Vikki Morgan in Lesmurdie, Western Australia, Australia | Mortgage brokers
Vikki Morgan
Locality: Lesmurdie, Western Australia, Australia
Phone: +61 8 9291 4750
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25.01.2022 Some tips to help you buy your next car for less. Enjoy that new car smell longer. There is something special about buying a brand new vehicle - the smell... the pristine paint... the purring of a well timed and perfectly balanced motor.... ... So how do you ensure that feeling is not soured as you drive out of the car dealership? Car dealerships can be a very high pressured sales environment. The salesperson has a number of techniques they will utilise to ensure their bottom line is better than yours. The most important factor to ensure you obtain a 'good deal' is to do your research before you start negotiating. When buying a new vehicle, generally a number of individual transactions take place: 1. purchasing your new vehicle, 2. selling your old vehicle, and 3. organising finance. When negotiating, you should strive to win on each of these transactions. Before entering negotiations with the salesperson it is recommended you complete the following steps, which are outlined here in my latest factsheet: "Enjoy that new car smell longer!" https://www.mortgageaustralia.com.au//enjoythatnewcarsmell
25.01.2022 With fewer first buyers taking out home loans than a decade ago12, one might have concerns for the future of the Great Australian Dream. While affordability is squeezing high-demand capitals, such as Sydney and Melbourne, interest rates remain at record lows, continuing to give astute first-time buyers opportunities to purchase their piece of the property pie. Just because you cant afford what or where you want to buy first up, doesnt mean you should forego property altoget...Continue reading
25.01.2022 Mortgage traps ahead! - Don't fall in. Do you love a bargain? It can feel like such a victory when you find that special deal on a new TV, or when you save a bundle by doing your Christmas shopping during a toy sale. Unfortunately, this sort of approach to looking for a mortgage can easily land you in hot water. Whilst it always pays to look around for a good deal on a home loan - there's also an old saying: "If it sounds too good to be true, it probably is".... There are a few fatal traps when it comes to choosing the right loan for you. Unfortunately the excitement of buying your first home can be all too distracting, and it's easy to put your foot in it by failing to research your loan options. Irresistible Offers The majority of lenders are very responsible and cautious, and only give out loans to people likely to make their repayments. These lenders will offer the best deals their desired customer - usually someone who earns a good income, has a clean credit history report, and has a decent deposit to contribute. If you know that your circumstances don't make you particularly appealing to a lender, but you're being offered a crazy deal - there might be something amiss. Take some time to read the fine print and make sure that the loan contract doesn't contain any nasty surprises. Remember - there's no such thing as a free lunch! Fixed rates You might be tempted to lock in a low interest rate for a couple of years so that you can have the peace of mind that comes with knowing your repayments. The danger here, though, is that you might be missing out on features that you need, or being charged additional fees. Make sure that you research all aspects of the loan, rather than just focussing on the interest rate. Fees and Charges Loan contracts can be very detailed - packed full of confusing words and legal disclaimers. But one section that you should study with a magnifying glass is the schedule of fees and charges. Do you know whether you can make changes to your repayments? How much will it cost if you default on a repayment? What is the fee associated with ordering a statement ahead of time? And importantly - what establishment fees will you have to pay at settlement? If you don't know this amount, you might not be able to proceed with your purchase and you could lose your deposit. Flexibility and Features It's important to consider what features you need in a loan - do you want to be able to make extra repayments when times are good? Would you like to be able to take that money back again if something doesn't go according to plan? What about if you want to change your repayment frequency? The features of your loan are just as important as the interest rate - and not paying attention could mean that you end up paying a lot more in the long term.
25.01.2022 How to avoid getting stuck in the borrower's 'land of confusion': Comparing the true cost of a loan can be a lot more complicated than it seems. Comparison Rates are one way of comparing loans, but it doesn't always provide a complete picture of the total cost of the loan.... Make a mistake and you could pay thousands more in interest than you should. To avoid this, have a look at this short guide - "Land of Confusion". https://www.mortgageaustralia.com.au///landofconfusion.pdf
24.01.2022 Buying and selling at the same time - discover the Big Question that could make or break you. Are you nearly ready to upgrade your home? Its often a natural progression - we come to a point where the house is just too small to fit everyone comfortably. Maybe its got to the stage where you really need a home office. ...Continue reading
23.01.2022 One size doesn't fit all when it comes to home loans. Make sure you choose a loan with the features and benefits that are right for you. Here's a guide to common loan features and benefits. 1) Interest only repayments...Continue reading
23.01.2022 If you are a property investor - here is how to increase your rental returns. You've taken the plunge into the investment property pool and now have to find tenants. Although most rental markets throughout Australia remain tight, there's still a need to put your property's best foot forward to attract optimum returns. Here are some of the ways you can add value and ask for more rent for your investment....Continue reading
22.01.2022 Introducing 5 great reasons to invest in property today: Do you sometimes listen to those seasoned property investors and wonder how they got started? Its quite simple actually - they probably started with just one investment property. ... Anyone can realise the dream of achieving your financial goals through property investment. If youre not sure why you would want to get involved, here are the five best reasons: 1. Financial Independence Now, more than ever, its important to make sure you have steps in place if you want to live comfortably in your retirement. The retirement age seems to be increasing, and people are no longer able to rely on the aged pension as a sole source of income. If you start now you can build a property investment portfolio that will provide you with financial independence - whatever that means to you. For some people that means one investment property that provides a rental return. For others, it means building a veritable monopoly of investment properties in an apparent bid to conquer the universe. 2. Take control of your own investments The great thing about investing in property is that youre completely in control of what you purchase, and you can take steps to ensure that you give yourself the best chance of achieving excellent capital growth or rental return figures. The problem with investing in shares and superannuation is that you arent able to control fluctuations in the market - your role is very passive. 3. Grow your portfolio as your equity increases Once you start investing in property, its sometimes difficult to stop. One investment starts to grow which allows you to purchase another, and before you know it you have a nice little collection of properties making money for you. 4. Capital Growth If you choose wisely, you should be able to achieve strong capital growth on your investment properties. The key is to choose the right type of property in the right area. This might not be an area where you would choose to live - it just needs to be an area with lots of potential for growth. 5. Rental Income If you hope to achieve a good rental income from your investment properties, you should purchase carefully, and keep your ideal tenant in mind. If you like the idea of renting to students, make sure you look in areas near a university or very near to public transport. If you would prefer to rent to a family, schools, shopping centres and parks might be more important. But decide whats most important first: capital growth or rental return. You might not always get a great rental return in an area that has a high level of growth.
22.01.2022 If you are thinking of buying - start your research with a Free Suburb Profile report. Australian consumers have grown to be exceptionally educated when it comes to researching the property market. Not a day goes by when there isn't an article in the media reporting some aspect of the property market.... Information providers like MyRP Data make researching the local marketplace much easier for the average buyer, seller or investor. Visit www.myrp.com.au/n/free-suburb-profile/myrp-545 for a free suburb profile report. Please also download this guide for more details. https://www.mortgageaustralia.com.au//savvypropertypurchas
21.01.2022 We all know that interest rates are cyclical and that when rates go down they will eventually go up. As a result, lenders have been assessing loan applications on the ability of borrowers to make repayments at interest rates approximately 2% higher than those currently available. While lenders have been assessing your ability to make repayments at a higher interest rate, what is the reality of the fi nancial impact of your regular loan repayments?... To make sure you are ready, click here to read my "What goes down, must come up" article. https://www.mortgageaustralia.com.au//whatgoesdownmustgoup
21.01.2022 Are a few unfamiliar words stopping you from building wealth? Are you thinking about dipping your foot in with property investment, but don't really know where to start? There is a lot of information out there, but many first-time investors become overwhelmed by all the technical stuff. Don't panic though - here is a list of some of the most common phrases to do with property investment - and they have been de-mystified for you....Continue reading
21.01.2022 If you really want to save money - it might be time to refinance. Should you refinance? "My lender is charging me a higher home loan rate than I see advertised elsewhere. Can I change lenders?"... This is exactly the reason why most people change lenders. There may be a penalty clause in your current home loan, meaning you may need to pay a discharge fee, but it could still be in your financial interests to change. When shopping around it is always important to look for the comparison rate of a product. A comparison rate is essentially the true rate, taking into account the fees and charges you will pay on the loan. So even though you see a lower rate it doesn't mean the repayments are less. "I have just come off a 'honeymoon' interest rate to a much higher rate. Can I move lenders or am I locked into my mortgage?" You can walk away from most mortgages, although penalty fees sometimes apply to fixed rate loans. "If I move my mortgage to a new lender, is there anything stopping that lender from increasing their rates in a few months time?" It depends what kind of product you have. If you're concerned about rising rates, perhaps you should consider a fixed rate home loan, where repayments are fixed for a period from 1 to 5 years. "Why do some lenders charge more than others for lending the same amount of money?" Banks and other lenders pay different amounts for the money they on-lend to you, they have different overhead structures and different profit expectations. All these factors affect how much they charge to lend people money. "What documentation do I need to refinance?" The last 3 - 6 months of mortgage statements is sufficient to begin this process. I can advise on other documentation.
21.01.2022 Six Steps to becoming mortgage-free - Step 6: Is the grass greener on the other side? Do you ever wonder if the grass really is greener on the other side? The question today is: are you getting the best deal on your mortgage? How would you like to make a few small changes that could lead you on the path to becoming mortgage-free and financially fabulous?... Well, there are six simple steps that you can implement today, that will help you knock over that home loan in record time. In the past weeks, we learned how choosing the best possible loan product could make a big difference to your back pocket. How changing the frequency of your repayments could lower your interest. Why it makes sense to pay more off your loan whenever possible, how to make the most of handy features like offset accounts, and redraw facilities, and why refusing lollies from strangers is always a good idea. Step 6: Refinance for a better deal The fierce and ongoing competition between lenders in the home loan market can sometimes play out like a scene from Gladiator. But the clear victor emerging from this never-ending battle is you - if you keep your finger on the pulse. Now more than ever, its vital that you keep assessing your financial needs and look out for opportunities to get a better deal on your loan. Even though you compared your options and secured the best deal a few years ago, that doesnt mean that your current interest rate is the best, or even close. By refinancing with another lender you could reduce your costs, and save time. Many borrowers who refinance are able to save as much as 1% off their interest rate, which could mean paying that loan off several years earlier than planned. If you havent reviewed your options for a while, it pays to speak with your mortgage broker and find out if the grass really could be greener on the other side. It could make all the difference if you want to pay your loan off sooner, and keep more money in your pocket in the process.
20.01.2022 Protect your investment - find a great property manager: If you are a property investor you probably know about Landlord's Insurance, but there's another way to protect your investment, and make sure that you continue to get a good rental return. The trick is to find a great property manager. There a few characteristics that will help you to tell the difference between a fabulous property manager who will care for your investment, and a nightmare property manager who will co...st you a fortune. Professional and Committed A really good property manager is not the disgruntled young buck who was recently rejected as a junior sales agent, and now has to see his days out processing rental applications. The best property managers are people who wouldn't have it any other way. They have made a career out of managing property and they have a network of satisfied clients. Good processes in place for screening tenants A good property manager has excellent processes in place for making sure that potential tenants are carefully screened. They keep detailed records and they check references. Conducts regular inspections A good property manager can tell you how often they will be inspecting your property. They will personally inspect the property at the agreed time and report back to you with any issues. They don't send the receptionist. Has a maintenance team ready to handle any issues A good property manager has a team of workers on call in the event that there are emergency repairs or maintenance needed at your property. They believe that it's vital to stay on top of any small issues before they become bigger ones. Answers your phone calls A good property manager is approachable and it shouldn't take a week for you to get them on the phone. They care about maintaining a relationship with you because they want to keep your business. Treats tenants with respect A good property manager treats tenants with fairness and respect, and understands that happy tenants are more likely to keep the property in good repair, and pay the rent on time. They also know when to do something if a tenant is not keeping up their end of the bargain. Cares about your property Most of all, a good property manager cares about you and your property and they will ensure that your investment is protected. By maintaining good rapport with all parties, they will help you to retain good tenants to keep your rental return coming in.
20.01.2022 If you are planning to start a family - these financial tips will help. Are you managing a mortgage and starting a family? Many a new parent has been caught out realising our once organised calm life is a thing of the past when we bring our bundle of joy home. Its amazing how tiny babies can turn our household upside down.... We quickly learn that we need to be more flexible about when we eat, sleep, go to the shops and even have a shower. It helps to be flexible in your financial life too when the impact of a reduced household income and the expense of a new addition to the family start to become apparent. A little forward planning now can make it easier to focus on whats important later - your family. Here is a guide with some ideas on how you can relieve the financial pressure of starting, or increasing, your family - Can you manage a Mortgage and a Baby? https://www.mortgageaustralia.com.au//amortgageandababy.pdf
20.01.2022 Introducing the new home building methods that can save you a lot of time and money. In the past, prefabricated houses would connote images of tackiness and shipping container living, but prefab housing is now enjoying an avant-garde revival. Today's prefab houses consist of high end materials, follow strict green building practices and are designed by leading architects. Often they have substantially better thermal ratings than brick homes, meaning they actually cost a lot l...ess to heat and cool. Some new builders even start with a traditionally built lower floor, then build a prefabricated second floor, being less expensive and much faster than building a standard two-storey home. To find out more, download my short introductory PDF article to this style of home that is growing in popularity - Absolutely Prefabulous. https://www.mortgageaustralia.com.au//absolutelyprefabulou
19.01.2022 Buying or selling - or even just thinking about it? We may not have met in person yet, but I thought you would appreciate knowing that I'm always quoting and arranging home loans for people across our suburb. If you are even remotely thinking about buying or selling, or you are just not sure what your home is worth and how much you can borrow, why not ask me to help you work it out? That way you will know exactly what you can do...and it doesn't cost anything either!... I have access to home loans for just about everyone and every situation so please try me out. It usually only takes a few minutes and the privacy act ensures our conversation is entirely confidential. A cuppa and a chat It could be as simple as that.
19.01.2022 What you need to know about the most important part of your home loan: Are you an expert on all lending related topics? Thats okay - most people arent. If youre still trying to understand the truth about interest rates, youre not alone. Here are a few answers to the questions you were too embarrassed to ask. How are interest rates determined?... The Reserve Bank of Australia (RBA) sets the official interest rate or cash rate which takes into account a whole list of factors about how the economy is performing at that point in time. The RBA meets once a month to review the inflation rate, unemployment figures, CPI, PPI and retail sales, and from that information they decide whether to increase, decrease or leave on hold the official cash rate. The cash rate is the interest rate that the banks and lenders will pay to the reserve bank. If this increases, your lender will usually pass the cost onto you - the borrower. If the cash rate decreases - the reserve bank intends that the savings should also be passed on by your lender - but this isnt always the case. By moving the interest rates up and down, the RBA tries to keep the Australian economy in check, by either slowing things down to keep the cost of living under control, or speeding up spending to help boost growth in certain areas. What are the different types of interest rates? The two main types of interest rates are Variable and Fixed. Variable rates are usually a bit lower, and you pay the best going rate at the time. If the cash rate increases, your lender will increase your variable interest rate. But if the cash rate decreases, your repayments will usually go down. Fixed interest rates are locked in for a period of time -usually just a couple of years - so that you know exactly how much you will need to budget for. This can be helpful for borrowers on a strict budget who cant afford a lot of interest rate rises in the short term. However you will usually pay a higher interest rate overall if you choose this option. Which interest rate is best for me? The decision of whether to choose a variable or fixed interest rate should be made after carefully considering your own personal needs and commitments. A mortgage broker should be able to help you weigh up the pros and cons to work out the best option.
19.01.2022 For the more adventurous - here is a guide to investing in Commercial Property. When mum and dad investors consider property, most look no further than the residential market. While homes and apartments may be seen as simpler and safer options, many investors are prepared to defy tradition and set their sights on the commercial sector....Continue reading
19.01.2022 Do you or your business need a new car? Call Holly in our office to find out more 9291 4750
18.01.2022 Pop Quiz - Can you identify these loans? Save time and money by knowing the difference. The home loan market is overflowing with catch-phrases and complicated jargon. But if you only have room left in your brain for one more lesson - make sure you know the difference between the different types of loans available. This could save you time and money in the long run. Variable Rate Loan...Continue reading
18.01.2022 Make your house a home. Contact me for a low cost home improvement loan.
16.01.2022 Would you like to improve the environmental efficiency of your home, save money on your energy bills and increase the value of your property? Our team can help arrange low-rate finance for energy efficient products. Our partners offer a fast, simple process and access to funds typically within 48 hours. Dont delay, get in touch today!
15.01.2022 Vikki is not only my ‘mortgage broker’ but a trusted friend and mentor. With Vikki's help i recently purchased my home in Hazelmere. Having purchased multiple properties in the past, this this time was unique as its the first home i have purchased, "on my own". Vikki spent time with me over the phone and in person, taking the time to really educate me on various mortgage options. I feel so lucky to have been introduced to Vikki, and I know that I will continue working with her for many years to come.. And this today - feeling to love xxx
15.01.2022 Read this before you sign on the dotted line: Have you been asked to act as guarantor for your child or another family member? Before you whip out a pen and sign the contracts, you need to hear Wendy's story. Wendy is in her mid- sixties, and lives in Perth with her son. She has a granny flat at the rear of her son's property where she stays with her two dogs, Millie and Ellie....Continue reading
14.01.2022 Are you ready to purchase a new car but dont want to get hit with high interest rates from expensive car dealerships? Our team can help you secure fast, low-rate car finance to get you on the road. Our partners also offer conditional approval for up to 60 days, giving you time to shop around and find your dream car.
14.01.2022 Discover how to turn your home equity into a better retirement for you. If you have equity stored away in your home, now could be the perfect time to tap into it for an investment property. Equity is simply the difference between the value of your home and what you owe on it. If you have a property valued at $500,000 and owe $200,000 on it, you have $300,000 equity available....Continue reading
13.01.2022 Did you know that three in 10 mortgages arranged by mortgage brokers are in rural and regional areas, improving access to home lending for rural and regional Australians in locations where there may be few or no bank branches. https://www.afgonline.com.au/broker/keep-competition-alive/ https://youtu.be/zsjxPB6ITRg
13.01.2022 You're a parent whose grown up kids want to buy their first home. And because you want the best for them, you probably also want to ensure that they get the correct advice before they sign anything. A truer word has never been spoken. ...and I think the best start for first home buyers is to talk through their options with someone who has done it before as well as someone who is directly involved with the process every day.... If you are a parent whose children have grown up, you've probably bought a home before. I'm helping people buy their home every day, it's my job. This means, together, we are well qualified to point your young adults in the right direction when it comes to buying their first home. So, why don't we catch up with your kids and discuss their options together. Between us, we should be able to provide helpful advice and motivation along the way. I provide home loans for just about everyone and every situation so why not try me out? It doesn't usually take long and the privacy act ensures our conversation is entirely confidential. A cuppa and a chat. It could be as simple as that.
13.01.2022 Avoid these Common Mortgage Mistakes: For many homeowners, it's easy to get caught up in all of the excitement, and stumble into one or more of these embarrassing mortgage mistakes. Unfortunately I see it very often. Getting a Standard Variable Rate loan:...Continue reading
12.01.2022 Want to go green? Contact me for a loan that pays itself off with your power bill savings.
12.01.2022 For many Australians retirement is an opportunity to down-size their homes and simplify their lives. For more than 138,000 retirees*, that means opting for life in a retirement village. Village living offers an appealing lifestyle, especially for those looking for a sense of community and to spend their new-found free time on recreation rather than maintaining a property. But the process of taking up a spot in a retirement complex is very different to buying your own home. Ha...Continue reading
12.01.2022 How to fix a broken Credit Record. Do you know what a lender will find when they look at your credit history report? For many borrowers, its not until they apply for a loan that they even lay eyes on this document for the first time. Unfortunately, this is also when many people find out that their credit history is less than perfect.... There are lots of little mistakes you can easily stumble into when youre not focussing on maintaining a healthy credit record. Dont despair though - there are also ways to fix them, as long as youre willing to be a little proactive. Multiple Applications Some people cast a very wide net when applying for a home loan. They complete applications with a variety of lenders in the hope that one of them will be approved. This tactic might have been a great idea when you were applying to universities, but its the worst possible way to apply for a home loan. Unfortunately when you apply for a loan and you arent successful for any reason, this is noted on your credit record. There may be logical reasons for your application being declined - sometimes its as simple as not being a customer of that particular bank. The problem is, when you have a few of these on your record it can start to appear that you arent a very good risk for a lender - since so many other lenders have already said no. The best way around this is to engage a mortgage broker, who will investigate on your behalf before lodging and application with the most appropriate lender for your personal circumstances. Digging your heels in Lets face it - there are some companies out there who are just shocking to deal with. If you spend a lot of time on the phone arguing over incorrect bills, youre not alone. After lots of phone calls, it might seem like a good idea to ignore that incorrect phone bill and hope that it goes away. The problem with that approach - the bill might be listed as a default on your permanent record. For your own best interests, its probably better to pay the bill, and then dispute it afterwards. Not keeping on top of your bills If you have moved house a couple of times, or if you dont have the best filing systems in place, its possible that you might have misplaced or neglected to pay the occasional bill. Sometimes people have defaults listed on their credit history report due to moving house, and not receiving any bills or reminders relating to the debt. Make sure that you have proper mail redirections in place when you move, and make a list of companies to update your details with as soon as possible. If you have these sorts of defaults on your credit history report, you might be able to have them removed by communicating directly with the company who reported the default. Failing this, you might be able to lodge a dispute through a credit reporting body such as Veda.
12.01.2022 Cure your confusion today - 9 steps to purchasing your first home. Do you start to get a headache when you think about everything involved in getting a home loan? Don't despair. Many other borrowers have felt the same way in the past. ...Continue reading
12.01.2022 If you want more space, renovate right! Its been more than 25 years since Tom Hanks and Shelley Long showed us the calamitous side of renovating gone wrong in the comedy movie, The Money Pit, but the warnings ring loud and clear today. With a sluggish property market, many home owners are opting to renovate rather than relocate. Before you hit the hardware store and strap on the tool belt, here are my top tips to renovate your way to reward, instead of ruin....Continue reading
11.01.2022 How many ways can you buy a swimming pool? Question: How many ways can you buy a swimming pool? Answer: At least 8 different ways that I can think of.... And not all of those ways may be suitable for everyone - here is my list. Not everyone wants a swimming pool either. But perhaps a new car, maybe a boat, a motorbike or a decent holiday? A caravan or a new garage? An aeroplane even? Doesn't really matter what it is, but if you need to spend a serious amount of money, it may be worth looking at some of the things you can do with your home loan to facilitate your new purchase. You see, 6 of those 8 different ways I mentioned actually involve your home loan, so it's probably worth a look first, just to make sure. That's where I can help. It doesn't cost anything to check out what would work for you, and then you can actually make an informed choice. The least I can do is point you in the right direction and the privacy act ensures our conversation is entirely confidential. What do you think? Contact me and we'll see where you stand. https://www.mortgageaustralia.com.au//8waystobuythatpool.p
11.01.2022 How to avoid getting stuck in the borrower's 'land of confusion': Comparing the true cost of a loan can be a lot more complicated than it seems. Comparison Rates are one way of comparing loans, but it doesn't always provide a complete picture of the total cost of the loan.... Make a mistake and you could pay thousands more in interest than you should. To avoid this, have a look at this short guide - "Land of Confusion". https://www.mortgageaustralia.com.au///landofconfusion.pdf
10.01.2022 Do you know the difference between how much you 'can' borrow, and how much you 'should' borrow? There might be a very big difference between how much a lender is willing to give you, and how much you can comfortably afford to repay. So how do you work out your real 'should' borrowing capacity? Don't you want to be sure that you can afford to make the repayments on your loan?... Lenders will take into account your ability to repay the loan, based on what you earn, how many dependants you have, what your credit rating is, and your declared living expenses. However, lenders only know what you tell them, and there are a few things you need to take into account that might not be considered by a lender when deciding on your borrowing capacity: Job Security How secure do you think your job is? If you've worked for the same company for several years and earn a decent wage, your lender will view this very favourably. But have you been hearing murmurs about a possible restructure? Do you work in a department that could potentially be outsourced offshore? You're in a much better position to assess your job security than a lender is, and you need to be realistic. If you commit to the maximum loan amount and then your role is made redundant, you might struggle to keep up your end of the bargain. Job Satisfaction Your excellent employment history was a definite tick for your lender, but how do you feel deep down about your job? Have you just been hanging on until you can get finance approved? If this is the case, think carefully about how much you should borrow. You might need to take a pay cut early on, if you decide to move into a different line of work. Family Planning You answered 'zero' when asked about your dependants, which contributed to the assessment your lender made when offering you a bumper loan. But what if you were suddenly expecting a child, or if you decide to expand your family a few years down the track? Your Lifestyle You might be able to 'afford' the repayments on a big loan, but what happens when mother's day, your brother's birthday and your car registration all come around at once and you need some extra cash? Or maybe you would like to take a holiday at some stage next year. Don't leave yourself short, or it's going to be a very long 25 to 30 years. Your other goals Would you really love to continue your studies in a few years? Do you dream of taking off for a few months to take the kids around Australia? Don't forget about your other dreams and goals when you work out how much to borrow. You still need to have a life, and some things are more important than having a spare room for your shoe collection.
10.01.2022 How to buy a property with a friend (and remain friends)! How would you like to double your deposit and double your income to buy your first property? Sounds pretty good doesnt it? Thats the reason why many young homebuyers are now working together with a partner, friend or relative to break into the property market. Although there are some excellent benefits to entering a property partnership, there are some pretty nasty horror stories out there too - so you need to make... sure you protect yourself against the worst. Make sure you have similar goals for you property purchase. Do you both agree on how long you would like to keep the property for? Do you want to rent it out, or will you be living there together? Make sure everyone is on the same page before you enter into any contracts. Buy with someone who is at a similar stage in life. If you buy with a family member who has a baby on the way, you might be asking for trouble. Likewise, buying with a sibling who is too young to appreciate the importance of keeping up financial commitments could be just as much of a recipe for disaster. Take a moment to check your financial compatibility. You will be responsible for the loan if the other party becomes unable to pay, so take the time to have some open discussions about money, and make sure you are both equally committed to paying things on time and keeping track of the bills. Decide if you want to be housemates. If you plan to live together in the home, make sure you both agree about things that could cause arguments such as having pets in the house, allowing partners to sleep over, housework and other potentially touchy subjects. Get Legal Advice. Find out about your options legally if something was to go wrong, and decide whether you want to be Joint Tenants, or Tenants in Common. This might depend on whether you will pay an equal share of the deposit and loan repayments. Create a formal agreement. Get a formal agreement drawn up that covers as many issues as you can think of. Hopefully you wont have any problems, but it might be helpful if you already agree on the solution ahead of time. Property partnerships can turn into nasty legal battles when parties dont agree on important issues, such as whether or not to sell the property. If you can thrash out some of these issues now you will save yourself a lot of worry in the future. Keep records of spending. Make sure you keep it even, and try to keep records of who paid for what, just in case you have problems down the track. Hopefully your property partnership will be a very positive experience, and if you follow these steps you should be well on your way to being a great team.
09.01.2022 When buying a home doing things in a certain order can make it a lot less stressful. I hope my one-page Step by Step Guide to Buying a Home has some tips that may help when buying your next home. https://www.mortgageaustralia.com.au//astepbystepguidetobu
09.01.2022 How to take advantage of a buyers market: One of the keys to success in the property market is TIMING. So how do you know when the time is right to step up on the property ladder?... For the answer, download our guide to "Taking Advantage of a Buyers Market". https://www.mortgageaustralia.com.au//takingadvantageofabu
09.01.2022 Fixed rate loans - Safety Net or Hostage Situation? Do you buy your movie tickets before you leave the house? Do you like to book a table at a restaurant to make sure you dont miss out? There is a certain comfort in knowing whats going to happen, especially when it comes to planning your financial future.... If you worry about the ups and downs of the official cash rate, and the possibility of your home loan repayments increasing without warning, a fixed rate loan could be your new best friend. Fixed interest rates are a kind of insurance policy that protect you against the financial pressure caused by interest rate movements. Depending on your personal situation, you might struggle to meet your repayments if interest rates were to rapidly increase. If you opt for a variable interest rate, you have no control over fluctuations in the market. Ideally, you should have allowed for a few rate rises when deciding how much to borrow. But if you stretched your limit in order to buy your dream property, then fixing your interest rate is a great safety net. Fixed rate loans allow you to be sure about your exact repayment figures for a fixed period of time. This is great for borrowers on a tight budget - because you never have to worry about interest rate fluctuations during the fixed period. The purpose of a fixed rate loan is not to save you money on interest. Generally, these loans will cost you more in interest. Fixed rates are usually higher than variable rates, so the only way this approach will save you money, is if there is a rapid fluctuation in interest rates, and the standard variable rate climbs significantly above your fixed rate. A fixed rate could cost you money if interest rates fall. You will be locked into a higher rate when other people are enjoying a reprieve. You need to decide if youre happy to take this risk and fix your rate for a period of time. The biggest risk of going fixed is the penalties that you will incur if you need to get out of the loan. Many lenders charge enormous discharge fees for borrowers leaving during the fixed interest rate period. Its also very difficult to change your loan during the fixed period, and generally you cant make any lump sum repayments. If you have a variable rate loan, its a great idea to regularly review your needs every few months. You might decide that the time is right to fix your rate, depending on your circumstances, and the fixed interest rates on offer. Beware of sitting on the fence. Many lenders promote the concept of 50/50 fixed and variable rate loans. Some borrowers see this as a risk-free alternative to choosing either fixed or variable rates. Keep in mind - if you choose to fix part of your loan and leave the other part variable, you will still be locked in because of the fixed portion of the loan.
09.01.2022 Did you hear about this great win for home buyers? Australian home owners scored a win on July 1 2011 when lenders were banned from charging exit fees on home loans, making it more enticing for borrowers to shop around for a better deal. Exit fees were generally charged for the first four or five years of a mortgage to discourage borrowers from switching to a competitor before the lender had made a profit on the loan. Unable to now charge exit fees on variable loans, many len...ders are making sure they cover their costs upfront with higher set-up fees. If you are thinking of switching, you should make sure you get all the facts and compare like with like so what you gain in the short term isnt lost in the long run. Take into account loan establishment fees, ongoing account fees, the cost of any property valuations required by your new lender and settlement fees when doing your sums on how much you will be saving by switching. Exit fees also shouldnt be confused with break fees on fixed rate loans. Lenders can and do still charge a fairly hefty fee if you exit a loan during a fixed term. Break fees on fixed rate loans are usually based on: the interest rate you locked in, compared to the current market interest rate; the length of time remaining on your fixed-rate term; and your original loan amount. They can run into thousands of dollars, and remain a formidable deterrent to fixed rate customers thinking of a switch. One of the best ways to get a helicopter view of what it will cost you to switch and what you stand to gain is to talk to your local Mortgage Broker. That way you can be sure if you close the door on your current loan, you are stepping forward financially.
08.01.2022 Drive away in your dream car. Contact me for a low cost carloan.
08.01.2022 Spring has sprung and home buyers are emerging from hibernation. Thats the theory, but the reality is home buyers are on the hunt all year round for the right property at the right price. The economic cycle and how you present your property will have a far greater impact than the weather on how soon it sells and how much it fetches. ...Continue reading
08.01.2022 Switching home loans could help pay down your mortgage sooner, providing you are refinancing for the right reasons and understand whats involved. Heres our guide to refinancing to help you make the right move when the time comes. Know the costs: Paying 0.5 per cent less per annum on a $250,000 principal-and-interest mortgage could save you around $23,000 over the life of a 25-year loan. Thats a sizeable chunk of change back in your pocket over the long term, but there are ...Continue reading
08.01.2022 By world standards, Australia is a wealthy nation. We have a strong economy with high employment and a far rosier outlook than most developed countries. And yet almost half (47 per cent) of us are anxious about our finances, according to research by the Boston Consulting Group. Finance guru Paul Clitheroe reckons most Australians want to improve their financial situation but dont know where to start. Financial literacy is not about getting rich. Its about understanding and...Continue reading
08.01.2022 Australians are enjoying the lowest interest rates in history. It is no coincidence that the growth of the Mortgage Broking industry has forced the big banks to compete for your business by lowering their interest rates. Without us, everyone will be paying more for their home loans. https://www.afgonline.com.au/broker/keep-competition-alive/
08.01.2022 Your Perfect Match - How to find a loan that keeps you warm at night. Do you find that youre usually attracted to the same type of person? We all have a mental image of our perfect mate - some people are even lucky enough to wake up next to that person each day. Just as the dating market can be tricky to navigate, its easy to miss the signs and find yourself attracted to the wrong home loan.... To help you find a loan that loves you unconditionally, here is a quick run-down of the different types available. Basic Loan The basic home loan usually doesnt have a lot of fees. What you see is what you get. Usually you get a low interest rate, but you dont get much else. If you want some features, and flexibility this might not be the match made in heaven. Introductory Rate loan Otherwise known as a Honeymoon loan this one is a bit like some new relationships. You get a really good deal at the beginning, and everyone is happy. After a year or two the honeymoon is over, and you find out what the loan will really cost you. A good option if you want to keep your repayments down in the beginning - but make sure you investigate the interest rate that you will be charged after the introductory period. Standard Variable rate loan For those who want to be able to pick and choose their features, the standard variable rate loan could be your perfect mate. You generally get a low interest rate, but the flexibility to select some options that suit your needs. Low-doc Loan A low-doc loan is a good alternative for Self-Employed borrowers who are often unlucky in love when it comes to finding their ideal mortgage. Low-doc loans allow you to use different methods of proving your income. The rules are usually a little less restrictive - but you will pay a much higher rate. On top of this - most lenders require self-employed borrowers to contribute a 20% deposit, and cover all upfront costs such as Stamp Duty and Lenders Mortgage Insurance (LMI). This is a good option for people who dont have any other options. 100% home loan Also known as a No-deposit loan, this one allows you to borrow 100% of the purchase price. Dont be fooled though - this is not a free ride. Most lender still require you to save a 3% deposit to cover the LMI, and youll also need to make sure that you have enough left over to cover stamp duty, moving costs and conveyancing - and any other associated costs. Sometimes these loans are available, sometimes they are not, it depends on the current lending environment - but it never hurts to ask.
08.01.2022 We have recently helped someone reduce their loan repayments by over $423 per month through refinancing their home loan and other debts. In fact for the clients I see who are struggling with their mortgage and debt repayments, I regularly manage to save them hundreds of dollars per month. In these uncertain times of interest rate changes most mortgage owners are now starting to consider their finance options. ... Perhaps I can help you, like I was able to with many of your nearby residents. If you require: - reduced loan repayments, - consolidation of debt, - funds to renovate, install a pool or purchase a significant item, - finance to purchase another property, - parent equity guarantees to assist your children to purchase a property, or any other finance requirement Please contact me for a free no obligation assessment of your current situation. https://www.mortgageaustralia.com.au
07.01.2022 Revealed - the secrets to buying property with confidence. Getting the right property at the right price isn't good luck. Its all about being prepared and taking the right steps at the right time. Read this article - "Buying with Confidence" - for a number of quick tips to playing the home buying game on your terms. https://www.mortgageaustralia.com.au//buyingpropertywithco
07.01.2022 Is your old equipment slowing you down? Old tech? Outdated machinery? Vehicle breakdowns? Will the purchase of new assets or equipment speed you up, help you become more efficient and help you get ahead? Asset finance is often the answer. ... Financing new equipment, instead of purchasing it outright, can be a good way to preserve cash flow and working capital while adding an asset that can begin to generate immediate income. And, of course, there may be potential tax advantages that could also come your way.
06.01.2022 If you're like me, you've read the occasional newspaper over the past 12 months, and you probably couldn't help noticing that home loans and real estate have been the subject of some serious changes. So if you think about it, it's possible that your home loan could benefit from a slight update as well. Nothing too serious, but it's probably worth having a look. You see, you may have a home loan with a lender who has a new or better product. Now they are unlikely to call you a...nd let you know about this, aren't they? Or you may have a fixed rate loan that you can now justify converting back to a variable rate. So if you're not exactly sure where you stand with your current home loan, why not give me a call and I'll check it out for you. You can jump on my website and test our debt consolidation calculator to see how much you could save each month just by refinancing or consolidating some of your debt. It doesn't cost anything to find out if everything is still OK and it usually only takes a few minutes. The least I can do is point you in the right direction, and the privacy act ensures our conversation is entirely confidential. What do you think?
06.01.2022 Your Perfect Match - How to find a loan that keeps you warm at night. Do you find that you're usually attracted to the same type of person? We all have a mental image of our perfect mate - some people are even lucky enough to wake up next to that person each day. Just as the dating market can be tricky to navigate, it's easy to miss the signs and find yourself attracted to the wrong home loan.... To help you find a loan that loves you unconditionally, here is a quick run-down of the different types available. Basic Loan The basic home loan usually doesn't have a lot of fees. What you see is what you get. Usually you get a low interest rate, but you don't get much else. If you want some features, and flexibility this might not be the match made in heaven. Introductory Rate loan Otherwise known as a 'Honeymoon loan' this one is a bit like some new relationships. You get a really good deal at the beginning, and everyone is happy. After a year or two the honeymoon is over, and you find out what the loan will really cost you. A good option if you want to keep your repayments down in the beginning - but make sure you investigate the interest rate that you will be charged after the introductory period. Standard Variable rate loan For those who want to be able to pick and choose their features, the standard variable rate loan could be your perfect mate. You generally get a low interest rate, but the flexibility to select some options that suit your needs. Low-doc Loan A low-doc loan is a good alternative for Self-Employed borrowers who are often unlucky in love when it comes to finding their ideal mortgage. Low-doc loans allow you to use different methods of proving your income. The rules are usually a little less restrictive - but you will pay a much higher rate. On top of this - most lenders require self-employed borrowers to contribute a 20% deposit, and cover all upfront costs such as Stamp Duty and Lenders Mortgage Insurance (LMI). This is a good option for people who don't have any other options. 100% home loan Also known as a 'No-deposit' loan, this one allows you to borrow 100% of the purchase price. Don't be fooled though - this is not a free ride. Most lender still require you to save a 3% deposit to cover the LMI, and you'll also need to make sure that you have enough left over to cover stamp duty, moving costs and conveyancing - and any other associated costs. Sometimes these loans are available, sometimes they are not, it depends on the current lending environment - but it never hurts to ask.
06.01.2022 Heres some help with saving for your first home: Crush credit card debt You are working with one hand tied behind your back if trying to save for a home deposit while carrying credit card debt. Switch to a low-interest credit card and pay off as much as you can afford each month. The quicker you clear your debt, the faster you can put those funds into your deposit.... Move home Rent is another way to snuff out savings. While not everyone is in a position to do so, moving back to the family home can be a fast ticket to savings central. The simplest way to work out if a non-bank lender is right for you and your circumstances is to talk to your broker. Brokers act as a one-stop shop, with access to a wide range of lenders, including banks and non-banks, and hundreds of home loan products. From little things: If you require five or more years of savings to build a deposit, consider parking the funds in a term deposit account, where you are offered a higher interest return than a regular savings account in exchange for the use of your money for a set period. Minimum term deposit amounts can start at $1,000. While interest rates are fairly modest, it will take a number of years for your savings to sprout, but its a low risk investment option to consider. As with any investment decision, speak to a financial advisor before making any decisions. Manage expectations: Even the best laid plans can go astray. If you find your circumstances change, the real estate market jumps beyond your reach or life throws a curve ball at your savings, you might need to lower your expectations for your first property. A one-bedroom unit might be more within your budget than a house and garden, or you might have to look at a different location. You may also have to save for much longer than expected. Dont be thwarted. Adjust your plan if needed, but stick with it. Perseverance is often the key to that first home."
05.01.2022 BUYER BEWARE THE BARGAINS Limited cash flow and equity mean many first-time property investors feel the need to chase down a bargain to enter the market. But, like most things in life, you usually get what you pay for, which in the case of property can mean unrealised returns or even losses. While theres nothing wrong with paying less in the hope of making more, investors need to understand when a cheap property is truly a bargain and when they could be selling (or rath...Continue reading
05.01.2022 Brokering is more than getting a home its about stepping up when the cleint really needs it my review today to brighten my day I have used Vikki’s services to purchase two homes. Both times Vikki has gone above and beyond to help through out the whole process. Vikki and her team and very passionate and that shows with their quick responses and information they provide. Thank you so much Vikki and Team Ash Blue
04.01.2022 If securing your first home, stepping up to something better or securing an investment property is on your to-do list then it may be in your interest to maximise your borrowing power. Understanding how much you can borrow will help you make critical decisions, especially when it comes to what to buy and when. There are a number of factors that influence your borrowing capacity. The key ones are income and existing debt including credit cards and personal loans....Continue reading
04.01.2022 Here is why you shouldnt scrimp on loan repayments: With household costs on the rise, many mortgagees are struggling to balance their budgets. Its not surprising more Australians are skipping mortgage payments to help make ends meet. However, missing loan repayments could land you in a bigger hole. Not only will you be up for late fees - ranging from a manageable $9 to a stinging $195 per overdue payment - but you could be adding thousands of dollars of extra interest to yo...ur debt. At worst, a string of missed mortgage payments could see the bank recalling your loan, forcing a fire sale of your home. Even a couple of missed payments could put a red flag on your credit history, which is going to cramp future borrowings. One of the best ways to reduce the risk of mortgage stress is to give yourself a buffer on your budget. In Australia, its recommended borrowers mortgage repayments make up no more than 30% of household income. The problem is many home owners borrow to the edge of the threshold when interest rates are low - as they are now - leaving no room for inevitable rate rises and other increased living costs. Instead, budget for mortgage repayments at a 9% interest rate, a long-term average that accounts for peaks and troughs over the long run. When rates are low, stick the extra funds into your mortgage. You will not only save on interest but will have established a safety net, which you can draw on if needed when rates run high. If you are already feeling the pinch and struggling to make payments, talk to a Mortgage Broker sooner rather than later. A Mortgage Broker can help negotiate with the lender on your behalf and can look into other loan options to ease the squeeze.
04.01.2022 A wise person once said: failing to plan is a plan to fail. As probably the most significant purchase of your life, saving for a home definitely takes prior preparation and planning! - How much can I afford? You may have a dream home in mind but you first need to work out if you can afford it. There are many factors that feed into our decision around what to buy and where - proximity to work and family and our stage of life are just a few - but the single biggest decider is ...nearly always what we can afford. Its really a case of looking at the big picture and working your way back from there. Consider your household income and what you realistically can afford in loan repayments, taking into account all of your expenses. As a guide a mortgage calculator can be a great place to start, but it wont take into account all of your personal circumstances or eligibility for a loan so talk to your local Mortgage Broker to get your plan underway. https://www.moneysmart.gov.au/ - How much do I need for a deposit? Ideally, you should start with a 20% deposit to avoid paying lenders mortgage insurance (LMI). This is a one-off insurance payment charged by lenders to those borrowers who are considered a higher financial risk. Your risk is determined by your loan to value ratio (LVR), which is the amount you wish to borrow divided by the lenders valuation of the property you wish to buy. Lenders generally like to have at least a 20% buffer so if you have to default on the loan, they stand a good chance of recouping the loan amount through the sale of your property.. Although LMI can add several thousand dollars to property purchase costs, many borrowers consider it a worthy investment to help secure a loan with a lower deposit. The critical factor is whether your income can support the higher loan repayments. Ask your broker for an LMI estimate based on your financial situation before deciding how much you need for your deposit. - Saving for a deposit: Working out how much you need for a deposit can be fairly easy compared to actually saving for it. Sacrifices are generally in order!. ?Budget cuts The best place to start is a budget. Review all of your expenses, including day-to-day costs like lunches, coffees and transport, and your bigger bills, such as rent and electricity. Dont forget to also include any annual bills such as car insurance and registration, which can sabotage your savings. Then its times to get a little ruthless and look for ways to cut back on costs. Here are just a few ideas: - Make your lunches. - Dine in, not out, with friends. - Ditch the gym membership and start exercising outdoors. - Make a list for your groceries and stick to it. - Save, dont spend, your tax return and/or salary bonus. https://www.moneysmart.gov.au//calcula/mortgage-calculator
04.01.2022 Why part-time work is good for kids: In our stable economy, there are plenty of opportunities for young people to get a part-time job. Kids need to be 14 before they can get a proper paying job and they need a tax file number (TFN). High-schoolers can skip the usual paperwork by applying for a TFN through the secondary schools program, which allows schools to verify a students identity through their records. If your school doesnt participate in the program or you attend uni...Continue reading
04.01.2022 Should you buy or build your next home? Many buyers struggling to find the right home are going back to the drawing board and building rather than buying an existing home. There are obvious benefits to a brand new home: you can build exactly what you want and enjoy shiny new surrounds, with no wear and tear costs for years to come. But there can be downsides to creating your castle....Continue reading
04.01.2022 How to spot a Cover Up - and avoid Buyer's Remorse: Every day, buyers walk into an open house without really looking for problems. Of course, it's nice to be polite when an agent is showing you through a property, but when you get distracted by the leather lounge suite and the smell of fresh cookies in the oven, you might be missing some tell-tale signs that something is not quite right.... So how do you spot a cover up? How do you know if the vendor is hiding a few skeletons in the closet? 1) Too-fresh Paint Use your nose. If you smell fresh paint -and not just recent but 'done today' fresh paint, there's probably something amiss. When people try to cover up water damage to walls and timber skirting boards, the stains have a way of coming back again and again. Often, the paint will need to be done weekly in an effort to avoid replacing the damaged area. Look up at the ceiling as well - if that was freshly painted this morning you could be looking at a big problem. 2) Rugs in strange places It's common to have rugs in the living area and along the hallway, but if this house has rugs all over the place for no apparent reason, there might be something lurking beneath. 3) Wall decorations out of place We all have some pictures on the wall, but usually we put them in a sensible position, with a bit of consideration for symmetry. If you see one section of wall with four paintings all touching each other, there could be a little surprise waiting for an unsuspecting buyer. 4) Dishwasher completely dry This one might sound silly, but try opening the dishwasher. Its good manners to have either no dishes, or clean ones in there on open day - but there should be some sign of use. If there isn't a drop of water to be seen, it might not be working. Ask the agent to turn it on for you and see what happens. 5) One too many air freshening methods We all love a bit of sandlewood and lemongrass - but if the owners have used five different air freshening methods in the one room, they might be trying to cover up a damp smell or something worse. Use your nose as well as your other senses when you inspect to buy.
03.01.2022 How to make sure your next home isn't a money pit. The typical home purchaser spends around 90 hours over 6 months browsing the internet, researching websites, visiting real estate agencies and inspecting no less than a dozen properties. However we only spend a little more than one hour inspecting the home we eventually purchase.... Not surprisingly, 55% of us discover 'hidden problems' after the settlement. Please read this article on how to avoid problems before finalising the purchase of your next home - Biggest Investment. https://www.mortgageaustralia.com.au//biggestinvestment.pdf
03.01.2022 How to buy a property with a friend (and remain friends)! How would you like to double your deposit and double your income to buy your first property? Sounds pretty good doesn't it? That's the reason why many young homebuyers are now working together with a partner, friend or relative to break into the property market. Although there are some excellent benefits to entering a property partnership, there are some pretty nasty horror stories out there too - so you need to make... sure you protect yourself against the worst. Make sure you have similar goals for you property purchase. Do you both agree on how long you would like to keep the property for? Do you want to rent it out, or will you be living there together? Make sure everyone is on the same page before you enter into any contracts. Buy with someone who is at a similar stage in life. If you buy with a family member who has a baby on the way, you might be asking for trouble. Likewise, buying with a sibling who is too young to appreciate the importance of keeping up financial commitments could be just as much of a recipe for disaster. Take a moment to check your financial compatibility. You will be responsible for the loan if the other party becomes unable to pay, so take the time to have some open discussions about money, and make sure you are both equally committed to paying things on time and keeping track of the bills. Decide if you want to be housemates. If you plan to live together in the home, make sure you both agree about things that could cause arguments such as having pets in the house, allowing partners to sleep over, housework and other potentially touchy subjects. Get Legal Advice. Find out about your options legally if something was to go wrong, and decide whether you want to be Joint Tenants, or Tenants in Common. This might depend on whether you will pay an equal share of the deposit and loan repayments. Create a formal agreement. Get a formal agreement drawn up that covers as many issues as you can think of. Hopefully you won't have any problems, but it might be helpful if you already agree on the solution ahead of time. Property partnerships can turn into nasty legal battles when parties don't agree on important issues, such as whether or not to sell the property. If you can thrash out some of these issues now you will save yourself a lot of worry in the future. Keep records of spending. Make sure you keep it even, and try to keep records of who paid for what, just in case you have problems down the track. Hopefully your property partnership will be a very positive experience, and if you follow these steps you should be well on your way to being a great team.
03.01.2022 Six Steps to becoming mortgage-free - Step 4: Offsets and Redraws Would you like to cut your mortgage by years and pay less? What if you could get your mortgage all wrapped up in record time, and spend more time doing the things you love?... Well, there are six steps you can take now, which will make a real difference to the time it takes to pay off your loan. You could be mortgage-free sooner than you think. In the past weeks, we looked at Step 1: choosing the best loan, Step 2: changing your repayment frequency, and Step 3: Pay more to pay early. Today, find out how offset accounts and redraw facilities can help you move quickly towards losing that mortgage forever. Step 4: Offsets and Redraws Do you have a savings account that you use to put money away for a rainy day? You might be surprised to learn that this can save you money on your home loan - even if you keep the money in savings. This is commonly referred to as an offset account. Many lenders offer a 100% offset account which, when linked with your mortgage, can dramatically reduce the interest that you pay on your loan. The reason for this, is that the savings 'offset' what you owe, and you're only charged interest on your loan amount - minus your savings. This can have a significant impact on your loan in the long term. For example, if you have a loan of $400k, and keep $30k in an offset account, you could save over $150k in interest over the life of your loan. Another handy mortgage feature to look out for is a redraw facility. This allows you to make extra repayments on your loan whenever you want, but gives you the flexibility of taking that additional money back in the future if your plans change. By taking advantage of offset accounts and redraw facilities, you can take control of your financial goals today, and pay your loan off sooner. Want to escape your mortgage as soon as possible? Stay tuned for Step 5: Don't take candy from strangers.
03.01.2022 Have you spotted a property bargain recently? If you think there may be a few property bargains just waiting for you to check them out, why dont you ask me to confirm your borrowing capacity before you go and have a look around? There have been lots of changes in home loans too, so a bit of homework could be worthwhile.... It doesnt cost anything to find out and usually only takes a few minutes. The least I can do is point you in the right direction and the privacy act ensures our conversation is entirely confidential. Some of my more astute investors take the opportunity during these times to purchase more investment properties while the market conditions are good. If youd like to know more about this, contact me about using your equity to purchase an investment property. An email or a phone call is all it takes.
03.01.2022 Cure your confusion today - 9 steps to purchasing your first home. Do you start to get a headache when you think about everything involved in getting a home loan? Don't despair. Many other borrowers have felt the same way in the past. ...Continue reading
03.01.2022 Dont kick yourself later - ask these questions today and avoid loan confusion. Theres nothing worse than walking out of an important meeting, only to realise that you forgot to ask some important questions. One of the most important meetings you will have when you enter the property market is your initial meeting with a mortgage broker.... In order to get the most value out of your appointment, and improve your chances of being approved for a loan, you need to come along prepared to answer a host of questions about your finances and your living situation. But dont forget to ask some questions of your own. After all, the goal is to find the right loan for you, which wont happen if you dont speak up. When meeting with your mortgage broker, remember to ask: Which loan is right for my situation? There are a range of loans available but your mortgage broker should be able to help you decide which ones best fit your lifestyle. What is my borrowing power? This is usually based on your income and financial commitments, and it can vary greatly from one lender to another. What percentage of the property can I borrow? Its important to know how much you need to put down as a deposit, and also whether you need to pay other upfront costs, or whether they can be included in the loan amount. Will I have to take out LMI? Lenders Mortgage Insurance covers the lender in case you become unable to make your repayments, and there is a shortfall when the property is sold. Some lenders require borrowers to pay this amount upfront. Which loan offers the best rate? Some loans might offer a good introductory rate, but its important to look at the ongoing rate once the honeymoon period is over. What flexibility does the loan offer? Can I make changes down the track? What if I want to make a lump sum payment in the future? Is the rate fixed or variable? Variable rates are usually lower, but keep in mind that they can change frequently. Fixed rates are a little higher but they provide some certainty for those on a strict budget. However fixed rate loans are usually a lot less flexible than variable rate loans. What will my repayments be? Its important to look at your budget and make sure youre not over-committing yourself. How much is the loan establishment fee? This is another cost that is often payable upfront, so you will need to ensure that you have funds available at settlement if this is the case. Are there any ongoing fees associated with the loan? Monthly account keeping fees can vary between lenders so its important to make sure you compare your options. Are there any conditions to be aware of such as discharge costs, fees to change the loan? Not asking this question could be very costly if youre planning to refinance down the track, or make a significant lump sum payment in a few months.
03.01.2022 How to make sure your next home isn't a money pit. The typical home purchaser spends around 90 hours over 6 months browsing the internet, researching websites, visiting real estate agencies and inspecting no less than a dozen properties. However we only spend a little more than one hour inspecting the home we eventually purchase.... Not surprisingly, 55% of us discover 'hidden problems' after the settlement. Please read this article on how to avoid problems before finalising the purchase of your next home - Biggest Investment. https://www.mortgageaustralia.com.au//biggestinvestment.pdf
03.01.2022 Because selling your home in record time takes some elbow grease. How far should you go when presenting your home for sale? Do you really have to get rid of all your family photos? Who has the time to bake a fresh batch of cookies in time for every open house? There are some things that make a huge difference to potential buyers, and some that will just give you a headache for no reason.... If you're a bit unsure what you should do to make your property appealing to buyers, don't worry - just follow these 5 simple steps. Step 1: De-clutter It's time to cut down on some of those kids toys, and it might be a good idea to find a temporary home for your newspaper collection. Buyers are looking for space and comfort, and nothing says 'this house is too small' quite like an overflowing bookshelf. Try packing away some of the items that you don't use very often. If you don't listen to your CD's very often, load them onto your ipod and pack them into boxes. It's amazing how much nicer a home can seem when it's tidy and clutter-free. Step 2: Fix any small issues Do you need to replace any light bulbs? Are the doorhandles showing a lot of wear and tear? Perhaps your screen door is torn because the dog was trying to get outside. This is the time to fix all of those little things you never got around to. This will show potential buyers that you have maintained the home, and they won't be worried about nasty surprises. Step 3: Consider staging Do you still have the couch that your Auntie passed down when you were leaving home? Whilst it shouldn't matter what your furniture looks like - the truth is that it can make a difference. If your belongings are a little bit rough around the edges, consider hiring or borrowing some nicer items for a few weeks whilst your home is open for inspection. Step 4: Clean, Clean, and clean some more It's not always easy to keep your home spotless - especially if you have small children. But nothing will scare away potential buyers faster than dirty underwear on the bedroom floor, or last night's Bolognese splattered all around the kitchen. If you don't have the time to clean thoroughly before every open house, consider hiring a cleaner for this short period of time. By putting in the extra effort, you could be rewarded with a quick sale, or a better price. Step 5: Neat and tidy On the day of each open house, spend a few minutes making the beds (hotel-style if you can) and putting away any items that don't need to be lying around. Run a cloth over the benches one last time, turn on the dishwasher, and consider taking your dirty washing with you if you don't have time to get it washed and put away. If you receive an offer on the house today, you'll be glad you went the extra mile. If not, you can come home and relax knowing that the housework is already done!
02.01.2022 Summer is almost here so it's the perfect time to give your finances a spring clean. Whether you're looking to consolidate credit card debt, renovate your home or purchase your new car, our team can help give your finances a spring clean. Our partners offer a fast, simple, online application process and access to funds typically within 48 hours. Dont delay, get in touch today!
01.01.2022 A reverse mortgage definitely is not for everyone, and you certainly need to be aware of the risks. But in the right circumstances, it can be a good way to boost your income in retirement. A reverse mortgage is for people over 60 and allows you to borrow money using the equity in your home as security. The loan can be taken as a lump sum, a regular income stream, a line of credit or a combination of these options.... While no income is required to qualify, credit providers are required by law to lend you money responsibly so not everyone will be able to obtain this type of loan. Interest is charged like any other loan, except you dont have to make repayments while you live in your home - the interest compounds over time and is added to your loan balance. You remain the owner of your house and can stay in it for as long as you want. You must repay the loan in full (including interest and fees) when you sell your home or die or, in most cases, if you move into aged care. Some of the risks: - Interest rates are generally higher than average home loans - The debt can rise quickly as the interest compounds over the term of the loan - this is the effect of compound interest and is something you need to be aware of before making any decisions - The loan may affect your pension eligibility - You may not have enough money left for aged care or other future needs - If you are the sole owner of the property and someone lives with you, that person may not be able to stay when you die (in some circumstances) - If you fix your interest rate then the costs to break your agreement can be very high On 18 September 2012, the Government introduced statutory negative equity protection on all new reverse mortgage contracts. This means you cannot end up owing the lender more than your home is worth (the market value or equity). To find out more, have a look at the this Government webpage which explains things in more detail: https://www.moneysmart.gov.au//home-equi/reverse-mortgages https://www.moneysmart.gov.au//home-equi/reverse-mortgages
01.01.2022 Renovate or Evacuate? The pros and cons of renovating your home to sell. So, you've decided it's time to sell your property. Perhaps your family has grown and everyone needs some space. Or maybe the kids have left the nest and you're ready for less maintenance and more travel. You want to get the maximum price for your property with minimum fuss. But how much work should you do to prepare your home for sale?... If you like to watch a lot of DIY shows, you might have always dreamed of doing your own renovation rescue, and raking in the profits. But how much is too much to spend? Does it really mean a better selling price if you invest your life savings in a new kitchen? Before you run down to the hardware store, let's look at the pros and cons... Pro - Your property will appeal to people who don't want to renovate - such as families and professional couples. Con - Your property will not appeal to buyers looking for a project of their own, and you could alienate these potential buyers. Pro - You will add value to the property and take advantage of the profits, rather than leaving someone else to reap the rewards. Con - The whole thing could backfire and you could spend loads on renovating without making much on the sale of the property. Pro - Renovating could give you a competitive edge when there are similar properties for sale in the area. Con - Buyers might not love your purple feature walls as much as you thought they would, and your taste could drive them away. Pro - It might be just plain necessary to do some work before you can sell your property, depending on the condition. Con - Renovating can be a real pain in the proverbial - are you ready for mess, stress and lots of aching muscles? So how do you decide? There's no simple answer here, I'm sorry to disappoint you! If the pros and cons have your head spinning, try speaking with a few real estate agents. They should be able to give you an idea of what work should be done to achieve the price you want.
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