#buildingahome / 34 posts found
Does the gig economy make it harder to get a mortgage?
For lenders, the ideal customer has a steady income, ongoing employment and the ‘right’ paperwork. Here’s what you can do to get a loan in the gig economy. From launching a start-up to contracting in the ‘expert economy’ or just renting out the spare room as an Airbnb, more and more Australians have sources of income that would have been considered unusual even a decade ago. According to Independent Contractors Australia, self-employed workers – in what is widely called the ‘gig economy’ – now total more than 17 percent of the Australian workforce. That’s two million people who don’t conform to […]
On the market? The federal government’s First Home Loan Deposit Scheme explained
The barriers a first home buyer faces when entering the property market are well documented. So, will the government’s new First Home Loan Deposit Scheme (FHLDS) help, or not? Here’s a guide to who’s eligible, how it will work, and what the new scheme may mean for the housing market. Have you got a spare $228,442.40? That’s the 20 percent deposit needed for a property at Sydney’s median house price of $1,142,212. Aspiring home buyers have been repeatedly told to save for a deposit at that ratio. The FHLDS announced before the 2019 federal election, is intended to lower the […]
Where can I get finance for a small business?
Note: When seeking credit assistance, use a mortgage broker to protect your best interests. Many people in Australia dream of running their own small business but four out of five never do it. If you’ve got a good idea, develop a business plan, then let’s discuss your small business finance options. Your small business finance or commercial finance options include: Business loans Commercial loans Lines of credit Home equity loans Franchise funding Venture capital How much money does your business need? A lot of small businesses fail not because they’re offering a poor product but because they run out of […]
What Do I Need to Know About Debt Consolidation?
(Note: Not to confuse it with debt elimination.) If you’re swamped with credit card debt and personal loans, it can sometimes help to talk to a professional about debt consolidation. However, you need to be wary. You might end up paying more in the long term and/or reduce the equity in your home. What is debt consolidation? Debt consolidation is where you transfer your credit card debt and any personal loans to your mortgage. The advantage of doing this is that the interest rate on your home loan is likely to be lower than you’re paying on your smaller debts. […]
The Home Loan Approval Process
Following the lodgement of a home loan application, hopeful borrowers are often keen to know what will happen next and how long it will take for them to receive the verdict. The bad news is that there is no one-size-fits-all answer. The good news, however, is that a solid application is a key to keeping the approval time short. The amount of time it takes for you to receive a response to your home loan application can vary. An answer is usually received between two days to two weeks, depending on a range of factors. Before offering conditional approval, your […]
Seven Tips for Securing a Business Loan
Securing a business loan in Australia isn’t necessarily difficult but knowing how to navigate your way can be the difference between success and failure. Banks and other financial institutions offer a wide range of business finance options, from commercial property loans, commercial vehicle leases, and commercial and equipment leases, to simpler options such as letters of credit, overdrafts, and lines of credit. Here are some tips on how to improve your chances of success. 1. Work out what is realistic It’s a good idea to find and compare credit options based on the amount of money you need to borrow, […]
Improve the Cash Flow of my Business
If you’re running a small business, one of the biggest problems you face is cash flow. Here we look at some of the ways in which you can improve the cash flow of your business, including: • Overdrafts • Credit cards • Factoring, debtor finance, or invoice finance • Trade finance or stock finance • Car leasing • Equipment leasing Overdrafts – traditional but declining The traditional way for a business to improve its cash flow was to run an overdraft. However, you’re charged a fee to get an overdraft and ongoing fees to maintain the facility. Also, interest rates […]
Delivering the Goods: Are our buying habits driving industrial property demand?
In 2020, many retail businesses have pivoted their models to incorporate delivery – as opposed to traditional ‘bricks and mortar’. Some businesses are switching back now that restrictions are easing, but not all. So how is this changing the commercial property landscape? The new, newer normal In a year full of uncertainties, there’s no doubt that our love of home-delivered, on-demand online shopping has shown no signs of slowing. In fact, it’s grown during 2020 more than anyone could have expected. According to AustraliaPost’s Inside Australian Online Shopping update, the first week of August saw online sales grow by 157% in […]
Three questions to ask before you refinance
With interest rates at record lows and competitive deals on offer, switching to a new loan or lender may be an appealing prospect, with the potential to make significant savings. Since the Reserve Bank of Australia (RBA) began its latest round of rate cutting, lenders have been lowering mortgage interest rates across the board, with several now offering rates below the 3% mark. But before you make the decision to refinance, there are a number of areas to consider. Here we cover off some questions you should ask before making the switch. Will I be better off in the long […]
Refinancing: what you need to know
Confused about the ins and outs of mortgage refinancing? There are two key considerations when you’re looking at taking the step – why and how. Here, we examine both. A home loan is generally a long-term proposition, but in some situations, it can be suitable to refinance your mortgage. Refinancing involves taking out a new mortgage and using those funds to pay off your existing mortgage. Doing it right could deliver significant financial gains over time. The two key things you need to know and understand before you go ahead are your reasons for doing it and how to go […]