Y.I.Finance » You're Important

How to get yourself lender ready! As a mortgage broker I’m often asked whether lenders are currently making it more difficult for applicants to obtain a loan. The answer is banks still want to lend. However, with all lenders having greater focus on meeting the Responsible Lending requirements some borrowers are finding it difficult to obtain an approval. Also, after a major change to what’s reported, credit reports are now providing surprises for some applicants. My biggest tip is to Read More…

If only you knew…. At a time of almost constant changes in the finance world – and an absolute overload of information online – it’s easy to see why some consumers are becoming ‘switched off’. A recent study* about financial literacy found 36% of respondents didn’t realise if they reduced the length of their loan they would also have reduced the amount of interest they paid! It also found 35% had done nothing to educate themselves on banking products and Read More…

Get the NOW – your investment property tax returns on pay day Whether you are a first time property investor or a property portfolio owner, cash flow is critical. There are many ongoing, and sometimes surprising, costs associated with holding investment properties. Numerous unending costs include insurance, body corporate/strata fees, council and water rates, property management fees, land tax, maintenance and repairs. Let’s not forget other challenges of managing property investment cash flow Vacancies – there may be times when Read More…

Property has been considered a popular path to wealth creation for Australians for many years. It has the potential to generate capital growth (an increase in the value of your asset) as well as rental income. There are also tax advantages associated with negative gearing. However, when buying an investment property it is wise to remember that you are making a business decision and it’s worth taking the time to plan. 1. Do your homework You are not buying from Read More…

Turn your financial stress around NOW. You are not alone if you worry about your financial situation….. A recent Household Financial Comfort Report* stated that 30% of households felt their financial situation worsened in the past year. And that’s a worry considering we are, and have been for two years now, in the lowest interest rate period in history. How do you know if you are in, or heading towards, financial stress? You are in financial stress when you: – Read More…

Who owns your extra mortgage repayments? We are constantly told to “Make extra repayments on your loan. Pay off your loan”. But if you have made extra repayments, when times get tough and you need to redraw, could you? According to a recent Household Financial Comfort Report* more Australians are feeling strapped for cash and are being forced to dip into their savings to cover the rising cost of living. Perhaps you have been making additional mortgage repayments to help Read More…

“Is switching loans a suitable alternative for me?” Your home loan is usually your largest financial commitment. We understand that changes in interest rates can have a big impact on your monthly repayments and how long it takes you to pay off your loan. Switching loans might cost you thousands in early exit fees* and other required fees, but it could possibly SAVE you thousands of dollars as well. But how will you know? How will you compare each new Read More…

Planning a single retirement? A 2017 report found that 52% of people aged between 25 and 64 can expect a ‘comfortable retirement’. On the flip side that leaves of 47% of us (or 5.1 million people) unlikely to have enough put aside to live comfortably in our retirement years. However, the story it tells for single people is even more disturbing with claims that only 22% of single women and 31% of single men can expect a comfortable retirement. What Read More…

Fast forward your retirement with property investment According to a recent ‘Super Shortage’ study, for Australians to live the retirement lifestyle they aspire to from 65, their savings will last just five years. With the average life expectancy of Australians being 82.5 years old, this creates a super shortage of 12.5 years. Avoid a tough retirement There are many investment options, but one way to become financially secure and avoid the ‘super shortage’ is to grow a substantial asset base Read More…

…you may be surprised! If you think you have to be wealthy to invest in property you might be mistaken! In fact the skills and experience you’ve gained managing a budget on a lower income could make you a better property investor than some big spending high income earners. We often meet people who are hooked on the good life: living in expensive suburbs, driving fancy cars, frequently dining out and taking overseas holidays. Many will have built their wealth Read More…