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Omega loans, 16 Den Otter Drive, Bellbird Park, Brisbane City (2026)

26/11/2023

Did you hear about this great win for home buyers?

Australian home owners scored a win on July 1 2011 when lenders were banned from charging exit fees on home loans, making it more enticing for borrowers to shop around for a better deal.

Exit fees were generally charged for the first four or five years of a mortgage to discourage borrowers from switching to a competitor before the lender had made a profit on the loan. Unable to now charge exit fees on variable loans, many lenders are making sure they cover their costs upfront with higher set-up fees.

If you are thinking of switching, you should make sure you get all the facts and compare like with like so what you gain in the short term isn't lost in the long run. Take into account loan establishment fees, ongoing account fees, the cost of any property valuations required by your new lender and settlement fees when doing your sums on how much you will be saving by switching.

Exit fees also shouldn't be confused with break fees on fixed rate loans. Lenders can and do still charge a fairly hefty fee if you exit a loan during a fixed term.

Break fees on fixed rate loans are usually based on: the interest rate you locked in, compared to the current market interest rate; the length of time remaining on your fixed-rate term; and your original loan amount. They can run into thousands of dollars, and remain a formidable deterrent to fixed rate customers thinking of a switch.

One of the best ways to get a helicopter view of what it will cost you to switch and what you stand to gain is to talk to your local Mortgage Broker. That way you can be sure if you close the door on your current loan, you are stepping forward financially.

23/11/2023

How to fix a broken Credit Record.

Do you know what a lender will find when they look at your credit history report?

For many borrowers, it's not until they apply for a loan that they even lay eyes on this document for the first time. Unfortunately, this is also when many people find out that their credit history is less than perfect.

There are lots of little mistakes you can easily stumble into when you're not focussing on maintaining a healthy credit record. Don't despair though - there are also ways to fix them, as long as you're willing to be a little proactive.

Multiple Applications

Some people cast a very wide net when applying for a home loan. They complete applications with a variety of lenders in the hope that one of them will be approved. This tactic might have been a great idea when you were applying to universities, but it's the worst possible way to apply for a home loan.

Unfortunately when you apply for a loan and you aren't successful for any reason, this is noted on your credit record. There may be logical reasons for your application being declined - sometimes it's as simple as not being a customer of that particular bank.

The problem is, when you have a few of these on your record it can start to appear that you aren't a very good risk for a lender - since so many other lenders have already said no.

The best way around this is to engage a mortgage broker, who will investigate on your behalf before lodging and application with the most appropriate lender for your personal circumstances.

Digging your heels in

Let's face it - there are some companies out there who are just shocking to deal with. If you spend a lot of time on the phone arguing over incorrect bills, you're not alone. After lots of phone calls, it might seem like a good idea to ignore that incorrect phone bill and hope that it goes away.

The problem with that approach - the bill might be listed as a default on your permanent record. For your own best interests, it's probably better to pay the bill, and then dispute it afterwards.

Not keeping on top of your bills

If you have moved house a couple of times, or if you don't have the best filing systems in place, it's possible that you might have misplaced or neglected to pay the occasional bill. Sometimes people have defaults listed on their credit history report due to moving house, and not receiving any bills or reminders relating to the debt.

Make sure that you have proper mail redirections in place when you move, and make a list of companies to update your details with as soon as possible.

If you have these sorts of defaults on your credit history report, you might be able to have them removed by communicating directly with the company who reported the default.

Failing this, you might be able to lodge a dispute through a credit reporting body such as Veda.

20/11/2023

How to avoid disappointment when downsizing:

Just as many young families look to upgrade their home at some point, most of us will eventually decide that it's time to downsize.

You might be getting closer to retirement age and feel like it's time to free up some cash, rather than having it all tied up in your assets. Perhaps you can't see the point in maintaining a 5 bedroom home just in case the grandchildren come to stay.

Some retirees decide to downsize because they want to travel more, and a low-maintenance home is a better fit. And then unfortunately there are some people who are forced to downsize for less pleasant reasons, such as financial hardship, divorce, or the death of a spouse.

Whilst downsizing might seem like the solution to all of your problems, it's not always smooth sailing. Many downsizers jump from the frying pan into the fire by making an impulse purchase without doing their research. To avoid running into trouble - make sure you consider all of these factors:

Where do you really want to live?

It might seem like a lovely idea to spend your retirement in a small country town, reading by the fire in your single bedroom cottage. But how far would you be from family and friends? Many downsizers move to their dream location, only to find that it's rather lonely and their children don't visit nearly as much as they thought.

If you decide after a couple of years that you're not happy with your decision, it might be difficult to get back into the property market closer to home. Think carefully about where you really want to be in the long term.

What amenities do you need to have nearby?

You might be in fairly good health now, but it could be a great help one day to live within striking distance of a medical centre. It's also worth investigating the distance to the nearest shops, restaurants, cinemas and recreational facilities.

What type of property do you prefer?

Do you plan to keep any of your furniture? How do you feel about growing older in a house with a spiral staircase? It's important to think about what suits you now, and into the future when it comes to choosing a property to downsize into. If you're moving from a mansion on 20 acres, you might struggle to adjust to a single bedroom townhouse.

What lifestyle are you looking for?

Do you love peace and quiet? Do you want to be surrounded by other people around your age? Think carefully about what's important to you. If you love your privacy and the sounds of nature - a little unit in a bustling retirement community might not be your ideal downsizing opportunity.

What are the real costs of downsizing?

Although you're probably looking to free up some cash, it's important to look into the costs associated with selling your property, and buying your next property.

Some retirement communities charge enormous fees, and if you choose a unit or townhouse you might be up for Owner's Corporation fees on top of your council rates.

Examine the numbers to make sure you're really saving money.

16/11/2023

Are a few unfamiliar words stopping you from building wealth?

Are you thinking about dipping your foot in with property investment, but don't really know where to start? There is a lot of information out there, but many first-time investors become overwhelmed by all the technical stuff.

Don't panic though - here is a list of some of the most common phrases to do with property investment - and they have been de-mystified for you.

Capital gain

Capital gain occurs when the property increases in value, over and above what you paid for it, and what you have spent on repayments, improvements and additional costs.

So if you purchased a property for $200,000, and you spent $40,000 on improvements, and $50,000 on repayments - then you sold the property for $350,000, your gross capital gain would be $60,000.

Equity

Equity is the difference between what you owe on your loan, and how much your property is worth. You can build equity by investing in property that is likely to increase in value, while you work to reduce your loan amount.

If you purchase a property for $300,000 and you put down a $30,000 deposit you would owe $270,000. Therefore you have $30,000 equity in the property.

Investment Strategy

Your investment strategy is the plan that you make, taking into account your financial goals. Are you looking for a way to get a quick win - and only plan to focus on short term gain? Or are you looking to build an investment portfolio over a number of years or decades?

This could be something to discuss with your accountant or financial planner, as well as your mortgage broker.

Interest only loans

Interest only loans allow you to borrow money and only repay the interest for a specific period of time. Usually the interest only period lasts from 1 to 5 years.

These loans are helpful if you're focussing on short term gain, and plan to sell the property within the first few years.

Introductory rate loans

'Honeymoon rate' loans offer a lower interest rate for a short period at the beginning of the loan, before you return to standard variable interest rates.

These loans can be attractive for owner builders, or those planning to achieve a short term gain on their investment. The lower repayments mean that you could pay more off your loan balance in the short term.

Line of credit

A line of credit is a pre-approved amount of money that you can borrow when you need it - either as a lump sum or in small portions.

This option is popular with experienced investors, who are always on the lookout for their next property purchase, and need to be able to move quickly.

Redraw facility

A redraw facility allows you to make extra repayments against your loan, and then take the money back later if you need it. This is a great feature for people buying and selling multiple investment properties.

All in one accounts

All in one accounts are designed so that all of your income goes to the one place, and the account is used for your loan as well as all of your expenses.

Because everything goes into this account, the amount that you owe will be reduced. Be sure to look into all of the fees involved with this option.

Offset account

An offset account is a savings account linked with your loan which reduces the interest you pay. Your lender will take your savings into account and deduct this figure from what you owe before calculating your interest.

Construction loans

If you're building a home and you don't need to borrow the full amount upfront, a construction loan allows you to only pay interest on the amount that you have spent.

Bridging finance

Bridging finance is designed to help you purchase one property before you sell the other. Once you sell the old property, the funds are paid straight into the loan for the new property.

The danger here is, if you don't sell the old property as quickly as you thought, you will be responsible for servicing a much larger loan.

Of course, there's so much more to think about when you start looking for an investment property. But armed with some of the lingo - you will be an expert in no time.

14/11/2023

Here are the most common questions I get asked by people who want to save money on their current home loan:

Can I get a mortgage where I pay less than I'm paying now?

In almost all cases, yes. But if for some reason you can't find you a cheaper loan, there was certainly no harm in trying.

With lenders adjusting their rates outside of the reserve bank now is a great time to shop around check that you have the right loan for your needs, I am a great starting point. It will depend what interest rate you're currently paying, what type of home loan you have (e.g. fixed, variable, interest only, line of credit) and what features you want in your loan. We can quickly explain your options.

Can I consolidate credit card or other debts into a home loan?

This is one of the reasons many people refinance. The advantage is that you pay a much lower interest rate on a mortgage than for most other forms of debt - e.g. credit cards, overdraft facilities, personal loans etc. Providing you have sufficient equity in your property, you may be able to consolidate all your debt on a home loan. If you take this option though it is important to make sure you maintain your repayments at their current level or you could end up paying more over a longer period of time. Speak with me anytime to discuss your personal needs.

How much money can I borrow?

We're all unique when it comes to our finances and borrowing needs. Get an estimate on how much you could borrow with our clever loan options tool. Chat to us when you're ready, we can help with calculations based on your circumstances.

How do I choose the loan that's right for me?

Our guides to loan types and features will help you learn about the main options available. There are hundreds of different home loans available, I can recommend the right loan setup for you.

How often do I make home loan repayments - weekly, fortnightly or monthly?

Most lenders offer flexible repayment options to suit your pay cycle. Aim for weekly or fortnightly repayments, instead of monthly, as you will make more payments in a year, which will shave dollars and time off your loan.

What fees/costs are involved in switching mortgages?

Penalty fees could apply if you're paying off a fixed rate mortgage early, but it usually costs only a few hundred dollars in administrative costs to your current lender for a variable mortgage. But I wouldn't recommend a loan where these costs are not substantially offset by repayment savings when you switch home loans. I'll walk you through any fees that will apply in your circumstances.

11/11/2023

Have you accumulated a little extra credit card or personal loan debt? Or are you managing multiple balances with high interest rates? Our team can help you take control of your debt with a low-rate debt consolidation loan.

Our partners offer a fast, simple process to simplify your payments and start saving with lower interest rates. Don�t delay, get in touch today!

08/11/2023

Do you know the difference between how much you 'can' borrow, and how much you 'should' borrow?

There might be a very big difference between how much a lender is willing to give you, and how much you can comfortably afford to repay.

So how do you work out your real 'should' borrowing capacity? Don't you want to be sure that you can afford to make the repayments on your loan?

Lenders will take into account your ability to repay the loan, based on what you earn, how many dependants you have, what your credit rating is, and your declared living expenses.

However, lenders only know what you tell them, and there are a few things you need to take into account that might not be considered by a lender when deciding on your borrowing capacity:

Job Security

How secure do you think your job is? If you've worked for the same company for several years and earn a decent wage, your lender will view this very favourably.

But have you been hearing murmurs about a possible restructure? Do you work in a department that could potentially be outsourced offshore?

You're in a much better position to assess your job security than a lender is, and you need to be realistic. If you commit to the maximum loan amount and then your role is made redundant, you might struggle to keep up your end of the bargain.

Job Satisfaction

Your excellent employment history was a definite tick for your lender, but how do you feel deep down about your job?

Have you just been hanging on until you can get finance approved? If this is the case, think carefully about how much you should borrow.

You might need to take a pay cut early on, if you decide to move into a different line of work.

Family Planning

You answered 'zero' when asked about your dependants, which contributed to the assessment your lender made when offering you a bumper loan.

But what if you were suddenly expecting a child, or if you decide to expand your family a few years down the track?

Your Lifestyle

You might be able to 'afford' the repayments on a big loan, but what happens when mother's day, your brother's birthday and your car registration all come around at once and you need some extra cash?

Or maybe you would like to take a holiday at some stage next year. Don't leave yourself short, or it's going to be a very long 25 to 30 years.

Your other goals

Would you really love to continue your studies in a few years? Do you dream of taking off for a few months to take the kids around Australia?

Don't forget about your other dreams and goals when you work out how much to borrow.

You still need to have a life, and some things are more important than having a spare room for your shoe collection.

05/11/2023

Discover 5 ways to attract your ideal tenant:

You've made the decision to purchase an investment property, and you're ready to tackle your new role of 'landlord' with diligence and enthusiasm. So it would make sense to buy the property first, then hire an agent, decide on the rent and interview tenants - right?

No, actually. If you want to attract the ideal tenant, it's quite the opposite.

1. Purchase the investment property with your ideal tenant in mind

Before you purchase your investment property, it pays to think about who your ideal tenant is. Are they a professional couple, a family, or someone in their older years? Once you have a firm idea of who you would like to rent to, you can start to put yourself in the tenant's shoes and think about what the property should offer.

If your ideal tenant is a professional person, look for properties with good access to transport, an easy commute to the nearest CBD.

If you prefer a young family, then schools, kindergartens, shopping centres and sporting facilities will be on the menu.

2. Presentation pays off

The best tenants are not likely to be impressed by a mouldy smell coming from the wardrobe, or a bright yellow toilet seat from 1970. Try to make some inexpensive improvements if you can, and present the property as a clean and comfortable home. Ensure that everything is in good working order, and try to keep colours neutral.

3. Price for the market, don't increase the rent too much

Research other properties for rent in the area, and price your rent accordingly. Once you do manage to find that dream tenant - don't increase the rent too often, or too much. This will only encourage tenants to look elsewhere. A $10 per week rise might seem like a good idea in the long term, but if your property sits empty for months between tenants that will represent a far greater loss.

4. Screen agents and tenants carefully

Before you sign up with a real estate agency or property manager, find out about their track record and the way they like to do things. How do they handle complaints about the property, or tenants who default on the rent? How often will they carry out inspections?

Make sure they have a rigorous process in place for screening tenants, and make your wishes clear from the beginning.

5. Invest in landlord's insurance

If all else fails, landlord's insurance can really save the day. Make sure you invest in a good insurance policy that covers you for any damage by tenants, unpaid rent or liability claims.

02/11/2023

So, you're thinking about upgrading your home. Maybe your kids are getting older now and it's time to find a place with a big backyard.

Most new home owners will make the decision to upgrade before long - but for many young families, a lack of planning can spell disaster when upsizing the family home. Before you start shopping around for a real estate agent, take a few minutes to ask yourself a few simple questions.

Why do you want to move?

Be clear about your reasons for upgrading. Buying an enormous home won't necessarily mean greater capital growth in the future. Sometimes the greatest growth is in the lower end of the market. If you want to upgrade simply to grow your property portfolio, consider purchasing an investment property instead.

Where do you want to be?

If you're upgrading to give everyone some space, consider the area that you want to live in. You might be able to afford a much bigger home by moving an extra 15 minutes from the city. It all depends what sort of lifestyle you want to maintain.

What are the real costs?

Investigate all of the costs associated with upsizing your home. That means, not just the additional mortgage payments, but increased utility bills, perhaps a longer commute to work, more furniture to fill the additional space etc. It's important to know exactly how much the move will cost you - not just the initial purchase.

What about interest rates?

Could you afford to borrow an extra $150,000 if the interest rates were 2% higher? Make sure you take into account some interest rate rises when you work out what you can afford to borrow. Although a lender might offer you the funds, that doesn't mean that they know everything about your lifestyle and budget.

Will I change my lender?

You might take the opportunity to shop around for a better deal on a loan before you purchase your new property. It's important to keep in mind though, there could be charges associated with paying out your current mortgage, and there will probably be some establishment fees involved in taking out a new loan. These fees should be part of your decision-making process.

It's also important to ask your mortgage broker about Lenders Mortgage Insurance. LMI is generally payable when you borrow more than 80% of the purchase price. Depending on your purchase amount, LMI could add up to several thousand.

Did you answer all of the above questions, and still want to upgrade your home? Great! There's nothing wrong with wanting to move on to greener pastures. But to avoid putting yourself under financial strain, it's always important to do your homework.

30/10/2023

Bridging finance vs deposit bonds - avoid financial distress by learning the difference:

Have you decided to purchase a new home before your existing home is sold and settled? Bridging finance might be an option for you - but beware - there are some pretty big risks involved.

Bridging finance allows you to purchase a new home while your old home is not yet sold. As the name suggests, this sort of loan will 'bridge the gap' between two properties by financing both for a short period of time.

The loan is secured by the old property and the new property, and the rates are similar to normal variable home loans. In the past, bridging finance was more like a personal loan with high interest rates.

This sort of loan is often available with your current lender which is a much easier option than switching the loan to a new lender for a short period of time.

Dangers to be aware of...

Your property might not sell as quickly as you thought, and once your new property settles you will be left trying to cover the cost of a double loan. Obviously this is not ideal, especially if you're upgrading to a more expensive property. There are plenty of borrowers who have lost the lot or had to borrow from friends and family due to being unable to meet their repayments while they wait for the old home to sell.

Your property might not sell for the price that you imagined, which could leave you further in debt, with less equity in your new property. You probably spoke with a few selling agents about the price that you can expect to see for your home, but the real estate market isn't always predictable. Sometimes selling agents will give a generous assessment in order to get the listing, and then bring you back down to earth later when you start receiving offers.

You might feel pressured to accept a lower offer than what you could have realistically achieved, because you need to sell your home as soon as possible.

The simple alternative would be to sell your home before you buy another, which will save you from spending more than what you can afford, because you already know how much your selling price will be. In this instance, bridging finance could be a sound option because you know that your property has already sold.

Deposit bonds - the alternative...

Deposit bonds are a guarantee that you will pay the deposit at settlement of the property. The issuer of the bond guarantees that they will pay the vendor the deposit at settlement if you default on the purchase.

They can do this because they will pursue you for the deposit - so if you don't go through with the sale you will still lose your deposit.

Deposit bonds usually cost about 1% of the deposit amount and can be purchased through most lenders or real estate agents.

These are a great alternative if you want to attend auctions but you don't have the money in the bank because your property hasn't settled yet. They are also useful for people who are awaiting settlement on their existing property but the deposit has not been released by the purchaser.

27/10/2023

How to pay your credit card off completely this year.

Are you growing increasingly concerned about your credit card balance?

Do you feel like you keep making the repayments but the total never goes down? It probably doesn't. Credit card debt is very bad debt and it has a way of reproducing itself faster than a pair of rabbits.

So how can you get your credit card paid off by the end of the year?

Mark managed to pay off a $7k credit card balance in one year, just by making a few smart decisions with his budget.

Decision number 1: Cancel the Pay TV. Mark was paying $79 per month for subscription TV. He didn't really watch it very much because he was working long hours.

Saving: $948

Decision number 2: No more morning Cappuccino. Mark's boss had recently installed a great coffee machine in the office, so he decided not to get a $4 coffee on his way to work every day.

Saving: $1040

Decision number 3: Ride to work. Mark had purchased a new bike last year, and he was really keen to get fit. An easy 20 minute ride to work every day saved him paying for train tickets.

Saving: $3000

Decision number 4: Cancel the Gym membership. Mark had made only two guest appearances at his gym this month, and he felt it was a waste of money now that he was riding to work.

Saving: $1200

Decision number 5: No beer on weeknights. Mark was enjoying his new fitness regime and he decided that he would try to only drink beer on the weekends. He stopped buying a 6 pack 2 nights a week.

Saving: 1456

Mark's story shows just how easy it is to pay off your credit card debt by making a few small changes to your lifestyle. But the first step is to stop spending on the card.

If you can stop growing the debt, you can then start working on bringing it down, one coffee at a time!

23/10/2023

Here are some Super Savings:

In March this year Australian workers had more than $1.8 trillion stored away in superannuation funds, in part thanks to a system that generally requires employers to pay a contribution on employees� behalf. From July 1, this required employer contribution jumped .25% to 9.5%.*

For many wage and salary earners who benefit from these compulsory super contributions, super is often something they think about once a year when their statement arrives in the mail. But we could all benefit from paying more attention to what are essentially our future funds.

According to MoneySmart Week, a not-for-profit movement set up to boost our financial literacy, one of the best ways to get a better handle on your superannuation is to consolidate your super accounts.

We�re part of a group that is proud to be a key supporter of MoneySmart Week (September 1-7) set up to encourage Australians to take simple steps to make their money work harder and go further, now and well into the future. Here�s our guide to building a better financial future by consolidating your super funds.

Why Consolidate?

Firstly, you may save by paying just one set of fees. Secondly, superannuation balances build on contributions and compound interest. The more you have in your best-performing fund, the higher your returns, which are rolled back into your account.

Locate Your Super:

The first step is to find out where your super is located. If you have worked for multiple employers, especially since the compulsory super guarantee came into effect in 1992, then chances are you have more than one super account. If you are unsure what you have where, visit the Australian Taxation Office�s SuperSeeker service and follow the steps to source your funds:

https://www.ato.gov.au/calculators-and-tools/check-your-super/

Pick Which Fund?

Most people can choose which fund their super contributions are paid into. However, if your super is paid as part of certain industrial relations agreements or you are in a defined benefit fund, you may not be able to choose. Do some research if you are unsure.

A superannuation fund is a vehicle to hold your investments, so you can generally choose investments within your super fund according to your needs and appetite for risk. Remember, superannuation assets are usually held over a very long term.

So, when doing your research, look at a fund�s performance over many years, not just the recent one or two. You should also compare annual fees, including termination or exit fees, should you wish to move your funds again.

You can also manage your own super with a self-managed super fund (SMSF). These funds are broadly treated the same as any other, only you make the investment decisions. It also means you carry all of the risks and the fund�s legal responsibilities, so you need to be prepared and able to devote the necessary time and effort into making sure you manage your fund appropriately.

If you�re considering an SMSF, make sure you get the advice of a qualified professional.

Do the Paperwork:

There is some paperwork required to transfer your super between funds but it�s worth the effort to consolidate. You can either contact the super fund you are transferring to for the necessary forms or do it all online through the ATO�s SuperSeeker service https://www.ato.gov.au/calculators-and-tools/check-your-super/

Your current fund will process the transfer and you will then typically receive a rollover benefits statement. Check it�s accurate and keep it with your superannuation paperwork.

If you have multiple accounts to consolidate into one, you will need to complete the same process for each.

New Job?

If you start a new job, make sure you let your employer know you have a preferred super fund. Your employer will provide forms outlining which details they require. It�s also worth checking out your new employer�s preferred fund, as it may perform better than yours. Just make sure you won�t be penalised by high exit fees or if you are, make sure they are offset by gains in the long run.

* APRA - March 2014 Quarterly Superannuation Performance.
** Tax information: the information in this article does not constitute advice. As taxation legislation is complex, we recommend you speak with your financial advisor, tax advisor or contact the ATO for further details and expert advice regarding your personal circumstances. https://https://www.ato.gov.au/calculators-and-tools/check-your-super/

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