Y.I.Finance » You're Important

If you’re interested in buying property or renovating your existing home, it’s worth knowing your borrowing power and what contributes to how much you can borrow. If you know how you can improve your borrowing capacity you may be a step closer to your next home or investment property. All lenders look at your ability to repay the loan. To determine this they look at a number of factors to work out your: capacity to repay financial risk collateral / Read More…

A recent survey of Australian mortgage holders found 45% had never refinanced their home (source aussie.com.au/refinancing report Apr 16). The report also found customers who DID refinance saved an average of $240 per month ($2,880 pa) by refinancing a 30 year loan. The cash rate set by the Reserve Bank of Australia (RBA) is at an all-time historical low, and most lenders are offering the lowest home loan rates ever seen. But a decision to refinance should not be based Read More…

Do you know your home loan rate? No? Well you’re not alone. In fact one third of Australian home owners don’t know their home loan rate! (source: study by RFi, Australian Mortgage Council) Yesterday the Reserve Bank announced an even further drop in the cash rate to an all time historical low of just 1.5%. So with rates at an all time low, and one third of us not even knowing our home loan rate, I’d say it’s pretty safe Read More…

Don’t miss out on a smart investment opportunity because your cash is tied up! Learn about deposit guarantees….. What is a deposit guarantee? A deposit guarantee or deposit bond is a guarantee to a vendor, by an insurance company, that the vendor will receive their 10% deposit even if you default on the contract of sale. The insurance company is guaranteeing that you DO have and WILL have the 10% deposit at settlement. Deposit Guarantees can often simplify the process Read More…

If you’re approaching retirement age you might be starting to think about investments, superannuation, tax minimisation, pension eligibility and more. One of the biggest decisions for many retirees is whether to stay in the family home or downsize to smaller or ‘retiree’ accommodation. Everyone is downsizing Downsizing is on the increase and as a result, there has been increased demand for villas, townhouses and units, and in some locations driving the prices up, so it’s important to be aware of Read More…

Many investment property owners fail to claim all allowable tax deductions because they are unaware of what they can claim. Regardless of the property investment strategy you adopt (positively or negatively geared) there are benefits in claiming all possible deductions. Tax time is just around the corner so review the list of possible deductions below and get your receipts ready! Initial borrowing expenses stamp duty charged on the mortgage loan establishment fees title search fees charged by your lender costs Read More…

Helping your kids to get a home loan can start at an early age. We have previously highlighted the benefit of completing a budget. Sticking to it – even better! In this era of making every dollar go further it can pay to involve your kids in money matters at an early age. Teach them the value of money and how to use it wisely. After all, it could be the parents that benefit the most! Five key tips are: Read More…

Globally, all governments are trying to “wind back the debt clock”. Reducing debt requires a sensible plan, commitment to the outcome and a lot of hard work. Governments are just like individuals or businesses, they need to be careful not to over commit to debt. It has to be serviced from sustainable net income; otherwise, as is the case with Greece there may be a need to borrow more just to pay the interest. This can be the start of Read More…

As we are well past the middle of winter, there are signs that the sizzling hot residential property market is slowing. From mid-June, at the request of finance industry regulators, many lenders introduced tighter policies. In addition, higher capital requirements imposed on major banks for investment loans have led to increased interest rates. How will policy changes impact a current or prospective borrower? 1. The amount lenders are prepared to provide may be reduced. You may need to save a Read More…

Take a leaf out of the Federal Government’s book and invest time into doing or reviewing your own budget. A budget will help you: Understand your income and look for ways to increase it. Analyse your expenses and look for ways to reduce or eliminate some costs. The $2 fees for paper statements and other similar charges all add up! Go online & save a tree at the same time. Know what your surplus income is and allow you to Read More…