Australians have endured thirteen interest rate rises since the record low rates of April 2022. Even though interest rates have remained steady over the last six months, what is considered to be a good interest rate in today’s market? Average* interest rates as of May 2024: – Principal and interest, owner occupied variable average* 6.24% – Principal and interest, investment variable average* 6.49% – Interest only, owner occupied variable average* 6.65% – Interest only, investment variable average* 6.69% …
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Are you confused about the first home owners grants that are available? Don’t worry, you are certainly not alone. Everyday we speak to customers who are unsure about what their options are and what grants they are eligible for. Let’s break it down with a simple summary of each. There are three main grants available to customers in NSW: First home buyers assistance scheme (FHBAS) NSW scheme First …
The Federal Government currently has three low-deposit home loan schemes running: The First Home Guarantee, which enables eligible first home buyers to access a home loan using a 5% deposit without paying lenders mortgage insurance (LMI). It has 35,000 places per year. The Regional Home Guarantee, which enables eligible first home buyers in regional Australia to access a home loan using a 5% deposit without paying LMI. It …
NAB, Bankwest and ING have announced that they, too, are ending their cashback offers on home loans, following a similar move from the Commonwealth Bank. CBA will scrap their refinance cash back from the 1st June 2023. NAB and ING will discontinue their cashback after June 30, while CBA-owned Bankwest will remove its offer from the market from May 31. If you are coming off your fixed rate …
The cost of stamp duty has in the past, been a barrier to property ownership for many first home buyers. First Home Buyer Choice is an initiative by the NSW government to allow first home buyers to choose if they want to pay an annual property tax rather than an up front lump sum stamp duty. How will First Home Buyer Choice impact borrowing capacity? If you choose to pay the annual …
Millions of Aussie households will see their fixed rates end in 2023. If this is you, we strongly encourage you to start preparing your finances now to avoid a “repayment shock” when your fixed rate ends. The record low fixed rates of 2020/2021 are no more. If you are currently on a fixed rate of 2% or under, you could see you interest rate jump up as high as 5% for …
I recently had a situation where I was assisting both the purchaser and the vendor of a property. Sadly, the vendor of the property passed away during the sale and she did not have a Will in place. As a result, the property settlement had to go through the court system, and it caused a delay of 12 months for the property to settle. This highlights the importance …
If you are currently pre-approved for a home loan, we recommend you check in with your broker to assure the increase in interest rates has not affected the maximum loan amount you can borrow. Until recently, lenders had been honoring pre-approved loan amounts. However, with interest rates going up by the month, it is important for you to know that most lenders are no longer honoring pre-approved loan amounts. As …
In light of the recent interest rate rises I have had many people ask if they should look at fixing their home loan. At the time of this newsletter, some examples of current 2 and 3 year fixed rates are as shown in the table below. These figures are based off a loan of $500K, principal and interest repayments with an 80% LVR. Owner occupied Investor 2 year fixed …
First Home Guarantee places available We are pleased to advise that 40,000 places are now available in the First Home Guarantee scheme (formerly known as the First Home Loan Deposit Scheme). The First Home Guarantee is an Australian Government initiative designed to help eligible first home buyers purchase a home sooner. Instead of needing to save a 20% deposit to avoid lenders mortgage insurance, a 5% deposit is all …
This article has been written by Empire Advisors Empire Advisors is a boutique accounting firm has been set up to assist small to medium businesses with proactive advice on business strategy, taxes, technology and all thing start ups. You can contact them today on 0447800210 or info@empireadvisors.com.au. The National Plan, the road map out of COVID-19, does more than provide greater freedoms at 70% and 80% full vaccination rates, …
It is a very difficult time for many of us at the moment, but please remember that there is help available if you need it. Lenders have Covid-19 support packages available for existing customers that you can apply for, so please contact your lender to discuss your circumstances and see how they can help you. Kaboodle Finance is also here to help you through this stressful time. …
In response to the Covid19 pandemic, the Australian Government introduced a number of stimulus packages to assist businesses during this tough time. One such announcement was a change to the Instant Asset Write Off scheme whereby small businesses (with a turnover less than $500mil) will be entitled to an immediate tax deduction for all work related assets purchased between now and June 30 2020. Rather than the depreciation being spread out over 8 – 10 years, …
Fixed interest rates are at historical lows so there has never been a better time to make sure you are getting the best deal on your home loan. With two-year fixed rates as low as 2.09% and some lenders also offering refinance rebates of up to $4000 payable on settlement^, it certainly pays to ask the question, could you switch and save? It is very easy to see if you …
A few weeks ago a desperate situation presented itself to me that I would like to share with you, to show how it pays to deal with the right mortgage broker, someone who knows the right lenders, contact and avenues to handle any situation. A first home buyer was trying to arrange a land loan for land they had purchased in 2018. They had been trying to arrange their finance …
If you are concerned about servicing your loan, please reach out to me for help. Kim Narayan – Kaboodle Finance As Australians everywhere take a close look at their financial circumstances, all mortgage brokers stand ready to lend a helping hand. Whether experiencing financial hardship through job loss, a reduction in work hours, or business disruption, an increasing number of Australians may be struggling to balance their books as a …
Lenders are screaming for business so now is the time to make sure you are getting the best deal on your home loan! Some lenders are also offering refinance incentives of between $2000 – $4000 payable after settlement of the loan. If you would like me to review your options then please send me your most recent home loan statement and lets see if you can switch and …
Making the choice to purchase your first home, as a homeowner or investor is an important decision. Though it may be daunting it can also be an exciting time in your life. We at Kaboodle Finance, wish to encourage and assist you in making sure you are completely prepared and feel comfortable with every decision going forward. Whether you are purchasing a property on your own or with a partner, …
The aim of the Banking Royal Commission was to investigate the profit margins and misconduct of banks, however, the final report by Commissioner Haynes has landed with outcomes, that if implemented, would severely damage the home loan market and reduce access to credit for all Australians. How did an investigation into misconduct of banks result in a major windfall for the banks? How will this affect you? The mortgage broking industry now faces major …
When it comes to handling your money responsibly, some lessons are timeless. Some of us had the fortune of having money-savvy parents to pass down lessons while others had to learn the hard way by trial and error. Today, we can avoid many mistakes by following a few pieces of general wisdom about handling money which can be readily found in books and in online articles. While the …
Knowing how to make good financial decisions and responsibly handle your money is one of the most important things we have to learn. Financial skills are learned over time, often with mistakes, but there’s no reason we have to learn every financial lesson the hard way. Teaching young people financial skills gives them a crucial foundation for them to establish their independence in the world. The earlier you start …
Navigating the world of home loans can be a confusing business, especially for first home buyers. The money lending industry is more complex than ever before, which can make finding the right home loan for your circumstances a difficult task. This article aims to clear up some things about home loans so you have a good understanding of what’s on offer and what’s right for you before you make …
With the Sydney market starting to slow, media outlets are reporting dramatically with very little fact or data included in their stories. The Sydney market is doing what property markets are supposed to do. It is correcting itself. Correction of a property market always follows growth and is perfectly normal. Last week 60 Minutes ran a story on Australia’s housing crisis, stating that several experts they interviewed estimated house prices would …
Is your home loan still right for you? Did you know that you don’t need to refinance to another lender to get a better deal on your home loan? If you are happy with your current lender, the Kaboodle team can apply to your lender for a pricing discount to see if they will offer you a better interest rate. There might also be the option to switch you over to a …
There are many ways you can get a home loan. You could simply walk into your local bank or visit a lender. You could look online and apply for a home loan without leaving the comfort of your couch. Or you could seek the services of a mortgage broker. But why should you? What do they actually do for you and what are the benefits? A mortgage broker acts as …
Aside from property, a car is one of the biggest purchases you can make. It’s easy to get caught up in the excitement of it, but don’t let it prevent you from making sound financial decisions. Before you start looking, figure out exactly what you can afford. Don’t forget to factor in other costs like annual registration fees, insurance, petrol, repairs, maintenance, roadside assistance and road tolls. If you can’t …
This article has been provided by the research team at Blue Wealth Property Melbourne, it holds one of our strongest economies, an appealing café culture and has been voted the world’s most livable city 7 years running. On a macroeconomic level, the city possesses everything that we look for in a property market; significant public and private infrastructure investment, strong population growth and a thriving economy. Melbourne has become a …
This article has been provided by the research team at Blue Wealth Property Brisbane is undergoing a transformation from Queensland’s largest economic hub, into what is Australia’s next world city. Greater Brisbane has outgrown it’s country town capital roots, now holding a thriving entertainment culture along with world class education facilities. Currently housing over 2.4 million residents, Brisbane is our third largest and one of the fastest growing cities in Australia. …
The ideal financial future is different for everyone. We each have our own unique goals for what we want out of our life and the way we organise our finances and save plays a big part in that. Some of us want to buy a home and pay it off as soon as possible. Others focus on being able to take holidays each year. Whatever an ideal financial future is …
Looking for some quality personal finance apps to make your life easier? There are a few that already get a thumbs up from us including our own range of home loan and finance calculators. But there are many more that allow you to take your financial management to the next level without the complexity of spreadsheets or stacks of paper. Here are our favourites for 2018 available for both iOs …
Our capacity to delay immediate gratification for a bigger reward further down the track is always something we’ve struggled with as humans. Nothing illustrates this more than the almost universal struggle to save money. Whether you’re saving for a new car or your first home, disciplined budgeting is an absolute necessity to achieve your goal. A good budget helps you stay on top of where your money is going, allowing …
Trying to save money, feed your family and enjoy life without a good budget is like running a marathon without any training. Making a realistic, comprehensive budget is the single best way to take control over your finances. In essence, a budget is simply a way to easily see what is coming into your bank account and what is going out but, in practice, it can feel like so much …
Everyone wants an income tax return they can guffaw over, but very few people know how to get the most out of their tax return. Our quick guide below could make your next tax return (relatively) painless and fatten up your return nicely. Claim Everything You Legitimately Can Any expense you incurred in earning your income can be claimed as a deduction. As long as you have the paperwork …
Financial planning is important for people of all ages and income brackets. To develop a coherent financial plan, you need to set goals for your money. We’ll help you understand how to set realistic financial goals and start planning how you’ll achieve them. What Is Important to You? You’re more likely to succeed if you have specific financial goals that are important to you. It’s easier to stay motivated if …
The money lending industry has become increasingly competitive and complex, especially when it comes to home loans. While this means we have more choice and beneficial innovations to take advantage of, it can also make choosing a mortgage a daunting task. The team at Kaboodle will walk you through all the factors you need to consider to make the right choice when shopping around for the best mortgage. The Basics: …
If you already own a home outright or you’re comfortably paying off your existing first home mortgage, you might be considering purchasing an investment property. Unless you’re in the enviable position of being able to buy a property outright with existing capital, you’ll need an investment loan. We’ve put together this guide to help make the best decision when choosing between the mortgages on offer. First Tip: Look Beyond Interest …
Considering how important financial skills are for successfully navigating life, it’s surprising how little we learn about it during school. Our financial education tends to be the sole responsibility of our parents mixed with a variety of lessons given to us from books, TV shows and movies (many of which aren’t helpful). A poor financial education can have very serious effects, especially when it comes to the consequences and benefits …
In April 2017, the cost of health insurance premiums rose by an industry average of 4.84 per cent. Health funds operating in Australia increase their premiums every year at the start of April to support the increasing cost of health services. The government approved rise means privately insured individuals will be paying an extra $100 a year, while privately insured families will be hit with an average increase of $200 …
Are you thinking about purchasing your first home or an additional investment property? Maybe you want to refinance an existing home loan. In any case, you may be considering whether you should fix your home loan. With interest rates hitting record lows, the prospect of fixing their interest rates is appealing to many people paying off mortgages. However, there is a multitude of factors to consider and it is very …
Credit scores are one way for lenders to assess the risk of lending money to you. Generally speaking, if your score is in the range of excellence (above 800), you’ll have the best lending offers available to you. As a result, many Australians worry out about their credit scores and the impact they may have, particularly if they are thinking about applying for a home loan. But how credit scores …
A mortgage offset account is a bank account that is linked to your home loan. By linking a savings or transaction account to your loan, you can save money in interest. Every day, the balance in your nominated account is “offset” against your loan balance. This means the lender pretends those extra savings have been paid towards your loan. The overall result is that your lender charges you less in …
There are different types of personal insurance that you can choose from and at Kaboodle we can assist in finding the right solution for you. So what are the different types of personal insurance what do they cover? Check out our infographic below for all the info! Click here for a PDF version.
Buying a home is a major decision requiring research, planning and budgeting. One of the most important considerations before you find the right property is to get an understanding of your buying capacity. This involves figuring out how much you can borrow and ensuring you can balance mortgage repayments while having money aside for other aspects of life. The amount you can borrow to purchase a property varies with each …
In the last couple of years there has been many changes to SMSF (self managed super fund) lending. Lenders have decreased lending from 80% of the purchase price to 70% plus they have added liquidity rules and minimum superannuation balance amounts are now a mandatory requirement for most lenders. If you have purchased a property inside SMSF and the property is not yet complete, I encourage you to touch base with …
In an effort to reduce the number of interest only loans, The Australian Prudential Regulation Authority (APRA), have capped the percentage of interest only loans allowed on a lenders loan book. As a result of the cap, lenders have increased the rates for all interest only loans for both investment and owner occupied securities. Principal and interest loans are now becoming the norm, as the interest rate difference is often the …
When you are buying a home or refinancing your loan, you will often need to get a property valuation performed. A property valuation confirms to the bank that they are not lending you more than they should and also that if you default on your loan and your house needs to be sold, the bank will get all their money back and not be left out of pocket. Kim …
Tim Gurner made waves earlier this month in his interview with 60 Minutes Australia in a segment about Australia’s housing affordability crisis. Mr Gurner copped backlash after suggesting young people spent too much money on travelling, coffees and smashed avocado. The young rich lister who made his fortune off the back of Australia’s capital city property boom told 60 Minutes “when I was buying my first home, I wasn’t buying smashed avocado …
Banks and lenders always look at your credit history and rating before deciding whether to approve a loan. Getting a home loan can seem out of reach for those who have a bad credit history, but that’s not always the case in Australia. Your future doesn’t have to be defined by your bad credit. Whether you’ve suffered from bankruptcy, foreclosure or financial hardship that resulted in missed or late payments, …
Budgeting is one of the most basic and effective tools for managing your money. But many people tend to avoid making a budget because it is extra work or they feel as though it means restricting themselves from enjoying their money. It’s not every day that we talk about the importance of budgeting. However, if you’re serious about your financial wellbeing, then budgeting is something you absolutely need to do. …
Talk of homeownership in Australia being dead is premature. Yet, when people say the ‘dream’ of homeownership is over, they may be right – these days, it’s a battle not a dream, but it’s a battle you can still win. Why Owning a Home Is So Difficult The percentage of Australians aged 25-34 who own their own home fell more than 21% between 1982 and 2011, down to just 34%. …
Just because you already have a mortgage doesn’t mean you have to see it through to the end. It’s never too late to refinance your home if you find a better deal. You could end up saving thousands of dollars in interest over the course of your home loan period, but only if you carefully assess the costs involved in switching to make sure you aren’t incurring unnecessary fees. If …
Many people are afraid of taxes or view them as a chore to be delayed as long as possible. But tax time can be a great opportunity to save money if you have a good understanding about the income tax rebates that apply to your situation and the deductions you are eligible for. Everyone should be aiming to claim the deductions and income tax rebates they are entitled to. But …
Australians have broad attitudes when it comes to debt. Some enjoy living from moment to moment, funding spectacular lives through credit cards. Meanwhile, others utterly fear debt and will strive to avoid all possibility of it. Since Australian households are the most indebted among the world’s rich countries, running at an average of 1.9 times their income, it’s important to have a good understanding of debt. While it’s possible to …
Saving for a deposit can be a difficult and daunting task, whether you’re a first home buyer or an investor. Fortunately, having an organised and creative approach to saving can make it simple. Emotions play a big role in saving money and if you’re not happy you’ll be more tempted to spend. Rather than denying yourself every luxury, you’re better off developing a balanced and sensible savings approach. With that …
What is Lenders Mortgage Insurance? Lenders Mortgage Insurance (LMI) is a payment made by the borrower to the lender and is designed to protect the lender in the event that the borrower defaults on their loan and is unable to make their loan repayments. When will I need to pay LMI and how much will it cost? If you have a Loan to Value Ratio (LVR) of more than 80% …
With the RBA lowering the interest rate this week to an all time low of 1.5%, it is disappointing to see that most lenders have not passed on the full interest rate cut. The big 4 banks have only passed on partial cuts and their customers are not happy, venting their frustrations and anger across social media, many threatening to take their business elsewhere. Now, more than ever you …
The Blue Wealth Property Showcase is next week! ? See new house and land opportunities ? Gain pre-market access to the best investment prospects in the country ? Get the low down on the latest research – see which suburbs the Blue Wealth Team are excited about. Please contact us if you have any queries about the showcase. Bookings are essential so please call 02 9743 0077 or email events@bluewealth.com.au …
Applying for a home loan and not sure what documents you need to have ready for your first appointment ? Check out the info-graphic below to help you get prepared.
Along with a home loan, many of us also have a car loan, credit card and maybe a personal loan that still needs to be paid off. If you are finding it difficult to manage all your repayments, consolidating your debts into one facility could be an option for you. What are the benefits of debt consolidation? Merging all your debts into one can potentially save you money. Your many …
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