Rudra Bhandari | Mortgage brokers

Rudra Bhandari

Phone: +61 432 490 492

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24.01.2022 How to pay your credit card off completely this year. Are you growing increasingly concerned about your credit card balance? Do you feel like you keep making the repayments but the total never goes down? It probably doesn't. Credit card debt is very bad debt and it has a way of reproducing itself faster than a pair of rabbits.... So how can you get your credit card paid off by the end of the year? Mark managed to pay off a $7k credit card balance in one year, just by making a few smart decisions with his budget. Decision number 1: Cancel the Pay TV. Mark was paying $79 per month for subscription TV. He didn't really watch it very much because he was working long hours. Saving: $948 Decision number 2: No more morning Cappuccino. Mark's boss had recently installed a great coffee machine in the office, so he decided not to get a $4 coffee on his way to work every day. Saving: $1040 Decision number 3: Ride to work. Mark had purchased a new bike last year, and he was really keen to get fit. An easy 20 minute ride to work every day saved him paying for train tickets. Saving: $3000 Decision number 4: Cancel the Gym membership. Mark had made only two guest appearances at his gym this month, and he felt it was a waste of money now that he was riding to work. Saving: $1200 Decision number 5: No beer on weeknights. Mark was enjoying his new fitness regime and he decided that he would try to only drink beer on the weekends. He stopped buying a 6 pack 2 nights a week. Saving: 1456 Mark's story shows just how easy it is to pay off your credit card debt by making a few small changes to your lifestyle. But the first step is to stop spending on the card. If you can stop growing the debt, you can then start working on bringing it down, one coffee at a time!

23.01.2022 Six Steps to becoming mortgage-free - Step 2: Change your frequency... Do you wish there was a way to own your home sooner - without a mortgage? Do you often wonder what it would be like to worry less about your repayments, and more about planning your next holiday? What if there was a way to reduce the length of your loan, without making huge financial sacrifices?... Well, the good news is that there are six steps you can implement today that will make a huge difference to the time it takes you to pay off your loan. Last week we discussed the importance of shopping around to make sure you have the best loan in the first place. A small saving now could translate to enormous financial and time savings over the life of your loan. Today there is another simple step that can really make a difference to the amount of interest you pay on your loan. And it's as simple as changing the channel on your TV. (Well, almost!) Change your repayment frequency. Lenders calculate the interest on your loan daily. So even though your repayments might be made on a monthly basis, your interest is accruing all the time - even while you sleep. By changing your repayments to come out fortnightly, you'll pay your loan off faster. You will also reduce the total amount that you pay on your loan. This could mean reaching your financial goals a little sooner, and having more money in your pocket at the end of the day. Stay tuned for your next step to becoming mortgage free!

22.01.2022 How to avoid getting stuck in the borrower's 'land of confusion': Comparing the true cost of a loan can be a lot more complicated than it seems. Comparison Rates are one way of comparing loans, but it doesn't always provide a complete picture of the total cost of the loan.... Make a mistake and you could pay thousands more in interest than you should. To avoid this, have a look at this short guide - "Land of Confusion". https://www.mortgageaustralia.com.au///landofconfusion.pdf

16.01.2022 How do you get your hands on the equipment you need to grow? And how do you do this whilst still keeping the all-important cash flow and working capital in hand? Talk to me today about smart solutions when it comes to asset and equipment finance.

15.01.2022 Mortgage traps ahead! - Don't fall in. Do you love a bargain? It can feel like such a victory when you find that special deal on a new TV, or when you save a bundle by doing your Christmas shopping during a toy sale. Unfortunately, this sort of approach to looking for a mortgage can easily land you in hot water. Whilst it always pays to look around for a good deal on a home loan - there's also an old saying: "If it sounds too good to be true, it probably is".... There are a few fatal traps when it comes to choosing the right loan for you. Unfortunately the excitement of buying your first home can be all too distracting, and it's easy to put your foot in it by failing to research your loan options. Irresistible Offers The majority of lenders are very responsible and cautious, and only give out loans to people likely to make their repayments. These lenders will offer the best deals their desired customer - usually someone who earns a good income, has a clean credit history report, and has a decent deposit to contribute. If you know that your circumstances don't make you particularly appealing to a lender, but you're being offered a crazy deal - there might be something amiss. Take some time to read the fine print and make sure that the loan contract doesn't contain any nasty surprises. Remember - there's no such thing as a free lunch! Fixed rates You might be tempted to lock in a low interest rate for a couple of years so that you can have the peace of mind that comes with knowing your repayments. The danger here, though, is that you might be missing out on features that you need, or being charged additional fees. Make sure that you research all aspects of the loan, rather than just focussing on the interest rate. Fees and Charges Loan contracts can be very detailed - packed full of confusing words and legal disclaimers. But one section that you should study with a magnifying glass is the schedule of fees and charges. Do you know whether you can make changes to your repayments? How much will it cost if you default on a repayment? What is the fee associated with ordering a statement ahead of time? And importantly - what establishment fees will you have to pay at settlement? If you don't know this amount, you might not be able to proceed with your purchase and you could lose your deposit. Flexibility and Features It's important to consider what features you need in a loan - do you want to be able to make extra repayments when times are good? Would you like to be able to take that money back again if something doesn't go according to plan? What about if you want to change your repayment frequency? The features of your loan are just as important as the interest rate - and not paying attention could mean that you end up paying a lot more in the long term.

04.01.2022 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.