Personal Finance

71. how the rba rate changes affect your interest rate

Explainer: how RBA rate changes affect your interest rate

With the RBA setting the official cash rate at all-time lows, it’s a good time to work out how this impacts the interest rate on your home loan and whether you are getting a good deal or not. When the interest rate on your home loan fluctuates, it can feel as though you don’t have control of your debt. Despite being frustrating, interest rate changes are a part of every loan’s lifespan and warrant your consideration. The interest rates that banks charge on their home loans are influenced by the Reserve Bank of Australia’s (RBA) cash rate. The cash rate is reviewed by the RBA on a monthly basis in order to safeguard Australia’s economic stability. The cash rate is the rate charged on
70. towards 2019 what next for the housing market

Towards 2019: what next for the housing market?

The Australian residential housing market has been highly variable this year, and we’ve seen some highlights as well as lowlights. We look ahead at what’s expected for the remainder of 2018 and beyond. It’s been a tale of mixed fortunes in the nation’s housing market over the past 12 months. There’s been a downward slide in what were previously booming markets, as well as delight over growth in other areas. Capital cities have mostly continued to soften – particularly Sydney, which has had a tough start to the year – yet some of our regional areas have reaped the rewards as homebuyers look further afield for value. While houses have felt the pressure, apartment values in some areas have risen. What’s more, whilst value
68. when would i refinance my mortgage

When Would I Refinance My Mortgage?

Whenever it makes financial sense to do so. Heard about mortgage refinancing? In the past, most people who took out a mortgage doggedly continued with it until they had paid it off. These days, people refinance their mortgage much more frequently. The average duration of a home loan in Australia now is just 4-5 years. Here we look at some of the reasons people in Australia refinance their home loan. Mortgage refinancing reasons: lower rate The most common reason for people to refinance their mortgage is to get a better deal. But be careful you don’t become interest rate-fixated. When you refinance your home loan, you need to consider fees and charges as well as the interest rate. You often have to pay charges
65. how to refinance to renovate

How to refinance to renovate?

Refinancing your assets to renovate a property is a significant decision that will hopefully improve your standard of living or add substantial value to your property. Refinancing isn’t as straightforward as you might expect. The type of renovation proposed goes a long way to dictating the loan required. If the wrong loan is chosen, you could be left with a pile of unexpected debt. Know your budget Before considering refinancing, you need to have a clear idea of your budget. If you underestimate your budget, you run the risk of getting knocked back from your lender. There are a lot of homeowners who have estimated a budget of say $100,000 to do renovations, only to discover it will cost a lot more. This means
63. how do i know im getting a good deal from my lender

How do I know I’m getting a good deal from my lender?

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
62. finance broker or bank

Finance Broker or bank?

When you’re looking for a home loan, you could go to a finance broker or to a bank. While a bank will only offer you its own products, a credit adviser is an industry expert who will take the guesswork out of finding the mortgage product that suits you and your needs. It’s understandable that finance brokers are now the number one choice for consumers who are seeking a home loan or to refinance an existing loan. Businesses are also engaging finance brokers to help them with their finance needs from car and equipment leasing to loans to help their businesses expand. What can a credit adviser do for you? The leg-work Finance brokers already know the industry, the lenders, their products and their
61. can your profession save you on your home loan

Can your profession save you on your home loan?

When it comes to saving on your mortgage, some of you may not have to look further than your job. If yours is a profession that classifies you as a ‘low risk’ borrower in the eyes of lenders, then you may be entitled to special discounts. The lucky ones Accountants, lawyers and teachers are commonly eligible for home loan discounts, or particular loan types without fees, based on their professions. The benefits differ depending on specific professions. It depends on what industry the lenders decide to target as it’s a constantly changing situation, so what’s here today may not be around tomorrow. An example of this is the slowing down of the mining industry in 2015, which saw mining engineers lose their ‘in demand’
59. how to modernise your kitchen on a budget

How to modernise your kitchen on a budget

If you want to modernise your kitchen but you’re concerned about the cost, don’t be dismayed. There are many ways to get a new kitchen without destroying your bank balance. Downgrade to upgrade Saving money doesn’t mean you have to compromise on everything in your new kitchen. Select a few fittings or features that you want to spend a little more on, then budget in other areas. For example, if you have your heart set on a granite benchtop, perhaps you could have a tiled splashback instead of a glass one. By choosing one or two standout features, you can still achieve the ‘wow factor’ you’re looking for. Don’t move mountains You can save on electrical and plumbing contractors by working within the design of
58. should you live in your house while you renovate

Should you live in your house while you renovate?

It can be tempting to stay in your home when you’re renovating, rather than spending money on rent. But is it really a good idea? Consider the pros and cons before you make a decision. Advantages of staying in your home You’ll keep your creature comforts and sleep at the same address, but what are the real advantages of living in the middle of a renovation? Save money The expense of moving out of your home while you renovate can be significant. You may also need to rent another property or stay at a hotel. Living in your own house keeps more money in your bank account. Monitor progress Being in the middle of your renovation lets you keep a close eye on how it’s going.
57. why good tenants are more important than you think

Why good tenants are more important than you think

Given you don’t have to spend much time with your tenants, you may think it’s not important who they are. If they pay their rent on time, they’re ok – right? Not quite. Good tenants can actually mean the difference between a high and a low-performing investment. In fact, finding a great tenant may be just as important as finding the perfect location for your investment property. Here are some reasons why it’s worth trying to attract high-quality tenants. Minimise your maintenance costs Good tenants will treat your property like it’s their own, so you’re less likely to find unpleasant surprises when they leave. By respecting your investment and keeping it clean and tidy, it will show less wear and tear as the years
56. ready to buy property off the plan

Ready to buy property off the plan? Read this first

Buying property off the plan is exciting as it means you get to own a brand-new home, but make sure you know what’s involved. Start by asking these five questions: Do you know the risks? When buying an apartment, unit or house off the plan, you’re purchasing a promise. You can’t step into the future and inspect the property you’re buying. Thoroughly investigate what the finished product will look like and explore the risks with your broker. Does your contract limit the risks? The contract should be comprehensive, covering everything from price, completion date and your legal rights, to conditions such as whether you can on-sell the property before it’s completed • what happens to your deposit if the building doesn’t go ahead •
55. how to have a successful open for inspection

How to have a successful open for inspection

When you’re selling your house, the key to a successful open for inspection is to make potential buyers feel comfortable. You want to show your property’s best side, and allow people to see themselves living in their new home. We’ve put together some handy tips to help increase your property’s attractiveness on inspection day. Put on a good face Potential buyers will be inspecting your house from the moment it’s listed. They’ll drive by to check out the neighbourhood and see how things look from the outside – so this is the moment to make a good first impression. Tidy the front garden, keep the verandah clear, hide the garbage bins and remove junk mail from your letterbox. You can add planters with colourful

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