Personal Finance

83. why some interest only borrowers are keen to switch

Why some interest-only borrowers are keen to switch

New government regulations mean interest-only loans are on the decline. Given the changes, it may be time to reconsider your own loan structure. Rewind a few years and many people would have confidently assured you that an interest-only loan – a home loan on which you only have to make interest payments for a set period of time – was the way to go. Its benefits were clear to many owner-occupiers and investors. For those buying their first home, for instance, it provided an opportunity to get on top of the initial costs of buying a place before they were hit with the full force of principal and interest (P&I) repayments. For those investing in property, it was a great chance to get a
82. is buying to flip still viable in todays market

Is buying to flip still viable in today’s market?

With the property boom of recent years and the popularity of TV renovation shows like The Block and House Rules, increasing numbers of Australians have been ‘buying to flip’ – buying a property, renovating it and selling it at a profit. Buying to flip can be lucrative when property prices are rising rapidly, but is it still a viable option in today’s softer market? The answer is it can be. You will, however, need to: do your own research and due diligence be in a strong financial position consult a mortgage broker for the best finance arrangements. What should potential ‘flipper’ be aware of? Buying ‘the right’ property What’s the right property for you to flip? The answer to that may come from research
81. is a family guarantee right for you

Is a family guarantee right for you?

Entering the property market is no easy feat for a first homebuyer, but even parents who aren’t prepared to hand over cash for a deposit may help by being a guarantor on a loan. Before taking the plunge however, it’s crucial to be aware of the implications involved. Here are three questions to ask yourself to see if a family guarantee is right for you:   Am I financially fit to be a guarantor? The very first thing you should be certain of is whether or not you are in a financially capable position to pay off the loan if the borrower finds that they can no longer do so. There can be many disruptions to an income, such as loss of employment or
80. how to negotiate in a softer housing market

How to negotiate in a softer housing market

Seller expectations are high but buyers want low prices – what’s to be done? Two real estate agents detail how to negotiate in a declining market. After years of rapidly rising house prices, the recent slowdown took many people by surprise – not least those with a home to sell. “For a while we had a situation where buyers were aware the market was dropping while sellers still assumed it was strong, so there was a big gap between their expectations,” says Anton Zhouk, Director of the Buxton Real Estate Group at Boroondara in Melbourne’s eastern suburbs. “Now people have had time to adjust so, when it comes to negotiation, the gap isn’t quite so wide.” Whatever the state of the market, every negotiation
79. what comes first the property or the loan

What comes first: the property or the loan?

It’s easy to get carried away with the fun part of buying a property – looking at houses – but delaying the less compelling task of arranging finance will weaken your negotiating position on both the property and the loan. Looking for a property to purchase is an exciting time. Choices regarding location, size, number of rooms and local amenities often see house hunters carried away in a deluge of daydreams and anticipation. But, before you get carried away, it’s important to check off the essentials first. Although organising your finances may seem drab in comparison to perusing sales listings, gaining pre-approval with a lender will give you confidence about how much you can afford to borrow. First and foremost you need to determine
78. selling your home here are the first steps to take v2.0

Selling your home? Here are the first steps to take

There is more to selling your home than putting up a ‘For Sale’ sign on your front lawn. Here are the first things you should check off your list to help you get the largest return from your investment and to ensure the process runs as smoothly as possible. Choose a quality agent Asking family and friends who have purchased or sold a property about their experience is a great way to ensure the agent you’ve enlisted will provide quality service. A website and promotional material will always highlight the agent in the best possible way, but word of mouth and past client reviews will show their true colours. Make sure the agent specialises in your area and is someone you feel comfortable around
77. how to speed up your home loan approval

How to speed up your home loan approval

Asking how long it takes to get a loan approved is like asking how long a piece of string is. Every application is unique, so the time between your first contact with your bank or broker and approval can never be predetermined. There are, however, some things you can do to help hurry your application along. Although very rare, same-day loan approvals are possible depending on the lender’s criteria, the complexity of the deal and turnaround time. In my experience, this has been possible when the client’s lending position is fairly straightforward in terms of employment, asset and liability position. Also, if a valuation wasn’t required due to a low LVR and both parties were happy with the contract price. If you’re not prepared,
76. who are the different parties involved in purchasing property

Who are the different parties involved in purchasing property?

Purchasing a property is a thrilling yet nerve-wracking experience, which is why it can be handy to surround yourself with a network of support and expertise. Here are the different parties who may be involved in your home-buying process and how you can use this valuable knowledge base to answer your questions.   Real estate agent Unless you’re working with a private vendor, meeting a real estate agent is inevitable when it comes to purchasing a property. Hired by the vendor, or seller, their role is to market and communicate about the property, advise on preparing it for sale and negotiate with potential buyers. Insurance companies Risk management is vital in such a high-value purchase and long-term financial commitment. Insurance, including mortgage protection and
75. top ways to cut your expenses and increase your savings

Top ways to cut your expenses and increase your savings

Is the key to saving a home deposit as simple as giving up smashed avo toast for breakfast?  Well not quite, but spending less does make a difference. On top of a budget, a savings plan and strategies such as a high-interest savings account, an effective way to save is to reduce or eliminate expenses.   Start by understanding your spend  It can be easy to lose track of how you’re spending money, especially due to cashless payments and credit cards. Many online banking systems include tools to categorise debits and make a budget – take advantage of them. Or download an app that helps you track your personal expenses on the go, like ASIC’s TrackMySPEND. Find savings in the essentials Some costs can’t be
74 the home loan approval process

The home loan approval process

Following the lodgement of a home loan application, hopeful borrowers are often keen to know what will happen next and how long it will take for them to receive the verdict. The bad news is that there is no one-size-fits-all answer. The good news, however, is that a solid application is the key to keeping the approval time short. The amount of time it takes for you to receive a response to your home loan application can vary. An answer is usually received between two days to two weeks, depending on a range of factors. For a reasonably straightforward application, it’s 48 hours to a final approval. But, depending on how complex the circumstances are, it can take longer than that. Before offering conditional
73. refinancing traps to avoid

Refinancing traps to avoid

Whether you’re after lower repayments or want to tap into the equity sitting in your home, refinancing can offer a world of benefits. Here are some things to be aware of so that you don’t find yourself hooked into a bad deal. Don’t be fooled by the interest rate Finding a lower interest rate doesn’t necessarily mean you’ve scored yourself a better deal. In fact, a product with more features may cost you a bit more in fees or interest, but could save you more in the long run. Including features such as an offset account will prove valuable as it will allow you to make larger repayments or put any extra cash against the loan. Products without this feature may charge a fee
72. explainer_income_protection

Explainer: income protection insurance

Insurance for something you can’t see or touch, such as your income, may seem strange. But how would you pay your mortgage if you were unable to work? When considering insurance, it’s common for people to pass it off as a pesky added fee involved in owning a car, running a business or protecting a house against damage. Income insurance, on first glance, can seem like another costly precaution that’s unlikely to prove useful. But when you think about how your income facilitates your lifestyle, it’s often at the top of the list in regards to things that you can’t afford to lose. Cars and houses can be replaced, but losing an income, perhaps for life, could see both lost. Income protection insurance covers

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