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25.01.2022 Finally - your survival guide to a joint bank account: It's the one proposal that never appears in romantic movies. It doesn't involve a big diamond, and it won't lead you down a flower-adorned aisle to the tune of 'the wind beneath my wings'. For some, it's an exciting affirmation that the relationship is becoming more serious. For others, it can be a disaster waiting to happen. So 'what's this proposal?' you ask. It goes a little something like this...... "Honey, do you want to open a joint bank account?" 10 little words that will either melt your heart, or have it beating double time in sheer panic. So how do you avoid joint account disaster? Is it ever a good idea to entwine your finances? Like many other financial decisions, this one is best served with a healthy dose of discussion, and some planning. It's crucial to compare notes early on, and ensure that you're both on the same page when it comes to matters of the wallet. Clear the air One of the biggest relationship-killers is money. Some people feel that money is a necessary evil, something that comes and goes, pale in comparison to experiences and relationships. Other people see money as a means to achieving freedom and happiness, and have clear financial goals in mind. You might be very compatible in many ways, but it's possible that you have very different attitudes about money. It's important to have some open discussions about your financial situation before you open a joint account. Plan a budget Discuss what your joint account will be used for. Many couples have a joint account for the rent and household bills, and they each deposit an agreed portion of their pay. The remainder stays in personal accounts to be used for savings, leisure or personal shopping. It's important that both parties are clear about which expenses can be paid out of the joint account. This will avoid arguments when one party tries to pay the gas bill, only to find that their partner has withdrawn that money for a friend's birthday present. Sharing is caring It might be a difficult topic, but this is the time to be honest about what you have, what you owe and what you earn. If one partner earns significantly more than the other, you will need to work out whether you both deposit the same amount into the account every month. If one partner has significant debts, it's vital to get this out in the open to avoid problems down the track. With a bit of planning and some candid conversations, your relationship can survive the joint account challenge.

25.01.2022 All lenders ask for the pretty much the same information. If you're approaching a lender there are a few things you should be ready to give them to avoid unnecessary and frustrating delays. Download my one page "Applying for a Loan" PDF guide for details. http://www.mortgageaustralia.com.au///applyingforaloan.pdf

24.01.2022 How to pay your credit card off completely this year. Are you growing increasingly concerned about your credit card balance? Do you feel like you keep making the repayments but the total never goes down? It probably doesn't. Credit card debt is very bad debt and it has a way of reproducing itself faster than a pair of rabbits.... So how can you get your credit card paid off by the end of the year? Mark managed to pay off a $7k credit card balance in one year, just by making a few smart decisions with his budget. Decision number 1: Cancel the Pay TV. Mark was paying $79 per month for subscription TV. He didn't really watch it very much because he was working long hours. Saving: $948 Decision number 2: No more morning Cappuccino. Mark's boss had recently installed a great coffee machine in the office, so he decided not to get a $4 coffee on his way to work every day. Saving: $1040 Decision number 3: Ride to work. Mark had purchased a new bike last year, and he was really keen to get fit. An easy 20 minute ride to work every day saved him paying for train tickets. Saving: $3000 Decision number 4: Cancel the Gym membership. Mark had made only two guest appearances at his gym this month, and he felt it was a waste of money now that he was riding to work. Saving: $1200 Decision number 5: No beer on weeknights. Mark was enjoying his new fitness regime and he decided that he would try to only drink beer on the weekends. He stopped buying a 6 pack 2 nights a week. Saving: 1456 Mark's story shows just how easy it is to pay off your credit card debt by making a few small changes to your lifestyle. But the first step is to stop spending on the card. If you can stop growing the debt, you can then start working on bringing it down, one coffee at a time!

23.01.2022 Discover the 3 paths to property investment. Investing in property is something that most of us think about doing, want to do or hope to do. However approximately only 20% of Australians actually do it. Why is this still the case when we know:... our superannuation payout is only likely to pay out our mortgage on retirement, our savings won't be enough to live on in retirement, we will have to severely reduce our lifestyle AND more than likely require some form of government assistance, we need to get ahead financially now, not later, and property prices are very unlikely to be any cheaper in 10 years time? Is it because: we don't know how to take the first step, we are too scared to make a decision in case we get it wrong, we don't think we can afford it (although we've never investigated it with our mortgage broker to see if we can), our friends and family tell us it's a bad idea (and they would know because...?), I'm only renting, so how on earth can I afford an investment property, ...or is it that we are STILL waiting for the right time? Whatever the reason may be, there is more than one way to get started on the investment property ladder. Read about a few of these options with my quick guide - "Save, Equity or Super?" http://www.mortgageaustralia.com.au//f/savesuperequity.pdf

23.01.2022 Strategic Investor of the Year: Scott ONeill https://www.yourinvestmentpropertymag.com.au//strategic-in

21.01.2022 Choosing the right type of loan is the first step. The first step in getting a low cost loan is choosing the right type of loan. There are various types of home loans, all offering different rates and features:... - Honeymoon and Intro Rate loans - Basic or "No Frills" loans - Standard Variable rate loans (usually good to avoid these in my opinion) - Fixed Rate loans - Equity and Line of Credit Loans - Offset Home Loans - Professional and Discount Home Loan packages - Bridging Loans For more details read my guide to "Choosing the right loan". http://www.mortgageaustralia.com.au//choosingtherightloan.

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!... You could even jump on our website to see how much you could borrow by using our finance calculators - www.mortgageaustralia.com.au/calculators. 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 Now here is a Quick Guide to starting a Property Investment Portfolio. While it's hard to predict where the housing market will head in the future, there are some clear signals that investing in property will remain a solid option for long-term wealth generation - and the sooner you start the better. One of the key factors to consider is the demand for housing. Australia typically faces a housing shortage, with home ownership on the decline and renting on the rise. ...Continue reading

19.01.2022 Here's what Western Australia can do to boost housing affordability https://www.yourmortgage.com.au//heres-what-wester/260408/

19.01.2022 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.keepcompetitionalive.com.au https://youtu.be/zsjxPB6ITRg

19.01.2022 The secret way to save a Deposit - without sacrificing your lifestyle. One of the biggest challenges for many first home buyers is finding a way to save enough for a deposit. For those of us who couldn't wait to leave home and find some freedom - moving back in with parents is not always an appealing option. And if you're still in your twenties you might not feel ready to sacrifice your social life, and commit to a few years of watching movies on the couch.... Well, it might surprise you to learn that there's a secret way to save that deposit, live comfortably and still enjoy the odd dinner at a restaurant. It doesn't involve moonlighting, or donating your organs on the black market. And it might even allow you to travel a bit, or enjoy a little luxury while you watch your bank balance grow. So what's this big secret? Well, let me ask you a question first. How much do you spend per year on your living expenses right now? Not food, but costs associated with renting your place of residence. The figure should include rent, utilities, internet connection and any maintenance that you're responsible to pay for. For most couples, this figure would easily add up to about $25,000 per year. How quickly could you save a deposit if you didn't have to pay anything towards your household expenses? Pretty fast - I would imagine. That's the benefit of house-sitting. Offering your services as a house-sitter allows you to live comfortably while saving money at the same time. Let's face it - if you're looking for a house-sitter, chances are that your house is pretty nice to start with. You don't need to charge a fee for this service, because you're saving tens of thousands just by living in someone's home and not paying rent and household bills. You could experience different areas before you commit to buy in a particular suburb or town. This could give you an excellent opportunity to really research your purchase before you jump in head-first with a 30 year mortgage. Depending on your work situation, you might even be able to do some travelling, and see a bit of the world while you continue to save. If you're interested in doing some house-sitting while you save your deposit, there are a couple of websites that you can browse for opportunities: www.mindahome.com.au www.aussiehousesitters.com.au www.houseminders.com.au This concept isn't for everyone, and it might not suit those who already have a lot of nice furniture. But if you don't mind moving around a bit, and perhaps walking a dog or feeding a cat - this could be a great opportunity to save your deposit in no time at all.

17.01.2022 How to negotiate on price and knock out the competition: All's fair in love and war, and the same might be said for negotiating with real estate agents. Whilst you want to get the best possible deal on your purchase, the agent is responsible for getting the best possible price for their client - the vendor.... Depending on how long you have been looking, you might be tempted to just pay the asking price to free up your Saturday mornings again. But just think - how much sooner could you pay your loan off if you saved tens of thousands on the purchase price? If you want to get the best deal on your property purchase, try these 6 tips: Focus on positives all around.The best way to negotiate is for every party to feel like they won the game in some way. Communicate clearly and develop a rapport with the selling agent. Don't try to pick holes in the property. Do your homework. If you want to be able to negotiate on price, you need to have a good idea of what similar properties in the area have sold for in the past couple of months. You should walk through plenty of open houses and keep a close eye on the sold results for your area. (If the selling agent offers to give you a list of sold results, accept politely but do your own research because they will probably choose the highest prices to help in their negotiation with you). Don't try to buy outside of your price range. If a property is advertised at $500k to $550k, and your budget is $450k, don't waste your time.You will only destroy your credibility if the right property comes up with that selling agent in the future. Try to find out what the vendor's motivation is for selling. If they need a quick sale, or if they require a certain settlement period, this could help you to negotiate a deal that works for everyone.By including something in your offer that sweetens the deal, this could put you ahead of other buyers in the race. Timing is everything. Some would advise that it's best to make the selling agent chase you as much as possible. But depending on the area, you might have a win by putting your offer in early. In areas with slow property sales, a vendor might be shocked to receive an offer in the first few days on the market.If you make your offer valid for only a day or two, the vendor will need to decide whether they wait and hope that someone else will come along, or whether they accept your offer for a quick sale.

17.01.2022 How long before you can refinance your loan? https://www.yourmortgage.com.au//how-long-before-y/260353/

17.01.2022 The truth about your Credit File. When the National Consumer Credit Protection Act came into effect in 2010, it was designed to help regulate lenders and prevent consumers from getting out their of depth with debt. One of the spin-offs has been increased scrutiny on would-be borrowers. ...Continue reading

16.01.2022 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 don't 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 doesn't 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 you'd 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.

16.01.2022 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.keepcompetitionalive.com.au.

15.01.2022 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

14.01.2022 How to retire before you turn 40... Have you ever wondered how some people manage to retire at such a young age? Have you heard stories about people creating wealth through property investment but you don't really know how they manage to do it? Well, meet Lisa. Lisa is 32 years old, and she has a property portfolio that's already worth about $2.1million. She has a pretty good job - as a photographer for a bridal magazine, but she certainly doesn't earn a six-figure salary.... So how did she manage to achieve so much at such a young age? It all started when Lisa was 25 years old and she bought her first property. Lisa applied for a loan to purchase a modest 2 bedroom unit in a block of four. She paid $230k back in 2007, and within a few short years she was on her way to an excellent collection of investment properties, all achieving strong growth and producing a good rental return. Here is the timeline: 2007- Purchased Property A - 2 bedroom unit. Purchase price - $230k 2009 - Property A valued at $320k. Used the equity to purchase another unit 2009 - Purchased Property B - 3 bedroom unit. Purchase price - $310k 2011 - Property A valued at $350k, Property B valued at $420k. Used equity to purchase a house 2011 - Purchased Property C - 3 bedroom house on 800m2. Purchase price - $405k 2013 - Property A valued at $390k, Property B valued at $460k, Property C valued at $580k (after $40k renovations) used equity to purchase another house 2013 - Purchased Property D - 3 bedroom house on 700m2. Purchase price $450k. Today - Total value of all properties is $2.1million. If you've been thinking about investing in property, there's no time like the present. A reputable Mortgage Broker can help you work out your loan options, and an Accountant or Financial Planner can help you to decide if property investment is the right decision based on your personal situation.

12.01.2022 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.

11.01.2022 Top 12 Tips for Paying Your Home Loan Sooner. We all know the most common ones: Pay off quickly...Continue reading

11.01.2022 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. http://www.mortgageaustralia.com.au//savvypropertypurchasi

10.01.2022 If things have changed recently - a Home Loan Update may be in order. When I speak to clients I am often surprised at how much their lives have changed since we last spoke. Some have married or unmarried, had children, changed jobs, bought a car, got carried away with their credit cards or even changed their financial goals all together!... Sometimes real life gets in the way of our best laid plans and juggling the family finances becomes a challenge. If your life has changed, it is definitely worth spending a little time for a financial check up. It doesn't cost anything for me to take a look at your situation and see if there is any way I can help you get set for the next set of changes in your life. Don't worry about wasting my time if you don't need a new loan. My job is to give you ongoing guidance on the lending options which are right for you and your future. We might not need to change anything at all. However, the banks change their loan offerings constantly and it can be hard to keep track of whether you are in the best loan or could be getting a better deal elsewhere. Satisfy your curiosity and give yourself some peace of mind. Give me a call today. Or if you prefer, you could even just fill out this form and fax or email it to me and then I'll get back to you with some ideas. Looking forward to catching up with you soon. http://www.mortgageaustralia.com.au//lifeandfinanceupdate.

10.01.2022 The Australian finance market is complex and constantly changing. The clear dominance of the 'Big 4' banks has contributed to a perception that all lenders are the same, but in fact consumers are spoilt for choice. There are around 55 banks in Australia, over 100 building societies, mortgage managers and credit unions, plus numerous other non bank lenders. When looking for your next home, widen your search and you might find some great lenders out there.... For more details, check out my "Beyond the Big 4" fact sheet. http://www.mortgageaustralia.com.au//fil/beyondthebig4.pdf

09.01.2022 New home lending continues to tumble https://www.yourmortgage.com.au//new-home-lending-/260269/

08.01.2022 In todays new car market, we are seeing low rate finance deals being offered by an ever increasing number of car dealers. Rates as low as 0% have been available in recent times. Before you rush out and sign on the dotted line, its important to understand what is happening behind the scenes. Click here to download my inside scoop on "Low interest car finance - is it really what it seems?" http://www.mortgageaustralia.com.au//lowinterestcarfinance

08.01.2022 Over 55% of Australian borrowers (including 65% of first home buyers) choose to use mortgage brokers to secure their loans. https://www.keepcompetitionalive.com.au

07.01.2022 Here is why you shouldn't scrimp on loan repayments: With household costs on the rise, many mortgagees are struggling to balance their budgets. It's 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, it's 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.

06.01.2022 How to buy with a friend - without killing the friendship or your credit rating Have you ever heard the expression, 'no friends in business'? It's an oldie but a goodie. ... This is the attitude you should bring when considering buying property with a friend. Many good friendships have gone under the bus, and lots of people have taken a bullet to their credit rating by not giving this decision adequate thought. So what are the risks involved with co-ownership, especially when you purchase with a friend? What if one owner wants to sell? One of the biggest problems with co-ownership is when one owner decides they want to sell the property, but the other owners don't agree. This often ends up in court, and the process can be costly and upsetting for everyone. And needless to say - the friendship probably won't survive. Buying could be harder in the future. It might seem like the dream scenario to invest now with your best friend. But if you decide in a few years to purchase a home to live in, the lender will assess your financial commitments based on the whole loan for the first property, not just the portion that you agreed to cover. This could make it very difficult for you to get another loan. You could be left holding the baby. If something happens and your friend is unable to make their repayments, you could be left in the difficult situation of repaying the entire loan by yourself. Coupled with your other living expenses, you might not be in a position to cover the whole amount yourself. But there are some ways that you can reduce the risk, if you are keen to purchase property with a friend: 1) Put a legal will in place. It's important to make arrangements for what will happen to your assets if you pass away or become incapacitated. 2) Draw up a co-ownership agreement. If you can think about any issues that might possibly come up in the future, and have an agreement in place to solve them, you're less likely to wind up in court trying to work things out. 3) Choose the right structure - tenants in common, or joint tenants. Tenants in common can own a different portion of the property, and they need to specify in their will who will inherit their portion if they die. Joint tenants jointly and equally own the property, and if one person dies, their share automatically goes to the other(s) regardless of the instructions in their will. 4) Choose the right person. It's important to discuss your financial goals and values before you enter into this sort of arrangement. You need to feel comfortable knowing that your friend will be financially secure enough to keep up their end of the bargain - otherwise you might be left trying to cover the repayments alone. It's important to think about your own relationships as well, if your partner is keen for you to buy a house together next year, you might want to think about how this first investment might impact your borrowing power.

05.01.2022 Discover the best ways to get your first home. Low interest rates, flat property prices and government grants continue to entice plenty of first-time buyers into the home market. While home is where the heart is, savvy first-time buyers are also using their heads. Here are some of the best ways to make your first move....Continue reading

04.01.2022 Let's Bust some Money Myths. Making the most of your money often requires common sense more than a commerce degree. Lets take a look at five misconceptions about money that could be holding you back from greater financial freedom....Continue reading

03.01.2022 Here are the key questions many property investors ask me. 1) What's the difference between an investment loan and an ordinary home loan? Most of the same types of home loans and loan features apply for investors as for owner occupiers. Some lenders may charge higher rates for investment properties if the associated risks are higher....Continue reading