Tuesday 22 December, 2020
Coming back from the holiday season can leave you feeling inspired. You’re refreshed and ready to set out on your next adventure. So, what’s next?
Whether you’re looking to purchase your first home, invest, start a new business or renovate, it’s important to source expert advice and really do your research.
Investing in a new home is a big step, and depending on your situation, it can mean that you’re doubling your mortgage repayments. That’s why it’s important to seek the right advice for you, to ensure you can afford to invest and are getting the best deal.
Our experienced brokers will work alongside you, help you do the numbers, evaluate your budget and flag potential constraints. Chatting to a broker first helps you clearly know your budget, so when you’re looking for your investment property you know your price range and feel comfortable about your investment – now and in the future.
There are many ways to fund a renovation – the most common is to release equity and top up your original loan. This is a clean and easy way to get funds quickly and ensure you don’t have multiple repayments.
Topping up your loan means that you’re borrowing against the current value of your house (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 value of your home but, without mortgage insurance, you can usually borrow up to 80 per cent of its value.
Other methods of funding your renovation include construction loans, a line of credit, a personal loan or a credit card (only recommended for very small renovations).
As with any important financial step, obtaining the right advice is what sets you up for success. We suggest chatting to our experiences brokers to obtain a pre-approved loan. This allows you to clearly know your budget, facilitates a faster closing period and proves to sellers that you’re the real deal.
It’s important to remember that as well as your purchase price, there are other associated costs when you buy a home.
There are many incentives for first home buyers, such as the First Home Loan Deposit Scheme and the First Home Owner Grant. You can read all about the current first home buyer incentives on our government grants page!
The list could go on, if you’re looking to start a business, build, update your business premises or even add to your fleet of cars, all the info you need can be found on our business loan page.
You can also get in touch with us for firsthand advice!
When you consider a ‘hike’, what is the first thing that springs to mind? A walk through the bush or a sharp rise? The RBA lifted the official cash rate by 25 points to .35 percent last week – the first rise in 11 years. While we understand that a rate rise is never a good thing, interest rates are still at historic lows and we wonder if the use of the word ‘hike’ is a necessary one!
If you missed the 2022-23 budget announcements this week, you may have missed the incentives announced for home buyers. While most are not new, the government have increased the number of spaces available for eligible home buyers through their Home Guarantee Scheme.