Cadeyn Williams | Finance

Cadeyn Williams

Phone: +61 457 195 425

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25.01.2022 Borrowing Capacity VS Deposit Level What’s holding you back? Borrowing capacity refers to the amount of money a Bank or Financial Institution will lend you, taking into account your expenses, current financial commitments and income.... Deposit Level is the amount of money required to cover your initial cash investment, along with any associated costs of achieving your intended purchase. Combine the above and you have what is known as your "Purchasing Power". Financial institutions and banks have limits on the amount of money they will lend you based on a combination of the above. The asset/security backing the loan, your current individual circumstances, financial commitments and cash savings will all affect your Purchasing Power. Whether you are a First Home Buyer , looking to purchase your next Investment Property , or wanting to buy a Commercial premises for your business , the above factors apply. If you wish to know how you are placed, feel free to get in touch. Cadeyn - 0457 195 425

24.01.2022 Bank X says I can only borrow $$$ but what about the others? Youre borrowing capacity will vary depending on the bank. ... Every bank has its own calculator to determine your overall borrowing capacity and these can be better for some income types over others depending on the bank. Just because one bank says you can only borrow X does not mean that is the end of your goal. It may be that theyre currently not taking 100% of your income or theyre not correctly understanding your situation. Reach out if youd like to discuss in more detail. 0457 195 425 [email protected]

24.01.2022 How frequently should I be paying my mortgage repayments? The frequency in which repayments are made to a home or investment loan, can have a significant impact on just how quickly the debt can be paid off. See below the difference between monthly, fortnightly and weekly repayments, based on a scenario of a $500,000 loan over a 30 year loan term, at an interest rate of 3%.... Monthly: Repayment = $2,108.02 Total Interest over 30 years = $258,887 Interest Saved = $0 Time Saved = 0 Fortnightly: Repayment = $1,054.01 Total Interest over 30 years = $224,492 Interest Saved = $34,396 Time Saved = 3 years & 7 months Weekly: Repayment = $527.01 Total Interest over 30 years = $224,283 Interest Saved = $34,604 Time Saved = 3 years & 7 months Interest is calculated on a daily basis, which is why fortnightly and weekly repayments can save you a considerable amount of interest over the life of the loan. By having more frequent repayments, the interest is calculated over a shorter period, therefore meaning you are paying your principle debt down faster To find out more, feel free to give me a call - 0457 195 425

23.01.2022 The power of extra repayments Adding a small additional repayment can have a huge impact Benefits: You save on interest Pay off your home loan sooner... You can redraw* the money in case of an emergency Frees up equity for future investments or renovations The below is based on a loan of $500,000, interest rate of 3% & an additional repayment of $100 per week Minimum Weekly Repayments: $487 Increased Weekly Repayments: $587 Time saved: 7 years, 21 weeks Interest Saved: $69,890 For a couple that's $50 each per week. My recommendation is to set it up as a direct debit to come out as soon as you get paid. You can't spend money you don't have My aim is to not only help you get your loan approved, but to help you accelerate your debt reduction & in return create wealth. If you would like some further tips on how you can reduce your home loan, please get in touch. PM 0457 195 425 [email protected] *Redraw is not available on all loan types. See more

23.01.2022 Should I increase my savings or pay out my debts? This is a common question that clients ask. This purely depends on your circumstances. Please see the examples below to see why: Example A. The client has low borrowing capacity due to having personal loans & credit cards but has a lot of savings. One way of increasing your borrowing capacity is to pay out and close debt, therefore it makes sense to pay out debt in this example. ... Example B. The client has no issue with the borrowing capacity but has low savings. If you have the borrowing capacity, then it might be better to put more money towards your savings, meaning less mortgage insurance or reaching your minimum savings contribution quicker. Note: each lender calculates your borrowing capacity differently, meaning that bank A may only lend you $400k and bank B may lend you 500k. Dont hesitate to get in touch if you would like to see how much you could potentially borrow or how much you need to save for a deposit. 0457 195 425

22.01.2022 Offset Accounts. What are they and how do they work? An offset account is a separate savings account linked to a home loan that can assist with paying less interest. Whatever the amount you have in your offset account is the amount you minus from the principle/balance when it comes to calculating interest. Pros... Save on interest - interest on your loan is calculated daily so any amount you have in your offset is working for you to reduce interest payment. You can use it exactly like your everyday savings account (Direct debits, VISA debit cards, BPAY). Some lenders will let you have multiple offset accounts which is great if you want to separate between your own and a partners account. You can even have your kids/holiday/everyday spending accounts all linked to the one home loan. Cons Generally, there is an annual fee for offset accounts (Can range from $100 - $395 per lender). Not all Offset accounts are offsetting 100%, some banks offer a lower percentage of Offset.

20.01.2022 Refinancing traps to avoid Whether youre after lower repayments or want to tap into the equity sitting in your home, refinancing can offer a world of benefits. However it is important to be weary of some of the things that can not necessarily be in your favor. % Dont be fooled by the interest rate... Finding a lower interest rate doesnt necessarily mean youve scored yourself a better deal. In fact, a product with more features may cost you a bit more in fees or interest, but could save you more in the long run. Honeymoon rates are just that Dont be lured by offers with discounted introductory rates unless youve calculated the savings over the life of the loan. While a loan with a discounted interest rate seems a tempting offer, its only temporary. Once the introductory period is over, the interest will revert to a higher standard variable for the rest of the loan term. Be aware of the fees One of the main purposes of refinancing is to lighten the financial burden, however, that doesnt mean that its not going to cost you. There are many fees involved, which may include discharge and application fees, a valuation fee, land registration fee, and mortgage insurance. While these cannot be avoided, you have to ensure that the costs involved are not higher than the savings, to make the process worthwhile. While there are traps to avoid, a little expertise can take the stress out of refinancing to save you thousands, fund that renovation, or simply find a loan that suits your life a little better. Reach out if you need any assistance on 0457 195 425 www.inovayt.com.au

18.01.2022 Borrowing Capacity VS Deposit Level Whats holding you back? Borrowing capacity refers to the amount of money a Bank or Financial Institution will lend you, taking into account your expenses, current financial commitments and income.... Deposit Level is the amount of money required to cover your initial cash investment, along with any associated costs of achieving your intended purchase. Combine the above and you have what is known as your "Purchasing Power". Financial institutions and banks have limits on the amount of money they will lend you based on a combination of the above. The asset/security backing the loan, your current individual circumstances, financial commitments and cash savings will all affect your Purchasing Power. Whether you are a First Home Buyer , looking to purchase your next Investment Property , or wanting to buy a Commercial premises for your business , the above factors apply. If you wish to know how you are placed, feel free to get in touch. Cadeyn - 0457 195 425

17.01.2022 What are some of the ways you can avoid Lender Mortgage Insurance? Save a 20% deposit. Ask your parents/siblings to be a security guarantor for your loan.... Apply for the First Home Buyer Deposit Scheme (need a 5% deposit & other conditions apply). If you're in a specialist professional field (you can PM me if you qualify), some lenders will allow you to borrow 90% without any mortgage insurance. For more information, feel free to give me a call - 0457 195 425

15.01.2022 Should I apply for a Fixed or Variable interest rate? There are some amazing fixed rates in the market at the moment (some as low as 2.09%), but there really isnt a right or wrong answer. It purely depends on your personal circumstances. Here are some of reasons people choose Fixed rates:... - You want to know what you will be paying for a fixed period - You predict that the fixed rate the bank is offering will be lower than the variable during the period you have chosen to fixed - You know you won't be selling or refinancing your house during the fixed period - The budget's tight at the moment and the fixed rate offered is much better than the variable rate you currently have Here are some of the reasons people choose Variable rates: - You predict that variable rates will keep dropping and want to benefit from that - You are planning to sell your house or do not want to be locked into a fixed loan contract - You want full use of an offset account - You want to make as many additional repayments without getting penalised There are many other reasons why, and if you're not sure which way to go, please feel free to give me a call on 0457 195 425

15.01.2022 What do I look for? % Interest Rate vs. Comparison Rate In case it wasn't confusing enough.. Put simply, the interest rate is the percentage charged on the balance of your loan to calculate the monthly interest owing.... On the other hand the Comparison Rate is the addition of interest rate, plus any additional fees and charges that may apply to the loan. The total figure is then converted into a percentage rate to highlight the true cost of the loan. Advertised comparison rates are often based on a nominal loan amount and do not reflect your personal situation. To calculate a true comparison rate we use: Loan amount Loan term Repayment frequency Interest rate Monthly account fee (if any) Annual fee (if any) Establishment fee (if any) Valuation fee (if any) Mortgage documentation fee (if any) Settlement fee When presenting solutions to clients we look for the best overall value for their personal circumstances, without jumping for a flashy interest rate with a hidden catch Always pays to have a professional in your corner to help you find the lender & product that is giving you the most overall value. Reach out if you have any questions: - 0457 195 425 - [email protected]

14.01.2022 Extremely humbled and proud to be a finalist in this years MFAA Excellence Awards, which is a measure of exceptional customer service, professionalism, ethics, growth and innovation in the finance industry. Im fortunate enough to work with an amazing team every day, that all have the same passion as I do, to assist and achieve lifetime financials solutions for our clients. If you, or anyone you know are considering purchasing, refinancing or would just like any questions answered regarding finance, please feel free to give me a call on 0457 195 425.

10.01.2022 Looks like Melbourne's spending the next 6 weeks in isolation ... again On a positive note, now is a great time to maximise your savings on your discretionary expenses

09.01.2022 The numbers don't lie. If you're finding it hard with your home repayments, there are many lenders out there with great rates. These numbers below are based on a loan of $500,000 over 30 years principal & interest: 4.0%: Ongoing repayments $2,387.08 PM 3.5%: Ongoing repayments $2,245.22 PM... 3.0%: Ongoing repayments: $2,108.02 PM Based on the numbers above going on that the yearly savings @ 4% - 3.5% = $1,702 PY @ 4% - 3.0% = $3,349 PY There are many out there with cashback offers(up to $4,000) and with rates as low as 2.09%. Now is a great time to refinance, if you're considering doing it! For more information on these lenders, please give me a ring on 0457 195 425 See more

08.01.2022 Financial self-care needs to play an even bigger role in our overall self-care plan. With careful planning, you can manage your financial stress and set up safeguards for emergencies improving your overall health and wellbeing.

07.01.2022 Bank X says I can only borrow $$$ but what about the others? You’re borrowing capacity will vary depending on the bank. ... Every bank has its own calculator to determine your overall borrowing capacity and these can be better for some income types over others depending on the bank. Just because one bank says you can only borrow X does not mean that is the end of your goal. It may be that they’re currently not taking 100% of your income or they’re not correctly understanding your situation. Reach out if you’d like to discuss in more detail. 0457 195 425 [email protected]

07.01.2022 We all want the lowest interest rate possible in the market, and this is probably the number one concern on people's minds. There are many other key points that we factor in prior to presenting lending options. For First Home Buyers, other things to consider are: You might be getting a great rate but what will you be paying on mortgage insurance? Is the savings made on mortgage insurance higher than savings made on the difference in the interest rate with another lende...r? Do you have the borrowing capacity to go with the lender with the lower interest rate? Are you looking at interest rates that are for your personal situation? Sometimes, the rate online is for a certain loan to value ratio (eg. under 80%) which might not be applicable to you. Does the loan with the lender have all the features you want? If you need help with the above, please contact me on 0457 195 425

03.01.2022 What is the difference between Stamp Duty Exemptions & the First Home Owners Grant? Stamp Duty is a tax charged by the state government to purchase an asset. In Victoria, First Home Buyers do not pay Stamp Duty for purchases under $600,000 (owner-occupier properties only). They will pay a concessional stamp duty rate for property purchases between $600,000 - $750,000. The First Home Owners Grant (FHOG) is a one-off grant ($10,000 metro & $20,000 rural) payable to first... home buyers who are building, buying off the plan, or buying a property that is less than 5 years old and is its first time on the market. You will not receive the FHOG if you buy an established house that does not reach the above conditions. If you have any other questions you wanted to ask, contact me on 0457 195 425