If you apply for a home loan, particularly if the loan is for more than 80 per cent of a property’s value, you’ll more than likely have to prove to lenders that you have a satisfactory amount of savings. This is to demonstrate your ability to funnel a portion of your income into repayments. Although…
Refinancing can be a great way to save money if you believe you are paying too much for your loan, but there is more to it than just finding a loan with a lower interest rate and making the change. Before making the switch, ensure the savings you could make outweigh the fees involved. Here…
As property prices continue to rise, purchasing in a centrally-located or sought-after area is out of reach for the average working millennial. Instead, many are opting to rent rather than buy as it means not having to compromise their inner city or beachside lifestyle. But for those who are still eager to enter the market,…
Refinancing your assets to renovate a property is a significant decision that will hopefully improve your standard of living or add substantial value to your property. Refinancing isn’t as straightforward as you might expect. The type of renovation proposed goes a long way to dictating the loan required. If the wrong loan is chosen, you…
Asking how long it takes to get a loan approved is like asking how long a piece of string is. Every application is unique, so the time between your first contact with your bank or broker and approval can never be predetermined. There are, however, some things you can do to help hurry your application…
When selling one property and purchasing another, the funds from the sale may not be available in time to use for the purchase deposit. There are typically two options in this scenario: a bridging loan and a deposit bond. Bridging loan A bridging loan is a short-term home loan designed to allow you to initiate…
Preparation is the key to auction day survival. The anxiety and stress you feel leading up to the big day can be slightly eased by being familiar with the auction process and having a plan for how to deal with issues that may arise. Know the value of your home Ask your real estate agent…
Some of us pay off our home loan as a top priority, while others are happy to stick with the 30-year repayment term. Which is the better option? If you are the type of person who hates debt, you probably think it is a no brainer to pay off your mortgage quickly. After all, the…
You can ignore your super and hope that one day it will be able to support you in retirement, or you can take an active involvement in its growth. For a comfortable retirement, Australia’s super industry research body, the Association of Superannuation Funds of Australia (ASFA) has estimated a couple would need an annual income of $59,971.…
The digital revolution has placed Australia on a fast trajectory to becoming a highly automated, cashless society. Some experts believe we will be cash free as early as 2022 and research indicates that over the next 20 years, 44% of current Australian jobs are at high risk of being affected by computerisation. The Australian Payments…
