Personal Finance

118 The art of the possible how to pay off your mortgage sooner

The art of the possible: how to pay off your mortgage sooner

It’s a simple equation. Paying down your mortgage sooner can save you thousands of dollars in interest in the long run. Here are some ways to make the most of every dollar while paying off your loan…
122. uncharted waters what happens if rates go sub zero

Uncharted waters: what happens if rates go sub-zero?

Since the start of the financial year, the RBA has cut rates to an unprecedented 0.75%. What happens if rates crash through zero and into negative territory? In August, Reserve Bank governor Philip Lowe told Federal Parliament’s Standing Committee on Economics that the RBA was prepared to do “unconventional things” to kick-start a flailing economy. It may be that unconventional measures are needed for unconventional economic times. At the same time as early signs are showing that the housing market is starting to find its feet in a low-rate environment, the government slashed its expected revenue during December – erasing almost half the surpluses originally predicted through to 2023. The Australian unemployment rate ended 2019 at 5.25%, wage growth has again been revised down
121. rise of the second tier lenders in australia

The rise of second-tier lenders in Australia

In the last five years, Australians’ perception of banks has changed. For many, dealing with banks has become a challenging and sometimes confusing process. As banks become more hands-off with their customers, more people are turning to brokers for help with their finance needs. This trend leaves room for brokers to step in and provide support when customers need it most. They can offer an easier, more straightforward process for those clients, such as the self-employed, who don’t fit the traditional banks’ model of an ideal customer. This growing market share of brokers not only creates greater efficiency but also allows them to be more competitive. Here are three key reasons why second-tier lenders are growing in popularity with borrowers in Australia. Personal borrowers
112 Three Questions to ask before you refinance

Three questions to ask before you refinance

With interest rates at record lows and competitive deals on offer, switching to a new loan or lender may be an appealing prospect, with the potential to make significant savings. Since the Reserve Bank of Australia (RBA) began its latest round of rate cutting, lenders have been lowering mortgage interest rates across the board, with several now offering rates below the 3% mark. But before you make the decision to refinance, there are a number of areas to consider. Here we cover off some questions you should ask before making the switch. Will I be better off in the long run? Refinancing to a lower interest rate can be a great way to lower monthly mortgage payments, freeing up some of your income for
110 Understanding which home loan features are right for you

Understanding Which Home Loan Features Are Right For You

Buying a home is probably one of life’s most important milestones, so getting the right home loan tailored to your specific needs and circumstances is essential. When it comes to home loans, there are many factors to consider besides interest rates. Choosing the right home loan could not only provide flexibility as your financial situation changes but could also save you some money down the track. Here is an explanatory guide to some of the more common home loan features and, importantly, how they work. Redraw facility A redraw facility allows you to dip into any extra funds you have put towards your home loan, providing you are ahead of your repayments. While drawing on these funds will reduce the benefit of your additional
109 Credit report changes don't be caught out

Credit report changes: don’t be caught out

If you applied for a home loan in the current financial environment , your lender would probably assess your application in the context of both your credit score and your credit history – on top of your income, assets, liabilities and living expenses. Your credit score is a number calculated by a credit-reporting agency, which compares you to other borrowers and categorises your credit risk profile. The higher your score, the lower your risk: i.e. you’re ‘less likely’ to record a default or bankruptcy on your credit file over the next 12 months. What’s changed? On 1 July 2018, Australia moved to a positive credit reporting system. This brings us in line with other OECD countries, and means credit providers are obliged to provide credit-reporting
111 Winter ready your home with these simple tips

Winter-Ready Your Home With These Simple Tips

With summer a fading memory and the cooler weather fast approaching, our quintessential outdoorsy Australian lifestyles start to move indoors. Autumn is a great time to start preparing your home for the cold, unpredictable winter weather and, in the process, ease the strain of energy bills on your hip pocket. According to a 2018 report by the Australian Energy Market Commission, the annual bill for the national average representative customer in 2017-18 is $1,522.1 From flooring to insulation, here we outline, some ways you can get your home winter-ready. Cover your windows Heating and cooling comprise 40% of household energy use, making it the biggest energy drainers in the average Australian home, and a likely culprit for higher than average energy bills. Therefore, if
103 Tips for Paying Off your Home Loan Faster this Financial year

Tips For Paying Off Your Home Loan Faster This Financial Year

A new financial year can be a great time to set money goals, such as paying down a home loan. Paying off a mortgage early can save on interest, free up cashflow each month and help you enjoy all the benefits of a debt-free lifestyle. If reducing your mortgage debt is a key financial goal for FY20, here we provide some tips to kick-start your plan. Make fortnightly payments Instead of making one monthly payment, you can instead opt to make a half-sized payment every two weeks. Because there are 26 fortnights in the year, this strategy will result in you making an extra monthly payment every year. Let’s look at some real-life numbers. If you had taken out a 30-year loan of $400,000
102. Rental yields - what you need to know

Rental yields – what you need to know

Rental yield – essentially the rate of rental income returned against the costs of an investment property is a great indicator of a property’s investment potential. But you need to keep things in perspective when you factor it into your decision to purchase property. Calculating rental yield A good first step in examining rental yield’s impact on the investment potential of a property is to recognise that there are two types of rental yields, gross and net, and they are calculated differently. In property, gross rental yield is calculated by dividing the annual rental income you receive by the property value, and then multiplying this figure by 100. For example, if you collect $20,800 rent annually ($400 per week) and your property value is
100. When is the best time to refinance

When is the best time to refinance your home loan?

As a home owner with a mortgage, chances are you’ve heard of the term ‘refinancing’. Refinancing involves reviewing your current mortgage, and potentially swapping your loan to another lender who can better meet your current needs, wants and circumstances. Refinancing can also allow you to consolidate your debts or pay down your mortgage more quickly. Another common reason borrowers look to refinance is so that they can access equity – the amount you’d get from selling your home after settling any associated loans, such as a mortgage on that property, and any other costs associated with the property. Depending on that amount, you may be able to access equity in the property without having to sell it, for example, to make home renovations or

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