Assurance Finance Business Solutions in Applecross | Financial service

Assurance Finance Business Solutions

Locality: Applecross

Phone: +61 1300 603 609

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25.01.2022 Would you like to shave 10 years off your mortgage? How much interest could this save you? It’s not rocket science, it’s simply a matter of making more repayments more often and making sure you’ve got the best mortgage for your situation. Of the millions of homeowners, only some are getting out from under mortgage payments years, sometimes decades, before their neighbours. How?...Continue reading

25.01.2022 Is this your bank? Then its time to take advantage of our Free Loan Comparison Service. Some clients discovered saving $300+ per month by switching to a better deal. Private message me today to see how much you could save by switching.

24.01.2022 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.

24.01.2022 A psychologist walked around a room while teaching stress management to an audience. As she raised a glass of water, everyone expected theyd be asked the "half empty or half full" question. Instead, with a smile on her face, she inquired: "How heavy is this glass of water?" Answers called out ranged from 8 oz. to 20 oz. She replied, "The absolute weight doesnt matter. It depends on how long I hold it. If I hold it for a minute, its not a problem. If I hold it for an hour, ...Ill have an ache in my arm. If I hold it for a day, my arm will feel numb and paralyzed. In each case, the weight of the glass doesnt change, but the longer I hold it, the heavier it becomes." She continued, "The stresses and worries in life are like that glass of water. Think about them for a while and nothing happens. Think about them a bit longer and they begin to hurt. And if you think about them all day long, you will feel paralyzed incapable of doing anything." Remember to put the glass down

23.01.2022 Should you sell or buy first? Youre ready to sell your old house and purchase a new home but the big question is: do you sell first or buy first? Whichever one you tick off first, you face the risk of some kind of limbo. The state of the market and your own financial situation can help determine the right procedure for your circumstances. Pros and cons of buying first ... Buying your next property before you sell your previous home gives you the luxury of choosing the property that suits you best and moving house comfortably within your own timeframe. If you purchase early enough, you can move your furniture into the new home, leaving the property on the market uncluttered and available for potential buyers to view. However, this strategy only works if you are in a strong financial position and can afford to hold out for the assets from your previous home. Its also beneficial if the market indicates that your home will sell quickly. Alternately, you might find it financially beneficial to rent out the original property, making some income from the old home while you settle into your new home. If the first property takes a long time to sell, you could find yourself juggling two mortgages. Bridging finance can help smooth the way if your previous home takes longer to sell than expected. Another financial hazard is if your first home sells for considerably less than expected. Pros and cons of selling first Selling your home before purchasing another property is definitely the most financially prudent strategy. Your funds are available and you know your exact budget for the next property purchase. The stress of selling first lies in the pressure of finding a suitable property to purchase before you lose access to your previous home. House-hunting while your property is on the market can be discouraging because you may see the perfect property sell before you have the funds to make an offer. Once you have sold, the pressure of a short settlement period can result in a hasty ill-considered purchase. Renting in between One option to ease the stress is to rent for the period in between putting your house on the market and purchasing your new home. This gives you at least six months flexibility to sell your home and then search for the perfect property without any anxiety about potentially finding yourself homeless. In order to figure out whether this is the right option for your situation, you need to include the cost of rent for at least six months into your calculations. Even if you do purchase immediately after your sale, you will be required to continue paying rent for the duration of the lease. Seek expert advice An expert such as a mortgage broker can help you make an informed decision by giving you some insight into the current market. You can base your decision on whether your home is projected to sell quickly or slowly, along with your options for purchasing a suitable new property within the desired time frame.

22.01.2022 What happens when your fixed rate expires? Do you know when your fixed rate term is coming to an end? Once it finishes, the bank is free to quietly switch you to a higher interest rate unless you act fast! Think of how costly it could be if you simply let the bank choose your interest rate. If your bank charges you just 0.5% more than the competitive interest rates, this adds up to a significant amount over the term of your loan. You can save yourself a great deal of money... and perhaps even cut years of your loan, if you are proactive about monitoring your interest rates and choosing the right option for you. Switching to a variable rate A variable rate can be a great option if you want to take advantage of low interest rates, or if you want the flexibility to redraw or make extra payments. When your fixed rate term expires, the bank will automatically switch your loan to the Bank Standard Variable Rate (BSVR). Do some research to find out whether this is a competitive rate; if not, you can talk to your bank and try negotiating a better deal. And if they do not offer you a competitive rate, you can switch lenders. Lenders generally prefer to negotiate rather than lose a customer, while they dont generally make their best offers to customers with a proven history of loyalty. So when it comes to your interest rate, stay alert and ask questions keep your lender busy, trying to keep you happy! Extend your fixed rate One option is to ask the bank to refix your home loan, extending it for another one, three, five to ten years. The fixed rate is a good option for you, if you are planning to pay off your loan steadily over a long period of time, and you want each mortgage payment to be a regular amount so you can budget your money precisely. Fixed rate protects you from rate rises and you could be paying less than the variable rate. However, there is also the risk that you could end up paying higher than the market rate if you are locked into an outdated fixed interest term. There may also be a break fee if you change or pay off your loan within the fixed period; this means the fixed rate is not a good option for anyone planning to sell their home. Call us today if you need assistance pinpointing the best and most competitive option for you.

22.01.2022 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.

21.01.2022 Simple strategies to pay off your home loan sooner Of course you want to pay off your home loan as efficiently as possible to build equity in your home and avoid excess interest payments. Yet you don’t want to sacrifice your quality of life for the sake of making crippling mortgage payments each month. There are some simple strategies to help you pay off your home loan faster, without becoming too stressed about a tight budget. ... Place any lump sum payments into your mortgage account If you receive an annual bonus or a healthy tax return, place the extra money into your mortgage account. These lump sum payments can drastically reduce your loan term. Pay the same amount when interest rates drop Don’t let your bank reduce your regular mortgage payment when the interest rate drops continue paying the same amount, and this will reduce the interest, eventually cutting down your loan term. Offset your loans with a savings account pay wages into offset As your savings account earns interest, this amount is subtracted from the interest payable in your loan. When you reduce the amount of interest you need to pay, you can cut down on the length of your term. Shop around for a better rate Always stay alert for a better rate or a loan more suited to your requirements. You can delegate this task to a mortgage broker who will let you know if another lender can offer you a better rate or who can negotiate on your behalf with your current lender to improve the terms of your loan. Increase your repayment frequency Simply by making payments fortnightly instead of monthly, you will be making one extra payment a year. Again, this cuts down on the interest you need to pay, shortening the length of your loan term. Avoid additional debt While you are working hard to reduce the amount of interest you are paying on your home loan, you don’t need to accrue additional interest payments through credit cards and car loans. Minimize your debts so you can concentrate on paying off your home loan, as this is the asset which will appreciate in value. Examine your budget Have a close look at your weekly or fortnightly budget and see if you can cut down costs anywhere in order to make a small increase on your loan repayments. You could save $50 to $100 a week through simple strategies such as grocery shopping once instead of twice a week or cutting down on takeaway meals or having a no spend day once a week. That small amount of extra cash can be diverted into your mortgage payment, where it will add up to huge savings in the long term. Contact us today if you need expert assistance in finding simple yet effective ways to reduce the length of your home loan.

21.01.2022 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 dont 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, dont 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.

20.01.2022 Did you know that you can obtain a home loan even though you are in a probation period with your work?

19.01.2022 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 doesnt cost more than 10% of the propertys 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 familys 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 dont 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 neighbours 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.

19.01.2022 "Life isnt about waiting for the storm to pass... Its about learning to dance in the rain."

19.01.2022 Looking to get approved for a home loan? But ... Started a new job? Short term casual employment? Commission Income? Bonus income?... No problem... we know which lenders will approve you! Message me now to give you a professional take on your situation.

19.01.2022 Tip: Paying an extra $20 per week off your home loan cuts 3 years and 2 weeks off your mortgage. Its time to log onto your online banking and increase your weekly mortgage repayment today... youll be glad you did! (*example based on a $350,000 loan at 6% average rate)

17.01.2022 Quick tips for working out a propertys 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.

17.01.2022 Aint that the truth...

17.01.2022 Once youre 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

17.01.2022 Why do you need a mortgage broker? A mortgage broker is an independent person or business who specializes in finding the most suitable home loan for a customer, based on the customer’s individual needs and circumstances. Basically, like any broker the mortgage broker liaises between you as the property buyer and the banks or lenders who will lend you the money for your mortgage. So why go to a mortgage broker when you can contact the lenders directly? ... Open communication Unlike banks and other lenders, the mortgage broker isn’t looking to sell you a specific product whether it suits you or not the broker wants to give you a full view of the market and find the right product for you. This opens up communication, as the broker needs to find out as much as possible about your requirements in order to select the most suitable loan package. And when you have questions or concerns, your broker will answer these directly. The broker’s communication skills work both ways as they have an ongoing relationship with the lenders, they can negotiate to tailor the loan for your needs. Your broker will also know how long each lender generally takes to approve a loan application giving you a realistic timeframe, so you know when you can start house hunting in earnest. Wide range of options on offer Some lenders will work exclusively with brokers, so they can offer you options that would not be available to you as an individual. Different lenders will differentiate their products with honeymoon rates and special deals, making it more difficult for you to work out who is offering what you actually need and want. The broker will also help you make realistic comparisons between different lenders, so you have a better understanding of what features you are looking for in your own loan agreement. Convenience Your loan agreement is an important financial commitment, and there could be a huge cost difference over the long term between two loans that seem right on the surface. It can take you a great deal of time to navigate the mortgage marketplace, making comparisons and calculations and filling out loan applications and if you take a wrong turn, it can be a costly error. A mortgage broker can navigate the market on your behalf, saving you valuable time and money. If you would like to know more about how a mortgage broker can secure the best home loan package for your needs, contact us today for a free consultation.

17.01.2022 hope. dream. wish. live. laugh. love. breathe...

17.01.2022 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. (well cover your borrowing capacity, loan structuring, property options, repayment options, rates etc)

16.01.2022 How many do you follow?

16.01.2022 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!

16.01.2022 Did You Know - the Earth weighs 6,588,000,000,000,000,000 tons

15.01.2022 Tips for first home buyers Buying your first property can be a bewildering experience, and there are any pitfalls that could lead to potentially expensive regret. With careful research and financial management, you can buy the right property for your needs while establishing a sound financial investment. Start small and think long-term... Property appreciates in value and the toughest part of the journey is actually making that first step into the property market. Rather than having your heart set on a waterfront mansion, think small for your first purchase look at for a property you can afford more easily, which will work as a step up towards something more aspirational. Your small property will increase in value while you build equity, and this is the ideal foundation for a valuable property portfolio. Calculate how much you can afford to invest It can be tempting to spend a little more on the best property, but realistically, you want to stay within a budget where you can gradually build equity and increase the value of your investment. Your circumstances can change over the long term, so you want to calculate conservatively, based on what you can afford to pay off. Saving for your deposit is an excellent practice run to calculate how much you can afford to spend on mortgage payments each month. Best of all, while you are saving, you cant fail! If you find that you have over-estimated, you simply need to reduce your monthly savings, while you still have a growing deposit. Save a substantial deposit The bigger your deposit, the more flexibility you gain you will have more options for attractive home loan rates, you will have a wider range of choices when purchasing and your repayments will be easier to manage. Do your research When you find the right property, start by researching the market value of the home. You may be able to negotiate the price down, if you know that other comparable houses are priced lower. Also research any council plans for the area, and other logistical aspects of the property, such as proximity to public transport and shops. Most importantly, request a property inspection to see if there are any issues regarding structure, water or electricity. Some issues might give you some leeway to renegotiate the asking price, while other issues might have you reconsidering the purchase due to potentially expensive repairs or dangerous living conditions. Seek financial expertise Talk to a financial expert, such as a mortgage broker, to establish the best loan package for your needs and to help you navigate all the legal and financial paperwork involved in purchasing a property. The right home loan can make a huge difference by reducing the amount of interest you need to pay over the long term and helping you pay your loan off faster.

14.01.2022 => 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

14.01.2022 Five Reasons why you need a Mortgage Broker For most people, buying a home or an investment property are the biggest financial investments of their lives. A mortgage broker can help streamline the costly and confusing process, while saving you valuable time and money. Here’s how: ... Simplifying the home loan process While this is an overwhelming first-time experience for you, your mortgage broker can efficiently guide you through the entire process, from the application to the property settlement. With their assistance, you can handle all the complexities of paperwork and legal details. They can also give you the right advice to ensure your application is approved promptly. As a result, you have the peace of mind of delegating the process to an expert who will keep you informed every step of the way. Fast comparisons With so many banks and lenders offering different deals, it can be difficult to figure out which is the right loan for your situation. While a bank will only promote their own products, your mortgage broker has the experience and the contacts to compare a wide range of lenders and products, to identify the right package for you, based on your individual situation. They can decipher the financial jargon for you and explain the pros and cons of various home loan features, so you can confidently make an informed choice. Direct service As your mortgage broker regularly works with various lenders, the application process can be several days faster than going to a bank directly. Best of all, you are dealing with one point of contact, rather than whichever member of the bank’s credit team takes your call. This gives you the benefit of securing the loan features that are best for you, based on your circumstances. Better value from your property investment When an expert oversees your choice of loan, you reap the long-term benefits of better interest rates and the right flexibility for your personal situation. The right loan can take years off your mortgage while cutting down your interest payments. In comparison to the significant savings, the cost of a mortgage broker’s fee is negligible. In the US and UK, mortgage brokers charge around 1-2% of the total loan, while in Australia, mortgage brokers are paid by lenders so there is no cost to the client. Specialized assistance If your situation is a little more complex than a standard home purchase, a specialized mortgage broker can help you through the process. Whether you need assistance with property investing, commercial properties or a hobby farm, there is a mortgage broker who knows exactly how to help you. There are also mortgage brokers who specialize in assisting people with individual challenges that might deter lenders, such as bad credit, non-residential status or contract employment. For more information about securing the right loan for your circumstances, contact your mortgage broker today.

13.01.2022 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

13.01.2022 Benefits of a mortgage offset account An offset account is a bank account linked to your home loan. Rather than accumulating interest within the account, the money in the offset account is offset daily against your mortgage, reducing the interest payable on your mortgage. For example, if you have $20,000 in your offset account and a mortgage of $400,000, you will only be charged interest on $380,000 rather than the full $400,000. This can drastically reduce the length of you...r mortgage and the amount you need to pay in the long term. Tax free interest As you are not earning compound interest from the money in the offset account, you are not liable to pay tax on that money. Instead you are increasing the equity in your property. Flexibility As the mortgage account is like any other transaction account, you can deposit and withdraw funds such as your salary without incurring access fees. As the offset amount is calculated daily, you can keep a lump sum in the account for emergencies while reducing interest on your loan. However, some lenders do place restrictions such as minimum transaction amounts and withdrawal fees which could end up costing more than the interest you save. Is the offset account for you? The people who benefit most from offset accounts are those who can keep a significant sum of money in an accessible account over the long term. If you are instinctively a saver, an offset account is preferable to having to pay tax on interest, as you are making significant gains through equity. It also gives you a flexible alternative to paying extra money directly into the mortgage, as you can still access the funds quickly and without penalty in case of emergency. Even having your salary deposited into your offset account ensures that for one day at least you will reduce the interest payable on your mortgage for that day. However, if you are only keeping a small minimum balance in the offset account, the interest savings will not be so significant. Talk to your mortgage broker or financial advisor about whether an offset account would be suited to your current circumstances. And before opening an offset account, make sure you are fully aware of any fees or conditions that may have a negative impact on the long term benefits. If you would like more information about how an offset account could work for you, contact us today for a personal appraisal.

11.01.2022 Like to know how much you can borrow? Message me today to get your free borrowing capacity report!

11.01.2022 Working with a mortgage broker A mortgage or finance broker acts as your go-between, communicating with banks and lenders on your behalf, in order to secure the best deal for your circumstances. With approximately 40% of home loan applications being turned down, you can benefit from a broker to ensure that your application is sent to the right lender. However, while the broker can save you a great deal of running around, you should still double check everything to make sure ...you are getting the best deal available. Is the broker licensed? Before you start doing business with a mortgage broker, check that they are fully licensed. In Australia, it is illegal for a credit provider or broker to operate without a license. You can check through ASIC ConnectsProfessional Registers or call ASICs Infoline on 1300 300 630. Before you start doing business with your licensed broker, ask what loans they offer and how they are paid. The brokers fee is generally covered by commission paid by the credit providers, although some brokers may charge you a fee instead of commission or on top of their commission. If you are expected to pay a fee, you need to know this before you start doing business. Shop around before choosing a broker, so you are confident you have the best and most cost-effective person for the job. The brokers role Your mortgage broker is responsible for negotiating with credit providers such as banks, to find the best possible loan for your circumstances. They can offer you a range of loan options and help you manage the process of buying your property. Make a list of all your loan requirements, so the broker knows exactly what you need and want. If the broker is making recommendations that do not fit your requirements, do not settle for not good enough ask the broker to keep looking. While the broker will save you a great deal of time and money by searching for loan options, you can still do your own window shopping. As your broker is paid by commission, it is possible they will favour a certain lender over one that has the deal you desire. Alternately, they might not have connections with a lender who has the home loan deal you want. It doesnt hurt to look around! Written loan agreement Once the broker has secured a loan that satisfies your requirements, you must get a written agreement, specifying the type of loan, the amount of the loan, the term and the current interest rate. It should also cover any fees you are required to pay, such as commissions, brokers fees or fees to the credit provider. You may also incur fees if you wish to terminate the agreement before the end of the term. How to make a complaint If you have a dispute with your broker or any concerns about their professionalism, you can make a complaint by contacting ASICs Infoline on 1300 300 630.

10.01.2022 Pros and cons of Guarantor Home Loans As it becomes more and more difficult to break into the housing market, many families are considering the option of a guarantor home loan generally used when parents provide their house as guarantee for a childs loan. Basically, if you havent succeeded in saving enough for a deposit, another property can be used as equity in order to secure the loan. This is a serious financial step and not one to be taken lightly, so lets look at t...he pros and cons of making this decision for your family. The pros Enter the property market sooner. If you are impatient to be in your own home, or if you are confident that your financial situation will become healthier further down the line, you only need a smaller deposit to have your loan approved. Avoid Lenders Mortgage Insurance If your deposit is less than the 20% threshold, you are usually liable for lenders mortgage insurance as risk protection for your lender. However, when you have a guaranteed loan, the additional cost of this insurance could be reduced or waived. Access to lower interest rates The security of the guarantee will give you greater flexibility and choice when you are applying for a loan. With a smaller deposit, you could only secure a loan with high interest, making it even more difficult to make any progress on repayments. However, some lenders will not approve interest only repayments for a guaranteed loan, as you need to pay off the principal to remove the guarantee. A temporary measure Once you have repaid a certain amount, you will have enough equity to remove the guarantee so your guarantor is no longer liable for your loan. The cons High risk to the guarantor. There is one primary con to the guarantee home loan. If you default on your repayments, your guarantor is liable for the portion of the loan they have guaranteed. This means their own home is at risk. Your mortgage broker can help you calculate your repayments in advance, so you can be confident that you will be able to stay on top of the loan. You can also take the precaution of only using the guarantor for a portion of the loan, so you can free your guarantor from responsibility as soon as that portion is repaid. A guaranteed loan can be a great way to help a younger family member embark on the journey towards home ownership. However there are significant risks involved, so this option should not be undertaken lightly, and you should always seek independent financial advice. If you would like to know more about whether a guaranteed loan is the right option for your family, contact us today for a free consultation.

08.01.2022 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 entitys ACL. ...Continue reading

08.01.2022 Tip: Watch your credit card limit! Even if your balance is zero, the higher your limit the lower your borrowing capacity.

07.01.2022 Dont let this happen to you! Get a broker to find the right loan & get approved. Message me to give you a professional take on your situation.

07.01.2022 Top Property Investment Mistakes 1. Emotional investment When you are choosing an investment property, there is no such thing as love at first sight. If you make an emotional investment before you have done your research into the location and the rental potential, you are at risk of making an extremely expensive mistake. Investors who let emotion rule their decision-making are far more likely to over-capitalise from the beginning, making it even more challenging to ensur...Continue reading

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

05.01.2022 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

05.01.2022 Finding the right property for you Property-hunting is a stressful exercise you are embarking on one of the biggest financial investments of your life, and you know youll have to live with your decision every day. Yet too many people rush into a property purchase, only to feel financially trapped in an unsuitable choice. The problem is that many properties on the market are presented in an attractive and appealing way, prompting you to make an emotive impulse decision. Yo...Continue reading

05.01.2022 "You dont always need a plan. Sometimes you just need to breathe, trust, let go and see what happens"

05.01.2022 Which is the right home loan for you? There are a bewildering variety of home loans available, and it can be confusing to figure out which type of home loan is the best for your circumstances. However, when you know the pros and cons of each type of loan, you can make a decision that will fit best with your financial situation. Fixed rate home loan...Continue reading

04.01.2022 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!

04.01.2022 "Never give up on something that you cant go a day without thinking about."

02.01.2022 Sharing a little bit of motivation for the day

02.01.2022 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 dont want to dig yourself deeper into unnecessary debt. Set up a budget You dont 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 doesnt 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.

02.01.2022 Top Five Reasons Why Your Loan Would Be Declined It can be extremely disheartening to have your loan application declined, especially if you already have a property in mind. The best response is to treat the rejection as a positive learning experience, and an opportunity to strengthen your financial position so your application will be successful next time. Here we look at some of the more common reasons your loan application would be declined and how you can turn the situat...Continue reading

02.01.2022 Why do banks and agents value your home differently? Have you ever wondered why your lender will give you one value for a house while the real estate agent has said something completely different? How do you know the real value of a property when everyone is giving different quotes? ... The difference in the two valuations is due to the lender and the agent assessing different aspects of the propertys value the lender is looking at how much to comfortably lend you in relation to the cost of the property, while the agent is looking for a sale price. Bank valuations vs market valuation The propertys market value is the estimated amount for which the property should fetch on the date of valuation, assuming a buyer and seller were to enter willingly into a sales transaction. The bank valuation is the amount that the lender is prepared to lend against the property. How is the bank valuation made? The bank or lender appoints a valuer to independently verify the value of the property. As the property is the asset providing security for the loan, the bank valuation generally tends to be more subjective and conservative, to protect the lender financially in case you cannot pay your mortgage and the property must be sold to cover your debt. While the bank valuation is based on extensive research into comparable properties, it will be lowered when the buyer is borrowing more this is a way for the bank to balance its risk. The banks valuer can potentially be held liable if the bank suffers financial loss, so they prefer to make a safer more conservative estimate. The valuer can also advise the bank to refuse the finance application if they believe the buyer has paid too much for the property. Not happy with the bank valuation? If you are dissatisfied with the bank valuation of your chosen property, you have two options request a reassessment of the valuation; or cancel your finance application and start again with another lender. The bank will only do a reassessment if you can provide evidence that comparable properties reflect a higher value than their valuation. You should also check that the market valuation reflects the true market price of a comparable property, as you may find that the seller has overpriced the property. You can hire an independent valuation company to make a market valuation of the property. How is the market appraisal made? The market opinion is assessed by a real estate agent, and establishes the asking price for the home. The agent has a different agenda than the banks representative they want to value the property to achieve the highest possible price in the sale. However, they do need to work realistically within the parameters of recent sales and real estate activity in the area. The vendor can receive valuations from several agents when deciding which agent to appoint to sell the property. Whether you are buying or selling, contact us today if you want independent advice about your property.

01.01.2022 Did you know if a home loan interest rate varies by 0.5% (on a $350K loan), thats a saving of $41,875.00 over the life of the loan? My free loan comparison service tells you how much you could save! Message me for a free check up today! PM me...

01.01.2022 "Life isn't about waiting for the storm to pass... It's about learning to dance in the rain."