Home Equity Loans Australia
Home Equity Loans Australia
Home Equity Loans Australia
Home Equity Loans Australia

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  • 8/14/2019 Home Equity Loans Australia

    1/4INSIDE Living with your home loan Lenders mortgage insurance Tips and tricks to save a deposit

    Its the start of a bright, bold and

    happy new year - and perched at

    the top of your New Years

    Resolutions list is your goal of

    becoming a property investor.

    But where do you begin? There

    are many aspects to consider.

    Research, research, research.

    Be sure to read as much as you can

    about investing in property, including

    industry magazines, property and/orinvestment columns, radio programs,

    TV shows and reputable property and

    investment websites. You may also

    like to consider attending seminars

    held by reputable organisations and

    nancial services businesses that are

    licensed in Australia. Be sure to add

    books written by licensed Australian

    advisors to your list, too.

    Do your sums and seek advice.

    Find out whether you can truly affordto make the investment. Consult with

    your nancial advisor and talk to your

    accountant to determine whether you

    can afford mortgage repayments,

    factoring in interest rates, taxes, and

    clarifying whether it is likely to affect

    any social security payments or benefts.

    Determine your strategy.

    There are many ways to invest and you

    may not want to put away all your spare

    cash into superannuation, for example.

    Work out your personal motivations.

    What are your personal goals in life?

    What will ultimately bring you

    satisfaction and contentment? What

    your friends, family or peers want for

    themselves does not necessarily apply

    to you. Consider what you want to

    achieve nancially over a period of

    time whether thats a ve year, ten

    year, or twenty year period and so on.

    It is also an idea to consider what your

    comfort zone truly is, in regards to

    how long you want to invest the

    money for and when you ultimatelywant to reap the rewards from your

    investment strategy.

    Continued on p2...

    Summer / Autumn 2008 Newsletter

    Awarded toMortgageChoicebyAustralianBankingandFinanceMagaz ine

    Invest today for a better tomorrow

    Did you know that up to 60 different areas of the law could makethe difference to the purchase of your property?

    A solicitor or conveyancer will help you understand the legalobligations of the purchase of property and advise you on anymodications to the contract to ensure your needs are met. Even if

    you believe its a standard contract its wise to discuss it in detail toensure you understand the commitment you are making and themeaning of the more technical terms that may be used.

    During the course of the purchase, the solicitor or conveyancerwill assist you with:

    Conducting extensive searches into the land title, developmentplans, council zoning, and any restrictions and ownershipinterests on the property

    Ensuring the transfer of ownership to you stays on track and assist

    with ensuring that both sides of the party full their obligationsIf you are purchasing an apartment, your solicitor or conveyancer

    will also review the strata minutes, which will provide informationregarding noted building structural issues, the Body Corporate,common area problems and any noted trouble with neighbours.


    Wishing you peace, happinessand prosperity for 2008.

    As we begin the new year, MortgageChoice would like to say a special thank

    you to all our clients, friends, family andbusiness partners for your supportduring 2007.

    Its also time to look ahead to thepromise and opportunities of theupcoming year.

    With 2007 being a year lled with

    multiple interest rate rises, its importantto be aware of your current nancialsituation to ensure that you are preparedfor the year ahead and will achieve the

    nancial goals that you aspire to.

    Mortgage Choice Limited302 Charman Road CHELTENHAM VIC 3192

    Phone 03 9585 7779Fax 03 8610 0365

    www.mortgagechoice.com.au/cheltenham1This franchise is independently owned and

    operated by The Finassist PartnershipABN 51 426 348 068

    Anthony SmithPh:9585 7779

    Fax:8610 0365

    Mob:0413 439 761



    Gary MackertichianPh:9585 7779

    Fax:8610 0365

    Mob:0418 155 565 gary.mackertichian@mortgagechoice.com.au

    Mark BoultonPh:03 9533 5340

    Fax:03 8611 7915

    Mob:0 403 047 147


    Chris HowittPh:9333 4370

    Fax:9333 4376

    Mob:0401 334 599


    Craig MicallefPh:9308 9163

    Fax:9308 9257

    Mob:0417 655 577


    Stephen ForresterPh:03 9773 3438

    Fax:03 8610 0365

    Mob:0409 250 347


    Jill OConnorPh:9585 7779

    Fax:8610 0365Mob:0412 647 506


    Mitch JonesPh:03 9773 3438

    Fax:8610 0365

    Mob:0412 881 907




  • 8/14/2019 Home Equity Loans Australia


    ...continued from p1

    Think about the type of investmentyou are looking for, too.

    Do you want whats known as an

    incomeinvestment (a type of

    investment that gives you an income

    from earning interest but generally

    has little or no capital growth) or a

    growth investment, which, as well as

    earning you income, increases thevalue of your original investment.

    Know your market.

    Find out everything you can about

    the area in which you intend to

    purchase. Are prices increasing,

    decreasing or stagnating? Are there

    any major infrastructure projects

    planned in the area? What are the

    average prices like? While weighing up

    the pros and cons behind your

    decision, seek an independent

    evaluation that includes all recent

    comparable sales and rentals in the

    local area. Is the value of your

    property likely to increase over time?

    Seek an independent evaluation.

    Secure your paperwork.

    Get into the habit of keeping your

    paperwork in good order contracts,

    policy documents and so on. Keep it in

    a le that is easilyaccessible it will

    come in handy when you need to refer

    to any documents relating to yournancial affairs as well as bringing you

    peace of mind.

    Dont be pressured into signing

    anything you are not

    comfortable with.

    Be careful not to let other people

    pressure you into a decision you are

    not comfortable with be prepared to

    say no! Seek the assistance of a

    solicitor before signing anything. And

    steer clear of get rich quick schemes

    or other promises to make you anovernight millionaire.

    See a reputable mortgage broker.

    Choosing a property loan to suit your

    lifestyle and nancial circumstances is

    paramount. This is where a reputable

    mortgage broker can assist you.

    Mortgage Choice loan consultants can

    meet with you to discuss your loan

    options and tailor a loan product for

    your needs, from its panel of leading

    lending institutions. A Mortgage

    Choice loan consultant can assist you

    with your property loan either at one

    of their ofces during business hours

    or they can make an appointment at a

    time thats more convenient to you.

    A mortgage brings the thrill of homeownership, but once the champagnestops fowing its essential that youcan live comfortably with yourloan. Try our few simple steps toget the most from life and yourhome loan.

    Life will be a lot easier if you onlyborrow what you can comfortably repay- even after allowing for possible ratehikes. If you can manage it, additional

    repayments will fast track your way tomortgage freedom.

    Even small extra payments can have abig impact. On a $250,000 mortgage,paying just $50 more each month on a30 year mortgage could trim your totalprinciple and interest repayments by upto $51,379 (assumes interest of 8.25%).

    A redraw facility lets you tap intothese additional repayments a realplus for meeting unexpected bills.

    Offset accounts are also worth

    considering. Rather than being paidinterest on your spare cash, any savingsare used to reduce (or offset) theinterest on your loan. It means more of

    your regular repayments go towardswhittling away the principal.

    Many mortgages, including line ofcredit loans, accept salary deposits,letting you use your loan as a one-stop-shop. Cash can be redrawn when itsneeded, while any surplus goes toreducing the mortgage. This way everycent is put to work paying off the

    balance. But you do need to bedisciplined about withdrawals.

    If your loan is truly testing yourmettle, think about renancing. It may

    be possible to nd a loan that suits youbetter. Karen and Peter Orr recentlyrenanced, discovering their loan can bea useful nancial tool. Karen explains,Refnancing gave us a better deal on ourrate, and it also meant we could tap intoour home equity to access low-interest

    funds to build a new swimming pool.

    If rising rates are making yourmortgage a tough task master, it may be

    worth xing, since this gives thecertainty of knowing what yourrepayments will be. Anthony OBriendid just that 12 months ago, and nowhes thumbing his nose at rate hikes. Axed rate hasnt just meant savings oninterest, explains Anthony. Its alsoallowed me to budget for mortgagerepayments. As a self-employed worker

    with an irregular income, thatsdenitely helped me live wit