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Sierra Finance Partners in Kew, Victoria | Mortgage brokers



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Sierra Finance Partners

Locality: Kew, Victoria

Phone: +61 1300 228 839



Address: 35 Cotham Road 3101 Kew, VIC, Australia

Website: http://sierracapital.com.au

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21.01.2022 Which is better? Plan A - Buy a home Or Plan B - Buy an investment property and rent



20.01.2022 What happens when your fixed rate expires? Do you know when your fixed rate term is coming to an end? Once it finishes, the bank is free to quietly switch you to a higher interest rate unless you act fast! Think of how costly it could be if you simply let the bank choose your interest rate. If your bank charges you just 0.5% more than the competitive interest rates, this adds up to a significant amount over the term of your loan. You can save yourself a great deal of money... and perhaps even cut years of your loan, if you are proactive about monitoring your interest rates and choosing the right option for you. Switching to a variable rate A variable rate can be a great option if you want to take advantage of low interest rates, or if you want the flexibility to redraw or make extra payments. When your fixed rate term expires, the bank will automatically switch your loan to the Bank Standard Variable Rate (BSVR). Do some research to find out whether this is a competitive rate; if not, you can talk to your bank and try negotiating a better deal. And if they do not offer you a competitive rate, you can switch lenders. Lenders generally prefer to negotiate rather than lose a customer, while they don’t generally make their best offers to customers with a proven history of loyalty. So when it comes to your interest rate, stay alert and ask questions keep your lender busy, trying to keep you happy! Extend your fixed rate One option is to ask the bank to refix your home loan, extending it for another one, three, five to ten years. The fixed rate is a good option for you, if you are planning to pay off your loan steadily over a long period of time, and you want each mortgage payment to be a regular amount so you can budget your money precisely. Fixed rate protects you from rate rises and you could be paying less than the variable rate. However, there is also the risk that you could end up paying higher than the market rate if you are locked into an outdated fixed interest term. There may also be a break fee if you change or pay off your loan within the fixed period; this means the fixed rate is not a good option for anyone planning to sell their home. Call us today if you need assistance pinpointing the best and most competitive option for you.

20.01.2022 Which is the right home loan for you? There are a bewildering variety of home loans available, and it can be confusing to figure out which type of home loan is the best for your circumstances. However, when you know the pros and cons of each type of loan, you can make a decision that will fit best with your financial situation. Fixed rate home loan...Continue reading

16.01.2022 What's A Better Strategy To Access Equity: Take Out A Line Of Credit Or Just Top Up A Loan? [Long Blog Educational Status Update]: Lines of credit can be very useful; however, you need to be careful regarding an evergreen set-up in which no repayments are needed and the interest is added on to the loan....Continue reading



16.01.2022 Tip: Watch your credit card limit! Even if your balance is zero, the higher your limit the lower your borrowing capacity.

11.01.2022 How Do I Pay Off My Mortgage Sooner? Pay more, more often. Want to pay off your mortgage early? Then make bigger mortgage repayments, more frequently. You’ll own your own home sooner and save a bundle on interest. E.g. paying an extra $10 per week on a $350,000 home loan (@7% average) saves nearly two years off your mortgage and $34,382.65 in interested expenses ... Act now you pay most interest up front Most mortgages are structured so that you pay off most of the interest in the early years. If you are serious about wanting to reduce the interest you pay on your Home Loan, you’ll act now. Get rid of car loans and credit card debt You’re generally paying a higher interest rate on small loans (e.g. a car) and your credit cards so it makes sense to eliminate those debts first. So, put a rein on your credit card usage and then tackle your mortgage. Make sure you’re paying off the right mortgage When you entered the mortgage market, you might not have been as well informed as you are now. Or the market might not have been as competitive. Stay in close contact with with us to stay informed you have the right loan. I can can let you know if there is a new home loan product that will save you money over the term of the mortgage. Flexible mortgages Most debt-retirement strategies depend on you being able to pay off more of your mortgage sooner. Read the fine print or talk to us to see if you have the flexibility you need to reduce your interest charges. Pay more and pay often Assuming you have a mortgage that lets you pay extra, you should pay more and pay often. The interest charged on a $ 300,000 home loan at a rate of 7.15% over 30 years with monthly repayments is over $420,000. By paying off an additional $50 a month, you’ll reduce the interest bill by $39,000 and your loan term by 2 years and 4 months. You could look at making repayments weekly or fortnightly rather than monthly. Over 30 years the savings add up. To learn more, talk to us today today. Information source: MFAA

10.01.2022 => Top ten tips for first home buyers It is a long journey from saving up the first deposit to actually owning your own home, but it is certainly a rewarding one! Your first property is an important financial and emotional investment into your future, so you want to make the most of every opportunity to make your dream home a reality. 1. Start budgeting like a home owner...Continue reading



09.01.2022 Looking to invest in property to create wealth, security & freedom? Sometimes you need to be creative to find the right solution! Private message me to set up a meeting to explore your options. (we'll cover your borrowing capacity, loan structuring, property options, repayment options, rates etc)

09.01.2022 Understanding the buying and loan process Purchasing a new home or an investment property can be a daunting prospect, and you might find it difficult to identify the first logical step. Here we look at the process of securing a loan so you can buy the property that suits your needs and your budget. Ask yourself what you want to achieve...Continue reading

08.01.2022 Working with a mortgage broker A mortgage or finance broker acts as your go-between, communicating with banks and lenders on your behalf, in order to secure the best deal for your circumstances. With approximately 40% of home loan applications being turned down, you can benefit from a broker to ensure that your application is sent to the right lender. However, while the broker can save you a great deal of running around, you should still double check everything to make sure y...ou are getting the best deal available. Is the broker licensed? Before you start doing business with a mortgage broker, check that they are fully licensed. In Australia, it is illegal for a credit provider or broker to operate without a license. You can check through ASIC Connect’sProfessional Registers or call ASIC’s Infoline on 1300 300 630. Before you start doing business with your licensed broker, ask what loans they offer and how they are paid. The broker’s fee is generally covered by commission paid by the credit providers, although some brokers may charge you a fee instead of commission or on top of their commission. If you are expected to pay a fee, you need to know this before you start doing business. Shop around before choosing a broker, so you are confident you have the best and most cost-effective person for the job. The broker’s role Your mortgage broker is responsible for negotiating with credit providers such as banks, to find the best possible loan for your circumstances. They can offer you a range of loan options and help you manage the process of buying your property. Make a list of all your loan requirements, so the broker knows exactly what you need and want. If the broker is making recommendations that do not fit your requirements, do not settle for not good enough ask the broker to keep looking. While the broker will save you a great deal of time and money by searching for loan options, you can still do your own window shopping. As your broker is paid by commission, it is possible they will favour a certain lender over one that has the deal you desire. Alternately, they might not have connections with a lender who has the home loan deal you want. It doesn’t hurt to look around! Written loan agreement Once the broker has secured a loan that satisfies your requirements, you must get a written agreement, specifying the type of loan, the amount of the loan, the term and the current interest rate. It should also cover any fees you are required to pay, such as commissions, broker’s fees or fees to the credit provider. You may also incur fees if you wish to terminate the agreement before the end of the term. How to make a complaint If you have a dispute with your broker or any concerns about their professionalism, you can make a complaint by contacting ASIC’s Infoline on 1300 300 630.

06.01.2022 How to ensure your renovation will increase your house value There are two main benefits to renovating your property firstly, you can make it more comfortable and compatible for your lifestyle; and secondly, you can increase the value of your home. The challenge is to find the right balance between these two benefits if you invest too much into renovations, you risk reducing the amount of profit you would make when you sell. So how do you strike the balance and turn you...r renovation into profit? The 10% rule One handy rule of thumb is to ensure your renovation doesn’t cost more than 10% of the property’s value. If you are planning an extensive renovation, do your research to make sure you are not over-capitalizing. If you are building a substantial extension on a family home, for example, you should regain the value through creating a home that suits your family’s needs for a considerable period of time. Keep it simple and contained The renovations that increase the value of a home are generally in the kitchen and bathroom. A future buyer wants to know that these rooms are up-to-date with relatively new fixtures and fittings. The garden is another selling point as potential buyers will be attracted to a healthy, well maintained garden. Take your renovations slowly, step by step, finishing one room before starting on another. This way, you can keep track of costs and also ensure that your house remains liveable rather than turning into a chaotic mess that will be finished one day! Check for council approval Before you dive into any renovations, make sure you have council approval. As part of the process, ask your neighbours to check over your plans before you start work. You don’t want the neighbours complaining that your renovation reduces the value or comfort of their home. Sometimes it just means repositioning a window that overlooks the neighbour’s yard, in order to keep everyone happy. Consider your financing Depending on your financial position, you could use your equity to finance the renovations, a combination of equity and savings, or you could take out a construction loan. In order to access the equity on your home loan, you need to ensure that the loan includes features such as redraw, line of credit and an offset account (this of course varies based on individual circumstances and needs). A construction loan is written against the renovated valuation of the property, and the lender interacts directly with the builder, making regular milestone payments and monitoring a schedule. Basically, your lender has a vested interest in ensuring your renovation increases the value of your home. If you need assistance working out the best way to finance your renovation and ensure it increases the value of your home, contact us today.

01.01.2022 Why you need a property inspection Whether you are purchasing a new home or an investment property, you are about to embark on one of the most important financial investments of your life. So it is essential to ensure that you are getting a fair deal. Yet, while buyers can be scrupulous about checking contracts and researching market prices, a surprising number of people tend to skip the property inspection. This means that you are taking ownership of any issues that could d...Continue reading



01.01.2022 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: news.com.au

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