Northwest Finance Consulting in Richmond, New South Wales | Business consultant

Northwest Finance Consulting

Locality: Richmond, New South Wales

Phone: +61 431 394 853

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• Business service
• Business consultant
• Mortgage brokers

17.01.2022 How to choose the right business loan From time to time, a business needs a cash injection. With so many lenders offering a dizzying array of products, it can be difficult to know what to choose. There are plenty of different types of business finance, but before diving in and applying, it’s important to understand your requirements first, so that a loan can be matched to your needs, and so that you can potentially avoid the problem in the future.... Do your homework first, because if you don’t, you’re going to buy the wrong product, says Wayne Speirs from Northwest Finance Consulting. There are hundreds of ways of getting the money to finance your business, but you’ve got to match those with the purpose and your business cash flow available to repay it. The consequences of choosing the wrong finance product include paying too much for finance, or ending up with a loan that simply isn’t fit for the purpose in this case it may make a problem worse, rather than solving it. It comes down to finding out what your real issue is, says Wayne. Work out how long it will take to repay the amount you need to borrow, whether the repayments will impact the business, what has caused the shortfall and whether you need to take any other action. A lot of people in need of short-term debt might not be invoicing properly or collecting their debts properly, says Wayne. Finally, make sure you talk to someone experienced before talking to bank staff, who may not have specialist knowledge of small businesses, or a good understanding of your business and its needs. Rather than asking friends what they think, Wayne suggests speaking to an accountant, financial planner or broker first. Contact Wayne Speirs from Northwest Finance Consulting on PH 0431 394 853 or [email protected] with 25+ years experience in structuring business and commercial lending solutions.

10.01.2022 Rentvesting - enter the property market without sacrificing your current lifestyle As property prices continue to rise, purchasing in a centrally-located or sought-after area is out of reach for the average working millennial. Instead, many are opting to rent rather than buy as it means not having to compromise their inner city or beachside lifestyle. But for those who are still eager to enter the market, there is a way to get the best of both worlds.... ‘Rentvesting’ is the term coined for when you purchase a property for investment purposes in an affordable location and continue to live and rent in the area of your choice. An example of how the market is evolving, it is a wealth creation strategy that is popular among the younger generation due to the flexibility it offers in comparison to being an owner-occupier. Millennials aren’t interested in purchasing a property in the outer suburbs and then having to commute into the CBD, says an MFAA accredited finance broker. Rentvesting allows your rental income to cover the mortgage expenses, so you can keep living the lifestyle you want without it costing you any money. For this strategy to work, you’ve got to be a good saver and there needs to be a focus on delayed gratification, advises Wayne Speirs, finance broker. It’s all about living within your means. Don’t spend big at the start while you’re building it up. Step away from the mentality of negative gearing and tax minimisation and buy neutrally, or ideally, a positively geared property as this provides higher rental yields. It’s still a foreign way of thinking, says Wayne. In the past, the great Australian dream was to buy a home on a quarter acre block and then do everything you can to pay that down as fast as possible in the hope of living debt-free. ‘Rentvesting’ is quite the opposite. It says we’re okay with good debt as long as we stick to our budget and keep using the money to invest further. You’ve got to have an open mind and be comfortable with debt. To ensure you have the means to make ‘rentvesting’ work for you, contact Wayne Speirs on 0431 394 853 or [email protected] for advice on good debt and other strategies that will allow you to maintain your current lifestyle.

08.01.2022 Without mortgage brokers, finding a home loan will be harder and could become more expensive. Sign our online petition at brokerbehindyou.com.au and keep competition alive. brokerbehindyou.com.au