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Explainer: Fixed-rate Loans

By | Tips, Uncategorized

When purchasing a property, borrowers can decide between fixed-interest loans that maintain the same interest rate over a specific period of time, or variable-rate loans that charge interest according to market rate fluctuations. Fixed-rate loans usually come with a few provisos: borrowers may be restricted to maximum payments during the fixed term and can face hefty break fees for paying off the loan early. However, locking in the interest rate on your home loan can offer stability. For those conscious of a budget and who want to take a medium-to-long…

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Fixed Rates versus Variable – the ins and outs

By | Tips, Uncategorized

When purchasing a property, refinancing or just renegotiating with your current lender, borrowers can generally decide between fixed-interest loans that maintain the same interest rate over a specific period of time, or variable-rate loans that charge interest according to market rate fluctuations. Fixed-rate loans usually come with a few provisos: borrowers may be restricted to maximum payments during the fixed term and can face hefty break fees for paying off the loan early, selling the property or switching to variable interest during the fixed rate period. However, locking in the…

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How to invest in property through an SMSF

By | Tips, Uncategorized

For some years, self-managed super fund members have been able to invest in residential property, as long as they follow strict guidelines. The first step is to have a discussion with an expert to determine whether investing through an SMSF is the most appropriate approach to property investment given your personal circumstances. If it is, the next step is to set up the SMSF, and using the services of a specialist is recommended. Do this before you start looking at an investment property to buy. Another tip is to be…

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How to invest on a low income

By | Tips, Uncategorized

While you may not need a six-figure salary to invest in property, those who earn a relatively low income will require a little more creative thinking to start a portfolio. Here are some tips to help you get started. Find an investor-friendly loan The challenge for low-income earners is the time taken to save for a sufficient deposit. Some lenders require a higher deposit for an investor than is required for an owner-occupier, so seek out a lender and loan that is investor-friendly, or consider living in the property for…

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Five ways to fund a renovation

By | Tips, Uncategorized

Considering transforming your home from ‘banal’ to ‘brilliant, but lack the funds to support your makeover? Never fear, we’ve rounded up five home renovation finance options that could help turn your dream into reality. 1. Equity Release / Top Up Home Loan This is probably the most common way people borrow money when they want to renovate. It involves borrowing against the current value of your home, before any value-adding renovations and in most cases allows you to obtain the funds upfront. You won’t be able to borrow the full…

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Be mortgage-free by your 50s

By | Tips, Uncategorized

Some tips and tricks to paying off your home loan sooner. Buying a home is likely the most significant financial transaction you’ll ever make. So it stands to reason that your home loan will be your largest ongoing financial obligation. Imagine what life would be like without that monthly or fortnightly strain on your income? With the extra money in your account you can afford to work less, travel more, and do the things you’ve always dreamed of. Most loan repayments are calculated on a 25 or 30-year term. And…

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Is it time for a digital detox?

By | Tips, Uncategorized

Have you just spent hours of your festive break scrolling, scrolling, scrolling? It’s a fact that spending too much time staring at the small screen can create stress, anxiety and health issues. Isn’t it time we all aimed to disconnect more from our phones and reconnect more with life, health and happiness? We are more connected than ever, thanks to the internet and phones that let us check up on everything from anywhere. But it may surprise you to learn that a Lonergan Research study found that Australians, on average,…

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Is one phone call really all it takes to secure a lower interest rate?

By | Uncategorized

With official interest rates trending downward, shrewd mortgage holders may take the opportunity to call their lender to ask for a better deal. But when even a small interest rate reduction means potential savings of thousands of dollars, is a simple phone call really enough to get you there? In 2019, ‘your interest rate should have a three in front of it’, is common advice for home owners considering the competitiveness of their loan settings. But while a number of lenders offer lower rates to new customers, it’s not always…

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