December 12, 2017

24. three questoins to ask before you refinance

Three questions to ask before you refinance

The home loan market is constantly changing, with new and attractive deals coming up all the time. Refinancing can help you secure a more competitive interest rate, access the equity in your home, add features (such as an offset account) or consolidate your debts, but there are some important questions to consider before you get the ball rolling.   1. Has my financial situation changed since I first applied for a home loan? A refinance is effectively a brand new loan application. All of the personal financial data you had to gather the first time around will need to be produced again. The stability of your income stream, your assets, and your credit card debts and other debts and expenses will all be reviewed,
23. 6 mistakes business owners make when taking out a business loan v2.0

6 mistakes business owners make when taking out a business loan

A small business loan can be invaluable when you’re establishing your business or when an unforeseen setback occurs, but you don’t want a loan to be short-term gain and long-term pain. Here are six common mistakes businesses should avoid when it comes to commercial finance.   Mistake #1: Not getting the right loan A thriving business requires enough capital to meet expenses, expand and invest, but it’s important to know why you need the funds and what loan best suits that need. Do you need to cover short-term cash flow shortages, for example? A line of credit could help, where you can access funds up to a pre-approved limit, and only pay interest on the outstanding balance. Maybe you need new equipment? In this
22. how your bank calculates a business risk

How your bank calculates a business risk

Just like you, banks are in business – and they don’t succeed by making bad deals. When they consider your loan application, they’re calculating the financial risk of entering into an arrangement with you. Let’s break it down. What the bank considers For the bank, financial risk comes down to whether you can repay your commercial loan and the interest in the agreed time. According to the Australian Bureau of Statistics, as of June 2016, the exit rate across all Australian businesses was 12.3% (percentage of businesses that ceased trading). To protect itself, the bank is looking for evidence that your business won’t fall among these statistics and fail to repay the principal amount. When assessing financial risk, one of the main factors the bank
21. how to get the most out of refinancing

How to get the most out of refinancing

Everyone wants to pay less on their mortgage, and refinancing is one strategy to help lower your interest rates – but is it worth it? We take a look at how you can get the most out of refinancing. Why refinance? Generally, people refinance to negotiate a better deal on their home loan and pay it off sooner. Depending on your situation, you should be able to save money by taking advantage of lower interest rates, or new products that weren’t available when you first negotiated your home loan. To help put it in perspective, let’s say you previously took out a $300,000 loan at 7.5% over 30 years with monthly repayments of $2,098. If you refinanced to a new loan at 4%, you
20. a simple guide to small business loans

A simple guide to small business loans

Small business loans can be great when you need to get your brand up and running or cover unexpected expenses. However, it’s useful to understand the difference between the available options before committing to one. To help you make the right choice, here’s what you need to know about some of the more commonly used business loans.   Line of credit/overdraft A line of credit involves overdrawing on your business’s bank account up to an amount approved by your financial institution. This is commonly used for short-term capital, or as a source of cash flow to keep operations running smoothly. Pros: Flexible – use funds as needed and repay at your own pace. Allows you to establish a good credit history for future borrowing.
19. how an offset account could cut years off your home loan

How an offset account could cut years off your home loan

Looking for ways to pay off your mortgage in record time? Whether you’re a seasoned investor or buying your first home, an offset loan can help you reduce interest payments, save on tax and pay your mortgage off years ahead of schedule. What is an offset loan? With an offset loan (also called an offset account, interest offset account, mortgage offset account or offset home loan) the borrower takes out a home loan and opens a linked savings or transaction account. The balance in the savings account is then ‘offset’ daily against the home loan. How an offset loan works With an offset loan, instead of receiving interest on your savings account each month, the account balance is offset against your home loan, reducing the amount

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