Luke Lu - Mortgage Australia

Luke Lu - Mortgage Australia I'll help you get a better home or investment loan at no cost to you from dozens of major lending institutions. Home loans and mortgages are my specialty.

I have been in finance industry in the past 8 years. Prior to become a mortgage broker I was a personal banker in Bank of Queensland. My qualifications include a Bachelors degree in Finance, a Master degree in Accounting, and a Certificate IV in Financial Services. I am part of the country’s largest broking company that organises 1 of every 10 home loans in Australia every month. Experience the co

nvenience of state-of-the-art technology to objectively compare around 1,350 of the latest financial products from 31 lenders, including the Big 4 Banks. Deal with someone who is truly committed to the residents of Huntingdale and surrounds – I’ve lived in this area for the past 7 years so you can know that I’m with you for the long haul. Additionally, I can speak different Chinese languages such as Mandarin, Cantonese. I am a Member of the Finance Brokers Association of Australia and the Credit Ombudsman Services Limited. I'll come to your home or place of business and compare all our lending options for you and help you organise your next home loan.

How to pay your credit card off completely this year.Are you growing increasingly concerned about your credit card balan...
16/06/2023

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!

Moving on from any long term relationship, be it marriage or de facto, can attract a heavy emotional toll, but the finan...
16/06/2023

Moving on from any long term relationship, be it marriage or de facto, can attract a heavy emotional toll, but the financial impact can be far reaching and long lasting.

Finances are often left on the backburner as you focus on the emotional health of you and your family.

It may also be that this is the first time you have had the sole responsibility for your finances, are overwhelmed and don�t know where to start.

The key is to take action early. Click here for some steps to get back on track financially after a separation or divorce.https://www.mortgageaustralia.com.au/email/files/startingover.pdf

Here are some Super Savings:In March this year Australian workers had more than $1.8 trillion stored away in superannuat...
13/06/2023

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/

For the more adventurous - here is a guide to investing in Commercial Property.When mum and dad investors consider prope...
13/06/2023

For the more adventurous - here is a guide to investing in Commercial Property.

When mum and dad investors consider property, most look no further than the residential market.

While homes and apartments may be seen as simpler and safer options, many investors are prepared to defy tradition and set their sights on the commercial sector.

Commercial property differs to residential, but with the right understanding of the key drivers, it need not be more complex.

How does commercial property differ to residential?

Firstly, commercial property attracts GST on the purchase price and the rent received, unlike residential real estate, which remains GST-free on both fronts.

An exception to this may be where the property is acquired with an existing lease in place. In this case, the vendor may be able to treat the sale as a 'GST exempt sale of a going concern' (refer www.ato.gov.au).

Commercial properties also usually attract higher yields - seven to eight per cent on average, compared to half that for the residential market. But the higher returns are often offset by the bigger risk of longer vacancy periods, which is why choice of property is paramount.*

On the up side, commercial tenants tend to take much longer leases than domestic renters, providing a stable financial footing for your investment.

Another distinction is who pays for property upgrades. In the residential sector, owners foot the bill for maintenance, repairs and improvements, while tenants usually cover the cost of refurbishments to suit their particular enterprise.

The right property

With retail outlets, offices and industrial estates all sitting at the heart of our economy, it can be hard to decide which type of commercial property to invest in.

Many first-time commercial investors are business owners looking to end the rent cycle and acquire an asset at the same time. If you don't own your own business, a good starting point is to consider the same principles that apply to residential investment.

Look for properties in growth sectors in areas with low vacancy rates. A drive around any light industrial estate, CBD or retail strip will quickly reveal the 'for rent' signs and give you a pulse check on local supply and demand.

You should also consider local infrastructure, such as transport, and even commercial entities that may be a drawcard for others. In the retail sector, a big brand name with a long-term lease (called an anchor tenant) can be the attraction for smaller operators looking to cash in on the high foot traffic the big name will generate.

Commercial tenants also look for properties with high visibility, easy access and plenty of parking, especially if there is no public transport nearby.

If looking at a light industrial property or office complex in a commercial estate, check it is not in a flood zone. Some commercial complexes are built in low-lying areas at risk of riverine or flash-flooding. Flood cover is not always offered on commercial properties and can be costly when available, so assess the risk thoroughly before you invest.

Commercial property agents will happily help you with the property hunt. Keep in mind their job is to sell, so make sure you do your own homework on values, vacancy rates, average rents and potential tenants for any property put forward.

Another helpful starting point is your mortgage broker. They can help you work out your budget based on your existing loans and financial arrangements and find a loan product suitable for your circumstances.

The right tenants

Attracting the right tenants is the key to successful commercial investment. Concerned by the potential for long vacancy periods, commercial property investors often snap up the first tenant who comes along.

Take time to research whether the applicant is in a viable sector with strong demand or a waning one. While you can lock any tenant into a three-year lease, an insolvent business will not be able to pay the rent, no matter how many demands you place on it.

On the other hand, a flourishing business with a strong track record may request a longer term lease in some cases up to 10 years. You may even be able to request a bank guarantee for the term of the lease.

* The information contained in this article does not constitute either financial or taxation advice. We recommend you speak with your financial advisor, and as taxation legislation is complex, you should consult a tax advisor or contact the ATO for further details and expert advice in relation to your personal circumstances.

Will a new vehicle jump-start your earnings?It�s always important to take stock and consider whether the purchase of new...
10/06/2023

Will a new vehicle jump-start your earnings?

It�s always important to take stock and consider whether the purchase of new assets or equipment will benefit your business. Asset finance is often the answer.

Financing new equipment, instead of purchasing it outright, can be a good way to preserve cash flow and working capital while adding an asset that can begin to generate immediate income.
And, of course, there may be potential tax advantages that could also come your way.

Fixed rate home loans - are you paying a fortune for peace of mind?Are you a planner? Do you like to organise things in...
10/06/2023

Fixed rate home loans - are you paying a fortune for peace of mind?

Are you a planner? Do you like to organise things in advance, and enjoy the security of knowing what the future holds in store? Do you take a comprehensive list with you to the supermarket?

Well a fixed rate loan might be your perfect fit. Fixed rate loans are:

Great for managing a tight budget...

Fixed rate loans are an excellent option for anyone who is operating on a very tight budget. If an extra fifty dollars per week would mean choosing whether to feed your children, or put petrol in the car - this is probably the loan for you.

Great for peace of mind...

If you opt for a fixed rate loan, you will know exactly how much your repayments will be for the duration of the fixed period. Many lenders offer up to 10 years on their fixed rate loans, so this could give you substantial peace of mind.

Fixed rate loans can save you money...

If interest rates increase during the time when your rate is fixed, you will be immune. When everyone else is complaining about having to give up their daily coffee, you're safe in the knowledge that your repayments aren't going to change.

On the flipside though...

You will forfeit your chance to pay a reduced interest rate if the Reserve Bank rate is lowered. When other borrowers are enjoying a well-earned reprieve, you will still be making the same repayments. This can represent a significant cost to you if interest rates drop by half a percent or more.

Less flexibility

If you choose to fix your rate, you get security at the expense of flexibility. You probably won't be able to change the features of your loan during the fixed period, and most lenders don't allow you to make any lump-sum repayments when your rate is fixed.

It's critical that you take the time to research the different loan options available to you, and ask plenty of questions to ensure that the loan you choose is the best option for you. For many borrowers, fixed rate loans are an excellent choice to help you manage your budget and plan for the future.

Make your dream car affordable with a low cost car loan.
07/06/2023

Make your dream car affordable with a low cost car loan.

Should you buy or build your next home?Many buyers struggling to find the right home are going back to the drawing board...
06/06/2023

Should you buy or build your next home?

Many buyers struggling to find the right home are going back to the drawing board and building rather than buying an existing home.

There are obvious benefits to a brand new home: you can build exactly what you want and enjoy shiny new surrounds, with no wear and tear costs for years to come. But there can be downsides to creating your castle.

Let's look at some of the pros and cons of building versus buying.

THE PROS OF BUILDING

You get what you want

The great pleasure of building your own home is choosing what you want for today's lifestyle. If building, you have two options: a project home or a custom-built one.

Project homes offer a suite of designs, usually with options to mix and match or upgrade some features. They are cheaper than custom-built homes because the builder works on an economy of scale for the building materials and products and knows exactly how much money will be made on each design.

The other benefit is that you can tour display villages and see exactly what you will get.

A custom, or architect-designed, home will cost more but allows you to create your dream home. Just remember, the higher the quality of your materials and fittings, or the harder they are to source, the higher the cost. Size also matters, with builders working on square meterage.

You can go green

The Nationwide House Energy Rating Scheme requires all new homes to have a minimum energy rating of six stars (one being the lowest and 10 being the highest), which means lower energy and water bills for your household, plus the feel-good factor of helping the environment.

Green design includes the home's aspect to make the most of natural cooling and warming, water tanks, energy efficient lighting and better-insulated windows.

You can be part of a new community

In a world where increasingly few of us know our neighbours, a new home in a new estate can help knit you into a community.

New estates are generally located in high-growth areas that attract young families, a plus for those with kids who want to feel part of a neighbourhood.

These estates are also carefully planned, often with new parks and purpose-built shopping centres. Some are even large enough to have their own schools, heightening the sense of community for residents.

THE CONS OF BUILDING

Time and stress

Building a new home, even if you opt for a project design, requires your input and time. Even the simplest projects can take their toll, especially if couples disagree about certain fixtures, bad weather impacts timelines or the builder gets something wrong.

Busy people might struggle to find enough time to make decisions, liaise with the builder and other contractors and visit the building site. If that's the case, buying an existing home might be a less stressful option.

Locating land

While new homes are generally part of new communities, the trade-off is that the land is often located in outer suburbs, with fewer public transport options and longer commutes.

Finding vacant land in established areas is nigh impossible in some cities, so older homes in poor condition are being snapped up and knocked down. For many, the cost of buying and demolishing a home and building a replacement is prohibitive.

If you are looking to settle in an established suburb with ample infrastructure and amenities, buying a home and renovating it to suit your needs may be more affordable and convenient.

Make your house a home. Contact me for a low cost home improvement loan.
04/06/2023

Make your house a home. Contact me for a low cost home improvement loan.

Get new equipment. Keep your cash flow.
04/06/2023

Get new equipment. Keep your cash flow.

Introducing the new home building methods that can save you a lot of time and money.In the past, prefabricated houses wo...
01/06/2023

Introducing the new home building methods that can save you a lot of time and money.

In the past, prefabricated houses would connote images of tackiness and shipping container living, but prefab housing is now enjoying an avant-garde revival.

Today's prefab houses consist of high end materials, follow strict green building practices and are designed by leading architects. Often they have substantially better thermal ratings than brick homes, meaning they actually cost a lot less to heat and cool.

Some new builders even start with a traditionally built lower floor, then build a prefabricated second floor, being less expensive and much faster than building a standard two-storey home.

To find out more, download my short introductory PDF article to this style of home that is growing in popularity - Absolutely Prefabulous.

https://www.mortgageaustralia.com.au/email/files/absolutelyprefabulous.pdf

Have you spotted a property bargain recently?If you think there may be a few property bargains just waiting for you to c...
01/06/2023

Have you spotted a property bargain recently?

If you think there may be a few property bargains just waiting for you to check them out, why don't you ask me to confirm your borrowing capacity before you go and have a look around?

There have been lots of changes in home loans too, so a bit of homework could be worthwhile.

It doesn't cost anything to find out and usually only takes a few minutes. The least I can do is point you in the right direction and the privacy act ensures our conversation is entirely confidential.

Some of my more astute investors take the opportunity during these times to purchase more investment properties while the market conditions are good.

If you'd like to know more about this, contact me about using your equity to purchase an investment property.

An email or a phone call is all it takes.

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Huntingdale, WA
6110

Telephone

+61433669515

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