WHAT IS A BUDGET? A budget is a financial plan that divides up your future personal income towards living expenses, savings and debt repayment. When creating a budget it is important to consider both past spending and personal debt. It’s not just about reducing outgoings – the key is knowing what you spend/where you spend […]
Borrowing Capacity is the amount of money someone is eligible to borrow from a lender (based upon your income versus your outgoings). This amount will vary from person to person and also lender to lender depending on your circumstances. We often find that Borrowing capacity, or lack of it, is what takes our clients by surprise in […]
If you sell an investment property, you may be required to pay capital gains tax (CGT) on that sale. What is CGT? CGT is a tax that you’re required to pay on any capital gain earned on the sale of an asset, such as a property. CGT applies to any asset obtained after 19 August […]
If you’re looking for a creative way to overcome being locked out of the property market by rising prices, buying a house with a group of family or friends may be a solution. It can also be a minefield though, so here’s how to avoid a blast. While the excitement of banding together in such […]
The mortgage industry is a wide, wondrous world with a language all of its own. One of the many acronyms bandied about is ‘LVR’, which stands for ‘Loan to Value Ratio’. Here’s what it means. When you are working out what amount you can borrow to purchase a property, the size of deposit you need […]
Fixed rate loans A fixed rate loan is one that maintain the same interest rate over a set period of time regardless of market fluctuations in interest rates. A fixed rate home loan can offer stability for those conscious of a budget and who want to take a medium-to-long term position on a fixed rate. […]
If you’re thinking of building your own home, you’ll need to be familiar with the ins-and-outs of construction loans. Construction loans are not as straightforward as standard home loans. There are additional decisions to be made about the structure of the loan, additional documentation is required, and the funding is released in an entirely different […]
While loan officers work solely for a lending institution and can only offer that institution’s products, brokers can help connect you to the lender best fit to serve your mortgage needs by shopping around on your behalf. Finance brokers on the other hand are paid commissions by lenders to match borrowers to the right products […]
We are excited to share the seventh edition of Genworth’s It’s My Home Magazine. Genworth’s seventh edition features super straightforward and informative articles covering property inspections, different home loan products and features, and the roles that mortgage brokers, solicitors and conveyancers play when purchasing a property. Buying a property is a very important decision and […]
Offset accounts and redraw facilities work in similar ways. They both allow you to reduce the balance of your home loan, and therefore the interest charged, by applying extra money to your debt. Redraw facilities allow you to deposit spare income into your home loan account, allowing you to redraw a sum equal to the […]