New Financial Year
July 15th, 2008
What a great start to the new financial year if you are looking to buy your first home or investment property!Prices have progressively been dropping along Australia’s eastern seaboard and lenders are favoring borrowers who can verify their income and have stable employment.
If you are looking to buy your first home, want to stop paying rent or want to reduce your taxable income and purchase an investment property, I invite you to call us for an obligation free chat to discuss:
- Any general finance questions
- The maximum loan you can comfortably borrow
- What the monthly repayments would be
- The financial difference between rental payments and mortgage payments
- Any cash variance from rental income and mortgage repayments
It’s the perfect time to assess your options and consider getting into the property market - as it has been quite a while since properties have dropped in value and there are some wonderful loans currently available.
Tip 1.
Don’t pay ‘professional package’ annual fees, ranging from $340 - $390 every year for a slightly lower interest rate. Many loans exist which offer the same interest rates, similar features but without the annual fees. e.g. ING, Bankwest, Citibank, etc.
Tip 2.
If you are with a large bank, call us to ensure you are structured to receive the maximum discounts you are entitled to from that bank. Most people do not receive all discounts they may be eligible for from their existing lender.
Tip 3.
If your existing lender is looking shaky OR wants to exit the Residential lending market (e.g. Macquarie bank) OR has removed loan features due to funding issues, then it’s a great time to renegotiate the terms of your agreement and possibly have waived exit fees.
Tip 4.
Don’t cross securitise your properties with ANY lender as it removes flexibility and has numerous other ‘downsides’.
Tip 5.
Investigate the opportunities which now exist for your self managed superannuation fund to borrow and buy property.
Kind Regards.
Harry Pontikis
Chocolate Money
P:1300 137 539
M:0411 258 058
harry@chocolatemoney.com.au
Small Business Loan up to $20,000
This is the season when all the tax schemes (or scams) surface and are advertised profusely! All of these schemes profess to lower your taxable income before June 30.
The global credit crunch is effecting many small business in Australia. It’s getting harder to access money and larger companies are delaying their payments to smaller suppliers, causing cash flow issues.