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Car loans or personal loans for a new carWhen looking to purchase a new car, there are many different ways to use financ...
31/05/2023

Car loans or personal loans for a new car

When looking to purchase a new car, there are many different ways to use finance to help your secure your vehicle. Two of the most common options include either a car loan or a personal loan. Here are some factors you need to consider when assessing your options.

The interest rate: Typically, a secure car loan will offer a lower interest rate than a personal loan.

Fixed or variable: Fixed car loans are popular for repayment certainty, though variable loans can at times have a more attractive interest rate. With fixed rates you will have more certainty around what you need to pay.

Maximum loan amount: Some personal loans are limited to around $10,000 to $50,000, while secured car loans can feature up to $100,000 limits.

Loan length: Personal loans can have lengths as short as six months, but can be as long as 5-7 years. Most secured car loans have minimum lengths of around three years, and as long as seven years.

Fees: When assessing your options, always take into account other fees, such as establishment fees, monthly account-keeping fees and early discharge fees.

Balloon payment: Some of the loans with the lowest interest rates might include a balloon payment, which is a lump sum you pay at the end of your loan term. A 10% to 30% balloon payment is not uncommon, so be sure to understand if that will suit your needs.

Flexibility: Some car loans allow the borrower to make extra repayments every week, fortnight, or month. This can help to reduce the overall interest you have to pay.

Let us guide you through the mortgage maze

Call us today or visit https://go4loans.com.au/ to book an appointment.


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Disclaimer statement: Your complete financial situation will need to be assessed before acceptance of any proposal or product
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Why you need to plan ahead to get a home loanThroughout our lives we all experience changes, including switching jobs, s...
28/04/2023

Why you need to plan ahead to get a home loan

Throughout our lives we all experience changes, including switching jobs, starting families, and buying things like new cars. However, when we make big life decisions, most people don’t think about the impact that could have on their ability to get a home loan or refinance.

A recent survey found that 75 per cent of borrowers could find themselves unable to refinance because of life decisions that they were preparing to make. That’s why you need to plan ahead to avoid any negative financial implications from changes to your personal situation.

Changing jobs
One of the most common issues that impact your ability to get a home loan is a drop in income. Whether it's due to a job loss, a change in employment status or a reduction in work hours, any fall in income can make it harder to qualify for a loan or refinance an existing one. If you're self-employed or work on a commission basis, fluctuations in income can be particularly challenging. Even just changing jobs could make it more difficult to secure finance, especially if you’re changing the industry you work in. It is usually worth speaking to a mortgage broker ahead of time if you want to get a home loan in the future and also change jobs.

New debts
Another potential issue when trying to get a home loan or refinance is taking out additional loans or incurring new debts. For example, buying a new car or taking out a personal loan can increase your monthly expenses and affect your debt-to-income ratio, which is an important factor in determining your eligibility for a home loan or refinancing.

Family changes
Changes in your personal life can also impact your financial situation, such as having a baby or getting a divorce. These changes can affect your expenses, savings, and overall financial stability, which can all impact your ability to secure a loan or refinance. If you’re a single person, your monthly expenses are assessed differently than if you’re a couple. That changes again when you start having children. Make sure you’re aware of the implications of your family situation and how it might impact your borrowing capacity.

Reducing the impact of change
When it comes to securing a home loan or refinancing, it's important to plan ahead for life and employment changes. There are other steps you can take to reduce the impact, including having a larger deposit, working to improve your credit score by paying debts and bills early.

Let us guide you through the mortgage maze 🏠🏠



Call us today or visit https://go4loans.com.au/ to book an appointment.

RBA UPDATE | Effective March 8, 2023The Reserve Bank of Australia (RBA) has risen the official cash rate by 25 basis poi...
08/03/2023

RBA UPDATE | Effective March 8, 2023

The Reserve Bank of Australia (RBA) has risen the official cash rate by 25 basis points to 3.60%, making this the tenth consecutive increase for the nation. Board members stated that the increase “was warranted”, despite Australian’s also experiencing increases to the cost of living. The board’s decision was influenced by wages, unemployment, services demand, supply chain issues and the 33-year record high inflation.

Despite a lower volume of properties, interestingly enough, auction clearance rates across Australia remained surprisingly strong, according to CoreLogic. Adelaide experienced the most significant increase from last year, followed by Melbourne. Sydney saw a marginal drop; and Brisbane is down 6%. The strong bidding and high clearance rates are a positive sign for the housing market and suggest that buyers remain confident in the long-term prospects of the property market.

It is important to review your home loan regularly to ensure it still meets your needs. Working with a mortgage broker or trusted finance professional can help make the process easier and help you find the products to best suit your needs.

Please contact me if you would like to discuss this further and see how I can help you.

Let us guide you through the mortgage maze🏠🏠



Call us today or visit https://go4loans.com.au/ to book an appointment

What can you do with your home equity?For most Australian households, much of their wealth is tied up in their family ho...
08/02/2023

What can you do with your home equity?

For most Australian households, much of their wealth is tied up in their family home. With home prices rising substantially over the past decade, homeowners are often sitting on a large amount of equity that they could use for other things.

Equity is the difference between the value of your property and the amount of debt (mortgage) that is still owed. For example, if you own a property that is worth $500,000 and you have a $200,000 mortgage, then your equity is worth $300,000. You are able to access that equity and potentially use the money to invest in things like another property.

Here are two options for your home equity.
Investment property
The most common reason a homeowner would access the equity in their home is to use the funds as a deposit on another home.

If you’re looking to build a property portfolio that will provide a passive income in the future, or as a tool to build wealth, using equity in your home can be a very powerful way to do it.

By refinancing your current home, you’re able to tap into the equity and use those funds to put down a deposit for another property. This is how many property investors have been able to purchase multiple properties from just an initial deposit.

However, there are some things you need to factor in. Just because you have equity doesn’t mean you can automatically tap into it. You still need to have enough income and the borrowing capacity to qualify for finance. You also have to remember that you will need to qualify for finance to cover two mortgages – your first home and your investment property.

Renovation
Another clever way to use equity is to tap into it to pay for a home renovation. By refinancing your home loan, you can potentially use the funds to go out and complete a renovation on your property.

Ideally, the money that you spend renovating the home will increase its value above the cost of the renovation. That way you are not only using the equity to pay for the renovation, but your total equity is actually increasing too.

You will again have to qualify for finance based on your income and expenses. It’s also worth noting that you will need to do your research to determine if undertaking a renovation will in fact increase the value of the property. The best way to do this is by comparing similar homes in your area to see what a newly renovated property of similar size, age and land component have sold for recently.

Let us guide you through the mortgage maze

Call us today or visit https://go4loans.com.au/ to book an appointment.



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Disclaimer statement: Your complete financial situation will need to be assessed before acceptance of any proposal or product
Privacy Policy - https://go4loans.com.au/privacy-policy

30/10/2022

How to get debt-free faster !!

A mortgage is the biggest debt most people will ever have. The faster you can pay it off, the more you’ll save in interest and the more money you’ll free up for other things in life.

Here are three ways to pay your debt down faster:

Round up your mortgage: Every spare dollar you have that not’s being used or invested elsewhere should theoretically be put towards paying down your mortgage. Consider rounding up your payments to help fast track the process. Instead of paying $1910 per month, make it $2000.

Set your repayments to fortnightly: There are 12 months in a year, but there are actually 26 fortnights — not 24. By paying fortnightly, you’re effectively making an extra 2 repayments each year and paying your mortgage off faster.

Offset account: By putting spare funds in your offset account, you are reducing your interest while still having access to the funds in case you need them. To supercharge your savings, pay your bills with a credit card and park your money in your offset account until the end of each month.

Let us guide you through the mortgage maze 🏠🏠




Call us today or visit https://go4loans.com.au/ to book an appointment.

R U Ok?I'm just a phone call away for a chat or let's catch up for coffee.
08/09/2022

R U Ok?
I'm just a phone call away for a chat or let's catch up for coffee.

9/10 Australians believe mortgage brokers have their best interests at heartThe vast majority of Australians believe tha...
14/08/2022

9/10 Australians believe mortgage brokers have their best interests at heart

The vast majority of Australians believe that mortgage brokers have their best interests at heart when borrowing or refinancing, based on new research.

According to Mortgage Choice, 89 per cent of people who had used a mortgage broker said they were confident their advisers had addressed their best interests.

Market research agency, Honeycomb Strategy, surveyed 1000 Australian homeowners with a mortgage during April this year and found working with a broker was incredibly beneficial.

The research also found that 88 per cent of people who worked with a mortgage broker were provided relevant options for their loan, with almost three-quarters (72 per cent) of this group of borrowers having either secured their home loan or refinanced in the last two years.

The borrowers found the leading benefits of working with a broker were their extensive industry knowledge, access to the best deals and interest rates, and that they would do most of the work.

Mortgage Choice Chief Executive, Anthony Waldron, said the research confirms that mortgage brokers clearly do have the best interests of their clients at heart.

“The DNA of mortgage brokers has always included looking after borrowers’ best interests,” Mr Waldron said.

“Eighteen months on from formalising Best Interests Duty and Australians are demonstrating their trust in mortgage brokers.

“The industry now writes more than two in every three home loans, and our network of almost 1,000 brokers find themselves constantly adapting to meet this demand.”

The research also noted there was reluctance among borrowers to refinance, with two-thirds of the respondents hoping to avoid it, and 61 per cent believing that refinancing could leave them worse off.

Mr Waldron said seeking a better deal with a lender can be difficult.

“Customers aren’t prepared to seek a better deal due to the significant hassle that they have to go through to try and figure out how to get a better deal on their home loan,” he said.

“The broker market share has accelerated because of solving this client need and the fact that the broker can take care of the hard work of dealing with the banks.”

IF YOU OR SOMEONE YOU KNOW ARE LOOKING FOR SUCH A BROKER, FEEL FREE TO CONTACT ON 0450661828

Let us guide you through the mortgage maze 🏠🏠🏠

Call us today or visit https://go4loans.com.au/ to book an appointment.

Property to Outperform Stocks and Bonds Real estate around the world is expected to outperform both bonds and shares ove...
02/03/2022

Property to Outperform Stocks and Bonds

Real estate around the world is expected to outperform both bonds and shares over the next five years, according to a new report from Oxford Economics.

Between 2022–2026, Oxford Economics have predicted total returns for real estate and real estate investment trusts (REITs) to average 6.5 to 7 per cent per annum.

This is significantly higher than bonds and equities, which are expected to return just 0.7 per cent and 2.5 per cent per annum, respectively.

Oxford Economics expects interest rates to remain at low levels in the coming years, which will help underpin real estate prices and drive economic growth.

Cashback offers still available for eligible customers*

Let us guide you through the mortgage maze 🏠🏠

Call us today or visit https://go4loans.com.au/ to book an appointment.



*Terms and conditions apply

Disclaimer statement: Your complete financial situation will need to be assessed before acceptance of any proposal or product
Privacy Policy - https://go4loans.com.au/privacy-policy

It's always a great feeling when you buy your dream home!! When was the last time you reviewed your borrowing power?Do y...
09/02/2022

It's always a great feeling when you buy your dream home!!

When was the last time you reviewed your borrowing power?

Do you know how much equity is available on your existing home? Have you thought of Investing?

If the answer is no or never, call us today to find out how we can help and see what best loan suits you.

We are just a call away.. call us on 0450661828

Cashback offers still available for eligible customers*

Let us guide you through the mortgage maze 🏠🏠

Call us today or visit https://go4loans.com.au/ to book an appointment.



*Terms and conditions apply
Disclaimer statement: Your complete financial situation will need to be assessed before acceptance of any proposal or product
Privacy Policy - https://go4loans.com.au/privacy-policy

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