AMA Finance Solutions in Rockbank, Victoria, Australia | Finance

AMA Finance Solutions

Locality: Rockbank, Victoria, Australia

Phone: +43 2526 597

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24.01.2022 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!

24.01.2022 Ever thought about downsizing? You're not alone. In fact, more than half of Australians over the age of 55 are open to downsizing*. One key concern that puts people off downsizing, however, is financial factors associated with their existing mortgage.... But rest assured there are options available - and we'd be happy to talk you through them. So if you'd like to find out more about making your downsizing dreams a reality, then call 0432 526 597, email [email protected] or DM us. *Source: AHURI #AMAFinanceSolutions #Melbourne #MelbourneMortgageBroker #MelbourneWest #Finance #Homeloans #CarolineSprings #Werribee #Sunshine #Deerpark See more

24.01.2022 Has your ideal location changed since COVID-19 hit? With much more people working from home since COVID-19 hit, those seeking a new home are now less likely to want to live in higher density areas and cities. Spacious living is now a top priority, with 34% of would-be buyers wanting to live somewhere less populated, another third wanting to be closer to parks or shops, and one in five seeking suburbs that boast larger properties. ... What about you? Has the pandemic changed the idea of your dream home? *Source: Westpac survey #AMAFinanceSolutions #Melbourne #MelbourneMortgageBroker #MelbourneWest #Finance #Homeloans #CarolineSprings #Werribee #Sunshine #Deerpark See more

24.01.2022 Comparing commercial and residential property investment If you are looking for a sound real estate investment, look beyond the typical two bedroom apartment and consider expanding your portfolio with a commercial property. There are three types of commercial property office, retail and industrial. There are some significant differences between investing in commercial and residential real estate, each with a potential positive or negative impact on your investment. ...Continue reading

24.01.2022 How to ensure your renovation will increase your house value There are two main benefits to renovating your property firstly, you can make it more comfortable and compatible for your lifestyle; and secondly, you can increase the value of your home. The challenge is to find the right balance between these two benefits if you invest too much into renovations, you risk reducing the amount of profit you would make when you sell. So how do you strike the balance and turn you...r renovation into profit? The 10% rule One handy rule of thumb is to ensure your renovation doesn’t cost more than 10% of the property’s value. If you are planning an extensive renovation, do your research to make sure you are not over-capitalizing. If you are building a substantial extension on a family home, for example, you should regain the value through creating a home that suits your family’s needs for a considerable period of time. Keep it simple and contained The renovations that increase the value of a home are generally in the kitchen and bathroom. A future buyer wants to know that these rooms are up-to-date with relatively new fixtures and fittings. The garden is another selling point as potential buyers will be attracted to a healthy, well maintained garden. Take your renovations slowly, step by step, finishing one room before starting on another. This way, you can keep track of costs and also ensure that your house remains liveable rather than turning into a chaotic mess that will be finished one day! Check for council approval Before you dive into any renovations, make sure you have council approval. As part of the process, ask your neighbours to check over your plans before you start work. You don’t want the neighbours complaining that your renovation reduces the value or comfort of their home. Sometimes it just means repositioning a window that overlooks the neighbour’s yard, in order to keep everyone happy. Consider your financing Depending on your financial position, you could use your equity to finance the renovations, a combination of equity and savings, or you could take out a construction loan. In order to access the equity on your home loan, you need to ensure that the loan includes features such as redraw, line of credit and an offset account (this of course varies based on individual circumstances and needs). A construction loan is written against the renovated valuation of the property, and the lender interacts directly with the builder, making regular milestone payments and monitoring a schedule. Basically, your lender has a vested interest in ensuring your renovation increases the value of your home. If you need assistance working out the best way to finance your renovation and ensure it increases the value of your home, contact us today.

24.01.2022 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

24.01.2022 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.

22.01.2022 Heads up! The 'September Cliff is upon us!' You know that September financial cliff you've been hearing about? Well, it's pretty much here. Jobkeeper 2.0 begins in October, which means if you've been using it to pay your home or business loan, then it's time to consider a transition plan.... To explore some potential financing options, call 0432 526 597, email [email protected] or DM us. #AMAFinanceSolutions #Melbourne #MelbourneMortgageBroker #MelbourneWest #Finance #Homeloans #CarolineSprings #Werribee #Sunshine #Deerpark See more

22.01.2022 As if small and medium-sized businesses weren’t already facing an uphill battle this year; now it turns out that more than a quarter were knocked back when they applied for finance in recent months. How we can help All of the above figures highlight the importance of having a broker like us guiding you through the process.... Here’s what small business lender OnDeck has to say in regards to its recent research on the importance of having a trusted professional to speak to while applying for finance. Our survey clearly highlights that SMEs place significant value on the input of a broker in the commercial finance process, says Robbie Fidler, OnDeck Australia national broker channel manager. Brokers can act as a conduit between lenders and SME owners, providing the person-to-person link that is so valued across the SME community. Additionally, SME lender Scottish Pacific recently highlighted the important role brokers can play in helping businesses prepare for that September cliff you’ve probably heard about. When COVID-19 hit and JobKeeper and other initiatives were put in place, September seemed a long way away it’s only a week away now, and small businesses need to act, says Scottish Pacific’s General Manager for Victoria, Jane Starkins. We are having regular conversations with accountants and brokers who realise their clients need funding in place to pay expenses they have been deferring, including rent, asset finance, PAYG, superannuation and payroll tax. Ms Starkins adds that now is an ideal time for business owners to find new funding paths that harness the value of assets already in their business, such as their sales invoices or plant and equipment. Business owners are reluctant to extend their borrowings. They are busier than ever trying to navigate the COVID-19 environment, which means accountants and brokers have a crucial role to play in making them aware of other funding solutions, she says. Get in touch If you’re an SME owner in need of finance solutions to get through the months to come, get in touch. call 0432 526 597, email [email protected] or DM us. #AMAFinanceSolutions #Melbourne #MelbourneMortgageBroker #MelbourneWest #Finance #Homeloans#Aintree#Rockbank #CarolineSprings #Werribee #Sunshine #Deerpark

21.01.2022 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 don’t 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.

20.01.2022 Top tips for young property investors It is possible for people to launch into the property investment market in their early twenties in fact, this is a great time to start, when you are first launching into your career and don’t yet have any other financial responsibilities such as a family to support. However, buying an investment property can never be an impulse decision it takes self-discipline and applied knowledge to start building a profitable investment propert...y portfolio. Set a budget and save The first step of course is to start saving for your first deposit, which is usually at least 20% of the purchase price (can be lower, check with your broker). You will need to be focused and realistic, and quite single minded in order to save a sufficient amount. Your best option is to set a budget and create a clear financial plan that will help you remain focused and prepared once you do buy your first property. Think long term While some of your peers will be looking into short term gratification visiting pubs and night clubs, booking overseas holidays or buying a new car - you need to establish a mind-set that focuses on the long term rewards of building your investment portfolio. Learn from the experts While you are saving your deposit, take this time to educate yourself about the property investment market and the best type of property for your first investment. Read articles about property investment and monitor the real estate section of your local newspaper, so you can build a vision of an affordable and profitable investment property. Consult local agents and mortgage brokers as soon as possible so they can offer their insight into the market. Seek advice from a professional accountant, who can oversee your savings plan and advise you on your first home loan. Consider a family guarantee If you have the option, you could ask a family member to act as guarantor of your bank loan. The guarantor allows the equity in their property to act as additional security for your home loan. This strategy could potentially reduce the amount of deposit you need to save. You can split the loan into two portions, so your guarantor is only guaranteeing one portion of the loan. That way, you can pay off that portion first, so you can release your guarantor from the agreement as soon as possible. Invest, don’t gamble Gambling is a game of chance where you can hope to win big but you are perhaps more likely to lose it all. Investment is based on knowledge and experience, so you make decisions that will be profitable in the long term. Learn everything you can about the property and the market, so you can make objective, beneficial decisions.

19.01.2022 Is Debt Consolidation Right For You? A debt consolidation loan combines all your outstanding debts into one, so now you only have one debt at a reduced rate of interest and lower monthly payments than the combined cost of all the consolidated bills. If you have become overwhelmed with multiple debts and you are struggling to make minimum payments on any or all of them, rolling all these into one repayment can be easier and less stressful to manage. Another reason to cons...ider a debt consolidation loan is if you want to focus on paying off a mortgage. By lumping all your other debts together, you can simplify repayments, and enjoy the benefits of a reduced interest rate. This gives you more funds to channel into your primary debt, increasing your equity. Reassess your current loans Before securing a debt consolidation loan, you could investigate whether switching your home loan would be beneficial. If you can find a home loan with lower interest and lower fees, you could channel the savings into repaying your debts. As your property is your primary asset, it is important to protect this asset while you reduce your debt. A credit card balance transfer where you move credit card balance from one card to another gives you access to a honeymoon period where the new card has lower interest for a certain time period. While this can be helpful if you can pay the debt off promptly, it can also aggravate the situation. Negotiating with individual creditors might help you buy some time or even reduce or cancel the debt. Double-check the figures Before signing off on a debt consolidation loan, check that this is actually the cheaper option. The loan is meant to reduce your overall costs and interest rate, so make sure this is the case. Avoid any honeymoon deals where the interest jumps drastically after a certain timeframe, as you don’t want to dig yourself deeper into unnecessary debt. Set up a budget You don’t want to start collecting additional debts on top of the consolidation loan, so stick with one credit card for emergencies and set some strict limits on your spending. Make it your priority to reduce this loan. If necessary, speak to a financial counselor to discuss any issues you have in relation to spending. Make regular repayments Just because the original creditors have stopped bothering you doesn’t mean the debt has been wiped clear. Focus on paying off the debt within a realistic and efficient timeframe with regular repayments. By reducing all your other debts, you can focus on paying off your home loan, as this increases your equity and improves your overall financial position. Talk to a financial advisor A good financial advisor can help you decide whether a debt consolidation loan is the right strategy for you. If you are determined to reduce your debt and increase your equity, debt consolidation can be an efficient and effective option.

18.01.2022 Did you know if a home loan interest rate varies by 0.5% (on a $350K loan), that's 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...

14.01.2022 Fill in the blank: If I had a $1,000 to give away, I would donate my money to _______

13.01.2022 Does your business need working capital? You could be in luck - the government has extended (and expanded) the Coronavirus SME Guarantee Scheme to the end of the financial year. The scheme involves the government guaranteeing 50% of each new loan issued to SMEs by eligible lenders. The idea is that this allows loans to be offered more cheaply and more freely" compared to ordinary business loans.* ... So to find out more about the SME Loan Guarantee scheme, call 0432 526 597, email [email protected] or DM us. *Source: Australian Banking Association #AMAFinanceSolutions #Melbourne #MelbourneMortgageBroker #MelbourneWest #Finance #Homeloans #CarolineSprings #Werribee #Sunshine #Deerpark See more

13.01.2022 Sharing a little bit of motivation for the day

13.01.2022 Why you should choose a mortgage broker over a bank For most people looking for a home loan, the choice is simple just head to the nearest bank and see what is available. On the surface, this seems like convenient and straightforward option, so why look for a mortgage broker when the bank is right there on the main street? Here are three things a mortgage broker will offer you that your bank won’t: ... 1. Choice When you visit your bank manager to talk about a bank loan, the manager is going to offer you their latest products. The manager isn’t going to tell you that a rival bank has an offer more closely streamlined to your circumstances. And a year down the track, the manager won’t reward your loyalty by suggesting a new option tailored to your current circumstances. However, your mortgage broker has access to products from countless banks and lenders, so they will find the one that is most suited to your requirements. When your circumstances change, as you pay off your loan, your broker can suggest a different package. 2. Specialized assistance Bank employees are in the business of promoting the bank’s services which includes securing your loan. Every lender has their own method for approving or declining a bank loan, and you can waste a great deal of time trying to provide the correct application. Your broker already has an inside knowledge of how each bank assesses an application, so you have a better chance of being approved first time around. Your broker can also negotiate with the bank for policy exceptions to tailor the package to your individual specifications. You can also choose a broker who specializes in your particular loan requirements. For example, if you are purchasing a property investment, you will need a broker who understands all the financial issues of that type of loan. 3. Administrative support The mortgage broker will manage all the paperwork on your behalf and follow up with the lender, keeping you updated on the progress of the application. This saves you time and a great deal of stress, while providing you with one point of contact throughout the business of securing the loan. Ultimately, your mortgage broker is saving you both time and money by simplifying the loan application process and ensuring that you find the loan package most suited to the size of your deposit and your ability to make repayments. Contact us today if you want personalized advice about how to complete the loan application process and find the right loan package for your needs.

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

11.01.2022 Once you’re settled and financially secure in your home, you might be ready to start thinking about purchasing a second property as an investment. Planning ahead Make sure your first property is secure before looking towards the purchase of a second property. If you are struggling to manage payments on your first property, expanding your property portfolio will not improve your financial position. You will need to demonstrate to a lender that you will be able to manage two ...Continue reading

11.01.2022 2020 hasn’t been an easy year for many Aussie households and businesses, which makes today an important one to check in on one another. COVID-19 and associated lockdowns have placed all sorts of new pressures on families and businesses across the country this year. In fact, more than 1.5 million Australians are currently suffering from mortgage stress - the equivalent of 40% of households. With today (September 10) marking R U OK? Day 2020, first and foremost we wanted to tou...Continue reading

11.01.2022 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.

10.01.2022 Do something Today that makes you Happy

10.01.2022 How to narrow down what you want in a home Before you can find the perfect home, you need to know exactly what you are looking for and as you may come across desirable homes that include only a few of the features on your list, you need to know which features are the most important to you. As a further complication, you will generally be working on this list with your spouse or partner, who may have different priorities to you! So how do you work out what you are looking ...Continue reading

10.01.2022 Do you know your home loan interest rate? Here's a quirky stat for you: 1 in 3 mortgage holders has absolutely no idea what their home loan interest rate is at all, while 86% are unable to recall the exact figure (but they're in the ballpark).* Now, we're not into rate-shaming around here, but if you don't know yours, it's a pretty good sign that you're due for a home loan health check.... The good news is it's quick and easy. To get the ball rolling, simply call 0432 526 597, email [email protected] or DM us. Source: UBank #AMAFinanceSolutions #Melbourne #MelbourneMortgageBroker #MelbourneWest #Finance #Homeloans #CarolineSprings #Werribee #Sunshine #Deerpark See more

09.01.2022 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.

09.01.2022 Has your business ever been knocked back by a lender? Don't let it keep you down - it's been a tough year. In fact, one in four businesses grappling with the economic fallout from the Covid-19 have had their application for credit rejected by lenders this year*. Rest assured though that there are ways to get your business back up on its feet that you might not have explored yet.... So to discuss your financing options, call 0432 526 597, email [email protected] or DM us. *Source: Sensis Business Index #AMAFinanceSolutions #Melbourne #MelbourneMortgageBroker #MelbourneWest #Finance #Homeloans #CarolineSprings #Werribee #Sunshine #Deerpark See more

07.01.2022 What's your home office set-up look like? The number of home buyers searching for a home office as part of their next property purchase spiked this year. Victoria, for example, saw a staggering 1107% increase in searches while going through Lockdown 2.0 in June/July.... So whether you're an employee working from home for the foreseeable future, or you're thinking of starting your own work-from-home business, it seems that home offices are going to be a much higher on the real estate priority list moving forward. And if you are looking to start your own business, well, you know where to find us when it comes to seeking finance! ;) *Source: Domain #AMAFinanceSolutions #Melbourne #MelbourneMortgageBroker #MelbourneWest #Finance #Homeloans #CarolineSprings #Werribee #Sunshine #Deerpark See more

06.01.2022 How many do you follow?

05.01.2022 Should you sell or buy first? You’re 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. It’s 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.

04.01.2022 Has COVID-19 improved your saving habits? It has for 49% of young Australians, who say they're now saving more than they did before COVID-19*. What about you? Have you sharpened your ability to save for the future? And if so, what would you like to buy?... *Source: Westpac survey #AMAFinanceSolutions #Melbourne #MelbourneMortgageBroker #MelbourneWest #Finance #Homeloans #CarolineSprings #Werribee #Sunshine #Deerpark See more

02.01.2022 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 can’t 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.