Fixed Rates Drop

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ING has just announced reductions in fixed interest rates for both one and two-year terms. From 19 December 2008 one and two-year terms will be 5.79%.
This could be a sign that money markets are finally beginning to thaw with an easing up of credit, meaning that things might start to move along a little faster from now on.
The cheapest home loan that ING has to offer at the moment is the Mortgage Simplifer With a carded rate of just 6.19%.
All of this news means that ING is firmly at the top of the list as lender of choice for most people, particularly new home buyers. It looks like it’s never been better to get back into the property market.

Make More Money

It’s a catch-cry I hear more often these days, people looking for new ways to make extra money and there are more and more opportunities opening up to do just that.
If you have an idea that you feel is worth looking at please let me know and, if I think it is a possibility, I will list it here for everyone to see.
I have dedicated a special page to this called “Make Extra Money”.

So give it a look and give me your ideas to share!

Surviving the “Difficult” Times

It’s often said the secret of managing money is to live as economically the day after payday as you did the day before.

A little common sense and restraint can go a long way towards creating a healthy financial situation. The solution lies in gaining control of your spending and finding an enjoyable lifestyle suited to your income rather than your dreams!

Make a budget
Budgeting is one of the most effective tools for keeping your finances under control.

Take advantage of the free budget planners on the internet and you’ll soon see where you’re spending your money, where you can cut back and how you can pay your debt off quicker.

Budgeting allows you to set yourself goals for how much you want to save and by when. The more realistic and measurable your goals, the more chance you’ll stick to them!

Spend less
To improve your net worth, you need money left over from your pay packet to save, invest or reduce debt. Find ways to keep money in your wallet by going back to the budget and trimming your spending (see ‘Did You Know’ below).

Pay off debts
There is no point saving money in the bank while you have credit cards accruing interest. If you have money to spare, make more than your minimum credit card payment, prioritising the ones with the highest interest rates first.

Also consider rolling your credit card and personal debts into your home loan. By consolidating debt you reduce your short term interest payments, instead paying the debt off over a much longer term.

Go interest-only
Switch all or part of your loan to interest-only. If you’re struggling to meet repayments it is an effective strategy for cutting outgoings in the short term.

Extend term of loan
Extending your loan term by reducing your repayments will also help with immediate cash flow problems. Again, it’s an emergency measure because it equates to extra interest down the track.

Talk to your broker
If you are taking on a new loan, I can help you shop around for the best deal with features that are going to suit your needs.

It also helps to talk to us when times are tough, as we can work together to find a way through your financial difficulty.

Call 1300 133 193

Investment Property Loans

Property investment has been given the thumbs up with the news that rental returns are on the rise.

According to the latest research by leading property information provider, RP Data, four of the seven capital cities are showing an increase in gross investment returns (yields) from residential property.

Of the capital cities that haven’t yet shown an improvement - Adelaide, Brisbane and Melbourne - it is expected they soon will follow the same trend.

The higher the rental yield, the greater the return you can make on your investment property. To calculate rental yield, divide the annual rental income by the purchase price of the property. For example, if you are getting $500 a week in rent for a property you bought for $550,000 the yield would be 4.7 per cent.

There are now around 180 suburbs throughout Australia achieving gross rental yields of six per cent or higher. About a third of these suburbs are in inner city metro areas, while the rest are in regional towns, with coastal areas performing particularly well.

Within metropolitan areas, the best performers are the outer suburbs with good transport links where housing prices are low in relation to the rents being charged.

With rents increasing at the fastest pace in 18 years and vacancy rates sitting at a 30-year low, experts predict continued improvements in rental yields.

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