Sean Breen

When people buy property together, particularly if it’s with a partner or spouse, they often register the title in both people’s names – especially if they’re going to live in the property. But other arrangements are possible, several friends might opt to own individual shares in a property, for example, or a couple might choose to have only one of their names on an investment property title. The following information provides you with a good starting point to help you on your way.  Also tax legislation and other Australian laws governing property ownership and investment are complex, so seek proper legal and financial advice before entering into any arrangement. Joint-ownership titles The two main types of joint-ownership titles in Australia are joint tenancy and
There are many perks to working for yourself, but when it comes to applying for a home loan, it seems being your own boss sends up a red flag to banks and other lenders. Why? A salaried employee has a regular, steady income and is less likely to experience the cash flow volatility of a small business owner, contractor, entrepreneur, tradesperson or freelancer. Yet by being proactive and accessing specialist advice, self-employed applicants can also enjoy a successful and hassle-free road to securing a home loan. Try these top tips for starters.  1. Seek expert advice Trying to navigate the home loan landscape solo may not produce the outcome you desire. There are many experts who can help self-employed people access a home loan,
No one likes paperwork; however, providing your broker with the right documentation will save you time and money. What information will your broker ask you to provide? When you ask to enlist the services of a broker, they will probably ask you for the following documentation: Identification, including photo ID such as driver licence Income verification documentation such as recent payslips Birth certificate, if you are applying for a government funded first home owner grant Depending on the lender or bank you would like your broker to apply to for your loan, you may also be asked to provide: A recent PAYG summary A notice of assessment from the Australian Taxation Office Tax returns Proof of your contribution toward the transaction, such as savings
Many mortgage brokers can help with your home loan and your business loan. There are several types of commercial and asset finance, so make sure you know the differences. Then you can decide which one will suit you. What is commercial finance?  Commercial finance is an umbrella term for different kinds of business loans. They’re designed to help manage your capital and cash flow. Types of commercial finance Business overdraft: Your financial institution allows you to overdraw your existing business account up to an approved limit. You can only access the overdraft after your own funds have been used. The lender charges interest on the overdrawn amount. Businesses often use overdrafts as small loans, usually to cover cash flow gaps. Line of credit: A
With so many products offered by various lenders, it can be quite perplexing trying to figure out whether or not you’ve scored yourself a good deal on your home loan. While doing your research and comparing what’s out there in the market is one of the most obvious ways to find out whether you’re sitting on a good deal, it can be a time consuming practice and an overwhelming experience for those without specialist knowledge of the mortgage sector. It’s good to shop around, and yes you can use comparison websites, but because lenders call like products different names, it can get very difficult comparing apples with apples. Brokers know the special names and pricing, so it’s worthwhile working with one as not only
Hi all, For those of you who are not aware, the Sacred Heart Mission in St Kilda assists hundreds of people who are homeless or living in poverty to find shelter, food, care and support. A specific part of the support they offer is their Meals Program that provides hundreds of meals every day to the homeless and disadvantaged. For a number of years I have always arranged a Chocolate Drive at Christmas (and Easter) to provide the opportunity for one individually wrapped chocolate to be placed on the meal trays during this period of time. This gesture is very impactful to those less fortunate than ourselves, and can make a huge difference to someone’s life. This year, the opportunity to gain support for
While refinancing your home loan may seem overwhelming at first, it’s less complicated than you might think. With historically low interest rates and increased competition across the home loan industry, lenders are keen to get your business. When you first took out a home loan, you probably paid very close attention to interest rates. Over time Refinancing your mortgage may therefore be a relatively simple way to save thousands and get a better deal on your home loan. What is refinancing? Refinancing is essentially moving from your existing home loan to a new home loan. The most common reasons people refinance are to get better interest rates, access to more or improved loan features, or to consolidate several debts into one mortgage. When you
Getting a foot in the door of your dream home might be getting harder, but talking to a mortgage broker could get you the keys more quickly. Purchasing a property in today’s housing market is not for the faint-hearted. Would-be homebuyers have only to turn on their TV – or check Facebook or Twitter – for the latest news informing them that their dream home is slipping further out of reach. When you add in the challenge of sourcing the right loan, first homebuyers can be forgiven for thinking twice about taking that first step on the property ladder. But the truth is, it’s not quite as hard as you think. Research has shown that mortgage brokers are helping buyers with over 50 per cent* of all new housing
A home loan is generally a long-term proposition, but in some situations it can make sense to refinance your mortgage. Read this guide to the refinancing process, and speak to a mortgage broker, before deciding whether it’s right for you. Refinancing involves taking out a new mortgage and using those funds to pay off your existing mortgage. Doing so can save money and result in significant financial gains over time.  Why you might refinance You might want a lower interest rate. The lending products market is highly competitive and interest rates can vary significantly between banks. One of the most common reasons people choose to refinance their mortgage is to secure a lower interest rate from another lender. This could assist you to pay
So you’ve decided to partner with a mortgage broker to smooth your first – or return – entry into the world of property, mortgages and loans. But before you choose your mortgage broker, it’s worth understanding the value they bring to the lending equation, and also how their commission structure works. After all, if you’re not paying the broker for their service and advice, who is? What can I expect from a mortgage broker? A mortgage broker will work with you to understand your goals and objectives, as well as your borrowing capacity, and will help you secure a loan that meets your needs from a panel of lenders. This includes reviewing a range of loan products, negotiating with panel lenders on your behalf
It’s often said that Australians are more likely to divorce their spouse than switch banks. But with plenty of competition in the home loan sector, refinancing can be a good move. You might want to refinance for a number of reasons – you can consolidate debt from high-interest credit cards into a home loan with a lower rate of interest; you can release cash from your home loan equity for other major purchases; or you might want to simply save on your repayments by moving to a loan with a lower interest rate. What’s my rate? If you aren’t 100% sure exactly how much you’re paying, how can you find a better deal? Luckily, finding out your interest rate can be as simple as
The real estate market can be tough for young adults, but as a parent you may be able to lend a helping hand. We tell you how. 1.  Parent-to-child loan A parent-to-child loan is when a parent lends their child money. This is a formal, legally binding arrangement, administered by an independent third party. At the start of the loan period, both parties agree to terms including repayment amounts, a schedule and a process to manage defaults. Benefits: You can set generous terms for your child, but your assets, savings and credit rating are somewhat protected as you are not the borrower. Drawbacks: There are legal implications for your child if they have a spouse and the relationship breaks down, in that the spouse

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