Five ways to save on mortgage repayments
It feels like a lifetime. A mortgage, that is. And that’s what ‘mortgage’ actually means in latin… a ‘death pledge’. Basically either the debt, or you, dies first. To think that you’re stuck paying interest to a bank for 25 or 30 years…it’s depressing. More if you need to refinance to renovate or deal […]
Upfront costs of buying a home
If you are planning to buy a property, you may get a rude shock when you find out how expensive all the little associated costs that come with it are. Especially if this is your first property, or it’s been a while since you last bought. So, when the time comes to apply for […]
What you need to know about self-employed home loans
Risk is a huge consideration when it comes to banks and responsible lending. When you are applying for a loan with a bank, they will want to minimize their exposure to risk in a whole number of ways. The main one is to ensure you have a reliable income with which you can make […]
Homeownership vs renting
Times have been tough for tenants in recent times as vacancy rates have tightened to record lows and asking rents have risen by double-digit percentages for consecutive years. But homeowners still paying off their mortgages have had their challenges. The RBA cash rate has risen from 0.1% to 4.35% and banks have hiked interest […]
Should I refinance in 2024?
Australians refinanced at record levels in 2023, which was understandable. There’s nothing like being slugged with hundreds or even thousands of dollars extra a month in interest repayments for getting you engaged with your finances. Many borrowers had been lulled into a state of complacency because, until early 2022, it had been more than […]
Reasons to consider using your SMSF to invest in property
Major economic events like the GFC and the Covid pandemic taught us that things outside our control could severely affect our future wealth. It showed there are no guarantees when it comes to trusting your hard-earned money to a fund manager you have never met. These events played a part in a sharp uptick […]
How to reduce your loan repayments
A 25 or 30-year mortgage term is a long time to be paying interest to a lender and in the end you’ll end up paying back a lot more than you originally borrowed. The good news is that there are several positive actions you can take that will reduce your overall bill significantly. Say […]
Eligibility Criteria
So you’ve decided to buy a property. You’ve saved a deposit, researched the local market and now you’re ready to go. But are you even eligible for a home loan? You may know you’re “good for the money” when it comes to making repayments, but banks don’t operate that way these days. Once upon […]
Refinancing to get better interest
Homeowners and investors are refinancing at never-before-seen levels as rising interest rates take their toll. PEXA research showed more than 450,000 homeowners refinanced in the 2022-23 financial year, while an InfoChoice survey revealed two-thirds of mortgage holders are planning to do so in the near future. The rush to switch lenders has come about […]
What to do when out of borrowing power
One of the biggest effects of the RBA’s year of rate hikes has been a significant reduction on borrowing power for everyone. Owner-occupiers have had to face up to being eligible to borrow up to 30% less than this time last year in some cases. Imagine looking for properties with a million-dollar budget in […]
