cases... rather than falling behind on your repayments, it's critical that you speak with your bank or broker to get some early advice to make sure you work with your lender to find an appropriate solution. Feel free to click the 'message' button if you need any information around taking a break from your home loan repayments.

16.01.2022 How to narrow down what you want in a home Before you can find the perfect home, you need to know exactly what you are looking for and as you may come across desirable homes that include only a few of the features on your list, you need to know which features are the most important to you. As a further complication, you will generally be working on this list with your spouse or partner, who may have different priorities to you! So how do you work out what you are looking ...Continue reading

15.01.2022 What Are Genuine Savings? Get approved today Genuine Savings For A Home Loan Deposit Explained Just when you thought that you could get the best home loan deal by simply having a lump sum of cash, you might have to think again. Not all cash deposits are acceptable in applying for a home or investment loan when your deposit is less than 20% of the purchase price.... These days you can obtain a home loan with as little as a 5% deposit. That means a bank can lend you up to 95% of the purchase price. If you are considering applying for a home loan with a deposit that is less than 20% of the purchase price then here are some of the things that you need to know. At least 5% of your deposit needs to be made up of genuine savings. 1. What exactly are genuine savings? These are savings that are held or accumulated in a savings account for at least three months. 2. What other assets might be considered as genuine savings? Other assets that can be considered as genuine savings are term deposits, shares, and equity in property that are held for at least three months. If you have any debts, e.g. a personal loan, and you have been paying extra off your debt above the minimum requirement, you can use this extra repayment towards your genuine savings calculation. If you are currently renting for 12 months or more through a Real Estate agent, you may be able to use those rent payments towards your genuine savings calculation as well. Please contact us to discuss your personal circumstances to see if you qualify. 3. What does not qualify as genuine savings? Gifts from parents Tax refunds Income Bonuses Inheritance money Cash kept at home If any of these apply, we recommend that you place those funds into a personal savings account and hold them there for three months to qualify. 4. How much do I need for a home loan deposit? You can obtain a home loan with as little as a 5% deposit. The major lenders may provide a mortgage up to 95% of the value of the property. In some instances you may be able to borrow the whole amount, contact us to see if you qualify. 5. Can I buy a property if I don’t have genuine savings? We have access to lenders where you can borrow up to 95% of the purchase price without having genuine savings. Of course you still need to come up with at least a 5% deposit plus funds to complete (stamp duty, legal costs etc). Contact us today, simply click the 'Message' button above and our home loan specialists will answer all your questions and assist you with finding the right home loan for your situation.

15.01.2022 Where's your dream holiday destination?

13.01.2022 Did you know a lot of home owners overpay on their mortgage? Could a better deal put an extra $250+ per month back into your pocket? We offer a free Loan Comparison Service to see if switching could save you hundreds per month. Private message me today to get a free loan comparison!

13.01.2022 Once you’re settled and financially secure in your home, you might be ready to start thinking about purchasing a second property as an investment. Planning ahead Make sure your first property is secure before looking towards the purchase of a second property. If you are struggling to manage payments on your first property, expanding your property portfolio will not improve your financial position. You will need to demonstrate to a lender that you will be able to manage two ...Continue reading

12.01.2022 Top Property Investment Mistakes Property investment is a proven way to accumulate wealth and personal security, although there are many pitfalls if you are unprepared or impatient. The purpose of an investment property is to bring in some kind of return, either through some income from the rent or the increased value over time or ideally, capital gain and ongoing income. Yet many property investors stick with a property that is actually losing them money, and this situation...Continue reading

12.01.2022 Is Debt Consolidation Right For You? A debt consolidation loan combines all your outstanding debts into one, so now you only have one debt at a reduced rate of interest and lower monthly payments than the combined cost of all the consolidated bills. If you have become overwhelmed with multiple debts and you are struggling to make minimum payments on any or all of them, rolling all these into one repayment can be easier and less stressful to manage. Another reason to cons...ider a debt consolidation loan is if you want to focus on paying off a mortgage. By lumping all your other debts together, you can simplify repayments, and enjoy the benefits of a reduced interest rate. This gives you more funds to channel into your primary debt, increasing your equity. Reassess your current loans Before securing a debt consolidation loan, you could investigate whether switching your home loan would be beneficial. If you can find a home loan with lower interest and lower fees, you could channel the savings into repaying your debts. As your property is your primary asset, it is important to protect this asset while you reduce your debt. A credit card balance transfer where you move credit card balance from one card to another gives you access to a honeymoon period where the new card has lower interest for a certain time period. While this can be helpful if you can pay the debt off promptly, it can also aggravate the situation. Negotiating with individual creditors might help you buy some time or even reduce or cancel the debt. Double-check the figures Before signing off on a debt consolidation loan, check that this is actually the cheaper option. The loan is meant to reduce your overall costs and interest rate, so make sure this is the case. Avoid any honeymoon deals where the interest jumps drastically after a certain timeframe, as you don’t want to dig yourself deeper into unnecessary debt. Set up a budget You don’t want to start collecting additional debts on top of the consolidation loan, so stick with one credit card for emergencies and set some strict limits on your spending. Make it your priority to reduce this loan. If necessary, speak to a financial counselor to discuss any issues you have in relation to spending. Make regular repayments Just because the original creditors have stopped bothering you doesn’t mean the debt has been wiped clear. Focus on paying off the debt within a realistic and efficient timeframe with regular repayments. By reducing all your other debts, you can focus on paying off your home loan, as this increases your equity and improves your overall financial position. Talk to a financial advisor A good financial advisor can help you decide whether a debt consolidation loan is the right strategy for you. If you are determined to reduce your debt and increase your equity, debt consolidation can be an efficient and effective option.

12.01.2022 Ain't that the truth...

11.01.2022 Fill in the blank: If I had a $1,000 to give away, I would donate my money to _______

11.01.2022 How to ensure your renovation will increase your house value There are two main benefits to renovating your property firstly, you can make it more comfortable and compatible for your lifestyle; and secondly, you can increase the value of your home. The challenge is to find the right balance between these two benefits if you invest too much into renovations, you risk reducing the amount of profit you would make when you sell. So how do you strike the balance and turn you...r renovation into profit? The 10% rule One handy rule of thumb is to ensure your renovation doesn’t cost more than 10% of the property’s value. If you are planning an extensive renovation, do your research to make sure you are not over-capitalizing. If you are building a substantial extension on a family home, for example, you should regain the value through creating a home that suits your family’s needs for a considerable period of time. Keep it simple and contained The renovations that increase the value of a home are generally in the kitchen and bathroom. A future buyer wants to know that these rooms are up-to-date with relatively new fixtures and fittings. The garden is another selling point as potential buyers will be attracted to a healthy, well maintained garden. Take your renovations slowly, step by step, finishing one room before starting on another. This way, you can keep track of costs and also ensure that your house remains liveable rather than turning into a chaotic mess that will be finished one day! Check for council approval Before you dive into any renovations, make sure you have council approval. As part of the process, ask your neighbours to check over your plans before you start work. You don’t want the neighbours complaining that your renovation reduces the value or comfort of their home. Sometimes it just means repositioning a window that overlooks the neighbour’s yard, in order to keep everyone happy. Consider your financing Depending on your financial position, you could use your equity to finance the renovations, a combination of equity and savings, or you could take out a construction loan. In order to access the equity on your home loan, you need to ensure that the loan includes features such as redraw, line of credit and an offset account (this of course varies based on individual circumstances and needs). A construction loan is written against the renovated valuation of the property, and the lender interacts directly with the builder, making regular milestone payments and monitoring a schedule. Basically, your lender has a vested interest in ensuring your renovation increases the value of your home. If you need assistance working out the best way to finance your renovation and ensure it increases the value of your home, contact us today.

10.01.2022 Top tips for young property investors It is possible for people to launch into the property investment market in their early twenties in fact, this is a great time to start, when you are first launching into your career and don’t yet have any other financial responsibilities such as a family to support. However, buying an investment property can never be an impulse decision it takes self-discipline and applied knowledge to start building a profitable investment propert...y portfolio. Set a budget and save The first step of course is to start saving for your first deposit, which is usually at least 20% of the purchase price (can be lower, check with your broker). You will need to be focused and realistic, and quite single minded in order to save a sufficient amount. Your best option is to set a budget and create a clear financial plan that will help you remain focused and prepared once you do buy your first property. Think long term While some of your peers will be looking into short term gratification visiting pubs and night clubs, booking overseas holidays or buying a new car - you need to establish a mind-set that focuses on the long term rewards of building your investment portfolio. Learn from the experts While you are saving your deposit, take this time to educate yourself about the property investment market and the best type of property for your first investment. Read articles about property investment and monitor the real estate section of your local newspaper, so you can build a vision of an affordable and profitable investment property. Consult local agents and mortgage brokers as soon as possible so they can offer their insight into the market. Seek advice from a professional accountant, who can oversee your savings plan and advise you on your first home loan. Consider a family guarantee If you have the option, you could ask a family member to act as guarantor of your bank loan. The guarantor allows the equity in their property to act as additional security for your home loan. This strategy could potentially reduce the amount of deposit you need to save. You can split the loan into two portions, so your guarantor is only guaranteeing one portion of the loan. That way, you can pay off that portion first, so you can release your guarantor from the agreement as soon as possible. Invest, don’t gamble Gambling is a game of chance where you can hope to win big but you are perhaps more likely to lose it all. Investment is based on knowledge and experience, so you make decisions that will be profitable in the long term. Learn everything you can about the property and the market, so you can make objective, beneficial decisions.

09.01.2022 Quick tips for working out a property’s market value When you are searching for the perfect property, it can be challenging to work out exactly how much you should be paying. Rather than relying completely on the word of others, you can develop your own strategy for valuing a property, so you have a better independent idea of how much it is really worth. 1. Make a comparison search... Property sales are in the public domain, so you can research your chosen area and make a list of five comparable properties that have sold within the last six months. To ensure the properties are comparable, make sure they are within a kilometre of your target property, and that they have similar features, such as the same number of bedrooms, bathrooms and car spaces, and a similar land size. Also make a note if any property has additional features such as a pool, or whether it is more conveniently located in relation to amenities such as schools and transport. Do not include properties that have not yet sold, as the advertised price is not a true indication of how it will sell. 2. Rank your list Once you have a short list of comparable properties including the one you are planning to sell or buy, rank each property in order from Most Desirable to Least Desirable. Try to be objective in this exercise, looking at the land size and location, rather than whether you prefer one garden to another. Proximity to schools is a plus if you are valuing a three or four bedroom home, but less of a concern for a one or two bedroom home. Buyers tend to be drawn to properties with newly renovated kitchens and bathrooms, so keep this in mind when ranking your properties. Your ranking from most to least desirable might not tally with the ranking from most to least expensive this will give you an idea of what features are important to people buying into the area. 3. Adjust for market movements Now you have placed your target property within a list of five comparable properties so you can see where it stands in the price range between the most expensive and least expensive properties. However, the market may have shifted within the last six months from hot to cold or back again, since the first property was sold, so you will need to adjust for current market conditions. Once you have adjusted, you should have a clear idea of how much your target property is currently worth, based on its place in your ranking list. 4. Check your figures You can back up your research by checking the median house price for the suburb in question. The Domain real estate website will also show the discounting percentage for a specific area, which is the average discount below the agreed listing price. For example if a house listed at $1 million sold for $900,000, then the discounting percentage is 10%. Contact us today if you need assistance assessing the value of a particular property.

07.01.2022 Why you should choose a mortgage broker over a bank For most people looking for a home loan, the choice is simple just head to the nearest bank and see what is available. On the surface, this seems like convenient and straightforward option, so why look for a mortgage broker when the bank is right there on the main street? Here are three things a mortgage broker will offer you that your bank won’t: ... 1. Choice When you visit your bank manager to talk about a bank loan, the manager is going to offer you their latest products. The manager isn’t going to tell you that a rival bank has an offer more closely streamlined to your circumstances. And a year down the track, the manager won’t reward your loyalty by suggesting a new option tailored to your current circumstances. However, your mortgage broker has access to products from countless banks and lenders, so they will find the one that is most suited to your requirements. When your circumstances change, as you pay off your loan, your broker can suggest a different package. 2. Specialized assistance Bank employees are in the business of promoting the bank’s services which includes securing your loan. Every lender has their own method for approving or declining a bank loan, and you can waste a great deal of time trying to provide the correct application. Your broker already has an inside knowledge of how each bank assesses an application, so you have a better chance of being approved first time around. Your broker can also negotiate with the bank for policy exceptions to tailor the package to your individual specifications. You can also choose a broker who specializes in your particular loan requirements. For example, if you are purchasing a property investment, you will need a broker who understands all the financial issues of that type of loan. 3. Administrative support The mortgage broker will manage all the paperwork on your behalf and follow up with the lender, keeping you updated on the progress of the application. This saves you time and a great deal of stress, while providing you with one point of contact throughout the business of securing the loan. Ultimately, your mortgage broker is saving you both time and money by simplifying the loan application process and ensuring that you find the loan package most suited to the size of your deposit and your ability to make repayments. Contact us today if you want personalized advice about how to complete the loan application process and find the right loan package for your needs.

06.01.2022 => Top ten tips for first home buyers It is a long journey from saving up the first deposit to actually owning your own home, but it is certainly a rewarding one! Your first property is an important financial and emotional investment into your future, so you want to make the most of every opportunity to make your dream home a reality. 1. Start budgeting like a home owner...Continue reading

06.01.2022 Looking to invest in property to create wealth, security & freedom? Sometimes you need to be creative to find the right solution! Private message me to set up a meeting to explore your options. (we'll cover your borrowing capacity, loan structuring, property options, repayment options, rates etc)

05.01.2022 Spend 10 minutes on the phone with me to see if you could save $250 or more per month OFF your home loan repayments. Private message me now for a free loan comparison!

05.01.2022 Did you know that you can obtain a home loan even though you are in a probation period with your work?

03.01.2022 What is a split home loan? It's simply dividing your home loan into two or more loans. For example, let's say you have a $200,000 home loan. You could divide your loan into one portion being $150,000 and the other $50,000.... Why would you do that? It can protect you against rate fluctuations if you, as per in this example, say fix the $150,000 for three years and keep the other $50,000 portion variable with a 100% offset account. Simple strategies like this can give you security in the home loan market whilst at the same time keeping the flexibility of making extra repayments and redraw with the variable portion. There are a lot of different options with split loans and every situation is different depending on the clients needs. Click the 'Message' button above if you'd like a professional take on your situation to see if a split loan would be appropriate for you.

02.01.2022 How to maintain a good credit score When you are applying for a loan, the first thing lenders will do is check your credit score and this will have a strong impact on their ultimate decision. So what is your credit score and how do you maintain a good score that will impress lenders? The five elements of your credit score...Continue reading