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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
115 How low can you go making the most of record-low rates

How low can you go: making the most of record-low rates

After all the talk, October’s decision by the Reserve Bank to cut rates didn’t come as a surprise. The RBA’s call sent the cash rate to a historic low of 0.75 per cent, the third cut inside six months. The call was the latest attempt by the RBA to drive economic growth, and while much of the current conversation surrounds just how low the RBA can go and how fast, there are some good ways for you to make the most of these new financial conditions. Shop around for a better deal Your lender may have already passed the rate cut on to you, but how much? Lenders have passed the last three cuts on to varying levels, so now could be the time
107 The small Owner's Definitive Guide to Equipment finance

The Small Owner’s Definitive Guide To Equipment Finance

Small businesses can always benefit from an upgrade to existing equipment or from purchasing the very latest technology or machinery. However, the reality is that many business owners simply don’t have enough working capital to consider an outright purchase – making equipment finance an advantageous option. Even if you can afford to invest significant cash into new assets, you are likely to be left with less capital to finance regular operations and explore new growth opportunities. According to the Commercial Asset Finance Brokers Association of Australia (CAFBA), the asset finance market in Australia is worth $100 billion in receivables, at any given time, and around $40 billion in new equipment loans are written each year.1 What are the most common types of equipment finance?
108 Four things to Consider before Buying Off-The-Plan

Four Things To Consider Before Buying Off-The-Plan

Buying a property that is yet to be built is a popular strategy, particularly for first-time homebuyers. It offers the potential for stamp-duty savings, time to save more for the deposit, and, of course, the opportunity to move into a brand-new home. While the glossy brochures and artists’ impressions can be appealing, purchasing property off-the-plan is not without risks, particularly in a falling market. Here we outline the four key considerations to be aware of before you sign on the dotted line. Research the market An oversupply of stock in the market can also substantially affect the value of property. Despite approvals for new projects falling sharply, CoreLogic data1 says 252,000 new apartments will hit the market between 2018 and 2020. Both the Sydney
106 How assest finance can help your business grow.

How asset finance can help your business grow

As a business owner, it’s likely you have no shortage of competing demands on your capital. In your quest for growth, you might want to hire additional staff, move to bigger premises, increase production capacity, diversify your product range or spend more on marketing. Using traditional loans or cash to pay for new equipment and vehicles can put a strain on your cash flow and tie up funds that could be used to help your goal of growing your business. Asset finance can be a more economical option. It can allow you to obtain the assets you need to expand without incurring the high upfront costs associated with buying vehicles and equipment. Instead of acquiring an asset outright, asset financing allows you to spread
105 Five Things You Need to know Before Becoming A Renvester

Five Things You Need To Know Before Becoming A Rentvestor

Rentvesting – renting a property to live in while owning one or more investment properties – is becoming an increasingly popular way for Australians to get a foot on the property ladder. According to Property Investment Professionals of Australia (PIPA)1, 36% of first home buyers opted to invest in property and continue to rent instead of buying a home to live in in 2018. But while the prospect of buying where you can afford and renting where you want to live sounds enticing, there are a few things to consider before embarking on a rentvesting strategy. Here we outline our top five. Getting a loan is harder than it was While the tougher restrictions APRA placed on interest-only loans have recently been lifted, many
104 A simple guide to small business loans

A Simple Guide To Small Business loans

Most small businesses use finance when they’re starting out. Access to finance can also help you manage your cash flow, cover unexpected expenses and purchase the equipment you need to grow. Different loans are designed for different circumstances so it’s important to find one that meets your needs in a cost-effective way. To help you get started, we’ve taken a look at the pros and cons of some of the most popular options. An overdraft or line of credit How they work Both an overdraft and a line of credit can provide access to revolving credit, which means the money you repay is available for you to use again as you need it. An overdraft allows you to overdraw on your business bank account
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

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