'Financial Updates'

Another interest rate rise is on the cards soon. Now is the time to ensure your cash flow is ok; your debts are on the lowest interest rates available and your insurance options are covered in case the unthinkable happens.What would happen if you couldn’t work or didn’t have any income for 6 months? Assess your current situation and take steps to give yourself, your family and your business a ’safety net’.

Assess the cost of insuring the most valuable asset you own - yourself. Sickness, injury and other mishaps are a fact of life. Taking steps to protect your income during these times may be good steps to take now.

Contact Chocolate Money on 1300 137 539 for assistance.

“Now is the perfect time to review your current financial arrangements with your lender and ask them to match the best loans available to you in the market” says Harry Pontikis, Director of Master Builders Financial Services.

The slowdown of the mortgage market has worked to make some banks review their lending policies to make them more reasonable for builders and the building industry.

The same situation has caused other banks to tighten their lending policies to the point of being unreasonable with their requests.

‘Sanity checking’ your debt structure before starting every major project, or at least ensuring that your current lender is the one providing the most competitive terms can save you thousands in unnecessary fees and charges.

Being aware of alternatives which are available to builders to fund projects can also make the difference between a good profit margin in a project, compared to a lucrative margin; Alternatives like using Line of Credit facilities, which are priced at home loan rates, compared to Commercial Overdrafts, which have double the interest rates plus prohibitive fees and charges. Understanding when you are eligible to use the various loan facilities is one of the most sought after and beneficial services Master Builders offers its members.

Please contact Master Builders Financial Services for an obligation free chat to see how they can help you by placing your enquiry through this website.

Many articles focus on general economic statistics about affordability being at an all time low for people purchasing homes. We must remember that the time to buy a home, is when you can afford it. It’s important not to get swept up in the negative (or positive) hype often spun by media outlets, designed to sell their newspapers or magazines. The best time to buy is when it suits you personally. Therefore, you need to establish your position by contacting Chocolate Money for a complimentary loan qualification assessment. If you are not eligible for a loan immediately, the Chocolate team will help guide you towards what you need to do to be in a better position to get a loan.

So far, all our predictions about the lending environment have been coming true; the RBA put up its rates in November, some lenders are struggling to lend money due to a shortage of funds because of the US Sub Prime crash and Banks are putting up their interest rates to capitalise on the less competitive lending environment. Credit impaired people are also having a tougher time getting finance.

The impact is that loans may become more expensive and harder to get. This will progressively get worse during the first half of this year.

There are still some competitive loans available in the market but may only be available for a short time. Therefore, don’t neglect your personal and business finances - call us now.

Kind regards,

Harry Pontikis
Director
Chocolate Money
1300 137 539