Ksenia Petrushko | Mortgage brokers

Ksenia Petrushko

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25.01.2022 My top 7 Tips for Buying Off The Plan New home sales are back on the rise, fuelled in part by many investors and owner-occupiers buying off the plan. The concept is straightforward: put up a deposit (usually 10 per cent) to help the developer fund construction and pay the balance when the build is complete. ...Continue reading

25.01.2022 Do you have the right things covered? It's funny how most of us insure the simple and basic things that can easily be replaced - like our car and the contents of our home. However, not many of us cover the most important things- like our health and income.... These statistics outline how 75% of us will be diagnosed with a serious illness during our working life, yet nearly all of us are under insured when it comes to protecting our life and income. Regardless of whether you rent, have a home and mortgage or are paying off an investment property, its important to protect your income in the event of unforeseen circumstances. Please read my short factsheet - Do you have the right things covered? https://www.mortgageaustralia.com.au//doyouhavetherightthi

24.01.2022 Is your old equipment slowing you down? Old tech? Outdated machinery? Vehicle breakdowns? Will the purchase of new assets or equipment speed you up, help you become more efficient and help you get ahead? Asset finance is often the answer. ... Financing new equipment, instead of purchasing it outright, can be a good way to preserve cash flow and working capital while adding an asset that can begin to generate immediate income. And, of course, there may be potential tax advantages that could also come your way.

24.01.2022 Do you feel a bit ill when you open the letterbox and see your credit card statement? It's happened to most of us at some point - a few untimely expenses pop up, and suddenly that credit card has a life of its own. The good news? There is hope. You can get control of your credit card debt today with a few simple steps. ... Stop the bleeding It might sound obvious, but the first step to cutting down your credit card debt is to stop growing it. If you have any direct debits connected to the card, make other arrangements for these to come out of a bank account. Then, use whatever means necessary to destroy the card so that you can stop accruing debt. Pay more than the bare minimum If you only pay the minimum amount each month, you'll see many birthdays waiting for your credit card debt to decrease. In most cases, you will only be paying the interest on the debt without reducing what you owe. It's time to sit down and make a budget, and look for ways to pay as much as possible off your credit card each month. Work out your priorities If you have debts on more than one credit card, your instinct might be to pay the largest amount off as a priority. Alternatively, try focussing on the card with the highest interest rate. It's also worth knocking over your smaller cards first (and then cancelling them) so that you can concentrate on one monthly repayment. Try a balance transfer Many lenders offer great introductory rates on new credit cards. Some even offer rates of 0% for the first 6 or 12 months. This presents a great opportunity to work on getting your balance down, without being charged interest. Beware though - it's important to investigate what your interest rate will be after the introductory period. It's also vital that you do pay as much as possible off the balance. If you don't reduce your debt, and if the standard interest rate is higher than what you had before - you will only do further damage. Save for a rainy day Many of us get into trouble with credit cards because we don't have adequate savings when something unexpected comes up. While you work hard at reducing that credit card debt, try to put a little bit in savings each month and build up a buffer. That way if you suddenly need a new set of tyres or a hot water service, you won't undo all of your good work by whacking it on the credit card. Put your hand up If you can't seem to get control of your finances and you feel like the situation is getting worse every day, it might be time to ask for some help. There are experienced financial counsellors and legal representatives who can help you to make a plan and get back on top of things again.

23.01.2022 Is changing your job going to affect your ability to buy a new home? Approximately half the Australian workforce is considering a job change at any one time. Younger people are the most active in the job market with those under 30 almost twice as likely to change jobs as those aged over 40.... But did you know that lenders may not view a new job as positively as you do? If you are thinking of buying a home or investment property, its important to get your timing right when it comes to changing your employment so it doesn't upset your plans. But if you are considering a career change, or have recently changed jobs, by managing things properly you may not need to put your borrowing plans on hold. To avoid problems, please check out this article - "Will the Bank be Impressed with my New Job". https://www.mortgageaustralia.com.au//willthebankbeimpress

23.01.2022 Avoid trouble when the bubble bursts - 5 ways to spot a housing bubble. Purchasing a property is a major financial commitment, and hopefully a great investment that will serve you well. Unfortunately though, many purchasers don't recognise the warning signs, and make this great leap in the middle of a 'bubble' - when housing prices are suddenly inflated. What happens next can be a devastating blow - the bubble bursts and your property is now worth less than what you paid fo...r it. Don't let this happen to you - look out for these 5 ways to spot a housing bubble... Housing prices have increased rapidly If prices in your area have climbed by 20% in the past few months, there might be other factors at play. Beware of sudden increases to property values, and try to find out who is paying more. In the past, Government incentives such as enormous 'first home buyer' grants have caused property values to rise with speed. When the schemes come to an end, the market will adjust itself accordingly, and many new purchasers can be caught unaware. Affordability Figures are low If housing affordability figures indicate that median house prices have become unaffordable for the average Australian, chances are that they will settle back down again at some stage. Interest Rates threatened to increase When interest rates are low, property sales figures are often very strong. Unfortunately once interest rates begin to rise again, property prices and selling rates will drop accordingly. Relaxed lending criteria Lenders tend to adopt stricter lending criteria during tough economic times. During the Global Financial crisis, many lenders required a 20% deposit on all new loans. When loans are being awarded freely, and lenders are advertising 95% finance or more, there is often trouble on the way. Delinquencies The United States was heavily impacted by the GFC, and the first sign of trouble was a higher rate of delinquencies. Freely available loans and very long mortgages contributed to a situation where finance was given to many purchasers who could not afford to service their loan. Look out for a high rate of delinquencies which could signal that the bubble is almost ready to burst.

23.01.2022 How to make sure your next home isn't a money pit. The typical home purchaser spends around 90 hours over 6 months browsing the internet, researching websites, visiting real estate agencies and inspecting no less than a dozen properties. However we only spend a little more than one hour inspecting the home we eventually purchase.... Not surprisingly, 55% of us discover 'hidden problems' after the settlement. Please read this article on how to avoid problems before finalising the purchase of your next home - Biggest Investment. https://www.mortgageaustralia.com.au//biggestinvestment.pdf

20.01.2022 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

15.01.2022 Do you know what your credit record says about you? Have you ever actually seen it? For many borrowers, it can be quite a surprise to learn that a few blotches have appeared over the years on their credit history report. ... Unfortunately, many are blissfully unaware until they apply for a home loan. Once your application has been lodged, it can be tricky to challenge your credit report and prove your worth to the lenders. Don't let this happen to you. Enrol in boot-camp today and get your credit record in shape - and the good news? You won't need to squeeze into the Lycra and start counting calories. 1) Review your credit record The first step is to get your hands on a copy of your credit history report. This can usually be done through your mortgage broker, or by directly contacting a Credit Reporting Body. There are quite a few companies who can provide your credit report to you, but the national bodies are: Veda, D&B, and Experian. 2) Challenge any discrepancies or misunderstandings If you think that there's a discrepancy on your credit history report, you can challenge these. The first step is usually to contact the company who added the incorrect information to your report, and see if they can amend it. Failing this, you can dispute the discrepancy through a Credit Reporting Body. 3) Be honest It pays to be upfront with your lender about anything on your credit report that could impact your ability to borrow. Most lenders are fairly strict, but some will take into account your explanation credit issues, and the steps you took to resolve them. 4) Cut down debt and credit Before you apply for a loan, try to reduce the amount of credit card debt - and also available credit that you have. Some borrowers are surprised to learn that a credit card with no debt owing at all - but with a high limit, can have an impact when being assessed for a loan. Try to reduce your limits wherever possible, or if you don't really use the card then consider cancelling it. 5) Know your finances Come to the first meeting with your lender or broker, prepared to explain your budget, expenses, income and your capacity to repay the loan. It's also important that you can demonstrate savings, as most lenders will require at least 5% of the purchase price in order to approve a loan. When it comes to the deposit, the more you can pay upfront, the greater your chances of being approved for a loan. If you can put down 20%, you will remove the need for Lenders Mortgage Insurance (LMI) which could represent significant savings for you.

13.01.2022 Drive away in your dream car. Contact me for a low cost carloan.

12.01.2022 Buying and selling at the same time - discover the Big Question that could make or break you. Are you nearly ready to upgrade your home? It's often a natural progression - we come to a point where the house is just too small to fit everyone comfortably. Maybe it's got to the stage where you really need a home office. ...Continue reading

11.01.2022 Here are some Super Savings: In March this year Australian workers had more than $1.8 trillion stored away in superannuation funds, in part thanks to a system that generally requires employers to pay a contribution on employees behalf. From July 1, this required employer contribution jumped .25% to 9.5%.* For many wage and salary earners who benefit from these compulsory super contributions, super is often something they think about once a year when their statement arrives i...Continue reading

09.01.2022 Are you protecting your bank and leaving yourself vulnerable? Did you feel a sense of relief when you finally sorted out all of the details and contracts for your loan? You took out home and contents insurance, you arranged for a cheque to cover the last few costs at settlement. And you saw the paperwork for the Lenders Mortgage Insurance so you're all covered in case you can't repay your mortgage, right? Wrong!... Many borrowers make the tremendous mistake of assuming that Lenders Mortgage Insurance is their safety net in case of unexpected circumstances. This mistake could cost you the farm, and maybe even a few chickens. LMI Lenders Mortgage Insurance (LMI) is designed to protect your lender or your bank - not you. Unless you were able to fork over more than 20% of the purchase price, chances are your lender would have required you to talk out LMI. LMI doesn't provide any assistance to you if you become unable to repay your mortgage. It won't kick in if you break your leg, or if you suddenly lose your job. LMI will not provide for your family in the event of your untimely death. Lenders Mortgage Insurance is just that - insurance for your lender. This is designed to protect your lender in case you don't make your repayments. If the lender is forced to sell your property in order to recover their money - they want to make sure that they won't lose out if the selling price is not as much as what you paid. This is especially relevant if you only paid a small deposit. Personal Insurance There are an enormous variety of insurance products on the market that protect you from all sorts of misfortune. Life Insurance will provide financial assistance to your family in the event that you suddenly pass away or become permanently disabled. There are many insurers out there so it's worth comparing lots of different Life Insurance products to make sure you're getting a good deal. Income Protection Insurance is a safety net in case you become unable to work due to illness or injury, and sometimes because of involuntary redundancy. This can be very helpful for those who are self-employed - would you be able to keep up your loan repayments if you weren't working for a few months? Trauma or Crisis insurance is another option that you can investigate, which will help you out in a variety of sticky situations. The important thing to understand is - you have plenty of options. There are lots of insurance products out there that protect you from the unexpected. But LMI is not one of them - unless you're a lender.

08.01.2022 Have you considered a second residence on your property? Home owners looking to invest in a rental property without taking on significant debt are finding a solution in their own backyard. The granny flat is regaining popularity as a solution to tight rental markets, an ageing population and metropolitan land shortages, thanks to more relaxed legislation in some parts of Australia....Continue reading

07.01.2022 Why part-time work is good for kids: In our stable economy, there are plenty of opportunities for young people to get a part-time job. Kids need to be 14 before they can get a proper paying job and they need a tax file number (TFN). High-schoolers can skip the usual paperwork by applying for a TFN through the secondary schools program, which allows schools to verify a students identity through their records. If your school doesnt participate in the program or you attend uni...Continue reading

06.01.2022 Do you have a big ticket item you would like to purchase but aren't sure the best way to do it? There are many different ways we can buy things - some better than others. There are also some that can end up costing you way more than you might realise.... To give you a few new ideas, please have a look at my short "9 Ways to Pay for My Racehorse (or holiday, pool, car ...)" PDF article. https://www.mortgageaustralia.com.au//9waystopayformyraceh

06.01.2022 Mortgage holders may be reluctant to make moves in the property market right now, but plenty are interested in making moves with their home loan. The AFG Mortgage Index indicates around 35% of new home loans were due to refinancing. At the same time, a survey for Ernst and Young by Quantum Market Research found 65% of borrowers were looking to be rewarded for loyalty with lower fees and better rates. However, a third of potential switchers admitted they gave up because there ...Continue reading

04.01.2022 Variable Interest Rate - Are you sure this is the right choice for you? With so many different loans on the market, it's easy to get a little confused. It's not always simple to work out which lender is offering the best deal, or who has the best interest rate. One of the main choices you need to make early on, is whether to opt for a standard variable interest rate, or a fixed rate loan.... Many lenders offer fixed rate loans for 1 to 3 years, some even offer periods of up to 10 years without a change to your interest rate. So with all of this certainty on offer, what are the benefits of the old-fashioned variable interest rate? Lower interest rate Usually your rate will be lower than a fixed rate mortgage, meaning that you pay less interest. Variable rates are generally lower than fixed rates. If you choose to fix your rate, you're paying for the certainty that this offers. Take advantage of decreasing cash rate If your lender reduces their standard variable interest rate, your interest will be reduced accordingly, meaning that you always pay the lowest standard rate that your lender is offering. So when the Reserve Bank lowers the official cash rate, there is a good chance that your repayments will reduce. Features and Flexibility Usually standard variable rate loans offer an array of features that you don't get with a fixed rate loan. Most variable rate loans give you the flexibility to make additional payments when you want to, but then redraw the extra money again later if your situation changes. Many lenders also allow offset accounts for your savings which reduce the overall interest charged on your loan - because the bank takes your savings into account before calculating your interest. When you opt for a variable rate loan, you always have the flexibility to fix your rate later, meaning that you can wait and see if rates are further reduced, potentially saving you money. If you have already fixed your rate, you will continue to pay the same interest rate even when the official cash rate continues to decrease. On the other hand though, if the official cash rate rises, your loan repayments will increase accordingly. Did you make the mistake of borrowing too much? If you opt for a variable rate loan, and then interest rates start to rise, you might find that you struggle to meet your repayments. To avoid issues in the future, it's really important that you take the time to compare the loans available to you, and choose the loan that suits your lifestyle and budget.

04.01.2022 Avoid these Common Mortgage Mistakes: For many homeowners, it's easy to get caught up in all of the excitement, and stumble into one or more of these embarrassing mortgage mistakes. Unfortunately I see it very often. Getting a Standard Variable Rate loan:...Continue reading

02.01.2022 Don't let this avoidable home buying disaster happen to you: We all get a little excited when we finally find 'the one'. After months of dragging yourself around to open houses, finally it looks like you might be in with a chance, on a property that you really like. Of course, you have probably been instructed by your mortgage broker to add a condition in your offer that makes it 'subject to finance'. This protects you just in case there are problems getting your loan over th...Continue reading

01.01.2022 Australia has once again become a nation of savers. No longer is debt de rigeur. In this post-GFC era we prefer to play it safe with lower levels of debt and are looking for ways to be debt-free faster. Savvy savers are making the most of low interest rates and their savings by maximising offset accounts. An offset account is essentially a savings account that is linked to a loan account. Instead of earning interest on your savings deposit, the funds are used to offset the lo...Continue reading