#perth / 29 posts found
How to tackle your debts for a savvier 2021
Are you still suffering from a debt hangover? Now that we’re at the end of the 1 quarter of the year, are you still having a hefty credit card bill from all the gift-giving, eating out, holidays, and other festive celebrations? Now, if you already have a mortgage or other loans that you’re trying to pay off, this can all become quite stressful! Don’t fear! Xchange Finance have put together an action plan to help you tackle your debts. Read on! 1. Assess your debts & create a budget If you have multiple debts outstanding (a credit card balance, car loan, […]
6 questions to ask yourself before getting a personal loan
Personal loans are becoming increasingly popular for many Australians who are looking to finance their bigger purchases, however, it’s important to carefully consider if it’s the right option for your needs. Here are some questions you might want to ask yourself before applying for a personal loan. 1. Why am I getting a personal loan? The first and most important question is: Why? Maybe you’re looking to renovate your house, buy a car or consolidate your debts? It’s important to first figure out your purpose so you can determine whether it’s necessary to apply for credit. 2. Do I really […]
Top ways to cut your expenses and increase your savings
Is the key to saving a home deposit as simple as giving up smashed avo toast for breakfast? Well not quite, but spending less does make a difference. On top of a budget, a savings plan and strategies such as a high-interest savings account, an effective way to save is to reduce or eliminate expenses. Start by understanding your spend It can be easy to lose track of how you’re spending money, especially due to cashless payments and credit cards. Many online banking systems include tools to categorise debits and make a budget – take advantage of them. Or download an […]
Concerned about servicing your loans?
If you are concerned about servicing your loan, reach out to your local mortgage broker for help. As Australians everywhere take a close look at their financial circumstances, 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 result of the Coronavirus, and in many cases are wondering how they will continue to pay the bills. Difficulty with repayments According to research conducted by Finder in early 2020, about one in five […]
Concerned about servicing your loans?
If you are concerned about servicing your loan, reach out to your local mortgage broker for help. As Australians everywhere take a close look at their financial circumstances, 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 result of the Coronavirus, and in many cases are wondering how they will continue to pay the bills. Difficulty with repayments According to research conducted by Finder in early 2020, about one in five […]
What are the Extra Costs of Buying a Home?
(Application & establishment fees, stamp duty + more.) When taking out a mortgage, many people forget to consider the associated fees and expenses. Here are some of the extra costs that you’ll need to consider when you take out a home loan. Home loan application fees Most lenders charge a home loan application fee. This can range from loan to loan, and covers: Loan contracts Property title checks Credit checks Attending a settlement Mortgage fees and costs Mortgage establishment fees – Lenders generally charge a mortgage establishment fee – a fee for setting up a mortgage. Property valuation – A […]
Stamp duty explained
Stamp duty is a charge which is applied by state governments in Australia on transactions relating to the transfer of land or property. It is paid upfront and needs to be budgeted for in addition to your loan deposit. The amount of stamp duty you are required to pay differs in each state, however there are three factors, along with the value of the property, that determine how much stamp duty you will pay. Contributing factors include: whether or not the property is a primary residence or investment property; whether or not you are a first home buyer; and if […]
Paying off your education is no reason to put off buying property. You can remember it now: sitting in a chair at the back of the lecture theatre, chatting to your friends and ignoring the debt that each day at university was plunging you into. But now you’re older and wiser, and reality has set in. You want to buy a property, but you’re unsure how your student HECS or HELP debt could impact your ability to take out a loan. When you apply for a home loan, you’ll need to reveal information about your liabilities, poor credit ratings […]
Case study: avoiding settlement penalties
Jarrod Harrison** was well on his way to becoming a first-home owner when issues cropped up prior to settlement that threatened to cost him his deposit. Having found the house he wanted to buy, and exchanged contracts for sale, Jarrod found himself considering a costly settlement extension due to unexpected problems with his deposit. While he had thought that having a deposit sitting in his account would make the process simple, Jarrod had not realised that he needed to have the funds in his account for a minimum of three months before a lender would consider them genuine savings. His […]
Home loans 101
There are a range of home loans available in Australia, so it can be hard to understand their features and whether they are right for you. This guide explains all you need to know. Variable loans Variable loans are loans that are subject to interest rate fluctuations. Whenever your bank increases or decreases interest rates, you will end up either paying more or less for your loan, depending on what the bank has decided to do. A typical owner-occupied mortgage is taken out over 25 or 30 years, although you can reduce the overall term by making higher or more […]