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Securing a business loan in Australia isn’t necessarily difficult but knowing how to navigate your way can be the difference between success and failure. Banks and other financial institutions offer a wide range of business finance options, from commercial property loans, commercial vehicle leases, and commercial and equipment leases, to simpler options such as letters of credit, overdrafts and lines of credit. Here are some tips on how to improve your chances of success. 1.    Work out what is realistic It’s a good idea to find and compare credit options based on the amount of money you need to borrow, how you want it supplied and the type of security you want to provide (residential, non-residential or none at all). 2.    Find a
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
Whatever your business needs, a finance broker can help you get approval for the most appropriate and cost-effective solution. Small business owners who need money to expand, invest in new equipment or smooth out their cash flow often head straight for the bank. However, just as a mortgage broker can draw on a wide range of options to help you find the right home loan, so a finance broker can help you source the most suitable loan for your business needs. Here we share three reasons why you might want to consider talking to a finance broker next time you need a business loan. (1) Access to a wide range of products A banker is usually limited to the products and services offered by
When it comes to property investment, people tend to think of residential. But commercial property can offer some big advantages as well, either as a space for your own business or as an income provider. We examine the pros and cons of going commercial. From warehouses and offices, retail to car parks, there are some serious potential benefits to non-residential property when you’re considering investment options.  If you already have residential investments, adding commercial property is a way to diversify your portfolio. Plus, if you own a business and are currently leasing premises, owning your own place can deliver another set of rewards. Many people overlook commercial property when looking to invest.  It flies a little under the radar, but it’s a different way
There are advantages and disadvantages to managing your own property. Let’s look at why you may want to do it yourself and why you might hire a professional. Buying an investment property is a major commitment. A key decision for many investors is whether to manage it themselves or to hire a property manager.  The pros of managing your property Better oversight. A property manager will never have the same level of personal attachment to your property as you do. As manager, you’re in a position to keep a close eye on your property, and to quickly attend to any issues. If you’re handy, you can do even do some of the maintenance yourself, to save costs. Selecting the best tenants. When charged with finding
Crunch time has come for property investors with June 30 fast approaching. If you are a property investor, you will know what a hectic time end of financial year (EOFY) can be. However, with a little forward planning, you will be well on your way to a smooth tax lodgement come EOFY. Read on for the biggest must-knows for property investors this tax season, helping you stay out of trouble with the ATO and minimising your tax bill while maximising your long-term savings. Must-know #1 Records you should keep  From 1 July until 31 October, you will need to lodge your tax return for the previous income year. If you’re using a registered tax agent, you may be able to lodge later than 31
Most Australians know mortgage brokers can help them find a home loan that meets their requirements. What a lot of people don’t realise is brokers can also help small business owners secure the right commercial finance for their business too. Many small business owners use the equity in their homes to cover their start-up and expansion costs. It’s often the only option in the early days but, as your business becomes established, external funding can help you take advantage of expansion opportunities. Commercial or business finance refers to a range of financial products and loans designed for businesses. Growing businesses can seek funding for several purposes, from acquiring and fitting out new premises to taking on staff and maintaining cash flow. The purpose of the
A good mortgage broker can be the key to your property portfolio success. Here’s how to find one. Mortgage brokers worth their salt will look to build a trusted relationship with you – one that’s more focused on service than selling. Here are five things to look for when choosing your broker. (1) Recommendations  Asking your personal network for referrals is a good starting point. This could help you find a local broker with experience working with borrowers at your life stage, for example. Talking to previous customers can also provide valuable insight into working with the broker through the loan application process and post-settlement. Many brokers will stay in touch after the loan has gone through, seeking to maintain a relationship with their
Confused about the ins and outs of mortgage refinancing? There are two key considerations when you’re looking at taking the step – why and how. Here, we examine both. A home loan is generally a long-term proposition, but in some situations it can be suitable to refinance your mortgage. Refinancing involves taking out a new mortgage and using those funds to pay off your existing mortgage. Doing it right could deliver significant financial gains over time. The two key things you need to know and understand before you go ahead are your reasons for doing it and how to go about it. Good reasons to consider refinancing (1) You want a lower interest rate The loans market is highly competitive and interest rates can
Knowing what a property is worth is central to avoiding paying too much for it. Set a benchmark Comparing nearby properties that have sold recently is the best way to assess an acceptable price for the property you are looking at and provides a valuable bargaining tool when you are negotiating with a seller or agent. Make sure the properties are comparable, with a similar land size and number of bedrooms, for example, so you aren’t measuring apples against oranges. Keep in mind current market conditions The property market is always changing, so doing this research once and sitting on it for a few months will offer little help. Going to open homes and auctions regularly will give you insight into the current state
Urgent maintenance is an unavoidable aspect of being a landlord, so having a cash buffer set aside will help you deal with any unexpected problems. When renting out an investment property, having access to extra cash is vital for two reasons (1) to cover the costs of maintaining the property, giving it the best chance of remaining tenanted; and (2) to cover the cost of the mortgage should you lose your employment or rental income. A buffer ensures that you are not stretched to your financial limits, but rather comfortable while on your investment journey. Ideally, your buffer would sit in an offset account against your mortgage, so that you have immediate access to the money while at the same time reducing the principal,
Offset accounts and redraw facilities work in similar ways; they both allow you to reduce the balance of your home loan, and therefore the interest charged, by applying extra money to your debt. Redraw facilities allow you to deposit spare income into your home loan account, allowing you to redraw a sum equal to the extra repayment amounts in future. In the meantime, the extra money paid will lower the amount of interest charged while still giving you access to your money. However, there may be restrictions on how much money can be withdrawn and when. For redraw, it depends on whether the facility applies to a fixed-rate or variable loan. Most institutions only allow redraw from a variable-rate loan, or fixed-rate loan but

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