Brett Hunter | Financial service

Brett Hunter

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24.01.2022 How to save for your FIrst Home - without moving back to Mum and Dad: Are you trying to save up for your first home? There's so much to think about - not just an enormous deposit, but stamp duties, moving costs, conveyancing fees and loan costs all add up to quite a number. Saving such a large amount can be a tough slog. You try and put a bit away each week but unexpected things tend to pop up, and it can feel like you're not getting anywhere at all. But there are a few thing...s you can do to speed up your savings journey. 1. Cut your costs It's time to sit down with the calculator and work out just how much you spend - on what. It's all too easy these days to 'tap and go' when you make purchases, without really stopping to notice the cost. For example, you might be horrified to learn that you currently spend $900 per year on energy drinks. And that's not including your morning coffee. Wait until you're in the right mood - and then be brutal. It's time to work out where you can trim the fat. 2. Kill the credit cards Credit cards are expensive to keep - and they have a way of blossoming if you don't keep paying them off in full. If you have a credit card debt, get rid of it. Sell your old textbooks, get a Saturday job, do whatever it takes because this one isn't doing you any favours. Not only will a credit card accrue interest, your savings goals will be undermined if you have to keep making repayments on credit cards all the time. 3. Make a budget Write down what you earn. Then list all of your 'non-negotiable' expenses - like rent, groceries, bills, train fares etc. Deduct the non-negotiable expenses, and what you have left is your disposable income. Rather than disposing of it - try to save as much as possible. Make a plan for how much you can afford save each month. It might be a bit of a stretch some months if you receive a big bill - so try keeping a separate account where you save a small amount every week. That way, if you receive your car registration you can pay it without compromising on your savings that month. 4. Leave some room to breathe We all need a break occasionally, and it's important that your budget does include some room to breathe. You might need to buy new shoes for work, or a present for your sister's birthday. Don't make it so tight that you can't even go to the movies. Leave a bit of slack for those times when you really need to live a little. That way, you're more likely to reach your savings goal.

19.01.2022 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

18.01.2022 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.

09.01.2022 Discover how to turn your home equity into a better retirement for you. If you have equity stored away in your home, now could be the perfect time to tap into it for an investment property. Equity is simply the difference between the value of your home and what you owe on it. If you have a property valued at $500,000 and owe $200,000 on it, you have $300,000 equity available....Continue reading

07.01.2022 If you are applying for your first home loan - here is the pain free alternative: The first time you apply for a loan, you could feel a bit like a deer in the headlights. With so many questions to answer, you might start to wonder if your mortgage broker is hatching a secret plot to kidnap you and steal your identity. ... Understanding what lenders are looking for can help to make the process easier for you, and improve your chances of being approved for a loan. There are five 'C's when it comes to lending... Credit History Your credit record can have a big impact on whether you're approved for a loan. Your lender will want to know about money that you have borrowed in the past, and how quickly you paid it back. Credit cards, phone bills, car loans and many other sources of credit are examined when determining your credit rating. Capital Your lender will want to know that you have assets and funds accumulated. Particularly, they will want to know how much you will be contributing to the purchase. Collateral You will need to offer property as security against your loan. Usually this just means that you offer the house as security, so that if you don't repay the loan, your lender can sell the property to get their money back. Capacity Your lender will assess your ability or capacity to meet repayments. This is done by examining your income and financial commitments such as living expenses, other loan repayments and dependants to determine if you are capable of servicing the loan. Character The lender will also take into consideration other details about you, such as your working history and length of employment, how long you have lived in your current residence, and any other available information that might help to determine your suitability for a loan.