What are the opening hours?

Monday 8am - 8pm Tuesday 8am - 8pm Wednesday 8am - 8pm Thursday 8am - 8pm Friday 8am - 8pm Saturday 8am - 8pm Sunday 8am - 8pm

https://horizonaustralasia.com.au/

Kaushal Jhaveri - Mortgage Broking and Migration - Horizon Australasia, B9 Attadale Business Centre, 550 Canning Highway, Melville (2026)

05/01/2022

Make your house a home with a low cost home improvement loan.

01/01/2022

If you really want to save money - it might be time to refinance.

Should you refinance?

"My lender is charging me a higher home loan rate than I see advertised elsewhere. Can I change lenders?"

This is exactly the reason why most people change lenders. There may be a penalty clause in your current home loan, meaning you may need to pay a discharge fee, but it could still be in your financial interests to change.

When shopping around it is always important to look for the comparison rate of a product. A comparison rate is essentially the true rate, taking into account the fees and charges you will pay on the loan. So even though you see a lower rate it doesn't mean the repayments are less.

"I have just come off a 'honeymoon' interest rate to a much higher rate. Can I move lenders or am I locked into my mortgage?"

You can walk away from most mortgages, although penalty fees sometimes apply to fixed rate loans.

"If I move my mortgage to a new lender, is there anything stopping that lender from increasing their rates in a few months time?"

It depends what kind of product you have. If you're concerned about rising rates, perhaps you should consider a fixed rate home loan, where repayments are fixed for a period from 1 to 5 years.

"Why do some lenders charge more than others for lending the same amount of money?"

Banks and other lenders pay different amounts for the money they on-lend to you, they have different overhead structures and different profit expectations. All these factors affect how much they charge to lend people money.

"What documentation do I need to refinance?"

The last 3 - 6 months of mortgage statements is sufficient to begin this process. I can advise on other documentation.

25/12/2021

Six Steps to becoming mortgage-free - Step 2: Change your frequency...

Do you wish there was a way to own your home sooner - without a mortgage? Do you often wonder what it would be like to worry less about your repayments, and more about planning your next holiday?

What if there was a way to reduce the length of your loan, without making huge financial sacrifices?

Well, the good news is that there are six steps you can implement today that will make a huge difference to the time it takes you to pay off your loan.

Last week we discussed the importance of shopping around to make sure you have the best loan in the first place. A small saving now could translate to enormous financial and time savings over the life of your loan.

Today there is another simple step that can really make a difference to the amount of interest you pay on your loan. And it's as simple as changing the channel on your TV. (Well, almost!)

Change your repayment frequency.

Lenders calculate the interest on your loan daily. So even though your repayments might be made on a monthly basis, your interest is accruing all the time - even while you sleep.

By changing your repayments to come out fortnightly, you'll pay your loan off faster. You will also reduce the total amount that you pay on your loan.

This could mean reaching your financial goals a little sooner, and having more money in your pocket at the end of the day.

Stay tuned for your next step to becoming mortgage free!

22/12/2021

Did you know that your skill and experience in managing a tight budget could make you a better property investor than some big spending high income earners?

We often meet people who are hooked on the good life: living in expensive suburbs, fancy cars, frequent dining out and overseas holidays. You�d be surprised however, at how many don�t have adequate savings for retirement or redundancy, let alone a solid investment plan.

For more details, click here to read my "You may already have what it takes to be a good property investor" article.https://www.mortgageaustralia.com.au/email/files/whatittakestobeagoodpropertyinvestor.pdf

21/12/2021

One little mistake that could ruin your life - and how to avoid it.

There are so many things you need to organise when you purchase a property, and many buyers become quite overwhelmed with all of the paperwork, and coordinating their move.

Mistakes can be made, and you might be surprised if you knew how many people forget to do a thorough inspection before settlement.

By thorough inspection, I don't mean turning the lights on and off and looking for marks on the wall.

The biggest mistake that many buyers make at the last hurdle, is forgetting to measure the boundaries of the property to check that everything is correct.

You might think that this isn't really a big deal - who cares if the neighbour has a few centimetres of your back yard? Well sometimes it can make or break you financially, and cause an enormous amount of stress and conflict in your life.

Meet the Wilsons:

The Wilson family discovered the importance of checking boundaries when they moved from their 3 bedroom townhouse to a house with a big backyard in Fremantle last year. It was a hectic time for everyone, and it wasn't easy packing up the house with a baby and a toddler to think about.

When the Wilsons did their final inspection, everything looked to be in order. The vendors had left the house wonderfully clean which was very helpful. They even mowed the lawns and replaced some of the light bulbs. The couple had forgotten to borrow a measuring wheel but they took a couple of minutes to count their paces along the boundary line to see that the title was correct.

It wasn't until several months later that the family was confronted by their new neighbour on the left. He'd been measuring his block to get a planning permit through the council for a possible home extension.

In the process, he discovered that the Wilson's garage on the edge of their property was actually built over 1.5 metres of his land.

What followed was a lengthy legal battle which was expensive and stressful for all parties.

In the end, the Wilsons were forced to tear down one side of their garage and make alterations to reduce its size. They also had to remove and rebuild the fence along the left boundary of their property.

This is a great example of why it's so important to do your research when you buy a property, and avoid ending up in a similar situation.

18/12/2021

Did you know Mortgage Stamp Duty is no longer charged on refinanced home loans?

When our home or car insurance comes up for renewal each year, most of us (hopefully) invest the time to shop around and investigate the competition to make sure we are getting a good deal.

The average Australian with a mortgage spends 18% of their gross income on housing costs. With such a large investment, why do we not give our home loan the same regular review?

With the recent change that Mortgage Stamp Duty is no longer charged on refinancing your home, it is a lot cheaper and easier than many people think to switch loans.

For more details, read my "Change can be good" article.https://www.mortgageaustralia.com.au/email/files/changecanbegood.pdf

17/12/2021

How to save for your FIrst Home - without moving back to Mum and Dad:

Are you trying to save up for your first home? There's so much to think about - not just an enormous deposit, but stamp duties, moving costs, conveyancing fees and loan costs all add up to quite a number.

Saving such a large amount can be a tough slog. You try and put a bit away each week but unexpected things tend to pop up, and it can feel like you're not getting anywhere at all. But there are a few things you can do to speed up your savings journey.

1. Cut your costs

It's time to sit down with the calculator and work out just how much you spend - on what. It's all too easy these days to 'tap and go' when you make purchases, without really stopping to notice the cost.

For example, you might be horrified to learn that you currently spend $900 per year on energy drinks. And that's not including your morning coffee.

Wait until you're in the right mood - and then be brutal. It's time to work out where you can trim the fat.

2. Kill the credit cards

Credit cards are expensive to keep - and they have a way of blossoming if you don't keep paying them off in full. If you have a credit card debt, get rid of it.

Sell your old textbooks, get a Saturday job, do whatever it takes because this one isn't doing you any favours.

Not only will a credit card accrue interest, your savings goals will be undermined if you have to keep making repayments on credit cards all the time.

3. Make a budget

Write down what you earn. Then list all of your 'non-negotiable' expenses - like rent, groceries, bills, train fares etc.

Deduct the non-negotiable expenses, and what you have left is your disposable income. Rather than disposing of it - try to save as much as possible.

Make a plan for how much you can afford save each month. It might be a bit of a stretch some months if you receive a big bill - so try keeping a separate account where you save a small amount every week.

That way, if you receive your car registration you can pay it without compromising on your savings that month.

4. Leave some room to breathe

We all need a break occasionally, and it's important that your budget does include some room to breathe. You might need to buy new shoes for work, or a present for your sister's birthday.

Don't make it so tight that you can't even go to the movies. Leave a bit of slack for those times when you really need to live a little. That way, you're more likely to reach your savings goal.

15/12/2021

6 Tips to Avoid a Bad Purchase:

You searched the web for properties that fit your criteria, and one in particular caught your attention. The photographs paint a lovely picture, and the agent swears that this one is something special. But before you get to the open house, be sure to take a moment and remember that you have a job to do...

1. Ignore the trimmings

It's easy to be romanced by the lovely scented candles, flat screen television or pricey bedspread, but the reality is - you're not shopping at a department store. This is an important purchase, and when the designer furniture is removed from the house you don't want any surprises. Make an effort to look past the decorations and really notice the layout, condition, features and drawbacks.

2. Look up, and all around

Take a good look at the ceilings and walls - water damage and leaks can be costly to fix, but the good news is that usually they are difficult to hide as well. Try to use all of your senses and be on the lookout for smells and sounds that might indicate a problem with the property.

3. Check out the neighbours

Your grandparents would probably tell you to buy the 'worst house on the best street'. There's a lot to be said for location, and part of the formula is to be surrounded by neighbours who maintain or improve their properties.

Try introducing yourself to the neighbours and see what you find. If the elderly lady next door says "I'm glad they decided to sell that house - we need new fences and they won't pay up" you might like to leave some room in your budget!

4. What's most expensive to fix

If the kitchen and the bathroom are a lovely shade of brown and you would like to renovate as soon as possible, make sure you can afford it. These are usually the most expensive rooms to improve, and you need to know what you're in for. If in doubt, ask a tradesman to inspect the property with you before you make an offer.

5. Ask lots of questions

It pays to ask plenty of questions - a great one is 'why are they selling?' If you have twins on the way, and the agent says 'they want to have another baby', you might like to consider whether the property is big enough for you.

It's also a great idea to ask how much the current owners are paying for their utilities. Some houses, by design, tend to generate very large heating and cooling bills, so these are all important considerations.

6. If in doubt - organise a building and pest inspection

Unless you really know what you're looking at, it always pays to arrange a building and pest inspection. This can be added as a condition when you make an offer on the property. If the vendor is not willing to allow an inspection, you might like to run screaming down the street before making a very costly mistake.

11/12/2021

The truth about your Credit File.

When the National Consumer Credit Protection Act came into effect in 2010, it was designed to help regulate lenders and prevent consumers from getting out their of depth with debt.

One of the spin-offs has been increased scrutiny on would-be borrowers.

Lenders now look to an individual's credit file to help determine if they are a good or bad risk.

Yes, that's right - a credit file. It sounds very FBI and, in some ways, it is. Your credit file includes your personal information, including your full name, date of birth, driver's licence number, gender, addresses and employer information.

It also records any credit applications you have made in the past five years, such as home loans or store financing of household goods, plus any bills you have defaulted on and any financial matters on public record, including any bankruptcies or directorships.

Home lenders will look at your credit file to verify your reliability. Being aware of what's on your file and how you can keep it clean, will go a long way to helping you secure a home loan.

Previous credit applications

A previously declined credit application can leave an unwanted stain on your credit file. If you are declined a credit card or a loan, find out why and take steps to rectify the situation before applying for new loans or credit.

While your positive actions may not erase the blemish, you can at least demonstrate responsibility with the new lender, which may convince them to give extra weight to other criteria, such as income and a strong employment record.

Payment defaults

Don't think that unpaid phone bill from your previous rental matters much? Think again. A payment default is an account of $100 or more that is 60 days or more overdue.

Payment defaults can only be included on your credit file if the credit provider has tried to recover some or all of the overdue amount. This means they must have sent a notice in writing to your last known address and requested payment.

Payment defaults stay on your credit file for five years, even after you pay the overdue amount.

If you don't pay a bill but can't be contacted, you may be declared a clearout. Before you can be listed as a clearout, the credit provider must make reasonable efforts to contact you, either in person (including over the phone) or in writing to your last known address.

If you can't be contacted, the credit provider can immediately list the debt on your file as overdue, even if it hasn't been overdue for 60 days or more. Clearouts remain on file for seven years from the date they are listed, even when you have paid the overdue amount.

Avoid unpaid bills blighting your credit file by:

- Paying on time or at least when overdue notices are sent.
- Providing a change of address to all creditors/billers if you move.
- Leaving someone to manage your bills if you need to be away for a month or more.

Hardships

They say it's often better to seek forgiveness than permission, but most lenders are happy to discuss what can be done to help if you hit hard times. Far better to fess up to a creditor or lender if you can't make one or two payments than have them whack a black mark on your credit file due to lack of contact.

Talk to your Mortgage Broker

Borrowing via a Mortgage Broker is one of the best ways to navigate the credit crunch. A broker will have a good understanding of what financial attributes various lenders are looking for in their borrowers.

For example, a lender may give kudos to long service in a job and a solid savings record, which may help offset an unpaid bill from three years ago that appears on your credit file.

Your broker can also advocate and negotiate on your behalf. Just remember, it pays to be honest. If you have a mark against you, be up front so your broker can consider the best lender and loan for your situation.

08/12/2021

How to avoid getting stuck in the borrower's 'land of confusion':

Comparing the true cost of a loan can be a lot more complicated than it seems.

Comparison Rates are one way of comparing loans, but it doesn't always provide a complete picture of the total cost of the loan.

Make a mistake and you could pay thousands more in interest than you should.

To avoid this, have a look at this short guide - "Land of Confusion".https://www.mortgageaustralia.com.au/email/files/landofconfusion.pdf

07/12/2021

If securing your first home, stepping up to something better or securing an investment property is on your to-do list then it may be in your interest to maximise your borrowing power.

Understanding how much you can borrow will help you make critical decisions, especially when it comes to what to buy and when.

There are a number of factors that influence your borrowing capacity. The key ones are income and existing debt including credit cards and personal loans.

If borrowing for a property purchase, a lender will also look at the value of the property in question and the value of any existing property you hold, which is counted as equity.

First-home buyers, who won�t have the benefit of equity in existing property, are usually only able to borrow up to 80 per cent of a property�s value � as estimated by the lender, not the real estate agent.

That�s because the lender requires a resale buffer as protection in the event you default on the loan and the property needs to be sold to make good on the debt.

This can be increased up to 95 per cent of the property value, if first-timers take out Lenders Mortgage Insurance (LMI), which can cost several thousand dollars and protects the lender financially if you default.

LMI provides no protection to the borrower.

But there are other ways to bump up your borrowing power. Here are our top tips:

Reduce your credit card limits
It�s not just credit card debt that is considered when lenders work out how much you can borrow. It�s also how much you could rack up.

While having a zero balance on a card with a $10,000 limit will be viewed positively, lenders take into account what you could spend more so than what you owe. One of the simplest ways to increase your borrowing capacity is to reduce your credit card limits.

Cancel cards with zero balance or look at consolidating multiple card debts into one with a lower limit. It still helps to have as little debt as possible, so pay down high-interest credit card debt as quickly as possible.

Reduce taxation
If you have been doing your own tax, there�s a chance you have been missing some deductions. Get an accountant to manage your return to ensure you are taking advantage of your maximum entitlements.

By reducing your tax you increase your after-tax income, which can be factored into your loan application.

Increase your savings
Going by the 80 per cent property value rule, the bigger your deposit, the more you can borrow. One of the simplest ways to save is to sock away any pay increases or windfalls, such as tax returns.

You should also prepare a budget and stick to it. Cut your discretionary spending by limiting entertainment, take-aways and visits to shopping centres, where you are more likely to be tempted to make impulse buys.

Keep your records up to date
One of the reasons borrowers fall short of their loan expectations is their inability to prove their income. Make sure you have completed your tax returns and can show recent pay slips.

Accurate records are especially essential if you are self- employed so make sure you have tax returns up to date and accurate profit and loss statements to demonstrate cash flow.

Check your credit file
If you have concerns about past debts or overdue payments, check your credit file and take steps to resolve any issues before applying for a loan. Visit: www.oaic.gov.au/privacy/privacy-topics/credit-and-finance/how-do-i-get-a-copy-of-my-credit-report to find out how to get a copy of your credit report.

Make sure you can service extra debt
Remember if you borrow more, you need to repay more. Lenders will use their own formulas to determine if you can make the loan repayments based on the information you provide at the time.

If your spending increases or circumstances change, you will still be required to make your loan repayments.

Talk to your broker
Lending criteria and loan products vary between financial institutions. A mortgage broker has access to a variety of lenders and their loan products and can help source the right loan for your circumstances.

* 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.details and expert advice in relation to your personal circumstances.

Kaushal Jhaveri - Mortgage Broking and Migration - Horizon Australasia

05/01/2022

01/01/2022

25/12/2021

22/12/2021

21/12/2021

18/12/2021

17/12/2021

15/12/2021

11/12/2021

08/12/2021

07/12/2021

Address

Opening Hours

Telephone

Website

Alerts

Shortcuts

Share

Category

Monday	8am - 8pm
Tuesday	8am - 8pm
Wednesday	8am - 8pm
Thursday	8am - 8pm
Friday	8am - 8pm
Saturday	8am - 8pm
Sunday	8am - 8pm