Quinto White :: Mortgage & Finance Specialist | Finance

Quinto White :: Mortgage & Finance Specialist

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22.01.2022 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.

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17.01.2022 How To Combat ATM Fee Charges CONSUMERS who use ATMs not owned by their own banks paid $660 million in mostly unnecessary fees. A large chunk of this money could be kept in people’s pockets with some good planning and budgeting.... The fees, known as foreign ATM fees, are those charged by the ATM operator when consumers use an ATM that does not belong to their own bank, or is not in a network arrangement with their bank. The fees usually average $2 or more. The Australian Bankers’ Association says 40 per cent of all ATM transactions in 2011 were done at a foreign ATM. That figure is likely to be the same today. It’s no different from going to a shop and buying a coffee you’re purchasing a service from someone, says the ABA’s chief executive, Steven Munchenberg. You are paying for the convenience. He says the best way to avoid these fees is planning and to be aware of where your own bank’s ATMs are located. You can also get cash out with Eftpos transactions, particularly at the supermarket. Munchenberg says for people who may not always have easy access to their own bank’s ATMs such as those in outer suburban or regional areas, the answer is to avoid making lots of small transactions. Legislative changes introduced in 2009 meant ATM customers had to be notified of the foreign ATM fee on the machine’s screen before the transaction was completed, and since then transactions at foreign ATMs have fallen. Many financial institutions now offer free ATM locator applications for smartphones. Source: http://news.com.au/

09.01.2022 Eight tips for New Australians wanting to purchase property If you are new to Australia and looking to establish a comfortable, settled life here, then sooner or later, you will naturally consider buying property, either as an investment or a home for your family. So there are a few things you need to do in preparation for your first property purchase. 1. Find steady employment...Continue reading