Aashish Poudel Mortgage Consultant
The best mortgage available yesterday may not necessarily be the best home loan for your needs today or tomorrow.
We will find you the loan that offers the best value for money.
Investment ׀ First Home ׀ Renovating ׀ Building ׀ Refinancing׀ Car Loan ׀ Personal Loan
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While most car loans are fixed-rate products, there are options for variable loans as well. Deciding between a fixed or variable car loan is a matter of weighing up the pros and cons of each and seeing which is more suited to your situation.
Fixed
One of the main advantages of a fixed-rate car loan is the fact you know what your costs are going to look like every month and can budget accordingly.
If cash rates move, your car loan won’t be impacted so you can have confidence that you will be able to afford any repayments – assuming you’re staying within your household budget. However, it is worth considering that if rates fall, your current interest rate will be locked in so there won’t be any benefit.
The main downside of a fixed rate car loan is they typically don’t allow you to pay off the loan early. On top of this, there is likely going to be charges for any additional repayments you might make. However, all lenders and loan products are slightly different so it’s always worth speaking to a broker so they can compare which fixed-rate product might be best for your personal circumstances.
Depending on the current interest rate environment, fixed-rate loan products could have higher interest rates than what is on offer for a variable product, as lenders will need to protect their margins.
Variable
While less common, it is also possible to get a variable-rate car loan, which means the interest rate that you’re paying will fluctuate with market conditions.
That could mean if rates fall, you’ll be in a position to save money on your interest repayments. On the flip side, if interest rates start rising, then you will be in a position where your monthly repayments will likely go up.
The main benefit of a variable loan is that it is flexible. If you want to pay off your car early or if you want to make additional repayments, that is normally something you can do without the extra costs and fees that come along with a fixed-rate loan.
Depending on the interest rate environment, there can be attractive deals on variable loan products, but again, it’s always worth discussing your personal circumstances with your mortgage broker.
At the end of the day, the decision around variable versus fixed really comes down to what you want and whether you value the flexibility of a variable loan or the clarity that comes with having a fixed rate and knowing what your repayments are going to be.
What is your home loan refinancing?
Investment ׀ First Home ׀ Renovating ׀ Building ׀ Refinancing
If you want to find a way into the property market, for many people rentvesting can be a good option.
Rentvesting means that you rent where you want to live and invest where you can afford. There are a number of advantages to going down this path and you could end up better off in the long run.
Joint Venture : Buying a Property With Little Money
If you think investing in property is beyond your reach, then it might be time to think about joint ventures. If you don’t have much money or equity, then it can be tough to invest in property. You will have to pay stamp duty, which alone is 4-5% of the property price, as well as LMI if you are unable to come up with a 20% deposit.
One of the most common ways investors get around these issues is to partner with someone else. This is known as a joint venture, and it typically involves one person providing the borrowing capacity (finance) and the other providing cash. This type of arrangement is normally best suited to a project like a renovation or a development, with the goal of selling the property upon completion. However, some people do hold investments together using this type of arrangement.
4 Tips for Buying a Home
Be Realistic
When markets are strong, as they are now, you need to be realistic in terms of what you can afford. This is especially true when buying at auction. Look at recent comparable sales to get a good idea of what your budget will get you.
Get Pre-approved
There’s no point going through the buying process if you don’t know what a bank will lend to you. By getting pre-approved, you can gain a firm understanding of your budget and also make an offer with confidence.
Understand Government Incentives
There is a range of government incentives, from both the state and federal governments, that could make a huge difference to a home buyer. Depending on your situation, you might be able to get a stamp duty exemption, first home buyer’s grant, or even access to a low-deposit loan. Your mortgage broker will be able to help you with this.
Know Your Market
Houses are selling quickly, and prices are rising. It’s important that you do your research and know your market well. Speak to real estate agents in your area and get on their ‘active buyer’ lists. If you are prepared with your finances and know the market, you’ll be in a strong position to make an offer quickly.
Investment ׀ First Home ׀ Renovating ׀ Building ׀ Refinancing
Yes, we come free of charge.
Investment ׀ First Home ׀ Renovating ׀ Building ׀ Refinancing
4.4 % of mortgage holders have never considered refinancing. How about you?
Investment ׀ First Home ׀ Renovating ׀ Building ׀ Refinancing
Dreaming about a new home?
Investment ׀ First Home ׀ Renovating ׀ Building ׀ Refinancing
Let a mortgage broker negotiate with the bank.
Investment ׀ First Home ׀ Renovating ׀ Building ׀ Refinancing
https://www.canstar.com.au/home-loans/top-property-growth-locations/
Australia's Top 10 Suburbs Tipped for Property Growth in 2022 | Canstar Hotspotting’s Terry Ryder has identified the top 10 suburbs across Australia with the best growth prospects for 2022.
How to Identify a Growth Suburb?
While house prices are growing rapidly across the country, there is still the opportunity to identify locations that will outperform the broader market.
Here are a few factors to look out for that can potentially contribute to outperformance.
Tight Supply – If inventory levels are low across a suburb and there are strong sales, that can put upward pressure on prices.
Low Vacancy Rate – If it’s hard to get a rental property, that can lead would-be renters to buy, which can push prices higher.
Quick Sales – The Days on Market (DOM) figure in a suburb can tell you how fast properties sell. The lower the better.
First Home Buyer can get a loan with a 5% deposit
https://www.firsthome.gov.au/
Investment ׀ First Home ׀ Renovating ׀ Building ׀ Refinancing
To Rent or Buy?
Owning your own property is normally very high up on the list of things people want to achieve in their life. However, depending on your financial goals and what stage of life you’re at, what you hope to achieve with property will likely differ quite considerably.
For first home buyers, the biggest question is usually whether to rent or buy?
Advantages of Buying
Capital Gains
The most obvious advantage of buying a property is that you own it and benefit from the capital gain on the property, should its value increase. However, you also have to pay all the costs such as council and water rates and ongoing maintenance.
You Control It
When you own a property, you get to do anything you want to it. A common complaint from renters is that they aren’t even allowed to put up a picture hook. That’s not an issue if you buy a house.
Add Value
If you own a property, you’re able to add value to it and manufacture equity in certain ways. The most common strategy for this is to do a small renovation or even a subdivision.
More Affordable
In a lot of cases, you will find it is more cost effective to buy than rent, in the current environment, thanks to record-low interest rates. If you’re living in an area where you can pay less on your mortgage than you would renting, then the incentive is certainly there to go out and buy.
Advantages of Renting
Flexibility
One of the greatest benefits renters enjoy is flexibility. Many people who choose to rent do so because they are able to rent in highly desirable locations, like the inner city that offers a great lifestyle and amenity. For many of these high-demand locations, purchasing a property can be very expensive and outside the budget.
Lower Fixed Costs
Costs are usually less of a burden for renters as the landlord is generally required to pay many of the ongoing costs of the property, including strata fees, water and council rates, and maintenance.
Cash Flow
Renting can allow you to free up more cash, so you can put it into other ventures. If you’re trying to start a business or you want to spend your money on things like travel, then renting can be advantageous.
Rentvesting
Over the past few years, there has been a growing push from property investors in Australia to continue renting and purchasing an investment property instead of a home to live in. This is a way you can get the best of both worlds – you can live in a great location and still invest in property elsewhere. Rentvesting is increasingly common in places like Sydney and Melbourne, where house prices are higher.
5 Ways to Save Money on Your Home Loan
1. Get a Better Interest Rate
2. Use an Offset Account
3. Make More Regular Payments
4. Add Additional Lump Sum Payemnts i.e. Bonus at work, a gift, an inheritance or even from the sale of an asset such as a car
5. Consolidate Debts
Home Mortgages, Commercial Mortgages, and More !
Investment ׀ First Home ׀ Renovating ׀ Building ׀ Refinancing
Loans for your home
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Profit Making Resales Hit Record High!!!!
The number of people selling their homes and making a profit is back at record levels, according to the latest data from CoreLogic.
Despite ongoing lockdowns during the last quarter, homeowners took the opportunity to cash in on what has been an incredibly strong property market.
The rate of profit-making resales across Australia rose to 92.4 per cent, up from 91.9 per cent in the previous quarter. The three months leading to September saw the highest level of profitability in more than a decade.
Investment ׀ First Home ׀ Renovating ׀ Building ׀ Refinancing
Do you need a quick mortgage health check?
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Self-employed and need finance?
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Need finance for an Investments Property?
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Relax and let us look for your next mortgage.
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Wollongong, 2500
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