Trevor Richmond - Trevnet Finances, 29 Dearden Road, Byford (2026)

26/08/2026

Upgrading Your Home Before Selling?

Most people have walked through beautiful model homes and wished their own home had all those modern features. Model homes showcase the latest in upgrades and decorating styles. When we get home all we can see is the tile in our bathrooms and yesterday’s details in our kitchens. These things can become overwhelming if we are considering a home sale in the near future.

“Can I even sell my house with granite countertops anymore?”

Before you grab the sledge hammer and plan a DIY weekend of expanding your family room, take a breath. Your home doesn’t need to be the latest and greatest to fetch top dollar in the resale market.

As you evaluate making changes to your home prior to listing it for sale, the first thing you should do is talk with your real estate agent. They have market experience which allows them to speak with you about how your home compares to others in your area. They work with buyers and sellers every day and know what features and upgrades are top sellers…and which don’t matter at all. While the urban modern home in the magazine looks great, changing the details in your country house into industrial loft style is not an improvement.

Some improvements do translate to better sales price in every case. Outdated wallpaper, dirty and worn carpet and dark rooms can always use improvement. New or cleaned carpet and a fresh coat of paint, coupled with light bright lighting, will really showcase the best features of your home.

Each neighbourhood is different. As you work with your agent, you might find that there are upgrades which will net you a significantly higher sales price. For instance, if you are located in a high end, luxury neighborhood, those buyers expect updated kitchens and bathrooms and you might want to put some money into those rooms to market your home in the top end of the market. But again, talk with your agent before you guess. You don’t want to spend thousands of dollars in upgrades that your buyers don’t care about…or worse…. don’t want.

22/08/2026

5 Ways To Tell If You Found The Right House

You’ve seen a lot of homes lately. You have been out every weekend searching for the right home for you. At this point, you might not be sure it’s even out there, or if it is, you might not find it. Then you drive up to a home that gives you hope. At this point, however, how can you tell if it is the right house for you?

Here are 5 sure signs that you’ve found the right house:

1. You feel excited. Just as your first love might have given you knots in your stomach, the right home could as well. You start to imagine a life in the home and it’s exciting.

2. You overlook the flaws. You are realistically seeing the negative aspects of the home and are willing to overlook them. Maybe you wanted a view and this home doesn’t have one. But the beautiful kitchen remodel and spacious landscaped yard make up for that.

3. It doesn’t have your deal breakers. You should never compromise on the real deal breakers in your criteria. That might be tempting if the master bathroom is perfect, but if you have to have 4 bedrooms and this is really just a 3 bedroom, you’ll regret buying the home.

4. It fits your overall criteria. The home is located in the school district, city or neighbourhood you want. The larger lifestyle aspects line up with the home.

5. You can afford it. So important! There is no reason to go see homes you truly can’t afford, but it happens. The right home is in your budget.

Of course there are many more aspects which goes into knowing if the home is the right home for you and your family. One of the best ways to know you’ve found the right home is how badly you want the house. Once you’ve left the showing have you compared all other houses to this one? Do you talk about it, think about it? Can you imagine yourself in the home? If so, you’ve found the right one.

So if you’ve found the right home, write that offer! Don’t let it get away!

19/08/2026

How to calculate your borrowing power

One of the most important factors in your home ownership journey is the amount of money you can – or should borrow. You want to borrow enough that you can purchase the right property for your needs, yet you don’t want to end up out of your depth in debt.

Most lenders rely on their own variation of a basic formula to calculate your borrowing power. They look at six elements of your financial situation – gross income, tax, existing commitments, new commitments, living expenses and buffer – to calculate your monthly surplus. This formula gives a good overview of your level of financial security, and tells lenders how much you are able to pay back each month. If you assess yourself based on a similar formula, you can have a realistic idea of how much you can borrow and whether you need to save and prepare a little more first.

So how do all these elements combine to assess your borrowing power?

Gross income

The lender will look at all your sources of income to calculate your gross income. Sources include your base income, overtime, a two-year history of any bonuses, commission (if you have been receiving a regular ongoing amount for at least one or two years), any regular payments from a family trust and any rent derived from investment properties. If you have children under the age of 11, the lender will also include any Family Tax Benefits A& B.

Tax and Medicare

Your tax and Medicare expenses will be calculated to assess how these costs reduce the amount of your gross income.

Negative gearing benefits

If you already have investment properties and incur benefits through negative gearing, the lender tend to increase the amount of the potential loan.

Your new mortgage

When calculating how much your new loan repayments will cost, the lender will slightly increase the interest rate by about 1% to 3% to create a buffer against future interest rate rises. If you are purchasing an investment property, they will sometimes calculate an even higher interest rate, depending on the current market.

Your current financial commitments

Your ability to pay off your loan will be affected by your other financial commitments, such as ongoing debts and living expenses. Lenders will look at your existing mortgages, credit cards and personal loans to determine your financial status. Credit cards will be assessed as if you owe the maximum limit, not on how much you currently owe. And the lender will also calculate on a slightly higher interest rate. If you are living rent-free with a family member, the lender will calculate in a hypothetical rental payment to allow for a change in your circumstances.

You can present your lender with your own estimate of your living expenses; your lender will compare this amount to their own calculation of the minimum expenses for a family of your size. They will use the higher figure to make their estimation.

The buffer

The lender will add a hypothetical expense as a buffer against any unexpected expenses that could affect your ability to repay the loan. The purpose of the buffer is to ensure that you are borrowing slightly less than you can currently comfortably afford.

Surplus or shortfall?

Once the lender has calculated each expense, they will deduct these expenses from your gross income. If the expenses are greater than your gross income, the result will be a shortfall. If you are living within your income, the result will be a surplus – extra money that can be used to pay off a loan. A surplus is a good first step to securing a loan, although the lender will also take into account factors such as your employment history, your credit score and your savings before making a decision.

You can use this method yourself to calculate your own surplus so you have a good idea how you can manage loan repayments once you purchase a property. This is an excellent exercise in getting a strong grasp on your budget and working out ways you can make your money work for you more effectively.

For assistance in calculating your borrowing power, contact us today.

15/08/2026

How to choose the right property for you

Your home is perhaps the biggest investment of your life – particularly as it is not just a financial investment, you are also investing in your future lifestyle. Yet many people have a tendency to “fall in love” with a particular property, and they forget to remain logical in their thinking. As a result, they find themselves owning a property that does not suit their current lifestyle or their future financial plans.

So how do you choose the right property for you?

Find a property that fits your real-life needs, not your dream lifestyle

You might have fantasies of living by the beach or in a small inner-city unit within walking distance of all the pubs and cafes, but how will this choice fit your budget and your long-term lifestyle? Your first home should fall within your budget and it should be compatible with your work and family life. There is no point purchasing a dream property that requires a two-hour commute to work or takes up all your spare money reducing your quality of life.

Is it a good investment for you?

Investigate the economic possibilities of the location and the property itself to see how it will appreciate over time. Also consider how the property will grow alongside your lifestyle choices – perhaps you want to “flip” the investment property by doing a few renovations and selling for a profit, or perhaps you want to live for a few years in a small house before extending the property to make room for a family. Whatever your plans, your property is an investment tool that you can use to provide for your future.

Is the property value accurate?

If you fall in love with a particular property, you may trick yourself into wanting to spend more than necessary just to “win” it. However, it is important to check that you are paying what the property is actually worth. Look at the purchase history of the property and neighbouring properties to see how their value has appreciated, and how much they are all perceived to be worth now. Consider what needs to be done to the property in terms of renovations or repairs in order to make it right for your purposes.

Will you need a home loan?

Before you commit to a property, look carefully into the financial aspect of the deal. Find out how much you will need to borrow in order to secure the property, and whether you can still maintain your quality of life while paying off the loan.

If you need assistance working out how to find the right property for your lifestyle and budget talk to us today…

12/08/2026

Top Six Reasons why your home loan might be declined

You’re ready to buy a home, but you can’t find a lender who will approve your home loan. While this might seem discouraging and frustrating, it is not necessarily the end of your dream to become a home owner. Once you know the reason that you are considered a bad risk, you can improve your eligibility. Usually, it just takes a little more time and to improve your eligibility.

Here are the top six reasons lenders might decline your loan application:

1. Low deposit
If you can only place a small down payment on the property of your dreams, the lender might conclude that you are not financially prepared to take on the long term responsibility of a home loan. The lower the deposit, the more you need to borrow, creating a higher risk for the lender. A larger deposit not only lowers your repayments, it also demonstrates your long-term financial commitment.

2. Bad credit
Again, if you have a poor history of paying bills or repaying credit card loans for frivolous items, a lender is not going to trust you to pay off a home loan. Clean up your act by settling your debts and paying off credit card bills promptly, so you come across as a more realistic prospect for lenders.

3. Employment history
Lenders will be looking closely at your employment history to confirm whether you have steady employment and a regular income. If you have only been employed in your current role for short time or if you have been self-employed for less than two years, you will be perceived as a higher risk and your loan application may be declined on these grounds. If you are currently unemployed, your chances of being approved are extremely low, as you cannot repay a home loan if you do not have a viable income – and do you want that additional financial stress while you are out of work? Once you have a steadier employment history, lenders will look at you more favourably!

4. Your age
It might seem unfair, but your age can count against you when you are applying for a home loan. If you are extremely young, lenders might be concerned that you won’t commit to the long term responsibility of paying off a home loan. If you are older and close to retirement age, they might assume you won’t have the income to manage home loan repayments. You can counteract this impression by demonstrating to the lender that you have a solid plan in place and that you are committed to repaying the loan.

5. You want a unique property
When you want to purchase a unique or unusual property, your potential lender will be looking ahead to when you want to sell it. When a property falls outside the mainstream, there is a limited market of potential buyers, so your lender will be wary of investing in a property that may not sell easily.

6. Already applied to a lot of lenders
If a lender can see you have already sent out a lot of applications and been knocked back every time, they might save themselves the effort of further research and decide that you are a bad risk. When you are knocked back by a lender, ask them why they turned down your application, then fix the issue before trying again.

For more information about how you can secure a home loan, contact us today, so we can help you follow the right path towards owning your home.

08/08/2026

Sell or buy first? Which option is right for you?

It’s the ultimate dilemma for any home owner planning to move on to a new property – do I sell or buy first? You don’t want to sell unless you have somewhere else to live, but you don’t want to buy unless you have the money from the original home. Whichever way you go, there will be some stress involved, so it’s important to look at the pros and cons of each option to decide which is the most suitable and practical for your circumstances.

Questions to consider

Your decision should be based on your current equity situation and how fast you can sell your current home. In a “hot” market, a “hot” property is sure to sell fast – but don’t assume that your property will attract an immediate buyer. Do your research so you have a realistic idea of the potential selling time. The other factor to consider is how long it will take you to find your next home. You don’t want to be left homeless and in limbo while you search for the perfect property.

Of course you can only estimate how long it will take to sell your home and find a new place to live. Whatever the market is like, the process can be much quicker – or slower – than you anticipate. So you also need to consider what kind of back-up support you have in place. For example, could your family give you a place to stay while you are between houses? Or could they lend you enough money to make an offer on the perfect house before your current home is sold?

Your financial status

Generally speaking, selling first is a suitable option if you have little to no equity, or if the property will take some time to sell, either because the market is slow or because the property is unusual and will only attract a niche market. This way, you are not caught in the situation of having two mortgages, and you can purchase your next home with an established budget based on the sale of your last home.

If you have significant equity in the current home combined with a healthy income, you can afford to balance your payments if you buy first.

Simultaneous settlement

If you are very lucky and well-organized, you can achieve the ideal – a simultaneous settlement. This is when the sale of your previous home and the purchase of your new home are processed simultaneously. So the money from your sale is instantly transferred into the purchase of your next home.

One way to achieve this is by selling your home with a long settlement period of up to six months. This gives you time to look for a new property, knowing that the payment from your previous home is available for the purchase. You can include a clause allowing for the settlement to be brought forward in the event you find a home within that time frame.

You can also purchase a new home with a long settlement period, giving you extra time to sell your current home. However, this is more risky because if you fail to sell your home within the specified period, you could potentially lose your deposit on the new house.

Problems can develop on the day of simultaneous settlement if one of the settlements is delayed for some unforeseen reason, which could result in the entire move being rescheduled for a few days later. This in turn can trigger other challenges such as additional expenses in penalty interest. If the delay drags out, you may risk losing your deposit.

Buying first with a guarantor loan

If you have plenty of equity in your current home, but you are not sure how long it will take to sell, you may consider the option of a guarantor loan. This will involve a friend or family member (usually your parents) putting up their home or investment property as additional security for your loan. Once you sell your home, you can pay off your debt to the guarantor, so they are no longer providing security for the loan.

Buying first with a bridging loan

If you owe approximately 60% or less of the value of your current home, you may have sufficient equity to apply for a bridging loan. A bridging loan covers the cost of purchasing a new home and maintaining the two properties until you have sold your current home. You need to prove that you have sufficient equity to cover the loan once your property is sold.

This is generally a good option for a home owner who is downsizing, such as a pensioner, as the new home will be of considerably less value than the current home. As a bridging loan incurs a significant amount of interest, it is not a good option for anyone buying a more valuable property than the one they are selling, as the interest could become unmanageable.

Not sure which is the right option for your circumstances? Contact us today and we will help you make the right decision for your situation.

05/08/2026

How to maintain a good credit score

When you are applying for a loan, the first thing lenders will do is check your credit score – and this will have a strong impact on their ultimate decision. So what is your credit score and how do you maintain a good score that will impress lenders?

The five elements of your credit score
Your credit score is a three digit number designed to indicate how likely you are to meet your credit obligations. Lenders will look at your score to decide whether they are prepared to give you credit for a loan. The score is calculated based on five elements of credit history information – your payment history, your level of debt, your credit age, your mix of credit and enquiries. You could look at your credit score like a school grade, where different subjects have different weighting on your overall mark.

Pay your bills promptly
Payment history makes up 35% of your “grade.” This is based on your ability to pay your bills promptly, and any history of late payments, collections or bankruptcy will have a negative impact on your score, particularly if they are recent. For a good grade in this subject, make sure you maintain a history of paying your bills on time.

Minimise your debt
Debt level makes up 30% of your score. Your level of debt is compared to your credit limits to calculate what is called your credit utilisation. If your credit utilisation is high, then your level of debt is close to your credit limit, making you a bad risk.

In simpler terms, this just means to keep your credit balance low in order to reach a higher credit score. For example, if you have a $1000 credit limit on your credit card, don’t exceed a debt of $300. If you have numerous lines of credit, try to pay some off or consolidate them, so you are not juggling too many debts.

Don’t close your first credit card account
Your credit history makes up 15% of your score. A longer credit history will result in a higher score, as this provides more information about your ability to manage your finances. So rather than closing your oldest credit card account, keep it open to demonstrate your long-term credit history.

Limit your credit applications
Inquiries, which are worth 10%, refer to the number of credit applications you have made in the last year. An excessive number of applications can negatively impact your score as it looks as though you are taking on too much debt or you are desperate to be approved for a loan.

The final 10% is based on your mix of credits, which refers to your ability to successfully manage a mix of credit accounts. However, this is only considered important if there is insufficient information available from the first four categories.

Check your credit score
Even if you are sure you are doing everything right, it is prudent to check your credit score before you start applying for loans. You might find a way to improve your credit score and increase your chances of securing the loan you want.

Another good reason for checking your credit score regularly is to ensure that there is no inaccurate information stemming from credit card fraud or identity theft. When you check your score regularly, you can confront issues like this immediately.

Contact us today if you need help finding out your credit score or learning how to improve it based on your circumstances.

29/07/2026

Quick tips for working out a property’s market value

When you are searching for the perfect property, it can be challenging to work out exactly how much you should be paying. Rather than relying completely on the word of others, you can develop your own strategy for valuing a property, so you have a better independent idea of how much it is really worth.

1. Make a comparison search
Property sales are in the public domain, so you can research your chosen area and make a list of five comparable properties that have sold within the last six months. To ensure the properties are comparable, make sure they are within a kilometre of your target property, and that they have similar features, such as the same number of bedrooms, bathrooms and car spaces, and a similar land size. Also make a note if any property has additional features such as a pool, or whether it is more conveniently located in relation to amenities such as schools and transport.
Do not include properties that have not yet sold, as the advertised price is not a true indication of how it will sell.

2. Rank your list
Once you have a short list of comparable properties including the one you are planning to sell or buy, rank each property in order from “Most Desirable” to “Least Desirable.” Try to be objective in this exercise, looking at the land size and location, rather than whether you prefer one garden to another. Proximity to schools is a plus if you are valuing a three or four bedroom home, but less of a concern for a one or two bedroom home. Buyers tend to be drawn to properties with newly renovated kitchens and bathrooms, so keep this in mind when ranking your properties. Your ranking from most to least desirable might not tally with the ranking from most to least expensive – this will give you an idea of what features are important to people buying into the area.

3. Adjust for market movements
Now you have placed your target property within a list of five comparable properties so you can see where it stands in the price range between the most expensive and least expensive properties. However, the market may have shifted within the last six months from hot to cold or back again, since the first property was sold, so you will need to adjust for current market conditions.
Once you have adjusted, you should have a clear idea of how much your target property is currently worth, based on its place in your ranking list.

4. Check your figures
You can back up your research by checking the median house price for the suburb in question. The Domain real estate website will also show the discounting percentage for a specific area, which is the average discount below the agreed listing price. For example if a house listed at $1 million sold for $900,000, then the discounting percentage is 10%.

Contact us today if you need assistance assessing the value of a particular property.

25/07/2026

=> Top ten tips for first home buyers 🏡

It is a long journey from saving up the first deposit to actually owning your own home, but it is certainly a rewarding one! Your first property is an important financial and emotional investment into your future, so you want to make the most of every opportunity to make your dream home a reality.

1. Start budgeting like a home owner
The journey starts with saving for your deposit. This takes a great deal of discipline, especially in the beginning when the dream of owning a home seems so far away. Once you own your home, you won’t have so much disposable income, so start limiting your disposable income now, and put this money aside to build your deposit. And when you establish a realistic and practical budget, you will have a better idea of what you can afford once you take on a mortgage.

2. Save the biggest deposit possible
The larger your deposit, the more equity you will have in your property right from the beginning. This also means you are paying less interest. Place your growing savings into a fixed term deposit or a high interest savings account so you can grow your deposit through accumulated interest.

A larger deposit will also have the bonus of making lenders look more favourably on your loan application. When they see that you are disciplined and committed to owning a home, they will know you are a good risk.

3. Minimize your debt
Accumulating debt through credit cards can undermine all your efforts to save up for a deposit. When you are ready to apply for a home loan, the lender will be examining your credit history, so if you do have ongoing debt, stay on schedule with payments so your credit rating is not adversely affected. Cut down on the credit card use, and pay off your car and any personal loans so you can concentrate on saving for your first deposit.

4. Remember to calculate the costs of purchase
Once you feel you have saved a sufficient deposit to buy the property you want, don’t forget to double check your figures to make sure you can also afford all the related purchasing costs. Many first home buyers disregard or under-estimate expenses such as inspection reports, stamp duty, Lenders Mortgage Insurance (LMI) and legal costs. When you fail to account for these expenses, you run the risk of reducing your deposit when you are ready to buy.

5. Stay within your means
House hunting can be an extremely emotive business and it is easy to get carried away about a dream property and forget that you can’t actually afford it. You need to maintain strict self-discipline so you don’t become tempted to purchase a property that is priced beyond your means.

6. Apply for the First Home Owners Grant early
The First Home Owners Grant is a government initiative designed to assist Australians in purchasing their first home. This grant can save you thousands in fees and duties. The conditions and benefits vary from state to state so visit the First Home Owner Grant website to learn how this can help you.

7. Research incentives and concessions
Each Australian state and territory also offer their own incentives and grants to first home buyers, including stamp duty concessions. So it pays to do your research on what financial assistance you are eligible to receive where you live.

8. Choose a property that suits your needs
Stay objective when you are looking at houses, and write up a list covering all the essential requirements of your ideal property. The list will generally centre on property size, location and price, although you may have other key requirements that need to be included on the list. You can also include a list of “wants” but these should be negotiable.

9. Don’t forget the property inspection
Once you have found your dream property, don’t assume that everything is as perfect as it seems on the surface. Arrange for an independent property inspection, so you know exactly what you are buying. Potential problems could include faulty plumbing, structural faults or electrical faults. After the inspection, you might find grounds to renegotiate the asking price, or you may decide the property needs too much maintenance to be suitable.

10. Get independent legal advice
Seek legal advice before you sign the contract, so your lawyer or conveyancer can check that there are no issues such as covenants or easements hanging over the property.

Contact us today if you need help or advice before purchasing your first home.

22/07/2026

Why do banks and agents value your home differently?

Have you ever wondered why your lender will give you one value for a house while the real estate agent has said something completely different?

How do you know the real value of a property when everyone is giving different quotes?

The difference in the two valuations is due to the lender and the agent assessing different aspects of the property’s value – the lender is looking at how much to comfortably lend you in relation to the cost of the property, while the agent is looking for a sale price.

Bank valuations vs market valuation
The property’s market value is the estimated amount for which the property should fetch on the date of valuation, assuming a buyer and seller were to enter willingly into a sales transaction. The bank valuation is the amount that the lender is prepared to lend against the property.

How is the bank valuation made?
The bank or lender appoints a valuer to independently verify the value of the property. As the property is the asset providing security for the loan, the bank valuation generally tends to be more subjective and conservative, to protect the lender financially in case you cannot pay your mortgage and the property must be sold to cover your debt. While the bank valuation is based on extensive research into comparable properties, it will be lowered when the buyer is borrowing more – this is a way for the bank to balance its risk. The bank’s valuer can potentially be held liable if the bank suffers financial loss, so they prefer to make a safer more conservative estimate. The valuer can also advise the bank to refuse the finance application if they believe the buyer has paid too much for the property.

Not happy with the bank valuation?
If you are dissatisfied with the bank valuation of your chosen property, you have two options – request a reassessment of the valuation; or cancel your finance application and start again with another lender. The bank will only do a reassessment if you can provide evidence that comparable properties reflect a higher value than their valuation.

You should also check that the market valuation reflects the true market price of a comparable property, as you may find that the seller has overpriced the property. You can hire an independent valuation company to make a market valuation of the property.

How is the market appraisal made?
The market opinion is assessed by a real estate agent, and establishes the asking price for the home. The agent has a different agenda than the bank’s representative – they want to value the property to achieve the highest possible price in the sale. However, they do need to work realistically within the parameters of recent sales and real estate activity in the area. The vendor can receive valuations from several agents when deciding which agent to appoint to sell the property.

Whether you are buying or selling, contact us today if you want independent advice about your property.

Trevor Richmond - Trevnet Finances

26/08/2026

22/08/2026

19/08/2026

15/08/2026

12/08/2026

08/08/2026

05/08/2026

29/07/2026

25/07/2026

22/07/2026

Address

Website

Alerts

Contact The Business

Shortcuts

Share

Category

Listing takedown request