My Family Finance

If you see a home loan advertisement that focuses on the interest rate, rather than offering advice about repayment capacity and frequency, then you've just spotted rate bait.

Rate bait is a marketing technique used by lenders to attract customers with lower rates—but it's not always in your best interest. When interest rates are low (as they have been in recent years), it may seem advantageous to take a loan with a very low-interest rate, but this isn't always the case. There may be a product with a higher rate better suited to the customer. For example, what appears to be a low fixed-rate loan with no offset or ability to make additional repayments for 1.99% for three years can leave a borrower worse off, in direct comparison to a loan that is variable with offset, or the ability to reduce the interest charges and loan balance at a faster rate even if the rate was 2.29%.

The ability to make extra repayments beyond the minimum scheduled repayments is an important consideration.

So how do we protect ourselves from rate bait? You can start by asking yourself some questions:

-What is the frequency of my payments?
-How many times a year am I expected to pay?
-What is the repayment period?
-What benefits (if any) come with this loan?

Talk to us so we can guide you to better understand how you could structure your current loan to potentially negate future rate increases.

We're gonna give you a little secret nobody ever talks about.

We've all talked about the importance of savings—the emergency fund, the three-to-six months of living expenses, the retirement fund. But it's time to stop focusing on savings and start focusing on investing.

Sure, everybody needs an emergency fund—it's a safety net that protects you in case you lose your income or have some other type of financial disaster.

But too much focus on savings can stop you from thinking about how you can use the money to invest in yourself, your business, and your future.

Consider the amount of time you spend earning that money—and the fact that the amount of time you earn is limited. Are you spending all that time just so that you can save up? Or are you using it to take action and achieve financial freedom?

When you think about it like that, saving looks less exciting, doesn't it?

Investing money back into yourself or your business is a much surer way to make more money than saving small amounts over time. And making more money means spending less time at work and more time doing the things YOU love!

If you have debts to repay, it can be difficult to know where to begin. You can start by making a plan. Following these 4 steps could help make a big difference.

Identify and sort your debts
Work out your expenses
Think about if it is a need or a want
Take action and ask for help

We are aware of just how much courage it takes to ask for help. We listen, we understand, and we care.

Start living again without the stress of debt. Book a free consultation linktr.ee/Myfamilyfinance

It's no secret that the finance and investment industry is undergoing rapid changes. These days, it's more important than ever to be able to assess your financial health and make smart decisions about your future, and that's why this month we're focusing on helping you do just that. This month we plan to achieve the following things:

You can learn how to save for a rainy day and how to plan for retirement. We want you to understand what makes a good investment, what makes a bad one, and how to figure out which category the thing you're looking into falls.

You can also learn how to save money without sacrificing the things you love in life and how easy it is for someone with your income level to put away money each month for retirement. You can learn how to budget so that even if there's an emergency, you won't have any trouble covering it AND still affording all of your wants as well as your needs.

This is the life you deserve, and we can't wait to help you achieve it!

So what are you waiting for? Start your journey to financial freedom today with My Freedom Program!

The cash rate is a market interest rate commercial banks charge one another for overnight loans it's also known as a bank rate or base interest rate.

So how does the cash rate relate to mortgage interest rates?

The cash rate indicates how much the banks are paying for their money, this will directly impact your loan because the banks will pass on any cost increases to you as the customer at the end of the day. This means if the rates are going down sometimes you can get a better deal by refinancing.

Want to know more options for your situation? Book a call now https://myfamilyfinance.as.me/Schedule-your-Quick-Finance-Chat or call us at 03 9394 6392

The Reserve Bank has raised the cash rate for a record seventh straight month.

What does it mean for you?

1. Rising rates may decrease demand for housing in the short term thus existing homeowners can expect a potential reduction in the valuation of homes.

2. Business borrowing costs will increase thus unemployment may increase as a result of hiring cutbacks.

3. Decrease spending in the economy as we lose consumer confidence thus people will likely spend less and try to save more or pay the debt down faster.

4. Rising rates will take more money away from household budgets thus Mortgages, loans, and credit card rates are expected to increase.

This is a tough time for most households. So if you haven’t had your mortgage repriced or looked at your refinancing options yet, our team of experts is here to help you.

Book a call now https://myfamilyfinance.as.me/Schedule-your-Quick-Finance-Chat or call us at 03 9394 6392

Now that you know more about what interest-only repayments are, you might ask is it worth it?

Interest-only loans aren’t necessarily bad, but they’re often used for the wrong reasons. If you have a sound strategy for using the extra money (and a plan for getting rid of the debt), they can work well.

It’s important to distinguish between actual benefits and the temptation of a lower payment. Interest-only loans work well when you use them as part of a sound financial strategy, but they can cause you long-term financial trouble if used incorrectly.

Best to discuss this with your Financial Specialist.

Trust the process. The same day you plant, won't be the day you see the harvest. Don't quit before you see the fruit.​​​​​​​​
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My Family Finance is committed to helping you reach your financial goals. We know that money can be a real source of stress, but it doesn't have to be. We'll work with you to develop an action plan and make sure you're on track.

Book a call now https://myfamilyfinance.as.me/Schedule-your-Quick-Finance-Chat or call us at 03 9394 6392

I know you’re probably skeptical about that claim but hear me out! It could be completely possible for you…

In my mortgage brokerage, I regularly help clients refinance and save $1,000+ per month on repaying their loans.

That adds up to $12,000 per year…

Which makes $24,000 over two years…

And $60,000 in just FIVE YEARS. (That’s more than many Australians make in a whole year!)

It’s not magic and it’s not make-believe. It’s what happens when you leverage the right type of loans and repayment structures...and avoid the hidden fees and penalties the banks trick most everyday people with.

It’s my job to understand the ins and outs of the loan products — which is why I’m able to help my clients eliminate their debts while saving money at the same time.

And I’m giving you a chance to show you during our Debt Elimination Strategy Call for Free.

It’s simple: We’ll hop on the phone and talk about your situation and I’ll share the smartest debt-repayment strategies you can use to see drastic improvements in just 42 days.

Rates are always changing so I can’t give exact figures. But I’m confident that I can help you get rates that are probably about ¼ of what you’re currently paying...which has the potential to save you thousands each year.

Thousands are saved each year...and a cost of $0...it’s a no-brainer, right? :)

Book your call now 👉👉👉https://myfamilyfinance.as.me/Schedule-your-Quick-Finance-Chat

Happy Diwali. We hope you have a lovely festival of light.

Learn how to get the right loan. My Family Finance experts have a proven track record in helping people get the right loan, even when you are not sure where to begin. We are a team of professionals with experience in the finance industry since 2006 to help you get the right loan.

Book a call now https://myfamilyfinance.as.me/Schedule-your-Quick-Finance-Chat or call us at 03 9394 6392

Yes, it is not your bank's job to show you how to save money on your home loan or how to make smart choices. We are here to help you make the smartest decisions for the protection of your financial future.

Book a call now https://myfamilyfinance.as.me/Schedule-your-Quick-Finance-Chat or call us at 03 9394 6392

If you are thinking about getting a mortgage loan, then you need to be aware of what is going on behind the scenes. These are just some of the little-known secrets banks want to keep from you.

It’s most important to first decide what type of loan is right for
you with the features you will benefit from, and then find that
type of loan with the most competitive pricing.

There are many home loan choices out there, and it can all seem very overwhelming when you’re about to purchase a property.

Book a call now https://myfamilyfinance.as.me/Schedule-your-Quick-Finance-Chat or call us at 03 9394 6392 so we can assist you with your mortgage - from application up to the settlement, we got you covered!

At My Family Finance, we can make refinancing easy. Speak to our specialist today to see how we can help you save on your home loan.

Book a call now https://myfamilyfinance.as.me/Schedule-your-Quick-Finance-Chat or call us at 03 9394 6392

I've been in the business of helping people manage their money for over 16 years. Let me help you take control of your money to give you the power to make informed decisions about your financial future just like how I help our client, Cassie Le - Prashant Nand, Managing Director | My Family Finance

A simple yet profound philosophy that can change your life forever. Life is not about the wonderful things that others do for you, it's about what you do for yourself. This a lesson we all need to learn.

Unfortunately, we are in a tough financial climate, and many borrowers are losing money each month by paying extra money for extra fees and interest. That's why it's very important to remember that paying off a loan early can help save you money. When you make extra payments on your loan, you are in essence reducing the amount of money your lender has to collect from you each month.

First, let's define what an offset account is.

An Offset Account is usually a transactional account linked to your home loan, the balance held in the account “offsets” the balance in your mortgage, helping to reduce the interest paid and the overall term of the loan.

So how does it work?
Here's an example: say you have $10,000 in your offset account and you currently owe $500,000 on your home loan. The money in your offset account ensures you only pay interest on your mortgage minus the money in your offset account. In other words, you will be charged interest on a $490,000 loan, rather than a $500,000 loan.

If you have a decent amount of money in your offset account from day one, you could find that it saves you thousands of dollars in interest over the life of your loan. But, keep in mind there may be higher monthly fees attached to the account and a minimum balance may be required in the account.

Just as each homeowner is unique, your mortgage goals are, too. And setting a long-term goal may be the best financial decision you make since buying that house in the first place.

Here are some examples of your mortgage goals:

1. to pay off your mortgage faster
2. to save money on your mortgage
3. Extend the payment period on the mortgage
4. Use the cash for investments
5. Do nothing

If you don’t set goals for your mortgage and have regular check-ins with your loan officer to determine how you can achieve these goals, the odds are very high that you’ll be paying more over the life of your mortgage than you need to. Reach out to us so we can help you navigate your mortgage.

The word "LMI" has definitely come up before, but what does it actually mean? Does it cost money to get it?

LMI, or loan mortgage insurance, protects your lender from the possibility that you won't make payments on your mortgage and there would be a "shortfall."

When your down payment for a house loan is less than 20%, this insurance is typically necessary.

Send us a message to learn more about LMI and other things you should consider doing before buying your first house!

Imagine... lower bills and loan repayments within 42 days

Imagine.. having cash flow available every month for at least 12 months, even if you lose your job

Imagine.. peace of mind

It's totally possible.. but you have to act fast...

Jump on a free call with me. I'll share with you how you may be able to restructure your financial situation right now to cut down your bills and loan payments (up to $2,500 per month)... and how to create a cash flow buffer that can last up to 12+ months even if you are not working...

Book a call now https://myfamilyfinance.as.me/Schedule-your-Quick-Finance-Chat or call us at 03 9394 6392

Our team has helped families by creating customized ways for them to enjoy the lifestyle they dreamed about. We work to help set up a plan for your family that is relevant for today and into the future no matter what.

The terms and conditions of your loan agreement will spell out what you pay and how the interest, charges, and fees are calculated. Get help from an experienced loan professional today to ensure these terms are clear and fair for you.

The reason most people are broke is because they make poor decisions with their money. So, if you find yourself in that same boat, it might be time to ask yourself a few questions.

Are you living by a budget and tracking your spending?

Do you spend your time paying interest on debt, or earning it on investments?

Would a $400 medical emergency require you to borrow money?

The good news is, nobody is relegated to being broke. You get to make your own financial future. All it takes is effort and better decision-making to turn your finances around.

As Finance consultants, we have access to most banks and lenders.

We can help guide you through all the various options and take care of the entire finance application up to the settlement remotely because of the latest innovation, you can just do this over the phone or online without ever having to meet face to face.

If you need help with your current mortgage, schedule a call so we can assist you. We not only can save you money, but we can also save you time.

Book a call now https://lnkd.in/gvDTagUc or call us at 03 9394 6392

You might be curious why we are experiencing consecutive rate rises.

Here's why:

The Reserve Bank of Australia (RBA) controls monetary policy by adjusting the official cash rate based on indicators including employment, inflation, economic growth, the consumer, and the housing market. If the economy is growing too fast it can lead to high inflation, while weak economic growth can lead to unemployment, reduced incomes, and lower living standards. The objective is to ensure that price growth (inflation) remains low and stable and it uses ‘monetary policy to do this. Monetary policy involves either increasing the cost of money (interest rates) to slow the economy down, or lowering the cost of money to encourage spending which promotes economic growth.