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Financewerx

Address: PO Box 7150 2153

Website: http://financewerx.com.au

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22.01.2022 What Are Valuations? For those who have made property investment a significant part of their life, valuations are common practice. But the reality is a large portion of Australian’s either don’t know what valuations are or, have a misconception of the process behind them. So, this week I would like to spend some time on the topic of valuations and what it means to you as an investor. While valuations can be conducted for a number of reasons, the most common purpose of a prope...Continue reading

21.01.2022 Findings from a report^ by the Australian Competition & Consumer Commission (ACCC) reveal that 70% of recent borrowers only obtained one quote before taking out their mortgage, potentially costing them tens of thousands of dollars. The consumer watchdog found "unnecessarily high search costs or effort" reduced borrowers' willingness to shop around for home loans. "I encourage more people to ask their Brokers, whether they are getting the lowest possible interest rates and bes...t suited loan product for their residential mortgage," ACCC chair Rod Sims said. Borrowers many of whom are unaware they may qualify for a better rate with their existing lender could save thousands of dollars over the course of 30-years by negotiating with their current lender or looking elsewhere. Your lender may not be giving you the best home loan or rates, let your Broker Financewerx do the negotiating.

19.01.2022 Moving House Australians rank moving house second only to divorce and bereavement on the scale of life crises. Broken and misplaced possessions, incompetent removalists, chaos and exhaustion are a few of the negative images we have come to associate with moving house.... Fortunately most of these nightmares can be avoided by anticipating problems and becoming organised well before moving day. The first step is deciding how you prefer to approach the job of packing and moving your possessions. If you decide to economise and do the move yourself, check what your home contents insurance covers you for. For bulky or fragile items your safest option is usually to hire a removalist but make sure the organisation you choose is a member of the Australian Furniture Removalists Association (AFRA). The AFRA Code of Conduct ensures members provide paperwork for quotations, insurance, contracts and inventories. The contract should clearly state if fees are charged by the hour or by cubic volume, for example, or if a charge is incurred for the time the removalist spends travelling to and from the job. Whether or not you decide to do your own packing, it might be a good idea to leave the mirrors, valuables and breakables for the removalists to professionally pack. Remember to pack a survival box containing all your essential items such as toothbrush, toilet paper and kettle - they're bound to come in handy at the end of what will undoubtedly be a long day. Top 10 survival tips Get rid of clutter so you don't end up packing items you don't need Check in advance that furniture can fit through the doorway or up the stairs Label boxes clearly and fill them logically according to grouped items Prepare a floor plan to help decide where you need things placed Carry valuable documents, jewellery and passports yourself Check the manufacturer's instructions for moving appliances Keep cleaning equipment separate so you can find it on arrival Notify gas, electricity, internet and other suppliers Change your address and redirect mail Update the address on your insurance policy

16.01.2022 Tickets $25-$40 www.parramattachamber.com.au

14.01.2022 Herewith the MFAA's media release on the latest broker market share for the quarter ending 30 September, 2018. What an outstanding result for our industry and one we will be sharing with key decision makers within ASIC, Treasury and all sides of politics later today. On a separate note, I look forward to providing members with an update on a number of new key MFAA initiatives in the near future.... Mortgage Broker market share surges to a record 59.1% The mortgage broker channel has achieved its highest ever residential home loan market share despite an overall reduction in lending of $8.46 billion compared to the same period in 2017. According to the latest data released by research group comparator, a CoreLogic business, during the September 2018 quarter mortgage brokers settled an unprecedented 59.1 per cent of all residential home loans. Compared to previous September quarter results of 53.6 per cent in 2016 and 55.7 per cent in 2017, 59.1 per cent is an exceptionally strong outcome for the industry and largest year on year increase for any quarter in the last four years. Although settled broker volume dropped between the September 2017 and September 2018 quarters from $51.77 billion to $50.19 billion, a 3% fall, when taken in context with an overall market decline of 8.5% from $98.79 billion to $90.33 billion in the same period, the broker outcome represents an outstanding result. MFAA CEO Mike Felton said the result reflects not only the trust and confidence customers have in their mortgage broker but the systemic importance of the mortgage broking industry. This result has occurred during a period of severe credit tightening with brokers stepping in to provide critical assistance in the redistribution of credit demand for those seeking home lending, Mr Felton said. As banks have persisted in making it more difficult to secure a loan, turning many would-be borrowers away, consumers have continued to increasingly utilise the broker channel for experience, expertise and greater market choice to secure access to credit. In addition to providing customers access to a panel of 34 lenders on average, brokers are ideally positioned to help customers, especially those with more complex lending scenarios, to understand the ever-evolving application process and provide the information necessary to meet changing lender requirements. Mortgage brokers continue to offer choice to consumers and ensure credit continues to flow which is of systemic importance to the housing market and a strong economy. Comparator compiles quarterly broker statistics for the MFAA by calculating the value of loans settled by 18 of the leading brokers and aggregators as a percentage of ABS Housing Finance commitments, table 5609.11. The MFAA releases these statistics each quarter.

12.01.2022 Following an emergency meeting held this afternoon, the Reserve Bank of Australia (RBA) has stepped up the action it's taking to support the domestic economy in response to the spreading impact of the COVID-19 pandemic - as has become the norm at central banks around the world in days past. Effective tomorrow, 20 March, the official cash rate will be slashed to a new record low of 0.25%. The RBA has previously communicated that 0.25% is its floor; rather than moving to 0%, t...he central bank will likely look to other support measures moving forward. According to Canstar group executive of financial services, Steve Mickenbecker, The major banks are likely to feel the obligation to cut again, especially if they too are convinced that this is the last of the cuts and that the announced RBA support measures will be sustained. What better way for the RBA to spend its last 0.25% than in convincing the markets that they are all on the same team, he added.

09.01.2022 Debt is Not a 4 Letter Word

09.01.2022 NOV13 Business After 5 - 13th November 2018 Public Hosted by Parramatta Chamber of Commerce and Holiday Inn Parramatta

08.01.2022 The Coalition Government promised before the federal election to help first home buyers get into the housing market. That help is the First Home Loan Deposit Scheme. Instead of saving for years to get a 20% deposit, you could buy your first property sooner with the Government acting as your guarantor. Under the program, you can buy your first home with a deposit as low as 5% of the property’s value if you earn up to $125,000 a year ($200,000 for couples). The Government would... pay the lenders mortgage insurance (LMI), which banks typically require for any deposit below 20% of the home value. This could mean a saving of around $20,000. for a $500,000 loan. The scheme, set to kick off in January 2020, would help up to 10,000 of the estimated 100,000 first-time buyers each year. There would be a limit on the value of the property you could buy based on your region. But details have yet to be released. Not All Banks will be involved with this Scheme. Hurry Register on the OSR sight 1st January 2020 See more

08.01.2022 What Happens When You Don't Pay Your Credit Card? It’s important to know what the impact of not paying your credit card will have as what may seem like an innocuous, easy, short-term solution, can end up being a far more costly outcome in the long run and not just to your bank balance. During the first 3-6 months of non-payment, your financial institution will likely get in touch via phone, email and mail. The communication will be quite friendly but firm and as the arrears... period grows, the tone of the contact will become more assertive. Once your overdue credit card or personal loan hits the 6 months in arrears mark, a credit default can be placed on your credit report (though Equifax allows defaults from 60 days in arrears). It is also worth noting that in this period, interest on the amount owing will be accruing as normal so the debt is not stagnant, it will continue to grow in this period. Once you hit that 6-month overdue point, your account is likely going to be reviewed for possible legal action. It more than likely though, that the credit card or personal loan debt will be sold to a debt collection agency. The debt is usually sold for approximately 30-40% of its’ face value and once sold, the bank hands the full responsibility of the debt over to that agency and no longer has anything to do with it. The debt collection agency will begin to chase the debt in a far more intensive way than the lending institution they bought it from. They will start the same way, with letters and phone calls but it will be much more intensively and regularly. The debt collection agency will demand far more in monthly repayments than the banks will. The debt collection agency will only try and chase the debt for so long. If you fail to pay the amount, or organise a payment plan for the full amount, the defaulted account will be individually assessed for a Statement of Claim (a court summons). The most common aim of these Statement of Claims, is for a filing of bankruptcy in order to seize assets or issue a garnishee order (attachment of earnings). As you can see, not paying a credit card or personal loan can have some pretty far-reaching and damaging consequences.

07.01.2022 Fantastic rates available!

05.01.2022 Home Buyers Home buyers keen to capitalise on Sydney’s falling prices may want to go on a diet, or learn to cook. Housing experts have warned that lending institutions have become so strict in their assessments of prospective buyers’ spending habits they are scrutinising every dollar of expenditure. ... And that includes what buyers spend on food, going out, hobbies, travel, clothes and so much more. More frivolous spending has tended to attract the ire of banks, which have been mandated by financial regulators to be more cautious in their determinations of what buyers can afford to borrow. Now they’re looking at your banks statements to see how often you have takeaway food. All other spending habits. So, Start watching your spending habits if you want to buy a home.

05.01.2022 Close call: RBA announces May cash rate decision 07 May 2018 Tim Neary The Reserve Bank has announced its cash rate decision for April, as the federal election nears and the country’s political leaders ratchet their squabble politicking into top gear.... As predicted, but not as fervently as in previous months, the RBA has held the official cash rate steady at 1.50 per cent. Australia’s top economists and market commentators were divided on which way the RBA would lean today, but Leanne Pilkington, managing director at Laing Simmons, got it spot on. She had felt the RBA would hold off the now anticipated cut, but said it was as close a call as the RBA has faced in recent times. The March quarter CPI figures were a bit of a shock but we still see the hold pattern as the prudent course, she said prior to the announcement, adding that a single rate cut takes time to wash through the system. And the Cutting the cash rate could serve to stimulate the property market. However, history shows us that the RBA does not move the cash rate during an election campaign. Chief economist at REA Group, Nerida Conisbee, also had one eye on the election. She had predicted an RBA rate hold, but said this month’s decision was a hard one to call. I'm going with hold but I am not as confident as with my previous calls, she said prior to the announcement. AMP economist Shane Oliver also called it wrong, saying weaker than expected underlying inflation in the March quarter argued the case for the RBA to cut now, rather than wait another month. Rate cuts [are] on the way thanks to slower economic growth and the downturn in the housing cycle, said Mr Oliver. ion numbers are terrible but jobs still looking okay. Plus, there is an election coming up. economic situation is fluid, particularly given the upcoming election.

05.01.2022 Property market set to soar post-COVID-19 18 May 2020 Cameron Micallef Investors are being reminded that the pain in the property market will be short-lived, wi...th property prices expected to bounce back post-pandemic. Research conducted by PIPA chairman Peter Koulizos analysed annual median house price and index data for seven consecutive years, including the start of each recession or economic downturn from 1973 to the GFC. The data found that five years after each of the recessions or economic downturns over that time period, capital city house prices saw a significant increase. In fact, looking back over the past nearly 50 years, house prices were higher five years after a recession or downturn each time, Mr Koulizos said. While some areas outperform others, due to a variety of economic reasons including employment, Mr Koulizos stated that, overall, capital cities continued to grow. The moral of the story is don’t panic. Property has shown its resilience through economic shocks before and we have no reason to expect it won’t do so again. Propertyology’s head of research, Simon Pressley, recently reaffirmed this, stating: Property investors are being urged to take comfort in knowing the current economic volatility has a cause with a defined solution and a relatively defined time frame.

01.01.2022 Home Buyer Schemes June 2020

01.01.2022 https://www.brokerbehindyou.com.au/ Join the fight in support of mortgage broking! Potential reforms are currently being discussed, which, if enacted, could make the mortgage broker channel unsustainable - potentially forcing customers back to the big banks and cutting their access to smaller lenders and credit.... Support your broker now by clicking on the link below and signing the petition and by contacting your local Federal MP in support of mortgage broking. JOIN THE FIGHT!